The 15th Finance Commission(FC) will be using data from 2011 census for the devolution of taxes.Few states have expressed concern over the decision as it would result in lower resource allocation. The Finance Commission is a constitutional body appointed every five years by president and consists of a chairman and four other members.15th finance commission… Continue reading States allocation: panel sticks to 2011 census
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.
Government hikes minimum selling price of sugar
Government has increased the minimum selling price (MSP) of sugar to support the oversupply hit sugar industry. MSP is the minimum price paid to the farmers for procuring food crops.It is announced by the Government at the beginning of the sowing season. There are two objectives of the Minimum Support Price system (a)To prevent distress… Continue reading Government hikes minimum selling price of sugar
Panel moots minimum wage of Rs. 375 per day
An Expert Committee on Determining the Methodology for Fixation of the National Minimum Wage, headed by Anoop Satpathy, has recommended setting the minimum wage at Rs 375 a day or Rs. 9,750 per month. The minimum wage has been fixed irrespective of sectors, skills, occupations and rural-urban locations for a family. The committee has proposed a… Continue reading Panel moots minimum wage of Rs. 375 per day
Wholesale inflation eases to 10 month low of 2.76%
According to government data, wholesale inflation declined to 2.76% in January 2019. The decline has been attributed to cheaper fuel prices. 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 traded between organizations instead of consumers. It is measured by the… Continue reading Wholesale inflation eases to 10 month low of 2.76%
Low velocity of cash circulation in large States hints at sluggish economy: report
According to State Bank of India report,India’s present currency circulation is at Rs 20.4 lakh crore,which is at least Rs 1.5 lakh crore lower than what it would have reached if there had been no demonetisation.Thus, any argument of cash coming back aggressively into the system and financing informal activities is not entirely correct. The… Continue reading Low velocity of cash circulation in large States hints at sluggish economy: report
Chit Fund Bill: govt. breaches Oppn. Unity
The government has passed the Banning of Unregulated Deposit Schemes Bill, 2018. The bill was has been passed after amendments based on the recommendations of Standing Committee on Finance (SCF). The bill comes in the backdrop of menace of illicit deposit schemes duping general public over last few years in India. The bill aims to… Continue reading Chit Fund Bill: govt. breaches Oppn. Unity
Retail Inflation cools further to 2.05% in Jan
According to the data released from the Central Statistics Office (CSO), retail inflation for the month of January has declined to 2.05%. This decline has been primarily due to a) sustained decline in food prices and b) a sharp decline in energy prices. It is based on the Consumer Price Index (CPI). It reflects changes… Continue reading Retail Inflation cools further to 2.05% in Jan
Budget shortfall worries Defence Services
The shortfall in Defence allocation in the interim Budget 2019-20, especially in its capital allocation, has left the Services worried as it threatens to delay the capability enrichment and modernisation under way. The shortfall is so significant that, for the Navy and the Air Force, the capital allocation does not even meet the committed liabilities… Continue reading Budget shortfall worries Defence Services
TRAI’s New Tariff Regulations kick in for Feb 1st
Telecom Regulatory Authority of India (TRAI) – the regulator of the telecommunications sector in India- has put forward a new tariff and regulatory framework for Direct-to-Home (DTH) and cable services. The new framework aims to lower the cost of TV viewing for consumers. According to the new regulations, a) Customer have to pay fixed Network… Continue reading TRAI’s New Tariff Regulations kick in for Feb 1st
Third round of OALP offers 23 oil, gas, coal-bed methane blocks
The union government has launched the third round of oilfield auctions under the Open acreage Licensing Programme (OALP) OALP is a part of Hydrocarbons Exploration and Licensing Policy (HELP). It aims at enabling faster survey and assessment of areas with oil and gas potential. Under the programme, exploration companies can select their operation blocks without… Continue reading Third round of OALP offers 23 oil, gas, coal-bed methane blocks
