Minister of Micro, Small and Medium Enterprises (MSME) has said that in order to give a boost to the MSME sector, the Ministry would identify goods being imported by India and evaluate those that could be manufactured locally by MSMEs. The Micro- Small and Medium Enterprises (MSMEs) are small sized entities, defined in terms of… Continue reading Poised for Growth- The MSME Sector at a Glance
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.
G20 Finance Ministers call for creation of digital tax
Recently,G20 finance ministers at a meeting Japan has agreed to compile common rules to close loopholes used by global tech giants to reduce their corporate taxes. Global technology firms such as Facebook, Google, Amazon and others face criticism for cutting their tax bills by booking profits in low-tax countries regardless of the location of the… Continue reading G20 Finance Ministers call for creation of digital tax
India calls upon G-20 countries to urgently resolve issue of taxing profits made by offshore digital companies
During the meeting of G-20 finance ministers in Japan,Indian Finance Minister has called on G-20 countries to adopt principle of ‘significant economic presence’ to address challenges to tax profits made by the digital companies. The concept of Significant Economic Presence was introduced in the Income-Tax Act,1961 from April 1,2018. This was introduced to tax the… Continue reading India calls upon G-20 countries to urgently resolve issue of taxing profits made by offshore digital companies
Govt mulling tax on cash withdrawal of Rs 10 lakh a year
The government is planning to introduce a tax on cash withdrawals of Rs 10 lakh in a year.The government is planning this move to discourage use of paper currency, promote digital payments as well as crack down on black money. Further,the government is also considering mandating Aadhaar authentication for all high-value cash withdrawals as the… Continue reading Govt mulling tax on cash withdrawal of Rs 10 lakh a year
RBI revises stressed asset resolution norms
The Reserve Bank of India(RBI) has issued a revised prudential framework for resolution of stressed assets. This revised circular was issued after Supreme Court had declared the RBI’s February 12 circular on the resolution of stressed loans as unconstitutional. This framework will apply to accounts worth Rs 2,000 crore and above but from January 1,2020… Continue reading RBI revises stressed asset resolution norms
Draft bill moots 10-year jail for crypto dealing
Government has introduced a draft bill on Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. The draft bill says that anybody who mine, hold, transact or deal with cryptocurrencies in any form whether directly or indirectly through an exchange or trading can attract a jail term of one to 10 years. The… Continue reading Draft bill moots 10-year jail for crypto dealing
SEBI, MCA sign pact for more data scrutiny
Ministry of Corporate Affairs(MCA) and the Securities and Exchange Board of India(SEBI) has signed a Memorandum of Understanding (MOU) for data exchange between the two regulatory organizations. The MoU comes in the backdrop of increasing need for surveillance in the context of Corporate Frauds affecting important sectors of the economy. The MoU will facilitate the… Continue reading SEBI, MCA sign pact for more data scrutiny
SBI to offer home loan linked to repo rate
State Bank of India(SBI) has announced to introduce a repo rate-linked home loan product from July 1,2019.This move seems to be in line with the RBI ‘s direction to the banks to link home loans to an external benchmark. SBI had taken this decision even though RBI had deferred the plan to link the rate… Continue reading SBI to offer home loan linked to repo rate
Indians turn pessimistic as job worries weigh on confidence :survey
The Reserve Bank of India has released the results of the May,2019 round of its Consumer Confidence Survey (CCS). The survey was conducted in 13 Indian cities and was based on responses from several households.The survey indicates optimism above 100 and pessimism below that mark. The survey seeks qualitative responses from households regarding their sentiments… Continue reading Indians turn pessimistic as job worries weigh on confidence :survey
CII launches new Index to measure fiscal performance
Confederation of Indian Industry(CII) has launched a Fiscal Performance Index(FPI).The index is an innovative tool using multiple indicators to study the quality of Budgets at the Central and State levels. The index has been constructed using UNDP’s Human Development Index methodology. The Index incorporates qualitative assessments of (a)revenue expenditure (b)capital expenditure (c)revenues (d)fiscal prudence and… Continue reading CII launches new Index to measure fiscal performance
