The task force set up to draft a new direct tax law to replace the existing Income Tax Act has been given 2-month extension till July 31 to submit its report.The task force was scheduled to submit the report by May 31. The task force was set up after Prime Minister during the annual conference… Continue reading Task force on direct tax laws to submit report by July 31
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.
Govt clears restructuring of statistical system, proposes NSSO, CSO merger
Central government has decided to merge the National Sample Survey Office (NSSO) with the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation (MoSPI). The order states that the proposed National Statistical Office (NSO) would be headed by Secretary of Statistics and Programme Implementation. However,the order skips any mention of National Statistical… Continue reading Govt clears restructuring of statistical system, proposes NSSO, CSO merger
Avoid tit-for-tat in trade war, cut duties: Panel
A high-level advisory group constituted by the union commerce ministry on Foreign trade policy has submitted its report to government. The panel has recommended the centre to cut down corporate tax rate and set a target to double the exports by 2025.Further,centre should create 25-year sovereign bonds where people declaring undisclosed income bound to invest… Continue reading Avoid tit-for-tat in trade war, cut duties: Panel
RBI plans liquidity buffer at shadow banks to aid stressed sector
The Reserve Bank of India (RBI) has released the draft circular on Liquidity Risk Management Framework for Non-Banking Financial Companies(NBFCs) and Core Investment Companies (CIC’s) for public comments. The NBFCs play an important role in delivering credit to the last mile, including the retail as well as MSME sectors. However,many NBFCs have come under severe… Continue reading RBI plans liquidity buffer at shadow banks to aid stressed sector
RBI to infuse ₹15,000 cr. in June via OMO
The Reserve Bank has said it will inject Rs 15,000 crore into the financial system through purchase of government bonds via the auction route.The government securities will be bought under Open Market Operations (OMO). This decision was taken as financial sector has been facing liquidity crisis ever since the Infrastructure Leasing and Financial Services Ltd… Continue reading RBI to infuse ₹15,000 cr. in June via OMO
Women still under-represented in science, tech
According to a report by UNESCO, women remains considerably under-represented across STEM (science, technology, engineering and maths) studies and careers. The report says that globally only 29% of those in science research and development are women with a lowest in south and west Asia at 19% and the highest in central Asia with 48%. The… Continue reading Women still under-represented in science, tech
Copper, aluminium sectors may get raw deal if India joins RCEP, warn producers
Ahead of the Regional Comprehensive Economic Partnership (RCEP) meeting,the Aluminium Association of India(AAI) has written to the Government seeking protection from cheap imports. The AAI has said that if India joins the RCEP then such a move would pave the way for zero duty on imports of copper and aluminium which would cripple the domestic… Continue reading Copper, aluminium sectors may get raw deal if India joins RCEP, warn producers
No GST at duty-free shops: HC
Recently,the Allahabad high court has ruled that there shall be no Goods and Services tax(GST) levied in case of purchases made at duty free stores at the arrival or departure terminals. The court held that tax will not be levied as the goods has not crossed the customs border and passengers carry the items as… Continue reading No GST at duty-free shops: HC
Panel submits a report on reducing oil import dependency
A High-Level Committee constituted by the government has submitted its recommendations to bring down India’s dependence on crude oil imports. The committee was formed to look into issues related to (a)research and development centres of oil and gas public sector undertakings(PSUs) (b)tax issues and ways of benefiting from the goods and services tax (GST) and… Continue reading Panel submits a report on reducing oil import dependency
Finance Ministry begins pre-Budget discussions
The finance ministry has begun the pre-Budget consultation exercise with industry bodies in the run-up to the full budget to be unveiled by the new government in July,2019. Recently,the finance Minister had presented the Interim Budget on 1st February 2019. An interim Budget or vote on account means that the government seeks the approval of… Continue reading Finance Ministry begins pre-Budget discussions
