Finance Minister has held pre-budget discussions with the economists. The economists stressed on the need to (a)promote labour intensive sectors and (b)manufacturing through Make in India. Further,they also suggested simplification of GST,Insolvency and Bankruptcy Code(IBC)-type framework for NBFC,implementation of Direct Tax Code and constitution of independent fiscal policy committee. Economists also gave suggestions on tariff… Continue reading IBC-type framework for NBFCs, simplified GST among several issues raised with Finance Minister
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.
WPI inflation at 2-year low in May
According to government data, wholesale price-based inflation has reached a 22-month low of 2.45% in May. The decline has been attributed to falling prices of food articles, fuel and power items. Wholesale Price Inflation tracks changes in the price of goods in stages before the retail level i.e. goods that are sold in bulk and… Continue reading WPI inflation at 2-year low in May
India gets $42-billion FDI inflows in 2018: UN report
According to UNCTAD’s World Investment Report 2019,Foreign Direct Investment (FDI) into India has increased by 6% to $42 billion in 2018. The sectors which received the strong inflows includes (a)manufacturing, (b)communication (c)financial services (d)cross-border merger and (e)acquisition activities. The report ranks India at 10th position amongst the top recipients of FDI in 2018. The report… Continue reading India gets $42-billion FDI inflows in 2018: UN report
Multilateral instrument to curb tax treaty abuse
The Union Cabinet has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Multilateral Convention is an outcome of the OECD and G20 Project to tackle Base Erosion and Profit Shifting(BEPS Project). The BEPS Project objective is to tackle base erosion and… Continue reading Multilateral instrument to curb tax treaty abuse
SEBI directs rating agencies to disclose probability of default
The Securities and Exchange Board of India (Sebi) has prescribed guidelines to strengthen the disclosures made by credit rating agencies to enhance the rating standards. SEBI has asked credit rating agencies(CRAs) to start disclosing a probability of default(PD) benchmark for the companies rated by them. Probability of default(PD) is a financial term describing the likelihood… Continue reading SEBI directs rating agencies to disclose probability of default
U.S. open to dialogue on GSP, says Pompeo
The US secretary of state has said that the US could discuss its decision to withdraw duty-free benefits to Indian exporters under the generalized system of preferences (GSP) scheme. GSP is a preferential tariff system extended by developed countries to developing countries.It is a preferential arrangement in the sense that it allows concessional low/zero tariff… Continue reading U.S. open to dialogue on GSP, says Pompeo
Pre-Budget consultations: Financial sector seeks dedicated liquidity window for NBFCs
Finance Minister has held pre-budget discussions with the representatives from India’s financial sector. The representatives sought for a dedicated liquidity window for non-bank finance companies(NBFC) that can be used as a source of emergency funding. The bankers has asked the government to infuse capital in regional rural banks,rationalise the securities transaction tax and make corporate… Continue reading Pre-Budget consultations: Financial sector seeks dedicated liquidity window for NBFCs
Centre reduces contribution rate for ESI
The government of India has announced reduction in the rate of contribution under the Employees’ State Insurance (Act) from 6.5% to 4%. The employers’ contribution has been reduced from 4.75% to 3.25% and employees’ contribution has been reduced from 1.75% to 0.75%. The move is aimed at formalising India’s informal workforce and expanding social security… Continue reading Centre reduces contribution rate for ESI
Retail inflation spikes to 7-month high of 3.05% in May on costlier food articles
According to the data released from the Central Statistics Office (CSO), retail inflation for the month of May has increased to a seven-month high of 3.05%. This is mainly due to costlier food items. As per the data, inflation in the food basket rose to 1.83% in May, higher than 1.1% in April. Retail inflation… Continue reading Retail inflation spikes to 7-month high of 3.05% in May on costlier food articles
Jalan panel report on RBI reserves by June end
RBI had constituted a panel on economic capital framework to address the issue of RBI reserves.It is headed by Bimal Jalan.The panel will meet one more time before finalising its report. The panel was formed after the government has said that the RBI should hand over its surplus reserves amid a shortfall in revenue collections.… Continue reading Jalan panel report on RBI reserves by June end
