The Union Minister of Petroleum & Natural Gas and Steel has launched the Atal Community Innovation Centre(ACIC) program.This program is a new initiative under Atal Innovation Mission(AIM). The new initiative will aim to encourage the spirit of innovation in the country’s specific areas that lack the required infrastructure and facilitating innovation ecosystem. The purpose of… Continue reading Atal Innovation Mission (AIM) launches Atal Community Innovation Centre (ACIC) Program
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 nod for revised Chit Funds Bill
The Union Cabinet has approved the introduction of the Chit Funds (Amendment) Bill,2019 in Parliament.The bill seeks to amend the Chit Fund Act,1982. The 1982 Act regulates chit funds and prohibits a fund from being created without the prior sanction of the state government. Under a chit fund,people agree to pay a certain amount from… Continue reading Cabinet nod for revised Chit Funds Bill
Start-ups, SMEs write to govt. on equalisation levy
Recently,Domestic Small and medium enterprises(SMEs) and start-ups have written to Revenue Secretary.They have complained about the equalisation levy they have to pay to foreign companies for doing business in India. They have said that this has resulted in increased costs as well as loss of revenue to the government. The equalisation levy was introduced in… Continue reading Start-ups, SMEs write to govt. on equalisation levy
Lok Sabha passes Wage Code Bill to ensure minimum wage for workers
Lok Sabha has passed the Code on Wages Bill, 2019.The Bill seeks to subsume existing laws related to workers’ remuneration. The bill will replace the (a)Payment of Wages Act,1936, (b)Minimum Wages Act,1948 (c)Payment of Bonus Act,1965 and the (d)Equal Remuneration Act,1976. The bill provides that the Central Government will fix minimum wages for certain sectors… Continue reading Lok Sabha passes Wage Code Bill to ensure minimum wage for workers
IRDAI to give green signal to sandbox experiment soon
The Insurance Regulatory and Development Authority of India (IRDAI) will soon allow the use of regulatory sandbox(RS) to promote new, innovative products and processes in the industry. Regulatory sandbox is an infrastructure that helps fintech players live test their products or solutions before getting the necessary regulatory approvals for a mass launch, saving start-up time… Continue reading IRDAI to give green signal to sandbox experiment soon
Anti-dumping duty imposed on PTA imports from South Korea,Thailand
The Finance Ministry has imposed anti-dumping duty on all imports of purified terephthalic acid (PTA) from South Korea and Thailand. PTA is the primary raw material in the manufacture of polyester chips, which in turn are used in a number of applications in textile, packaging, furnishings, consumer goods, resins and coatings. Dumping is the practice… Continue reading Anti-dumping duty imposed on PTA imports from South Korea,Thailand
Govt. did not try out GST system before rollout: CAG
Government has tabled the Comptroller and Auditor General(CAG) audit report on the Goods and Services Tax(GST) in the Parliament. The report has said that the government had failed to try out the GST system before its rollout leading to inadequate compliance mechanisms, and lower tax revenues. The report has also pointed out that the complexity… Continue reading Govt. did not try out GST system before rollout: CAG
RBI eases foreign borrowing norms for NBFCs, defaulters
The Reserve Bank of India(RBI) has decided to relax the end-use restrictions relating to external commercial borrowings(ECB). RBI has allowed ECBs with minimum average maturity period of 10 years for working capital purposes and general corporate purposes.It has also permitted borrowing for on-lending by non-banking financial companies(NBFCs) for the 10 year maturity. Further,RBI has also… Continue reading RBI eases foreign borrowing norms for NBFCs, defaulters
Parliament passes law banning unregulated deposit schemes
Parliament has passed the Banning of Unregulated Deposit Schemes Bill 2019. The bill provides for a comprehensive mechanism to ban unregulated deposit schemes and to protect the interests of depositors. The bill defines regulated deposits as all deposit-taking schemes which are overseen and regulated by regulators like (a)Reserve Bank of India (RBI) (b)Securities and Exchange… Continue reading Parliament passes law banning unregulated deposit schemes
Govt announces welfare board for traders
Commerce and industry ministry has notified the setting up of a ‘National Traders Welfare Board’. The main objectives of the board will include (a)suggesting simplifications of rules (b)reducing the compliance burden on traders (c)improving access to funds and (d)making recommendations on social security benefits like insurance,pension and healthcare for both traders and their employees The… Continue reading Govt announces welfare board for traders
