The government of India has announced reduction in the rate of contribution under the Employees’ State Insurance (Act) from 6.5% to 4%. The employers’ contribution has been reduced from 4.75% to 3.25% and employees’ contribution has been reduced from 1.75% to 0.75%. The move is aimed at formalising India’s informal workforce and expanding social security… Continue reading Centre reduces contribution rate for ESI
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.
Retail inflation spikes to 7-month high of 3.05% in May on costlier food articles
According to the data released from the Central Statistics Office (CSO), retail inflation for the month of May has increased to a seven-month high of 3.05%. This is mainly due to costlier food items. As per the data, inflation in the food basket rose to 1.83% in May, higher than 1.1% in April. Retail inflation… Continue reading Retail inflation spikes to 7-month high of 3.05% in May on costlier food articles
Jalan panel report on RBI reserves by June end
RBI had constituted a panel on economic capital framework to address the issue of RBI reserves.It is headed by Bimal Jalan.The panel will meet one more time before finalising its report. The panel was formed after the government has said that the RBI should hand over its surplus reserves amid a shortfall in revenue collections.… Continue reading Jalan panel report on RBI reserves by June end
Easy money can’t revive economy: SBI report
According to State Bank of India report,easy money policy will be ineffective to push the slow growth engine. An easy money policy is a monetary policy that increases the money supply usually by lowering interest rates.It occurs when a country’s central bank decides to allow new cash flows into the banking system. Recently,the Reserve Bank… Continue reading Easy money can’t revive economy: SBI report
Govt eyes reforms, to club 44 labour laws into 4 codes
The Central government is planning to introduce a new Labour Bill in the upcoming session of the Parliament with an aim to help investors and accelerate growth. The new labour legislation would merge the existing 44 labour laws under four specific categories which are (a)wages (b)social security (c)industrial safety and welfare and (d)industrial relations. Labour… Continue reading Govt eyes reforms, to club 44 labour laws into 4 codes
Govt to ask RBI to remove priority lending limit for renewable energy sector
The Ministry of new and renewable energy(MNRE) has decided to ask the Reserve Bank of India(RBI) for removal of the priority sector lending limit for the renewable energy(RE) sector. This will encourage the PSBs(public sector banks) to lend more for renewable energy projects and help RE developers access easy finance. India is running the world’s… Continue reading Govt to ask RBI to remove priority lending limit for renewable energy sector
Explained RBI’s NPA circular: Small and medium firms get reprieve
The Reserve Bank of India(RBI) has issued a revised prudential framework for resolution of stressed assets. This revised circular was issued after Supreme Court had declared the RBI’s February 12 circular on the resolution of stressed loans as unconstitutional. The revised circular has given small and medium-sized defaulters enough time to come out from the… Continue reading Explained RBI’s NPA circular: Small and medium firms get reprieve
Reserve Bank sets up panel to examine ATM charges, fees
The Reserve Bank of India has constituted a high-level committee under IBA Chief V G Kannan to examine ATM charges and fees by banks. The six-member panel will review the existing structures and patterns of costs,charges and interchange fees for ATM transaction. The committee will also review the overall patterns of usage of ATMs by… Continue reading Reserve Bank sets up panel to examine ATM charges, fees
‘China getting decimated by tariff war’
The US President has said that the US threat to impose tariffs on Mexico has forced the country to agree to stronger immigration enforcement.He has predicted the same strategy will be successful with China. The US President had slapped tariffs on products from key trading partners China,Canada,Mexico and the European Union in order to push… Continue reading ‘China getting decimated by tariff war’
Pre-budget consultations: Industry for tax cuts, more reforms to push investment
Finance Minister has held pre-budget discussions with the industry heads.The industry has suggested various reforms and tax cuts to push investment and growth of the economy. The various reforms suggested are (a)reduction in direct tax rate to a maximum of 18% (b)reducing the dividend distribution tax and (c)reform of land and labour laws. Industry heads… Continue reading Pre-budget consultations: Industry for tax cuts, more reforms to push investment
