The Investor Education and Protection Fund (IEPF) Authority has been able to recover deposits worth Rs 1,514 crore from Kolkata-based Peerless General Finance and Investment Company.This money of depositors was pending with the company for the last 15 years. IEPF Authority has been set up under the Ministry of Corporate Affairs, Government of India.It is… Continue reading IEPF Authority in a major success recovers Rs 1514 Cr of Depositors Money
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.
RBI sells entire stake in NHB, Nabard to govt. for ₹ 1,470 cr. in total
The Reserve Bank has divested its stake in National Housing Bank (NHB) and National Bank for Agriculture & Rural Development (Nabard), by making them fully government-owned. This move is part of ending the cross-holding in regulatory institutions and follows the recommendation of the second Narasimham committee report of October 2001.The Narasimham panel had said RBI… Continue reading RBI sells entire stake in NHB, Nabard to govt. for ₹ 1,470 cr. in total
Price controls hurting FDI in medical devices sector
According to the data released by the Department for Promotion of Industry and Internal Trade,Foreign Direct Investment (FDI) in the medical devices sector has decreased from $439 million in 2016 to $66 million in 2018. The decrease in FDI has been attributed to the implementation of price controls in the medical devices.Further,the inflows has decreased… Continue reading Price controls hurting FDI in medical devices sector
Shipping firms seek PM’s help to stay afloat
Indian shipping companies have submitted a memorandum to the Prime Minister seeking his immediate intervention to scrap a recent notification which would force shipping companies to close down. They have said that the amended Right of First Refusal(ROF) policy equates a foreign ship taken on hire,with a ship actually owned under the Indian flag by… Continue reading Shipping firms seek PM’s help to stay afloat
RBI swap auction gets bids more than thrice the notified amount
The Reserve Bank of India has successfully concluded a second forex swap auction intended to ease liquidity conditions. The auction saw a strong demand with the Reserve Bank of India getting 255 bids worth $18.65 billion compared with the notified amount of $5 billion.Earlier,RBI had bought $5 billion through a similar swap auction. Recently,RBI has… Continue reading RBI swap auction gets bids more than thrice the notified amount
Despite being the 3rd largest,Indian startup ecosystem ranked even below Estonia,Ireland,Germany
India has moved up to the 17th position in 2018 from 37th spot in 2017 in the Startup Ecosystem Ranking.The ranking has been released by the StartupBlink.The report has taken the startup ecosystems of 1,000 cities and 100 countries into consideration. In terms of global rankings,the top three spots remained unchanged with the United States,United… Continue reading Despite being the 3rd largest,Indian startup ecosystem ranked even below Estonia,Ireland,Germany
Digital infra to play a key role in reviving economy
According to Infosys Co-founder and architect of Aadhaar,Digital infrastructure would play a major role in reviving the Indian economy. He has said that data was becoming central to the people and there would be a big change once data became the basis for decision-making in many sectors. Further,he said that the country has witnessed digital… Continue reading Digital infra to play a key role in reviving economy
RBI to assess if Indiabulls is ‘fit and proper’
The Reserve Bank of India (RBI) has decided to determine the criteria of Indiabulls Group founder whose name had appeared in the Panama Papers before approving the proposal to merge the group’s housing finance arm with Lakshmi Vilas Bank (LVB). Panama papers is a huge leak of documents that exposed how the rich and powerful… Continue reading RBI to assess if Indiabulls is ‘fit and proper’
No input tax credit if GST returns not filed, says HC
The Telangana high court has ruled that no input tax credit will be available unless GST(Goods and Services Tax) returns are filed.The court has also said that the taxpayer is liable to pay a penalty on the total liability. The ruling came after a company had delayed filing the GST returns.The tax authorities demanded 18%… Continue reading No input tax credit if GST returns not filed, says HC
50% local sourcing likely for companies to book EV ride under FAME-II
An inter-ministerial steering committee led by Niti Aayog chief executive officer has decided that only companies that meet the 50% localisation threshold will be eligible for the incentives that will be available under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme. FAME is part of the government’s two-pronged strategy to place… Continue reading 50% local sourcing likely for companies to book EV ride under FAME-II
