India has offered a blueprint for promoting development and inclusivity at the World Trade Organization(WTO).It has emphasized that resolving the crisis at its highest adjudicating body must be a top priority. The WTO Appellate Body which is an intergovernmental dispute settlement system for resolving and enforcing global trade rules will become dysfunctional from 11 December,2019… Continue reading Delhi offers blueprint to promote development, inclusivity at WTO
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.
Many nations offer India GSP benefits, but US move will affect competitiveness
United States has withdrawn Generalized System of Preferences (GSP) Scheme to India provoking India to impose retaliatory tariffs on many imports of US goods. However,India still continues to enjoy tariff preference from many countries including Australia,Russia and Japan as well as the European Union (EU) among others. Further,within the group of countries that provided GSP… Continue reading Many nations offer India GSP benefits, but US move will affect competitiveness
MUDRA bad loans rise in FY19, even as NPAs decline across banking system
The government’s MUDRA scheme to finance small and micro borrowers has witnessed an increase in bad loans at a time when the system-wide non-performing assets(NPAs) have started showing signs of a decline. NPA is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days. The NPAs… Continue reading MUDRA bad loans rise in FY19, even as NPAs decline across banking system
RBI to DRI: We can’t ask banks to share customer information
The Reserve Bank of India(RBI) has said that it has no power to ask banks to share information on customers with third parties including investigative agencies of the government even if it is in the interests of the bank. The RBI’s response came on a request by the Directorate of Revenue Intelligence(DRI) which sought RBI’s… Continue reading RBI to DRI: We can’t ask banks to share customer information
Tea Association seeks curbs on extension of tea-growing areas
The Tea Association of India(TAI) has urged State governments to restrict new lands being brought under tea cultivation for at least five years in order to bring a balance in tea demand and supply. TAI has pointed out that the economic sustainability of the organised tea plantation sector was in jeopardy due to shrinking margins… Continue reading Tea Association seeks curbs on extension of tea-growing areas
Banks may extend foreign currency loans for exporters
Commerce and Industry Minister has said that the ministry is in talks with banks to see ways to extend foreign currency loans to exporters. The minister has also said Export Credit Guarantee Corporation of India (ECGC) can play a role of credit enhancement agency for exporters. He has asked ECGC to come up with a… Continue reading Banks may extend foreign currency loans for exporters
Despite MSME objections, govt moves plan to curb special steel imports
The Ministry of Steel is piloting a proposal to slap quality control regulations on tinplate and tin-free steel. Tinplate steel are sheets of steel coated with a thin layer of tin that have specialised use in consumer products like cans,hair clips and pens. The proposal mandates domestic and foreign suppliers of these products to adhere… Continue reading Despite MSME objections, govt moves plan to curb special steel imports
FM chairs 35th GST Council meeting in Delhi
The 35th Goods and Services tax(GST) Council Meeting was held on 21 June 2019 at New Delhi. The GST council has extended the tenure of the anti-profiteering authority by two years and has also imposed a penalty of up to 10% on businesses not passing on benefits of rate cuts to consumers. The Council took… Continue reading FM chairs 35th GST Council meeting in Delhi
India likely to raise terror, financial crimes at G20 summit in Osaka
Prime Minister will attend the G-20 summit in Osaka,Japan from June 27-29,2019. The theme of the summit is “Human centred future society”.The summit will take up digital economy, artificial intelligence, global health, ageing and marine plastic waste as subjects of deliberation. The Government has said that former Union minister Suresh Prabhu would be the sherpa… Continue reading India likely to raise terror, financial crimes at G20 summit in Osaka
Nasscom and global Internet body join hands for global research in IoT
Internet Corporation for Assigned Names and Numbers (ICANN) and National Association of Software and Services Companies (Nasscom) have joined hands for developing standards that will feed into the global consultation for managing Internet-of-Things devices. ICANN is a non-profit body that administers domain names and Internet protocol addresses (IPs) globally.It was formed in 1988 by the… Continue reading Nasscom and global Internet body join hands for global research in IoT
