The Reserve Bank of India(RBI) has released a report titled “Benchmarking India’s Payments Systems”.The report provides a comparative position of the payments ecosystem in India relative to comparable payments systems and usage trends in other major economies. The study has found that India has a strong regulatory system and robust large value and retail payments… Continue reading RBI study moots boost to acceptance infra for digital payments
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.
Global growth to slow in 2019, says World Bank
The World Bank has released its Global Economic Prospects report, 2019.The report has forecasted that the World economy will expand 2.6% in 2019 compared with a projection of 2.9% it made in January, 2019. The growth was downgraded due to (a)trade conflicts (b)financial strains (c)unexpectedly sharp slowdowns in wealthier countries and (d)build-up of government debt.… Continue reading Global growth to slow in 2019, says World Bank
Nilekani panel suggests 24×7 RTGS, NEFT, elimination of all charges
The Reserve Bank of India(RBI) had appointed a committee headed by Nandan Nilekani to submit its suggestions on promoting digital payments. The panel has suggested several measures to encourage digital payments such as (a)elimination of charges (b)round-the-clock RTGS and NEFT facility and (c)duty-free import of point-of-sales machines. The panel has also suggested that there should… Continue reading Nilekani panel suggests 24×7 RTGS, NEFT, elimination of all charges
Manufacturing sector PMI gains in May
According to Nikkei India Manufacturing Purchasing Managers’ Index (PMI) data,manufacturing activity has improved to 52.7 in May,2019 from 51.8 in April,2019. The PMI improved as companies increased manufacturing output amid strengthening demand conditions leading to further job creation in the sector. PMI or a Purchasing Managers’ Index(PMI) is an indicator of business activity both in… Continue reading Manufacturing sector PMI gains in May
PM-KISAN Scheme extension to include all eligible farmer families irrespective of the size of land holdings
The Union Cabinet has approved to extend the ambit of the PM Kisan Samman Nidhi Yojana. This scheme can now be availed by all land holding eligible farmer families (subject to the prevalent exclusion criteria) under the scheme irrespective of the size of land holdings. The revised Scheme is now expected to cover around 2… Continue reading PM-KISAN Scheme extension to include all eligible farmer families irrespective of the size of land holdings
Cabinet clears pension scheme for traders
The Union Cabinet has approved a new scheme that offers pension coverage to the trading community. The pension scheme assures a minimum monthly pension of ₹3000 per month to small shopkeepers, retail traders and the self-employed people after attaining the age of 60 years. The scheme will be available to all small shopkeepers and self-employed… Continue reading Cabinet clears pension scheme for traders
Landmark decision taken in the first Cabinet meeting of the NDA Government offers pension coverage to crores of farmers
The Union Cabinet has approved a new Central Sector Scheme to provide pension cover to farmers.The pension scheme will be voluntary and contributory scheme for all Small and Marginal Farmers (SMF) across the country. There will be an entry age of 18 to 40 years with a provision of minimum fixed pension of Rs.3,000/- on… Continue reading Landmark decision taken in the first Cabinet meeting of the NDA Government offers pension coverage to crores of farmers
SFIO identifies ‘coterie’ that defrauded IL&FS
Serious Fraud Investigation Office(SFIO) has charged the erstwhile top management members of the ILFS of forming a coterie with its auditors and independent directors to defraud the company while running the ILFS as their personal business. Coterie means a small group of people with shared interests or tastes, especially one that is exclusive of other… Continue reading SFIO identifies ‘coterie’ that defrauded IL&FS
RBI may cut interest rate by at least 25 bps on June 6: Experts
According to experts,the Reserve Bank of India’s Monetary Policy Committee (MPC) may cut the interest rate to boost up the economic growth which dropped to a five-year low in the final quarter of 2018-19. The rate cut is needed to address weakening credit availability as Non-banking financial companies(NBFCs) remain in turmoil representing a significant bottleneck… Continue reading RBI may cut interest rate by at least 25 bps on June 6: Experts
GDP growth slumps to 5.8%
According to data released by the Central Statistics Office (CSO), India’s quarterly GDP growth has declined to a five-year low of 5.83% in the last year (January-March) of FY19. Overall growth for FY19 also declined to a five-year low of 6.8%. China’s economy, in comparison, grew 6.4% in the last quarter but for the full… Continue reading GDP growth slumps to 5.8%
