News:Union Minister of Commerce & Industry has said that no imports will be allowed into the country without HSN code. Facts: Why stricter regulations? The minister said that the free trade agreements(FTA) of India with other countries has not led to the growth of India’s trade because of the poor quality of the products and… Continue reading Harmonised System of Nomenclature(HSN) code
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.
Explained:About India’s fiscal deficit
News:Recently,former Economic Affairs secretary has claimed that the actual fiscal deficit for the last financial year and the current one is more than a full percentage point higher than the official data. Facts: What is Fiscal Deficit? Fiscal Deficit is the difference between the Revenue Receipts plus Non-debt Capital Receipts (NDCR) and the total expenditure.… Continue reading Explained:About India’s fiscal deficit
Retail inflation at 5-year high of 7.3% in December
News:The retail inflation based on Consumer Price Index(CPI) has reached a five and a half year high of 7.35% in December 2019. Facts: Reasons for rise in retail inflation: The rise in retail inflation is primarily due to increase in Consumer food price inflation to 14.12% in December 2019.This is the highest since 17.89% in… Continue reading Retail inflation at 5-year high of 7.3% in December
RBI chalks out financial inclusion strategy for 2024
News:The Reserve Bank of India has released the national strategy for financial inclusion. Facts: About the strategy: The national strategy for financial inclusion sets forth the vision and key objectives of financial inclusion policies in India. It also aims to provide access to formal and affordable financial services; broaden and deepen financial inclusion and promote… Continue reading RBI chalks out financial inclusion strategy for 2024
SBI announces ‘residential builder finance with buyer guarantee’ scheme
News:State Bank of India (SBI) has announced a ‘residential builder finance with buyer guarantee’ (RBBG) scheme. Facts: About the scheme: The scheme aims to give a push to residential sales and improve home buyers confidence. Under this scheme,the SBI will issue a guarantee for completion of select residential projects to customers who have availed home… Continue reading SBI announces ‘residential builder finance with buyer guarantee’ scheme
Northeast gas pipeline grid project
News: The Cabinet Committee on Economic Affairs has approved a Capital Grant as the Viability Gap Funding to Indradhanush Gas Grid Ltd for setting up the North East Natural Gas Pipeline Grid. North East Natural Gas Pipeline Grid States: Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura Cities covered: Guwahati, Itanagar, Kohima, Dimapur,… Continue reading Northeast gas pipeline grid project
World Bank:Global Economic Prospects report
News:The World Bank has released the 2020 Global Economic Prospects report. Facts: Key takeaways from the report: Report on Global and Regional Growth: The Global growth is set to rise by 2.5% this year from 2.4% in 2019 as trade and investment gradually recover. The growth among advanced economies as a group is anticipated to… Continue reading World Bank:Global Economic Prospects report
Cabinet clears Ordinance to remove restrictions on coal block bidding
News: The Union Cabinet has approved the Promulgation of Mineral Laws (Amendment) Ordinance 2020 Facts: It amends Mines and Minerals (Development and Regulation) Act 1957 and Coal Mines (Special Provisions) Act 2015. Key features: Allows companies that do not have coal mine operations in India to also participate in coal block auctions. It provides for… Continue reading Cabinet clears Ordinance to remove restrictions on coal block bidding
CCI Releases ‘Market Study on E-commerce in India’
News:The Competition Commission of India(CCI) has released a Report titled ‘Market Study on E-commerce in India: Key Findings and Observations’. Facts: Key takeaways from the study: The E-Commerce Sector was established in 2009.However, the sector gained momentum in 2014. In 2017, the sector held 3,500 million USD investment.There are around 4757 E-commerce start-ups in India… Continue reading CCI Releases ‘Market Study on E-commerce in India’
GDP growth rate for 2019-20 estimated at 5%, says NSO
News:The National Statistical Office (NSO) has released the First Advance Estimates for the financial year 2019-20. Facts: Key takeaways from the estimates: The Indian economy is estimated to grow at 5% in 2019-20 as against 6.8% in the previous fiscal. This projected growth rate of gross domestic product(GDP) is the lowest in the last 11… Continue reading GDP growth rate for 2019-20 estimated at 5%, says NSO
