The Economic Advisory Council to the Prime Minister (EAC-PM) has released a report titled ‘R&D Expenditure Ecosystem’. The report has said that the growth in research and development(R&D) expenditure should be commensurate with the economy’s growth and should be targeted to reach at least 2% of the gross domestic product (GDP) by 2022. The report… Continue reading Release of India’s R&D expenditure eco-system report
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.
Cabinet approves Determination of ‘Fair and Remunerative Price’ of sugarcane payable by sugar mills for 2019-20 sugar season
The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal in respect of Determination of ‘Fair and Remunerative Price’ of sugarcane payable by sugar mills for 2019-20 sugar season. The Cabinet has also approved the creation of buffer stock of 40 lakh Metric Tonnes of sugar for one year from the 1st of next… Continue reading Cabinet approves Determination of ‘Fair and Remunerative Price’ of sugarcane payable by sugar mills for 2019-20 sugar season
PMO asks FinMin to study overseas bond issue
The Prime Minister’s Office(PMO) has asked the finance ministry to reconsider the idea of issuing foreign currency overseas sovereign bonds. Finance Minister in her budget speech had said that India would look to issue overseas foreign currency sovereign bonds. However,the idea has been criticised by economists as they argued that it could create long-term economic… Continue reading PMO asks FinMin to study overseas bond issue
India rises in global innovation ranking
The Global Innovation Index (GII) 2019 has been released. Switzerland has been ranked first in the index. India has improved its ranking by five places to 52nd in 2019 from 57th position in 2018. India has also outperformed on innovation relative to its GDP per capita for nine consecutive years. India has improved its ranking… Continue reading India rises in global innovation ranking
CBDT celebrates Aaykar Diwas
Central Board of Direct Taxes (CBDT) is celebrating the 159th Income Tax Day which is also called as Aaykar Diwas. Income Tax was introduced for the first time in India by Sir James Wilson on 24th July,1860 to compensate for the losses incurred by the British regime during the first war of independence against British… Continue reading CBDT celebrates Aaykar Diwas
Explained: What are sovereign bonds, and what are their risks and rewards?
Finance Minister has announced in the Budget that it plans to raise a portion of its gross borrowing from overseas markets using sovereign bonds. A government bond or sovereign bond is a form of debt that the government undertakes wherein it issues bonds with the promise to pay periodic interest payments and also repay the… Continue reading Explained: What are sovereign bonds, and what are their risks and rewards?
Lok Sabha passes Bill to tackle illicit deposit schemes
The Lok Sabha has passed the Banning of Unregulated Deposit Scheme Bill, 2019. The bill provides for a comprehensive mechanism to ban unregulated deposit schemes and to protect the interests of depositors. The bill has amended three legislations namely (a)Reserve Bank of India Act,1934 (b)Securities and Exchange Board of India Act,1992 and (c)Multi-State Co-operative Societies… Continue reading Lok Sabha passes Bill to tackle illicit deposit schemes
IMF cuts India’s growth forecast for 2019-20 to 7%
The International Monetary Fund(IMF) has released the World Economic Outlook report.The report has projected a slower growth rate for India in 2019 and 2020.It has projected that Indian economy will grow at 7.0% in 2019 and 7.2% in 2020. The downward revision of 0.3 percentage point for both years reflects a weaker-than expected outlook for… Continue reading IMF cuts India’s growth forecast for 2019-20 to 7%
Government aims to cut patent examination time to six months
Department for Promotion of Internal Industry and Trade(DPIIT) aims to reduce the time taken to examine patents to six months as part of its five year plan from 18 months currently. A patent is a form of intellectual property.A patent gives its owner the right to exclude others from making,selling and importing an invention for… Continue reading Government aims to cut patent examination time to six months
PayPal mulls data localisation for India
American digital payments player PayPal has said that it is working with its partners on data localisation as mandated by the Reserve Bank of India(RBI). Data localisation is the act of storing data on any device physically present within the borders of a country.Localisation mandates that companies collecting critical data about consumers must store and… Continue reading PayPal mulls data localisation for India
