Central Bank of India has decided to put up its two non-performing assets(NPAs) worth Rs 251 crore for sale through the Swiss challenge method. A Swiss Challenge is a method of bidding often used in public projects in which an interested party initiates a proposal for a contract or the bid for a project. The… Continue reading Cashing out: Central Bank to sell two NPAs worth Rs 251 crore
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.
BBB tags 75 senior officers for leadership roles in PSBs
The Banks Board Bureau (BBB) has identified 75 senior officials of state-run banks for leadership roles across public sector banks (PSB). The BBB has also asked the government to give complete autonomy to Public sector banks to decide the organisation structure for better efficiency. Further, they have also suggested a revamp of credit governance architecture… Continue reading BBB tags 75 senior officers for leadership roles in PSBs
SC to hear petition to end write-offs
A petition has been filed in the Supreme Court to restrain banks from writing off non-performing assets(NPAs) and governments from waiving off farm loans. The petitioner has said that Supreme Court should (a)restrain banks from writing-off of NPAs so that exact financial conditions of the banks can be shown(b) The Centre and state governments should… Continue reading SC to hear petition to end write-offs
IT dept. proposes new norms for taxing MNCs
The Central Board of Direct Taxes(CBDT) appointed committee has proposed a change in the methodology for taxing multinational companies(MNCs),including digital firms having permanent establishment in India. Earlier,CBDT had set up a committee to bring greater clarity and predictability for taxing MNCs having permanent establishment in India. The MNC having a fixed place of business in… Continue reading IT dept. proposes new norms for taxing MNCs
China’s GDP grows at 6.4% in Q1,defies expectations slowdown
China’s economy grew at a steady rate of 6.4% in the first quarter.The improvement in growth is due to (a)industrial production jumped sharply and (b)consumer demand showed signs of improvement. China has also enhanced its fiscal stimulus to shore up growth by announcing billions of dollars in additional tax cuts and infrastructure spending. However,the economic… Continue reading China’s GDP grows at 6.4% in Q1,defies expectations slowdown
BSNL starts work on 5G
The management of Bharat Sanchar Nigam Limited (BSNL) has said that it has started work on 5G roll-out. The BSNL has however, not yet received approval for the 4G spectrum. BSNL is a state-owned telecommunications company. BSNL was incorporated in 2000. It took over the business of providing of telecom services and network management from… Continue reading BSNL starts work on 5G
Export of cotton textiles to China on the rise: Texprocil
According to Cotton Textile Export Promotion Council(Texprocil),exports of cotton textiles to China has been on the rise. Texprocil has said that the robust export of cotton textiles to China has helped India reduce its trade deficit with China.It said that the recent government move to refund all State and Central taxes on textile exports boosted… Continue reading Export of cotton textiles to China on the rise: Texprocil
Govt targets Rs 50,000-crore of public procurement through GeM in FY20
India’s public procurement portal Government e-marketplace (GeM) has witnessed a multifold increase in transactions in a single year.The commerce ministry has set a target of Rs 50,000 crore in 2019-20, ultimately hitting Rs 1 trillion worth of procurements by 2021. Government e Marketplace is an online marketplace setup in 2016 for procurement of commonly used… Continue reading Govt targets Rs 50,000-crore of public procurement through GeM in FY20
Public sector enterprises to get 12 months to sell non core assets
Central Public Sector Enterprises(CPSEs) has been given 12 months to monetise non-core assets failing which the finance ministry may restrict budgetary allocations to the companies.Non-core assets are assets that are either not essential or simply no longer used in a company’s business operations. Earlier,Department of Investment and Public Asset Management (DIPAM) had issued the guidelines… Continue reading Public sector enterprises to get 12 months to sell non core assets
Exports outpace imports at 11% in March
According to data released by the commerce and Industry ministry, India’s trade deficit has reduced to $10.89 billion in March,2019 due to rise in exports. The exports has increased by 11% in March from a year earlier,while imports were up by 1.44% during the same period. The rise in exports was driven by higher growth… Continue reading Exports outpace imports at 11% in March
