India’s Index of industrial production(IIP) has slowed down to 3.1% in May,2019.The IIP was 4.3% in April,2019. This decline has happened due to slowdown in manufacturing and mining sector. However,IIP growth remained stable due to improvement in the growth of electricity generation and fast moving consumer goods sector. IIP measures industrial output growth.The IIP is… Continue reading IIP dips to 3.1% in May on slowdown
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.
High food prices push retail inflation to eight-month high of 3.18% in June
According to the data released from the Central Statistics Office(CSO), retail inflation has reached an eight-month high of 3.18% in June,2019. This is mainly due to costlier food items.As per the data,Inflation in the food basket rose to 2.17% in June,2019 up from 1.83% in May 2019. Retail inflation is based on the Consumer Price… Continue reading High food prices push retail inflation to eight-month high of 3.18% in June
Payment service providers fear shutdown,ask govt to pay MDR
Payment Council of India(PCI) has said that the budget proposal to remove the merchant discount rate(MDR) will lead to the collapse of the payment acquiring industry. MDR is a fee charged from a merchant by a bank for accepting payments from customers through credit and debit cards in their establishments. Currently,there is a provision to… Continue reading Payment service providers fear shutdown,ask govt to pay MDR
Kerala to set up investment firm for NRIs
Kerala has announced its plan to set up a diaspora investment company known as NRK Investment and Holding Company. The company will have a 74% stake of non-resident Keralites and a 26% government stake. This objective of the company will be fund infrastructure projects and NRI townships in the state.The projects planned under ‘Rebuild Kerala’… Continue reading Kerala to set up investment firm for NRIs
Cabinet approves bill to put brakes on chit funds
The Union Cabinet has approved the Banning of Unregulated Deposit Schemes Bill.The bill aims to tackle the menace of illicit deposit- taking activities in the country. The bill defines regulated deposits as all deposit-taking schemes which are overseen and regulated by regulators like (a)Reserve Bank of India (RBI) (b)Securities and Exchange Board of India (SEBI)… Continue reading Cabinet approves bill to put brakes on chit funds
Worker safety code Bill gets Cabinet approval
The Union Cabinet has approved a proposed Code on Occupational Safety,Health and Working Conditions Bill,2019.The bill seeks to merge 13 central labour laws into a single code. The code will be applicable to all trades including IT establishments and service sector where more than 10 workers are employed.It will also be applicable to mines and… Continue reading Worker safety code Bill gets Cabinet approval
Lok Sabha gives nod to arbitration Bill
The lok Sabha has passed the New Delhi International Arbitration Centre (NDIAC) Bill,2019. The Bill provides for setting up of an independent autonomous body for institutional arbitration and to acquire and transfer the undertakings of International Centre For Alternative Dispute Resolution (ICADR) to NDIAC. The NDIAC will be headed by a chairperson who has been… Continue reading Lok Sabha gives nod to arbitration Bill
CSO must rethink informal sector estimates:Pronab Sen
Former Chief Statistician of India has said that Central Statistics Office (CSO) needs to rethink how it estimates the growth of the informal sector as the current method is no longer accurate. The current method uses the corporate sector data to estimate the activity in the non-corporate sector. However,this works only as long as the… Continue reading CSO must rethink informal sector estimates:Pronab Sen
India has stricter regulatory norms: Basel
According to the findings of the Basel Committee on Banking Supervision (BCBS),Reserve Bank of India’s(RBI) norms on large exposures(LEX) for banks are compliant with the Basel requirements. The assessment was conducted by the Regulatory Consistency Assessment Programme(RCAP). The assessment focused on the completeness and consistency of the domestic regulations enforced by RBI on commercial banks… Continue reading India has stricter regulatory norms: Basel
NHAI Signs MoU with NIIF for funding highway projects
The National Highways Authority of India(NHAI) has signed an MoU with National Investment and Infrastructure Fund(NIIF) for funding highway projects. This agreement is expected to provide innovative financial models including for the Bharatmala Pariyojana. Bharatmala Pariyojana is an umbrella program for the highways sector that focuses on optimizing efficiency of freight and passenger movement across… Continue reading NHAI Signs MoU with NIIF for funding highway projects
