Government has announced a merger of ten public sector banks(PSBs) into four larger entities.Now,the total number of PSBs after consolidation will come down to 12 from 27 in 2017. The banks which are merged are (a)Punjab National Bank, Oriental Bank of Commerce and United Bank of India to merge to form the country’s second-largest lender… Continue reading Government unveils mega bank mergers
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.
CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups
The Central Board of Direct Taxes (CBDT) has constituted a dedicated start up cell for addressing the specific problems related to Start-ups. The start up cell will be a five-member board which will be headed by the member (Income Tax and Computerisation) of the board. The cell will work towards redressal of grievances and mitigate… Continue reading CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups
GDP growth down to 6-year low in Q1 of 2019-20 financial year
According to data released by the Central Statistics Office (CSO),India’s Gross Domestic Product(GDP) growth for April-June 2019 has declined to a six year low of 5%. The slowdown in growth has been attributed to (a)sharp deceleration in the manufacturing sector (b)low agriculture output (c)low consumption demand and (d)decreased private investment. Recently,the annual report of the… Continue reading GDP growth down to 6-year low in Q1 of 2019-20 financial year
Fiscal deficit crosses 77% of annual target in July
According to data released by the Controller General of Accounts(CGA), India’s fiscal deficit has reached 77% of the annual target for 2019-20 in July. Fiscal deficit is the amount of money that the government needs to borrow in a given year because their expenses were more than their revenues. In Union Budget 2019,India has set… Continue reading Fiscal deficit crosses 77% of annual target in July
T.N.’s Dindigul lock and Kandangi saree get GI tag
Dindigul lock and Kandangi saree from Tamil Nadu have been given the Geographical Indication (GI) tag. Dindigul locks are made in an area of 5 km in and around Dindigul in Tamil Nadu. The lock is world famous for their superior quality and durability, and the Dindigul city is often referred to as the “Lock… Continue reading T.N.’s Dindigul lock and Kandangi saree get GI tag
RBI says lack of domestic demand affecting ‘animal spirits’ of economy
According to the annual report of the RBI,the lack of domestic demand is holding back the animal spirits in the economy. Animal spirit is a term used by the British economist,John Maynard Keynes to describe how people arrive at financial decisions including buying and selling securities in times of economic stress or uncertainty. The report… Continue reading RBI says lack of domestic demand affecting ‘animal spirits’ of economy
‘100% FDI in coal will boost competitiveness’
Recently,Union cabinet has decided to permit 100% foreign direct investment(FDI) in the coal sector. This decision is likely to help the coal-bearing states to get more revenue and bring in more players to create an efficient and competitive coal market. However,experts have said that right kind of policies are needed to ensure that global players… Continue reading ‘100% FDI in coal will boost competitiveness’
Bank frauds rise 74%, says RBI
According to Reserve Bank of India’s annual report,the amount involved in bank frauds has increased by 74% over the last one year. Among the banks,the public sector banks(PSBs) have accounted for the bulk of frauds at around 90% of total fraud amount.It was followed by private sector banks and foreign banks. The report said that… Continue reading Bank frauds rise 74%, says RBI
Ind-Ra cuts GDP growth forecast in FY20 to 6.7%
India Ratings and Research has revised downwards its projection of the country’s GDP growth in financial year 2019-20 to 6.7% from an earlier estimate of 7.3% The reasons cited for lowering the growth projection are a) a slowdown in consumption demand; b) delayed and uneven progress of monsoon so far; c) decline in manufacturing growth;… Continue reading Ind-Ra cuts GDP growth forecast in FY20 to 6.7%
Cabinet eases FDI rules in retail, media
Union Cabinet has eased foreign direct investment(FDI) norms for various industries such as single-brand retail, coal mining, contract manufacturing and digital media. The changes in FDI policy will result in making India a more attractive FDI destination which may lead to increased investments,employment and growth. Single brand Retail sector:Currently,the FDI policy says that a single… Continue reading Cabinet eases FDI rules in retail, media
