10 central trade unions, except the Bharatiya Mazdoor Sangh have adopted a 15-point charter of demand at the National Convention of Workers. One of the major demand is fixing national minimum wages as per the recommendations of the 15th Indian Labour Conference and Supreme Court’s judgment in the Raptakos and Brett case. In 1957, the… Continue reading Trade Union issues charter of demands
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.
Central Bank of India to sell NPA’s worth Rs 3300 crores
Central Bank of India have decided to put non-Performing assets(NPA) worth Rs 3,300 crore on sale under the SARFESI Act.These assets are also under the National Company law tribunal(NCLT) resolution process. Non-performing assets(NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.Banks are required… Continue reading Central Bank of India to sell NPA’s worth Rs 3300 crores
Mallya row: SEBI seeks changes to Companies Act
Capital markets regulator,Securities Exchange Board of India(SEBI) has requested the government to amend the Companies Act to ensure that a director declared by Sebi as a disqualified person should immediately vacate the position.This appeal was required due to defaulter businessman Vijay Mallya’s reluctance to vacate his position as a director. Under the Companies Act, the… Continue reading Mallya row: SEBI seeks changes to Companies Act
Bring LPG conversion kits under 5% GST: IAC
Indian Auto LPG Coalition (IAC)has appealed for a reduction in the goods and services tax (GST) rates on LPG conversion kits for automobiles from the current 28% to 5%. This would help boost vehicle conversions to Liquefied Petroleum Gas (LPG) which is an environment-friendly fuel. LPG conversion kits allows vehicles to run on LPG rather… Continue reading Bring LPG conversion kits under 5% GST: IAC
ED to review loans sanctioned during Chanda Kochhar’s tenure
Enforcement Directorate(ED) has decided to expand the scope of investigation by reviewing all loans sanctioned during former ICICI MD Chanda kochhar’s tenure. ED had registered the case against Chanda Kochhar under financial provisions of the Prevention of Money Laundering Act (PMLA).They are investigating whether she made any personal gains by alleged irregularities in release of… Continue reading ED to review loans sanctioned during Chanda Kochhar’s tenure
7 banks fined for delayed SWIFT implementation
Reserve Bank of India(RBI) have imposed a monetary fine on 7 Banks for non-compliance with the directions on Implementing the SWIFT software, Society for Worldwide Interbank Financial Telecommunication(SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.In other words,It transports messages… Continue reading 7 banks fined for delayed SWIFT implementation
Pharma sector growth hits 4-year low in FY18
According to the 54th Parliamentary Standing Committee on Chemical and Fertilizers (2018-19), the growth of pharmaceutical sector has recorded a four-year low in 2017-18. The percentage increase in annual turnover has been only 3.03% as compared to 29.01% in 2014-15. However, the Department of Pharmaceuticals has advocated that though % increase has declined, the annual… Continue reading Pharma sector growth hits 4-year low in FY18
Centre to incentivise work-from-home jobs
The Indian government is planning to launch a scheme to boost work from home jobs in the IT sector. The scheme is likely to be launched as phase II of the India BPO Promotion Scheme. India BPO Promotion Scheme (IBPS) was launched in 2016 under the Digital India Programme. Itaims to create employment opportunities and promotion of… Continue reading Centre to incentivise work-from-home jobs
Cumulative spending on CSR crosses ₹50,000 cr
According to Crisil Foundation,Cumulative spending on corporate social responsibility (CSR) has crossed the ₹50,000-crore-mark four years after the legislative mandate was implemented. The highest CSR funding went to (a)education (b)skill development (c)healthcare and (d)sanitation.While the spending on national heritage protection has tripled and that on sports promotion has more than doubled since 2015. Corporate social… Continue reading Cumulative spending on CSR crosses ₹50,000 cr
IL&FS ignored risk assessment reports while extending loans: audit
A forensic audit report of IL&FS by Grant Thornton has found serious lapses in the manner in which huge loans were extended to certain entities even after internal risk assessment clearly showed that the borrowers were under financial stress. Further,Serious Fraud Investigation Office(SFIO) in its interim report has alleged that the non-banking finance company IL&FS… Continue reading IL&FS ignored risk assessment reports while extending loans: audit
