News:According to the 2018-19 data from the Commerce Ministry, the United States has become India’s top trading partner surpassing China. Facts: In 2018-19,the bilateral trade between the US and India stands at USD 87.95 billion as compared to USD 87.07 billion with China. India has a trade surplus of USD 16.85 billion with the USA… Continue reading US becomes India’s top trading partner
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.
GSI discovers gold deposits in Sonbhadra district of Uttar Pradesh
News:The Geological Survey of India(GSI) has discovered gold deposits of around 3,000 tonnes in Sonbhadra district of Uttar Pradesh almost five times India’s current reserve of the yellow metal. Facts: About Gold Reserves: According to the World Gold Council,India is the 10th largest gold reserve country in the world with gold reserves of around 626… Continue reading GSI discovers gold deposits in Sonbhadra district of Uttar Pradesh
World Bank offers funds for last stretch of Eastern Dedicated Freight Corridor
News: World Bank has offered to give financial assistance to the last remaining portion of the Eastern Dedicated Freight Corridor (EDFC) between Bihar’s Sonnagar and West Bengal’s Dankuni Facts: Eastern Dedicated Freight Corridor (EDFC) It is part of India’s Dedicated Freight Corridor (DFC) program involves the construction of a 1,839km-long freight line extending from Ludhiana… Continue reading World Bank offers funds for last stretch of Eastern Dedicated Freight Corridor
Explained: India’s ‘imported’ food inflation
News:The United Nations Food and Agriculture Organisation’s(FAO’s) food price index has touched 182.5 points in January 2020, the highest since December 2014. Facts: About FAO Food Price Index(FPI): The FAO Food Price Index(FPI) is a measure of the change in international prices of a basket of major food commodities with reference to a base period… Continue reading Explained: India’s ‘imported’ food inflation
RBI Syncs Financial Year with the Fiscal Year
News: The Reserve Bank of India (RBI) decided to will align its financial accounting year with that of the central government’s fiscal year with effect from 2020-21 Facts: Fiscal year: It is used in government accounting, which varies between countries, and for budget purposes. In India, the government’s financial year runs from 1 April to… Continue reading RBI Syncs Financial Year with the Fiscal Year
India becomes 5th largest economy, overtakes UK, France:Report
News:According to a US-based think tank World Population Review,India has emerged as the world’s fifth largest economy by overtaking the UK and France in 2019. Facts: Key takeaways from the report: India’s economy is the fifth largest in the world with a GDP of $2.94 trillion. In purchasing power parity(PPP) terms, India’s GDP (PPP) is… Continue reading India becomes 5th largest economy, overtakes UK, France:Report
Moody’s slashes India’s 2020 growth projection
News:Moody’s Investor Service has released its Global Macro Outlook Report. Facts: Key takeaways from the report: Revised India’s growth forecasts to 5.4% for 2020 and 5.8% for 2021, down from previous projections of 6.6% and 6.7% respectively. India’s key to stronger economic momentum would be revival of domestic demand and resumption of credit growth. It… Continue reading Moody’s slashes India’s 2020 growth projection
MCA rolls out web form SPICe+ for incorporation of companies
News:The Ministry of Corporate Affairs(MCA) has launched a new web form called SPICe+ for incorporation of companies. Facts: About SPICe+: SPICe+ (Simplified Proforma for Incorporating a Company Electronically plus) is an integrated web form offering multiple services related to Company incorporation such as mandatory issue of PAN, Opening of Bank Account, allotment of GSTIN among… Continue reading MCA rolls out web form SPICe+ for incorporation of companies
Maharashtra loses top slot as attractive investment destination to Andhra in FY’19: RBI study
News: Reserve Bank of India has released the data on the top attractive investment destination states. Facts: Key Highlights from the study: In 2018-19,Andhra Pradesh accounted for the highest share in total cost of projects sanctioned by banks and financial institutions. It was followed by Tamil Nadu, Maharashtra, Gujarat, Telangana , Rajasthan and Uttar Pradesh.… Continue reading Maharashtra loses top slot as attractive investment destination to Andhra in FY’19: RBI study
Debts Recovery Tribunals(DRT)
News:Recently,the Union Cabinet has given its nod for amendment of the Direct Tax Vivad se Vishwas Bill, 2020 so that its scope can be widened to cover litigation pending in various debt recovery tribunals(DRTs). Facts: About Debt Recovery Tribunals(DRT): Debt Recovery Tribunals have been established following the passing of the Recovery of Debts due to… Continue reading Debts Recovery Tribunals(DRT)
