News:The Organisation for Economic Co-operation and Development(OECD) has released its Economic Survey of India report. Facts: Report on GDP growth: The report has projected GDP growth in the current fiscal (2019-20) at 5.8% lower than 6.8 per cent in 2018-19. However, it estimated the GDP to grow at 6.2% during 2020-21 and further to 6.4%… Continue reading India set to make modest recovery on reforms: OECD
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: Why the RBI refused to cut interest rates
News:The Monetary Policy Committee(MPC) of the Reserve Bank of India has decided to keep the repo rate unchanged at 5.15% in its fifth bi-monthly monetary policy statement. Facts: Issues before RBI: The RBI’s most important mandate is to maintain price stability which means RBI is required by law to maintain retail inflation based on Consumer… Continue reading Explained: Why the RBI refused to cut interest rates
RBI lays down guidelines for payments banks’ SFB licence
News:The Reserve Bank of India has released final Guidelines for the ‘on tap’ Licencing for Small Finance Banks(SFBs). Facts: About the Guidelines for ‘on-tap’ Licencing: The minimum paid-up voting equity capital / capital requirement shall be Rs 200 crores. For Primary (Urban) Co-operative Banks (UCBs), who voluntarily wants to transition into SFBs initial requirement of… Continue reading RBI lays down guidelines for payments banks’ SFB licence
India’s forex reserves cross $450 billion for the first time
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
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
