The Reserve Bank of India(RBI) has decided to transfer a sum of 1.76 lakh crore rupees to the government.The surplus transfer was finalised in keeping with the recommendations of a committee headed by former RBI governor Bimal Jalan. RBI had constituted a panel on Economic capital framework(ECF) to address the issue of RBI reserves.The panel… Continue reading RBI board approves Rs 1.76 lakh crore transfer to govt
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.
CBIC compulsorily retires 22 tax officials over charges of corruption and bribery
The government has compulsorily retired 22 senior tax officials under Rule 56 (j) of Fundamental Rules. This decision has been taken in the backdrop of charges of corruption, extortion and professional misconduct against them. All Central government employees are governed by the ‘fundamental rules (FR)’ and the Central Civil Services (CCS) rules and compulsory retirement… Continue reading CBIC compulsorily retires 22 tax officials over charges of corruption and bribery
India’s GDP to grow at 6% in April-June: FICCI survey
According to FICCI report,India is projected to grow at 6.9% for the year 2019-20. They have also said that the RBI will continue its accommodative stance with a further cut in the repo rate in the remaining part of 2019-20. The report has identified four key areas of improvement that would help create more jobs… Continue reading India’s GDP to grow at 6% in April-June: FICCI survey
Explained: Reasons, implications of repo rate cut
The Reserve Bank of India’s(RBI) monetary policy committee (MPC) has lowered the repo rate by 35 basis points to 5.4%. Repo stands for ‘Repurchasing Option’.It refers to the rate at which commercial banks borrow money from the RBI. The Monetary Policy Committee(MPC) is a committee of the Reserve Bank of India.The MPC is made up… Continue reading Explained: Reasons, implications of repo rate cut
Exchange rate driven by capital flows, says RBI
According to Reserve Bank of India Deputy Governor,India’s foreign exchange reserves are borrowed reserves and not built out of export surplus.This means that exchange rate dynamics in India is driven by capital flows rather than current account balances. Current account includes export and import of goods and services while Capital account includes inflow and outflow… Continue reading Exchange rate driven by capital flows, says RBI
Centre takes steps to control onion prices in national capital
Government has planned to substantially increase the daily supply of onions from its buffer stock held with NAFED. This decision was taken in the backdrop of heavy rains in key onion growing States such as Maharashtra and Karnataka which may increase the prices of onion. National Agricultural Cooperative Marketing Federation of India(NAFED) was established in… Continue reading Centre takes steps to control onion prices in national capital
IMF report flags several delays in India’s data reporting
According to the International monetary fund(IMF) “Annual Observance Report of the Special Data Dissemination Standard for 2018”,India has failed to comply with multiple requirements prescribed in the Special Data Dissemination Standard (SDDS). The IMF launched the SDDS initiative in 1996 to guide members to enhance data transparency and help financial market participants with adequate information… Continue reading IMF report flags several delays in India’s data reporting
CVC sets up panel to probe bank fraud
The Central Vigilance Commission(CVC) has constituted Advisory Board for Banking Frauds (ABBF).The four-member board will be headed by former Vigilance Commissioner T M Bhasin. The board will function as the first level of examination of all large fraud cases before recommendations or references are made to the investigative agencies by the respective Public Sector Banks. … Continue reading CVC sets up panel to probe bank fraud
FM’s announcement may help revive investor confidence, boost markets
Finance minister had announced a number of economic measures to revive economic growth through fiscal stimulus. These measures were announced in the backdrop of (a)domestic and global growth concerns (b)weakening demand for India companies and (c)the threat of escalation of tariff war between US and China. The steps announced were such as (a)removing enhanced surcharge… Continue reading FM’s announcement may help revive investor confidence, boost markets
Centre responds to downturn with steps to boost growth
Government has announced a number of economic measures which seeks to revive economic growth through fiscal stimulus. These measures were brought in the backdrop of the economic slowdown in India.The measures announced are:- The surcharge announced in the budget on Foreign Portfolio Investors (FPIs) has been withdrawn.This will check the outflow of FPI from India.… Continue reading Centre responds to downturn with steps to boost growth
