News:The Reserve Bank of India (RBI) has formed an internal group to assess whether foreign exchange reserves are adequate to cover various risks. Facts: According to Bimal Jalan Committee report, the RBI’s foreign exchange reserves in 2008 were higher than the country’s external debt.But this position has reversed in 2019. At present,India’s foreign exchange reserves… Continue reading RBI panel to firm up mechanism for assessing adequacy of forex reserves
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.
Finance Commission
News:The 15th Finance Commission has assured the Rajasthan government’s demand for additional funds on the basis of factors such as difficult geography, heterogeneous society, limited resources and future needs. Facts: About Finance commission: The Finance Commission is constituted by the President under Article 280 of the Constitution mainly to give its recommendations on distribution of… Continue reading Finance Commission
Economic census to be held every three years
News:Ministry of Statistics and Programme Implementation (MoSPI) has said that the economic census will now be conducted every three years. Facts: About Economic Census: Economic Census is a complete count of all economic establishments located within the geographical boundary of the country.It provides disaggregated information on various operational and structural variables of all establishments of… Continue reading Economic census to be held every three years
Govt sets up a task force for drawing up National Infra Pipeline of Rs 100 lakh cr
News:The government has constituted a task force for drawing up National Infrastructure Pipeline of 100 lakh crore rupees from the fiscal year 2019-20 to 2024-25. Facts: The Task Force will be headed by Economic Affairs Secretary. The mandate of the task force is to identify technically feasible and economically viable infrastructure projects that can be… Continue reading Govt sets up a task force for drawing up National Infra Pipeline of Rs 100 lakh cr
CBDT signs 26 advance pricing agreements in April-August
News:The Central Board of Direct Taxes (CBDT) has entered into 26 Advance Pricing Agreements(APAs) in the first 5 months of the financial year (April to August,2019). Facts: About Advance Pricing Agreements(APAs): APA is an agreement between a taxpayer and tax authority determining the transfer pricing methodology for pricing the taxpayer’s international transactions for future years.… Continue reading CBDT signs 26 advance pricing agreements in April-August
Digital Economy Report 2019
News:United Nations Conference on Trade and Development (UNCTAD) has released the Digital Economy Report 2019. Facts: About the report: The report outlines enormous potential gains from the increasingly interconnected global economy but calls for concerted global efforts to spread the wealth potential to the many people who currently reap little benefit from it. The report… Continue reading Digital Economy Report 2019
External benchmark-based lending must: RBI
News:The Reserve Bank of India (RBI) has made it mandatory for banks to link all new floating rate personal or retail loans and floating rate loans to MSMEs to an external benchmark rate from October 1st,2019. Facts: The RBI has given the options to banks for external benchmark rates which are (a) RBI repo rate… Continue reading External benchmark-based lending must: RBI
India among top 10 nations in gold reserves
News: According to the latest release by the World Gold Council, India has ranked 10th in the country list with total gold reserves of 618.2 tonnes. Facts: USA has been ranked 1st with total gold reserves of 8,133.5 tonnes followed by Germany, International Monetary Fund (IMF), Italy, France, Russia and China. Pakistan holds the 45th… Continue reading India among top 10 nations in gold reserves
Task force recommends online loan sale platform
The Reserve Bank of India(RBI) has set up a task force to submit a report on the development of a secondary market for corporate loans.It was headed by T.N. Manoharan. The task force has recommended setting up of a self-regulatory body of participants who would work on creating a platform for secondary sale of corporate… Continue reading Task force recommends online loan sale platform
Panel on fintech submits a final report to FM Nirmala Sitharaman
Government of India has constituted a steering committee on fintech-related issues.The committee has submitted its report to the Ministry of Finance and Corporate Affairs. FinTech stands for financial technology and describes technologically enabled financial innovations.It is applied in financial services to help companies manage the financial aspects of their business including new software and applications,… Continue reading Panel on fintech submits a final report to FM Nirmala Sitharaman
