Credit rating agency Crisil has cut the gross domestic product(GDP) estimate for India to 6.9% from 7.1% in 2019-20. Crisil has said that revision in growth forecast was due to inadequate monsoon,slowing global growth and sluggish high-frequency data for the first quarter. However,the report said that the second half should find support from expected monetary… Continue reading Crisil cuts FY20 GDP growth forecast to 6.9% from 7.1%
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.
India’s manufacturing sector growth inches up to 52.5 in July: PMI
According to Nikkei India Manufacturing Purchasing Managers’ Index (PMI) data, manufacturing activity increased to 52.5 in July,2019 from 52.1 in June,2019. PMI has improved as new work orders and output strengthened leading to moderate increase in employment.Apart from this,a key factor that is aiding sentiment among Indian manufacturers is the expectation of further monetary easing.… Continue reading India’s manufacturing sector growth inches up to 52.5 in July: PMI
What the Bill to curb Ponzi schemes says
The Rajya Sabha has passed the Banning of Unregulated Deposit Schemes Bill, 2019. It seeks to tackle the problem of illicit deposit taking activities in India and protect the interests of depositors. According to the bill, a scheme is unregulated if it is not registered with the regulators listed in the Bill. There are several… Continue reading What the Bill to curb Ponzi schemes says
Atal Innovation Mission (AIM) launches Atal Community Innovation Centre (ACIC) Program
The Union Minister of Petroleum & Natural Gas and Steel has launched the Atal Community Innovation Centre(ACIC) program.This program is a new initiative under Atal Innovation Mission(AIM). The new initiative will aim to encourage the spirit of innovation in the country’s specific areas that lack the required infrastructure and facilitating innovation ecosystem. The purpose of… Continue reading Atal Innovation Mission (AIM) launches Atal Community Innovation Centre (ACIC) Program
Cabinet nod for revised Chit Funds Bill
The Union Cabinet has approved the introduction of the Chit Funds (Amendment) Bill,2019 in Parliament.The bill seeks to amend the Chit Fund Act,1982. The 1982 Act regulates chit funds and prohibits a fund from being created without the prior sanction of the state government. Under a chit fund,people agree to pay a certain amount from… Continue reading Cabinet nod for revised Chit Funds Bill
Start-ups, SMEs write to govt. on equalisation levy
Recently,Domestic Small and medium enterprises(SMEs) and start-ups have written to Revenue Secretary.They have complained about the equalisation levy they have to pay to foreign companies for doing business in India. They have said that this has resulted in increased costs as well as loss of revenue to the government. The equalisation levy was introduced in… Continue reading Start-ups, SMEs write to govt. on equalisation levy
Lok Sabha passes Wage Code Bill to ensure minimum wage for workers
Lok Sabha has passed the Code on Wages Bill, 2019.The Bill seeks to subsume existing laws related to workers’ remuneration. The bill will replace the (a)Payment of Wages Act,1936, (b)Minimum Wages Act,1948 (c)Payment of Bonus Act,1965 and the (d)Equal Remuneration Act,1976. The bill provides that the Central Government will fix minimum wages for certain sectors… Continue reading Lok Sabha passes Wage Code Bill to ensure minimum wage for workers
IRDAI to give green signal to sandbox experiment soon
The Insurance Regulatory and Development Authority of India (IRDAI) will soon allow the use of regulatory sandbox(RS) to promote new, innovative products and processes in the industry. Regulatory sandbox is an infrastructure that helps fintech players live test their products or solutions before getting the necessary regulatory approvals for a mass launch, saving start-up time… Continue reading IRDAI to give green signal to sandbox experiment soon
Anti-dumping duty imposed on PTA imports from South Korea,Thailand
The Finance Ministry has imposed anti-dumping duty on all imports of purified terephthalic acid (PTA) from South Korea and Thailand. PTA is the primary raw material in the manufacture of polyester chips, which in turn are used in a number of applications in textile, packaging, furnishings, consumer goods, resins and coatings. Dumping is the practice… Continue reading Anti-dumping duty imposed on PTA imports from South Korea,Thailand
Govt. did not try out GST system before rollout: CAG
Government has tabled the Comptroller and Auditor General(CAG) audit report on the Goods and Services Tax(GST) in the Parliament. The report has said that the government had failed to try out the GST system before its rollout leading to inadequate compliance mechanisms, and lower tax revenues. The report has also pointed out that the complexity… Continue reading Govt. did not try out GST system before rollout: CAG
