According to Reserve Bank of India’s annual report,the amount involved in bank frauds has increased by 74% over the last one year. Among the banks,the public sector banks(PSBs) have accounted for the bulk of frauds at around 90% of total fraud amount.It was followed by private sector banks and foreign banks. The report said that… Continue reading Bank frauds rise 74%, says RBI
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.
Ind-Ra cuts GDP growth forecast in FY20 to 6.7%
India Ratings and Research has revised downwards its projection of the country’s GDP growth in financial year 2019-20 to 6.7% from an earlier estimate of 7.3% The reasons cited for lowering the growth projection are a) a slowdown in consumption demand; b) delayed and uneven progress of monsoon so far; c) decline in manufacturing growth;… Continue reading Ind-Ra cuts GDP growth forecast in FY20 to 6.7%
Cabinet eases FDI rules in retail, media
Union Cabinet has eased foreign direct investment(FDI) norms for various industries such as single-brand retail, coal mining, contract manufacturing and digital media. The changes in FDI policy will result in making India a more attractive FDI destination which may lead to increased investments,employment and growth. Single brand Retail sector:Currently,the FDI policy says that a single… Continue reading Cabinet eases FDI rules in retail, media
Jalan panel proposes change in RBI accounting year, transparent accounts
The Reserve Bank of India(RBI) has accepted the Bimal Jalan panel recommendations.It was set up to review the RBI’s economic capital framework. The economic capital framework reflects the capital that an institution requires or needs to hold as a counter against unforeseen risks or events or losses in the future. The panel has recommended a… Continue reading Jalan panel proposes change in RBI accounting year, transparent accounts
Open Market Operations(OMO)
The Reserve Bank of India (RBI)’s surplus for 2018-19 was higher than the surplus in recent years.This was due to the large amount of open market operations(OMOs) conducted by the central bank during the year. Open market operations is the sale and purchase of government securities and treasury bills by RBI or the central bank… Continue reading Open Market Operations(OMO)
Cabinet nod for sugar export subsidy
Cabinet Committee on Economic Affairs(CCEA) has approved sugar export subsidy for 2019-20. This move is aimed at countering the surplus sugar stock’s impact on prices.The lower sugar prices would make it difficult for mills to pay farmers dues. The subsidy will be provided for expenses on marketing costs including handling, upgrading , international and internal… Continue reading Cabinet nod for sugar export subsidy
Cabinet to consider relaxing FDI norms in single brand retail, digital media
The Union Cabinet is considering proposal to relax foreign direct investment (FDI) norms in several sectors. The sectors include (a)single-brand retail (b)digital media (c)coal mining and (d)contract manufacturing. In the existing FDI policy,100% foreign direct investment is permitted in the manufacturing sector under the automatic route.But the policy does not talk about contract manufacturing. Similarly,the… Continue reading Cabinet to consider relaxing FDI norms in single brand retail, digital media
Review capital framework every five years, says Jalan Committee
RBI had constituted a panel on economic capital framework to address the issue of RBI reserves.The panel was headed by Bimal Jalan. Economic capital framework refers to the risk capital required by the central bank as a counter against unforeseen risks or events or losses in the future. The committee has recommended a review of… Continue reading Review capital framework every five years, says Jalan Committee
E-commerce guidelines to be mandatory under consumer protection law
The government has decided to make the draft e-commerce guidelines mandatory under the new Consumer Protection Act,2019. The E commerce guidelines will be applicable on all business to consumer(B2C) e-commerce platforms. The guidelines seeks to protect personally-identifiable information of customers and set a 14-day limit for payments toward refund requests. The Consumer Act also sets… Continue reading E-commerce guidelines to be mandatory under consumer protection law
Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go
Government had constituted a committee to draft a new direct tax law to replace the existing Income Tax Act,1961.The committee was headed by Akhilesh Ranjan.It has submitted its report to the government. The task force has recommended retaining the long-term capital gains (LTCG) tax and the securities transaction tax(STT) while abolishing the dividend distribution tax(DDT).… Continue reading Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go
