News:India’s foreign exchange reserves have crossed the $450-billion mark for the first time. Facts: Why has the reserves increased? The foreign exchange reserves have increased due to strong inflows which enabled the Reserve Bank of India(RBI) to buy dollars from the market. About Foreign exchange reserves: Foreign exchange reserves are the foreign currencies held by… Continue reading India’s forex reserves cross $450 billion for the first time
Category: Factly – Indian Economy
This category contains all Current Affairs Factly Articles for Prelims, related to the Indian economy. You can find all relevant Economy updates on this page. This page is specifically useful for UPSC Prelims exam.
Cabinet approves launch of Bharat Bond Exchange Traded Fund
News:The Union Cabinet has approved the launch of India’s first corporate bond Bharat Bond exchange-traded funds(ETF). Facts: About Bharat Bond ETF: Bharat Bond ETF would be the first corporate Bond exchange-traded fund(ETF) in the country. The objective of the fund is to create an additional source of funding for Central Public Sector Undertakings(CPSUs), Central Public… Continue reading Cabinet approves launch of Bharat Bond Exchange Traded Fund
Development of Special Economic Zones(SEZs)
News:Minister of Commerce and Industry has informed Lok Sabha about the Special Economic Zones Act,2005. Facts: What are Special Economic Zones(SEZs): Special Economic Zone (SEZ) is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs. In order words,SEZ is a geographical… Continue reading Development of Special Economic Zones(SEZs)
Explained: What is GDP and why it matters
News:Recently,due to a decline in India’s Gross Domestic Product(GDP) growth rate,the ruling party has questioned the merit of the basic variable used to map economic growth that is, the GDP. Facts: Origin of GDP and GNP: The modern-day definitions of GDP and GNP can be traced back to Simon Kuznets who was entrusted with the… Continue reading Explained: What is GDP and why it matters
GST Council rings first alarm bells on revenue
News:The GST Council has written to states telling them that the GST and compensation cess collections are unlikely to be met this year. Facts: About GST Compensation Cess: A cess is a tax that is levied by the government to raise funds for a specific purpose. As part of the GST reforms, the GST Compensation… Continue reading GST Council rings first alarm bells on revenue
To track economic offenders, India to collate e-database
News:The Central Government is preparing a comprehensive database of economic offenders called the National Economic Offence Records(NEOR). Facts: About National Economic Offence Records(NEOR): The National Economic Offence Records(NEOR) will be a web portal that will disseminate information to grassroots level officers of enforcement and investigating agencies. The database will help in coordinated actions by multiple… Continue reading To track economic offenders, India to collate e-database
Gross Domestic Product growth falls to 4.5% in Q2 of 2019-20
News:According to data released by the Central Statistics Office (CSO),India’s Gross Domestic Product(GDP) growth has fallen to 4.5% for the second quarter (July-September) of the year 2019-20. Facts: About the slowdown in GDP growth rate: The GDP growth rate has slowed down for the sixth consecutive quarter at 4.5% from 5% in the preceding quarter.… Continue reading Gross Domestic Product growth falls to 4.5% in Q2 of 2019-20
Cabinet approves Double Taxation Avoidance Agreement between India-Chile
News:Union Cabinet has approved the signing of Double Taxation Avoidance Agreement (DTAA) and Protocol between India and the Republic of Chile. Facts: About Double Taxation Avoidance Agreement(DTAA): Double Tax Avoidance Agreements(DTAAs) is a tax treaty signed between two or more countries. The objective of DTAA is that tax-payers in these countries can avoid being taxed… Continue reading Cabinet approves Double Taxation Avoidance Agreement between India-Chile
Boosting Textile Industry Through Technology Upgradation
News:Union Minister of Textiles has informed Rajya Sabha about the Amended Technology Upgradation Fund Scheme(ATUFS). Facts: About Amended Technology Upgradation Fund Scheme(ATUFS): The Technology Upgradation Fund Scheme was introduced by the Government of India in 1999. It’s objective was to facilitate new and appropriate technology for making the textile industry globally competitive and to reduce… Continue reading Boosting Textile Industry Through Technology Upgradation
RBI revises framework on currency swap arrangement for SAARC countries
News:The Reserve Bank has said that it has put in place a revised framework on currency swap arrangement for SAARC countries for 2019-2022. Facts: About currency swap arrangement: A currency swap between countries is an agreement to exchange currencies with predetermined terms and conditions. The countries engage in currency swaps with foreign counterparts to meet… Continue reading RBI revises framework on currency swap arrangement for SAARC countries
