News:The Goods and Services Tax(GST) Council has constituted a 12-member committee of officials from states and Centre to suggest steps to augment revenue and improve compliance under the GST regime. Facts: Why was the committee formed? The committee was formed after the gross monthly collection has fallen to a 19 month low of ₹91,916 crore… Continue reading GST Council forms 12-member panel
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.
Moody’s cuts India GDP growth forecast to 5.8%
News:International rating agency Moody has announced the lowering of India’s Gross Domestic Products(GDP) growth to 5.8% from 6.2%. Facts: The reasons for lowering the growth rate are (a)investment-led slowdown (b)weak consumption (c)financial stress among rural households and (d)weak job creation. Further, credit crunch among Non-Bank Financial Institutions(NBFIs) who have been major providers of retail loans… Continue reading Moody’s cuts India GDP growth forecast to 5.8%
Input tax Credit
News:Government has decided to restrict input tax credit under the goods and services tax to 20% of the eligible amount for an entity if its supplier has not uploaded relevant invoices detailing the payments made. Facts: There was no such restriction until now as input tax credit was claimed by taxpayers on the basis of… Continue reading Input tax Credit
Empowered Group for Privatization of Railways
News: The Ministry of Railways will form an Empowered Group to oversee the entry of private operators for 150 trains and development of 50 railway stations as per global standards. Facts: Composition: Panel will be led by NITI Aayog CEO Amitabh Kant Other members of the panel will include Railway board Chairman, Economic Affairs secretary,… Continue reading Empowered Group for Privatization of Railways
Effects of global slowdown more pronounced in India: IMF chief
News:The International Monetary Fund(IMF) President has said that the world economy is experiencing a synchronized slowdown and emerging economies such as India and Brazil are the most affected by the slowdown. Facts: The IMF chief said that she expects slower growth in nearly 90% of the world this year. She said that trade tensions had… Continue reading Effects of global slowdown more pronounced in India: IMF chief
Global Competitiveness Index
News:The Global Competitiveness Index (GCI) compiled by the World Economic Forum(WEF) has been released. Facts: About the Global Competitiveness Index(GCI): The Global Competitiveness Index is released by the World Economic Forum(WEF). It was launched in 1979.It ranks the competitiveness landscape of 141 economies through 103 indicators organised into 12 pillars. These 12 pillars are (1)… Continue reading Global Competitiveness Index
India International Cooperative Trade Fair
News:A three-day India International Cooperative Trade Fair will be held in New Delhi from 11th October,2019. Facts: About the India International Cooperative trade fair: The trade fair is aimed at promoting cooperative-to-cooperative trade within India and abroad leading to enhanced rural and farm prosperity. It is a unique initiative for taking farmers, artisans & other… Continue reading India International Cooperative Trade Fair
Green Channel
News:The Competition Commission of India (CCI) has given its approval under the ‘green channel’ route to acquisition of Essel Mutual Fund by BAC Acquisitions Pvt Ltd, a Sachin Bansal-owned entity. Facts: About Green Channel: The green channel concept was recommended by the high level panel that reviewed the competition law. The Green Channel allows for… Continue reading Green Channel
Govt sets up high-level panel to check money laundering activities
News:Government has set up a 19-member Inter-Ministerial Coordination Committee for better cooperation among government departments to curb money laundering. Facts: About the committee: The committee will be chaired by the revenue secretary. It will have four other government secretaries of the departments of financial services, economic affairs, corporate affairs and external affairs who will be… Continue reading Govt sets up high-level panel to check money laundering activities
Public Finance Management System(PFMS)
News:Punjab government has directed all government procurement agencies to link the bank accounts of farmers with the Public Finance Management System (PFMS) portal before the procurement of paddy begins. Facts: About Public finance management system(PFMS): PFMS is an online platform developed and implemented by the office of the Controller General of Accounts(CGA) under the Union… Continue reading Public Finance Management System(PFMS)
