News:Government has set up a 19-member Inter-Ministerial Coordination Committee for better cooperation among government departments to curb money laundering. Facts: About the committee: The committee will be chaired by the revenue secretary. It will have four other government secretaries of the departments of financial services, economic affairs, corporate affairs and external affairs who will be… Continue reading Govt sets up high-level panel to check money laundering activities
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.
Public Finance Management System(PFMS)
News:Punjab government has directed all government procurement agencies to link the bank accounts of farmers with the Public Finance Management System (PFMS) portal before the procurement of paddy begins. Facts: About Public finance management system(PFMS): PFMS is an online platform developed and implemented by the office of the Controller General of Accounts(CGA) under the Union… Continue reading Public Finance Management System(PFMS)
Indian Technical and Economic Cooperation programme
News:The Development Partnership Administration Division of the External Affairs Ministry is celebrating the 55th Anniversary of India’s flagship capacity building programme – Indian Technical and Economic Cooperation(ITEC). Facts: About ITEC programme: The Indian Technical and Economic Cooperation(ITEC) Programme was instituted in 1964 as a bilateral programme of assistance of the Government of India. The Division… Continue reading Indian Technical and Economic Cooperation programme
Explained: Why state budgets matter
News:The Reserve Bank of India (RBI) has released its annual study of state-level budgets. Facts: Highlights of the study: The study has found that except during 2016-17,state governments have regularly met their fiscal deficit target of 3% of GDP. However,most states ended up meeting the fiscal deficit target not by increasing their revenues but by… Continue reading Explained: Why state budgets matter
India receives first tranche of Swiss account details
News:India has received the first tranche of details about financial accounts of its residents in Swiss banks under the automatic info exchange framework. Facts: In 2016,India and Switzerland had signed an Automatic exchange of information(AEOI) deal on bank accounts which came into effect from September 2019. About Automatic exchange of information(AEOI): Automatic exchange of information… Continue reading India receives first tranche of Swiss account details
RERA
News: The Tamil Nadu Real Estate Appellate Tribunal (TNREAT) has upheld a ruling by the Tamil Nadu Real Estate Regulatory Authority (TNRERA) that projects such as SEZ and estates involving sale of industrial plots to investors come under the purview of the Real Estate Regulatory Authority (RERA) Act. Facts: About Real Estate (Regulation and Development)… Continue reading RERA
Finance Minister to inaugurate national tax e-assessment centre
News:Union Finance Minister will be inaugurating the National e-Assessment Centre (NeAC) in New Delhi.The centre is part of the E-assessment scheme, 2019. Facts: About E-assessment scheme: The scheme aims at faceless e-assessment to impart greater efficiency, transparency and accountability in the assessment process.There would be no physical interface between taxpayers and tax officers. The scheme… Continue reading Finance Minister to inaugurate national tax e-assessment centre
Fourth Bi-monthly monetary policy review
News:The Monetary Policy Committee of the Reserve Bank of India(RBI) has cut the key policy rate by 25 basis points to 5.15 %. Facts: Highlights of the Monetary policy: The Reserve Bank of India’s(RBI) Monetary Policy Committee(MPC) has decided to reduce the policy repo rate under the liquidity adjustment facility(LAF) by 25 basis points to… Continue reading Fourth Bi-monthly monetary policy review
Government constitutes working group to prepare contours of new industrial policy
News:Government has constituted a working group to prepare the contours of a new industrial policy to make India a manufacturing hub. Facts: This will be the third industrial policy after the first in 1956 and the second in 1991. The new industrial policy will replace the industrial policy of 1991 which was prepared in the… Continue reading Government constitutes working group to prepare contours of new industrial policy
Cabinet approves new strategic disinvestment process
News:Union Cabinet has approved a new process of strategic disinvestment with a view to expediting privatization of select PSUs. Facts: What are the new changes? Under the new policy, the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance has been made the nodal department for the strategic disinvestment sale. Currently,… Continue reading Cabinet approves new strategic disinvestment process
