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
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.
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
RBI board approves Rs 1.76 lakh crore transfer to govt
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
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
