Union Minister of Finance informed Lok Sabha about the present state of Bank Non Performing assets(NPA) in India. The minister said that as per RBI provisional data on global operations, the aggregate amount of gross NPAs of Public sector banks(PSBs) and Scheduled Commercial Banks(SCBs) till 31st March,2019 were Rs.8 lakh crore and Rs. 9.5 lakh… Continue reading Bank NPA
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.
Cash in circulation fell post note ban: FM
Finance minister has said that demonetisation along with increased digital transactions and the reduced cash usage in the informal economy has led to a reduction in currency in circulation by ₹3.4 lakh crore. The Government has also said that fake note circulation has also dropped.It quoted RBI reports which said that the number of counterfeit… Continue reading Cash in circulation fell post note ban: FM
Rivigo launches national freight index
The logistics start-up Rivigo has launched National Freight Index(NFI) that will provide live freight rates for different lanes and vehicles across the country. Freight transport is the physical process of transporting commodities and merchandise goods and cargo. The NFI will offers an aggregated picture of both live rates and historical trends of spot price movements… Continue reading Rivigo launches national freight index
RBI’s customer-complaint processing goes digital
The Reserve Bank of India(RBI) has launched a Complaint Management System (CMS).It is a software application to facilitate RBI’s grievance redressal processes. Customers can lodge complaints against any entity regulated by RBI with public interface such as commercial banks, urban cooperative banks,Non-Banking Financial Companies(NBFCs). This system will make sure that every complaint is received and… Continue reading RBI’s customer-complaint processing goes digital
House panel shies away from quantifying black money
The parliamentary panel on finance of the 16th Lok Sabha has submitted its report to the Lok Sabha, The panel has said it is difficult to provide a credible estimate of the black money stashed away overseas by Indians.The panel suggested that black money could be anywhere ranging from 7-120% of the GDP. This massive… Continue reading House panel shies away from quantifying black money
Effective tax base growth highest in five years
Finance ministry has said that the effective taxpayer base has increased by 13.5% for the assessment year (AY) 2018-19.This is the highest rate in the last five years. The tax base which includes assessees filing I-T returns along with those whose tax is deducted at source rose to 8.44 crore in 2018-19 compared with 7.42… Continue reading Effective tax base growth highest in five years
Startup India fund falls short of allocation target by over Rs 1,000 crore
The Startup India fund has fallen short of its capital allocation target by around Rs 1,000-1,200 crore. The Startup India fund which was launched in 2016 had a disbursal target of Rs 3,300-3,500 crore to venture capital(VC) firms at the end of the financial year ending March 2019. However,the Startup India fund has allocated Rs… Continue reading Startup India fund falls short of allocation target by over Rs 1,000 crore
Expert panel suggests ways to achieve USD 5-trillion economy target: Niti Aayog
The Prime Minister had an interaction with economists and industry experts on India’s current economic situation. During the interaction,NITI Aayog has said that the experts panel for macroeconomics and employment has came out with suggestions to achieve $5-trillion economy target. During the session,the experts shared their views in five distinct groups, which are (a)economic themes… Continue reading Expert panel suggests ways to achieve USD 5-trillion economy target: Niti Aayog
Delhi offers blueprint to promote development, inclusivity at WTO
India has offered a blueprint for promoting development and inclusivity at the World Trade Organization(WTO).It has emphasized that resolving the crisis at its highest adjudicating body must be a top priority. The WTO Appellate Body which is an intergovernmental dispute settlement system for resolving and enforcing global trade rules will become dysfunctional from 11 December,2019… Continue reading Delhi offers blueprint to promote development, inclusivity at WTO
Many nations offer India GSP benefits, but US move will affect competitiveness
United States has withdrawn Generalized System of Preferences (GSP) Scheme to India provoking India to impose retaliatory tariffs on many imports of US goods. However,India still continues to enjoy tariff preference from many countries including Australia,Russia and Japan as well as the European Union (EU) among others. Further,within the group of countries that provided GSP… Continue reading Many nations offer India GSP benefits, but US move will affect competitiveness
