News:The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) for daily digital payments. Facts: Features of PPI introduced by RBI: The prepaid payment instrument(PPI) could be used only for purchase of goods and services up to a limit of ₹10,000 per month. PPIs shall be issued by bank and non-bank PPI… Continue reading RBI launches Prepaid Payment Instrument for your daily digital payments
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.
Annual report of the insurance sector
News:The annual report of the Insurance Regulatory and Development Authority of India (IRDAI) for 2018-19 has been released. Facts: Key terminologies: Insurance density is measured as the ratio of premium (in US dollars) to the total population. Insurance penetration is measured as the ratio of premium (in US$) to GDP(in US$). Insurance density and insurance… Continue reading Annual report of the insurance sector
RBI plans its own ‘Operation Twist’; to buy, sell bonds simultaneously
News:The Reserve Bank of India has announced that it will carry out US-style ‘Operation Twist’ to bring down interest rates. Facts: About Operation Twist: Operation Twist is when the central bank uses the proceeds from the sale of short-term securities to buy long-term government debt papers, leading to easing of interest rates on the long… Continue reading RBI plans its own ‘Operation Twist’; to buy, sell bonds simultaneously
States with smaller population take the lead under PMEGP
News:According to the data presented by the Ministry of Micro, Small and Medium Enterprises,states with smaller population take the lead under Prime Minister’s Employment Generation Programme(PMEGP) in the last four years. Facts: The states with smaller populations such as Tamil Nadu, Assam, Karnataka and Arunachal Pradesh except Uttar Pradesh have emerged as major beneficiaries of… Continue reading States with smaller population take the lead under PMEGP
GST Council Meeting: No rate hike, vote for single lottery rate
News:Finance Minister has chaired the 38th GST Council Meeting in New Delhi. Facts: Key takeaways from the meeting: The GST Council has for the first time used the voting process and has voted to tax lotteries under the highest slab of 28%. The Council has decided to tax woven and non-woven bags at 18%, compared… Continue reading GST Council Meeting: No rate hike, vote for single lottery rate
E-commerce can spur intra-South Asia trade: World Bank
News:The World Bank has released a report titled “Unleashing E-Commerce for South Asian Integration”. Facts: Key takeaways from the report: The report has said that e-commerce can become a driver of growth across South Asia and boost trade among the region’s countries but its potential remains largely untapped. The online sales in India as a… Continue reading E-commerce can spur intra-South Asia trade: World Bank
India’s rising retail prices stoke worries of stagflation
News:India’s retail price inflation has jumped to a 40-month high at a time when India’s growth has slowed down to a six-year low.This has prompted some economists to warn that the country could be entering into a stagflationary phase. Facts: About Stagflation: The term Stagflation was first coined by Paul Samuelson who was the first… Continue reading India’s rising retail prices stoke worries of stagflation
BRICS’ NDB pledges $100 million to NIIF
News:Recently,New Development Bank(NDB) has committed $100 million to India’s National Investment and Infrastructure Fund(NIIF). Facts: About NDB: The New Development Bank(NDB) formerly referred to as the BRICS Development Bank is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). The bank was founded in 2014 but was was… Continue reading BRICS’ NDB pledges $100 million to NIIF
National Financial Reporting Authority submits first report since constituted
News:The National Financial Reporting Authority(NFRA) has issued its first audit report of IL&FS Financial Services Limited for the year 2017-18. Facts: About NFRA: The National Financial Reporting Authority(NFRA) has been constituted in 2018 by the Government of India under section 132 of the Companies Act,2013. The need for establishing NFRA was felt in the wake… Continue reading National Financial Reporting Authority submits first report since constituted
India ranks 73rd in global E-Commerce ranking
News:United Nations Conference on Trade and Development’s(UNCTAD) has released the Business-to-Consumer(B2C) E-commerce Index 2019. Facts: About the Index: The index compares 152 countries on four major indicators that are highly related to E-Commerce which includes population age, individuals using the internet, postal reliability index and secure internet servers. Key takeaways from the index: Netherlands has… Continue reading India ranks 73rd in global E-Commerce ranking
