News:Goods and Services Tax Network(GSTN) has decided to make Aadhaar authentication mandatory for new dealers from January 2020 to check malpractices in GST. Facts: About GST Network: The GST Network(GSTN) is a non-profit organization.It has been established to manage the entire IT system of the GST portal. This portal is used by the government to… Continue reading Goods And Services Tax (GST) Network
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.
Government unveils package to boost exports, revive housing sector
News:Government has announced a set of measures aimed at two sectors of the economy namely exports and housing sector.These measures are aimed to reverse a deepening economic slowdown. Facts: Special Fund for Housing Projects: A special fund will be set up for providing last-mile funding for housing projects.It will focus on the construction of unfinished… Continue reading Government unveils package to boost exports, revive housing sector
E-assessment scheme
News:Finance Ministry has notified the e-assessment scheme 2019. Facts: Objective of the scheme:The scheme aims to conduct faceless scrutiny assessment of income tax returns (ITR). E-assessment structure: National e-assessment centre: Will issue notice to taxpayers.It will have four bodies under it Regional e-assessment centres: Will get cases from national body, conduct enquiry and pass draft… Continue reading E-assessment scheme
Regulation of non-personal data: MeitY sets up new committee
News:Ministry of Electronics and Information Technology(Meity) has formed a new Committee of Experts to focus on non-personal data. Facts: About the committee: The committee is headed by the Infosys co-founder Kris Gopalakrishna. The committee is mandated to to study various issues relating to non-personal data and to make specific suggestions for consideration of the central… Continue reading Regulation of non-personal data: MeitY sets up new committee
Regulatory Sandbox
News:Insurance Regulatory and Development Authority of India (IRDAI) has launched the Regulatory Sandbox system for innovative technology-led entities. Facts: About Regulatory Sandbox: Regulatory sandbox(RS) is an infrastructure that helps financial technology (FinTech) players live test their products or solutions before getting the necessary regulatory approvals for a mass launch. IRDAI Regulatory sandbox: For the regulatory… Continue reading Regulatory Sandbox
Srivilliputhur palkova bags GI tag
News:Geographical Indication Registry of India has accorded Geographical Indication(GI) tag to Srivilliputhur palkova. Facts: About Srivilliputhur palkova: Srivilliputhur palkova is a sweet made from cow milk and sugar. The palkova is manufactured in and around the municipality of Srivilliputtur in Virudhunagar district,Tamil Nadu. Additional information: About the geographical indication(GI) tag: A geographical indication(GI) is a… Continue reading Srivilliputhur palkova bags GI tag
India, ASEAN agree to review free trade pact in goods
News:India and the 10-member ASEAN nations have agreed to initiate a review of the bilateral free trade agreement(FTA) in goods to make it more user-friendly, simple and trade facilitative. Facts: About ASEAN–India Free Trade Area (AIFTA) The ASEAN–India Free Trade Area (AIFTA) is a free trade area among the ten member states of the Association… Continue reading India, ASEAN agree to review free trade pact in goods
RBI panel to firm up mechanism for assessing adequacy of forex reserves
News:The Reserve Bank of India (RBI) has formed an internal group to assess whether foreign exchange reserves are adequate to cover various risks. Facts: According to Bimal Jalan Committee report, the RBI’s foreign exchange reserves in 2008 were higher than the country’s external debt.But this position has reversed in 2019. At present,India’s foreign exchange reserves… Continue reading RBI panel to firm up mechanism for assessing adequacy of forex reserves
Finance Commission
News:The 15th Finance Commission has assured the Rajasthan government’s demand for additional funds on the basis of factors such as difficult geography, heterogeneous society, limited resources and future needs. Facts: About Finance commission: The Finance Commission is constituted by the President under Article 280 of the Constitution mainly to give its recommendations on distribution of… Continue reading Finance Commission
Economic census to be held every three years
News:Ministry of Statistics and Programme Implementation (MoSPI) has said that the economic census will now be conducted every three years. Facts: About Economic Census: Economic Census is a complete count of all economic establishments located within the geographical boundary of the country.It provides disaggregated information on various operational and structural variables of all establishments of… Continue reading Economic census to be held every three years
