Indian government has extended its deadline to impose retaliatory import duties on 29 US products till May 16,2019. These deadlines were extended several times since June 2018 when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium products. Further,this extension… Continue reading India extends retaliatory tariff deadline on US products
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.
Don’t terminate GSP benefits to India
A group of 25 influential US lawmakers has urged the US Trade Representative(USTR) not to terminate the Generalized System of Preferences(GSP) programme with India. They argued that terminating GSP for India would hurt American companies seeking to expand their exports to India. Recently,US had decided to terminate India’s designation as a beneficiary of its GSP.GSP… Continue reading Don’t terminate GSP benefits to India
Asia-Pacific to grow 5.7% this year: ADB
According to the Asian Development Bank, Asia Pacific region is projected to grow at 5.7% in 2019. ADB has said that most of the momentum for the region growth will come from higher consumption and investment levels.However,growth may be undermined due to trade tensions and the threat of climate change in the Asia Pacific region.… Continue reading Asia-Pacific to grow 5.7% this year: ADB
Manufacturing PMI dips to 51.8 in April
According to Nikkei India Manufacturing Purchasing Managers’ Index (PMI) data,manufacturing activity has slowed down to 51.8 in April which is lower than 52.6 in March,2019. The prime reason for the slow growth was disruptions arising from the elections as companies may have adopted a wait-and-see approach on their plans until the public policies become clearer… Continue reading Manufacturing PMI dips to 51.8 in April
NCLAT allows banks to declare defaulting IL&FS, group companies as NPAs
The National Company Law Appellate Tribunal (NCLAT) has allowed the banks to declare the accounts of IL&FS and its group companies as non-performing assets(NPA) if they have defaulted on payments.NPA is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days. However,the appellate tribunal has said… Continue reading NCLAT allows banks to declare defaulting IL&FS, group companies as NPAs
New SBI rules link savings bank interest to repo rate: what has changed, why
State Bank of India (SBI) has linked its interest rate on savings account with balance above ₹1 lakh and short-term loans to Reserve Bank of India’s(RBI) repo rate. SBI had taken this decision even though RBI had deferred the plan to link the rate of interest to external benchmarks like the repo rate or Treasury… Continue reading New SBI rules link savings bank interest to repo rate: what has changed, why
Economy may have slowed in 2018-19: Finance ministry report
According to the Finance Ministry’s report,the Indian economy has slowed down slightly in 2018-19.The slowdown is due to (a)declining growth of private consumption (b)tepid increase in fixed investment and (c)muted exports. Further,the report has said that Indian economy needs to reverse the slowdown in growth of agriculture sector and sustain the growth in industry. The… Continue reading Economy may have slowed in 2018-19: Finance ministry report
Iraq remains the top oil supplier to India
According to data collected by the Directorate General of Commercial Intelligence and Statistics,Iraq has remained India’s top crude oil supplier for the second consecutive year.It met more than one-fifth of the country’s oil needs in the 2018-19 fiscal year. Saudi Arabia also maintained its position as the second-largest crude supplier to India during the year… Continue reading Iraq remains the top oil supplier to India
GST collection scales record high of ₹1.13 lakh crore in April
Goods and Services Tax(GST) collections has hit an all-time high of Rs 1.13 lakh crore in April.The government had collected Rs1.06 lakh crore in March. According to experts, increase in GST collections could be due to various reasons such as(a)tightening of tax compliance using the mechanism of e-way bills (b)change in taxation for real estate… Continue reading GST collection scales record high of ₹1.13 lakh crore in April
Core sector growth at a 5 month high in March
According to the Government data,India’s growth in eight core industries has reached a five-month high of 4.7% in March,2019.It has improved due to a broad-based recovery in sectors such as cement,refinery products, steel and coal. Core industry can be defined as the main industry which has a multiplier effect on the economy.The Eight Core Industries… Continue reading Core sector growth at a 5 month high in March
