The outgoing deputy governor of RBI has credited flexible inflation targeting,low crude prices and efficient food supply management for successful taming of inflation in recent years. The RBI has shifted to a flexible inflation targeting with a headline target of 4 percent(+/- 2 percent) when the Monetary Policy Committee (MPC) was instituted in 2016. He… Continue reading Low oil price, food supply kept inflation low:Viral Acharya
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.
India pitches strongly for fight against fugitive economic offenders
India has pitched strongly to deal with fugitive economic offenders at the G20 summit in Osaka,Japan. India has said that all countries should come together to deal with economic offenders escaping to other geographies to get away with their crimes. In 2018,India has passed the Fugitive Economic Offenders Act.The act seeks to confiscate properties and… Continue reading India pitches strongly for fight against fugitive economic offenders
Shri Nitin Gadkari expresses commitment to raise MSME’s contribution to GDP to 50 percent
The Ministry of Micro Small and Medium Enterprises(MSME) has organised an international SME convention in New Delhi to observe International MSME Day. The theme of the convention is “Indian MSMEs,Global Aspirations”.The first convention was held in April 2018.The convention is organised in association with India SME Forum. The objectives of the Convention were(a)To boost the… Continue reading Shri Nitin Gadkari expresses commitment to raise MSME’s contribution to GDP to 50 percent
Current account deficit tapers
The Reserve Bank of India(RBI) has said that India’s current account deficit(CAD) has increased to $57.2 billion or 2.1% of GDP in FY19 from 1.8% a year ago. Current account deficit is one of the key indicators of an economy’s health and measures the difference between the value of the goods and services a country… Continue reading Current account deficit tapers
Trade war makes India a haven for aluminium scrap dumping
India has overtaken China as the preferred destination for aluminium scrap with imports growing 18.8% in the January-March 2019 quarter compared with the same quarter of the previous year. The imports has increased due to a trade war between China and the U.S.Trade war is a situation where countries restrict each other’s trade by imposing… Continue reading Trade war makes India a haven for aluminium scrap dumping
Need to push up savings rate to achieve new growth trajectory: Former RBI deputy governor
Former Reserve Bank of India Deputy Governor has said that there is a need to increase savings and investment rate to move India to a new growth trajectory in the future. He said that Indian growth accelerations since Independence is clearly associated with consistent trends of increasing domestic savings and investment over the decades. But… Continue reading Need to push up savings rate to achieve new growth trajectory: Former RBI deputy governor
RBI allows ARCs to buy financial assets from peers
The Reserve Bank of India(RBI) has allowed asset reconstruction companies (ARCs) to acquire financial assets from other ARCs in a bid to accelerate timely resolution of stressed assets. Earlier,ARCs could acquire financial assets from other ARCs only when they had some exposure to the asset that was being bought. However,the transfer of assets by one… Continue reading RBI allows ARCs to buy financial assets from peers
State divide in unemployment: Nagaland 21.4%, Meghalaya 1.5%
The Periodic Labour Force Survey(PLFS) for 2017-18 reflects huge variations among the states in terms of the unemployment rate.The survey reflects the overall unemployment rate in India at 6.1%. Unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all… Continue reading State divide in unemployment: Nagaland 21.4%, Meghalaya 1.5%
Cut logistics cost to 9% of GDP, Goyal tells States
Commerce and Railways Minister has asked the various transport Ministries to find ways to reduce logistics costs in the country to 9% of GDP by 2022 from the current 14%. Commerce minister also reviewed the draft National Logistics Policy and the proposed action plan for implementation of the policy. The draft policy has been prepared… Continue reading Cut logistics cost to 9% of GDP, Goyal tells States
Government revamps WPI revision team
The government has reconstituted the working group tasked with revising the current wholesale price index (WPI). The terms of reference(ToR) of the working group are (a)select the most appropriate Base Year for the preparation of a new official series of Index Numbers of WPI and Producer Price Index (PPI) in India (b)review commodity basket of… Continue reading Government revamps WPI revision team
