News:India has decided not to join the Regional Comprehensive Economic Partnership(RCEP) Agreement as India’s core issues remained unresolved during the negotiations.One of the reason for not joining is the massive trade deficits India has with almost all of the RCEP countries. Facts: About Trade deficit: The trade balance of a country shows the difference between… Continue reading Explained:What is trade deficit and what does it signify
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.
‘Indian Tech Startup Ecosystem – Leading Tech in the 20s’
News:According to the report ‘Indian Tech Startup Ecosystem – Leading Tech in the 20s’ by Nasscom,India continues to be the third largest startup ecosystem across the world. Facts: Key takeaways from the report: India continues to be the third largest startup ecosystem in the world, having added more than 1,300 tech startups in 2019. India… Continue reading ‘Indian Tech Startup Ecosystem – Leading Tech in the 20s’
Ministry of Skill Development & Entrepreneurship launches Skills Build platform in Collaboration with IBM
News:The Directorate General of Training (DGT) under the Ministry of Skill Development & Entrepreneurship(MSDE) has announced the launch of Skills Build platform in collaboration with IBM. Facts: About the platform: The skill builds platform aims to offer diplomas in IT, networking and cloud computing at Industrial Training Institutes(ITI) and National Skill Training Institutes(NSTI). The platform… Continue reading Ministry of Skill Development & Entrepreneurship launches Skills Build platform in Collaboration with IBM
Finance Minister launches IT initiatives ICEDASH and ATITHI
News:Finance minister has unveiled two new IT initiatives ICEDASH and ATITHI. Facts: Why were these initiatives launched? These initiatives aims at improving monitoring and pace of customs clearance of imported goods. They will also facilitate arriving international passengers with e-filing of baggage and currency declarations. About ICEDASH: ICEDASH is an ease of doing business(EoDB) monitoring… Continue reading Finance Minister launches IT initiatives ICEDASH and ATITHI
Economic Outlook for South East Asia,China and India
News:The Organization for Economic Co-operation and Development(OECD) has released its report titled Economic Outlook for South East Asia,China and India. Facts: Key takeaways from the report: India’s gross domestic product(GDP) is projected to grow at 6.6% in 2020-24 lower than its 2013-17 average of 7.4%. The report said that India’s reliance on consumption will continue… Continue reading Economic Outlook for South East Asia,China and India
Explained: Why is India’s labour productivity growth faltering?
News:Recently,an analysis done by India Ratings and Annual Survey of Industries on India’s labour productivity growth in the organised manufacturing sector has shown a declining trend between 2016 and 2018. Facts: About Labour Productivity: Productivity is a measure of the efficiency with which resources of both human and material are converted into goods and services.… Continue reading Explained: Why is India’s labour productivity growth faltering?
Elephant bonds can bring back $500 billion stashed overseas
News:A High Level Advisory Group on Trade Policy(HLAG) headed by Surjit Bhalla has suggested that the Centre could bring up to $500 billion of black money if it issues elephant bond. Facts: About Elephant Bonds: The elephant bonds are a way for people to bring their offshore undisclosed wealth into India without fear of prosecution.… Continue reading Elephant bonds can bring back $500 billion stashed overseas
India’s unemployment rate has hit 3-year high
News:According to the Centre for Monitoring Indian Economy (CMIE),India’s unemployment rate in the month of October,2019 has reached 8.5% which is the highest in over three years. Facts: The urban unemployment rate for October 2019 stood at 8.9% slightly higher than the rural unemployment rate of 8.3%. Among States, Tripura and Haryana saw the highest… Continue reading India’s unemployment rate has hit 3-year high
Purchasing Managers Index(PMI) for manufacturing slipped to two years low
News:The Purchasing Managers Index(PMI) has fallen to a two-year low of 50.6 in October,2019 from 51.4 in September,2019. Facts: The purchasing managers index has fallen as weakening demand had an effect in the manufacturing industry bringing down the rates of increase in production, employment and business sentiment. About PMI: PMI or Purchasing Managers’ Index(PMI) is… Continue reading Purchasing Managers Index(PMI) for manufacturing slipped to two years low
Tamil Nadu becomes first State to enact law on contract farming
News:Tamil Nadu has become the first State in the country to enact a law on contract farming with President giving assent to the Agricultural Produce and Livestock Contract Farming and Services (Promotion and Facilitation) Act. Facts: Features of the act: The act provides for a six-member body called the Tamil Nadu State Contract Farming and… Continue reading Tamil Nadu becomes first State to enact law on contract farming
