Recently,Automatic Exchange of Information (AEOI) Regime between India and Switzerland has started from September 1,2019. In 2016,India and Switzerland had signed an information-sharing deal on bank accounts which was to come into effect from September 2019. Automatic exchange of information involves the systematic and periodic transmission of taxpayer information by the source country to the… Continue reading Explained: India will get Swiss bank details of Indians from today. What does this mean?
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: What bank mergers can mean, the potential downsides
Recently,the Government has announced a merger of ten public sector banks(PSBs) into four larger entities.This would take the number of banks in the country from 27 in 2017 to 12. The idea of bank mergers had floated since 1998 when the second Narasimham Committee had recommended the government to merge banks. In 2014, PJ Nayak… Continue reading Explained: What bank mergers can mean, the potential downsides
India to become largest importer of coking coal by 2025, says Fitch Solutions
According to a Fitch report,India will overtake China as the largest importer of coking coal by 2025. The report has forecasted that India’s coking coal consumption will grow at an annual average rate of 5.4% between 2019 and 2028 due to robust expansion in steel production in the country. However,China will continue to account for… Continue reading India to become largest importer of coking coal by 2025, says Fitch Solutions
Government unveils mega bank mergers
Government has announced a merger of ten public sector banks(PSBs) into four larger entities.Now,the total number of PSBs after consolidation will come down to 12 from 27 in 2017. The banks which are merged are (a)Punjab National Bank, Oriental Bank of Commerce and United Bank of India to merge to form the country’s second-largest lender… Continue reading Government unveils mega bank mergers
CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups
The Central Board of Direct Taxes (CBDT) has constituted a dedicated start up cell for addressing the specific problems related to Start-ups. The start up cell will be a five-member board which will be headed by the member (Income Tax and Computerisation) of the board. The cell will work towards redressal of grievances and mitigate… Continue reading CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups
GDP growth down to 6-year low in Q1 of 2019-20 financial year
According to data released by the Central Statistics Office (CSO),India’s Gross Domestic Product(GDP) growth for April-June 2019 has declined to a six year low of 5%. The slowdown in growth has been attributed to (a)sharp deceleration in the manufacturing sector (b)low agriculture output (c)low consumption demand and (d)decreased private investment. Recently,the annual report of the… Continue reading GDP growth down to 6-year low in Q1 of 2019-20 financial year
Fiscal deficit crosses 77% of annual target in July
According to data released by the Controller General of Accounts(CGA), India’s fiscal deficit has reached 77% of the annual target for 2019-20 in July. Fiscal deficit is the amount of money that the government needs to borrow in a given year because their expenses were more than their revenues. In Union Budget 2019,India has set… Continue reading Fiscal deficit crosses 77% of annual target in July
T.N.’s Dindigul lock and Kandangi saree get GI tag
Dindigul lock and Kandangi saree from Tamil Nadu have been given the Geographical Indication (GI) tag. Dindigul locks are made in an area of 5 km in and around Dindigul in Tamil Nadu. The lock is world famous for their superior quality and durability, and the Dindigul city is often referred to as the “Lock… Continue reading T.N.’s Dindigul lock and Kandangi saree get GI tag
RBI says lack of domestic demand affecting ‘animal spirits’ of economy
According to the annual report of the RBI,the lack of domestic demand is holding back the animal spirits in the economy. Animal spirit is a term used by the British economist,John Maynard Keynes to describe how people arrive at financial decisions including buying and selling securities in times of economic stress or uncertainty. The report… Continue reading RBI says lack of domestic demand affecting ‘animal spirits’ of economy
‘100% FDI in coal will boost competitiveness’
Recently,Union cabinet has decided to permit 100% foreign direct investment(FDI) in the coal sector. This decision is likely to help the coal-bearing states to get more revenue and bring in more players to create an efficient and competitive coal market. However,experts have said that right kind of policies are needed to ensure that global players… Continue reading ‘100% FDI in coal will boost competitiveness’
