The Reserve Bank of India(RBI) Monetary Policy Committee has unanimously cut the repo rate by 25 basis points from 6% to 5.75%. Repo stands for ‘Repurchasing Option’. Repo rate refers to the rate at which commercial banks borrow money from the RBI. The reverse repo rate was also lowered to 5.50% from 5.75%.The reverse repo… Continue reading RBI cuts interest rate by 25 bps
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.
Commerce Minister addresses meeting of Board of Trade & Council for Trade Development and Promotion
Commerce minister has addressed a joint meeting of the Board of Trade and the Council of Trade Development and Promotion.The meeting was organised by the Ministry of Commerce and Industry and the Directorate General of Foreign Trade(DGFT). The minister has urged the representatives of industry,trade and exports bodies to reduce dependency on subsidies and grants… Continue reading Commerce Minister addresses meeting of Board of Trade & Council for Trade Development and Promotion
RBI waives RTGS, NEFT charges
The Reserve Bank of India(RBI) has announced that it is removing all charges on money transfers done through the RTGS and NEFT modes.This decision was taken to boost the digital funds movement. NEFT stands for National Electronic Fund Transfer.It is a payment system which facilitates one-to-one funds transfer from one financial institution to another. Using… Continue reading RBI waives RTGS, NEFT charges
By 2025, India to have 88 mn 5G connections
According to Global telecom industry body GSMA,India will have 920 million unique mobile subscribers by 2025 which will include 88 million 5G connections. 5G (5th Generation) is a version of mobile communications. It succeeds LTE mobile networks- 4G, 3G, and 2G (GSM). In telecommunication, Long-Term Evolution (LTE) is a standard for wireless broadband communication for… Continue reading By 2025, India to have 88 mn 5G connections
Nirmala Sitharaman to attend G-20 Finance Ministers’ meeting in Japan
Finance Minister will attend the two-day meeting of G-20 Finance Ministers and central bank governors in Japan.The deliberations at this meeting would be followed by the G-20 Leaders Summit scheduled on June 28,2019 at Osaka,Japan. The G-20 finance ministers are likely to discuss issues such as (a)infrastructure investment (b)resilience against natural disasters and (c)strengthening health… Continue reading Nirmala Sitharaman to attend G-20 Finance Ministers’ meeting in Japan
India’s services sector activity growth slips to 12-month low
According to Nikkei India Services Purchasers manager Index(PMI) ,services sector activity has slowed down to 50.2 in May,2019 from 51.0 in April,2019. This slowdown has happened due to disruptions arising from the elections in the month of May which had affected the growth of new work intake. However,the index has said that the slowdown may… Continue reading India’s services sector activity growth slips to 12-month low
RBI study moots boost to acceptance infra for digital payments
The Reserve Bank of India(RBI) has released a report titled “Benchmarking India’s Payments Systems”.The report provides a comparative position of the payments ecosystem in India relative to comparable payments systems and usage trends in other major economies. The study has found that India has a strong regulatory system and robust large value and retail payments… Continue reading RBI study moots boost to acceptance infra for digital payments
Global growth to slow in 2019, says World Bank
The World Bank has released its Global Economic Prospects report, 2019.The report has forecasted that the World economy will expand 2.6% in 2019 compared with a projection of 2.9% it made in January, 2019. The growth was downgraded due to (a)trade conflicts (b)financial strains (c)unexpectedly sharp slowdowns in wealthier countries and (d)build-up of government debt.… Continue reading Global growth to slow in 2019, says World Bank
Nilekani panel suggests 24×7 RTGS, NEFT, elimination of all charges
The Reserve Bank of India(RBI) had appointed a committee headed by Nandan Nilekani to submit its suggestions on promoting digital payments. The panel has suggested several measures to encourage digital payments such as (a)elimination of charges (b)round-the-clock RTGS and NEFT facility and (c)duty-free import of point-of-sales machines. The panel has also suggested that there should… Continue reading Nilekani panel suggests 24×7 RTGS, NEFT, elimination of all charges
Manufacturing sector PMI gains in May
According to Nikkei India Manufacturing Purchasing Managers’ Index (PMI) data,manufacturing activity has improved to 52.7 in May,2019 from 51.8 in April,2019. The PMI improved as companies increased manufacturing output amid strengthening demand conditions leading to further job creation in the sector. PMI or a Purchasing Managers’ Index(PMI) is an indicator of business activity both in… Continue reading Manufacturing sector PMI gains in May
