The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee under IRDAI Executive Director Suresh Mathur to review the regulatory framework on microinsurance. Microinsurance refers to products offering coverage to low-income households or to individuals who have little savings and is tailored specifically for lower valued assets and compensation for illness,… Continue reading IRDAI forms panel to review microinsurance framework
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.
Supreme Court gives RBI ‘last chance’ to alter disclosure policy
The Supreme Court has directed the Reserve Bank of India (RBI) to disclose information pertaining to its annual inspection report of banks and other material under the Right to Information (RTI) Act unless they are exempted under the law. The Supreme Court was hearing contempt petitions filed against the RBI for not complying with the… Continue reading Supreme Court gives RBI ‘last chance’ to alter disclosure policy
India ranks 80 in Global Talent Competitiveness Index 2019
India has been ranked 80th on Global Talent Competitive Index 2019. Switzerland maintains its top position followed by Singapore and the United States. India has scored well on growing talent which is the only pillar where the country is positioned above the median.However,India’s biggest challenge is to improve its ability to Attract and Retain talent.… Continue reading India ranks 80 in Global Talent Competitiveness Index 2019
Finance Ministry brings in changes in e-way bill system to check GST evasion
The Finance Ministry has introduced changes in the e-way bill system. The changes were brought in to crack down on Good and Services Tax (GST) evaders. The E-way bill is an electronic document to be generated online under the GST system when goods of the value of more than Rs.50,000 are shipped. However,failure to produce… Continue reading Finance Ministry brings in changes in e-way bill system to check GST evasion
IEPF Authority in a major success recovers Rs 1514 Cr of Depositors Money
The Investor Education and Protection Fund (IEPF) Authority has been able to recover deposits worth Rs 1,514 crore from Kolkata-based Peerless General Finance and Investment Company.This money of depositors was pending with the company for the last 15 years. IEPF Authority has been set up under the Ministry of Corporate Affairs, Government of India.It is… Continue reading IEPF Authority in a major success recovers Rs 1514 Cr of Depositors Money
RBI sells entire stake in NHB, Nabard to govt. for ₹ 1,470 cr. in total
The Reserve Bank has divested its stake in National Housing Bank (NHB) and National Bank for Agriculture & Rural Development (Nabard), by making them fully government-owned. This move is part of ending the cross-holding in regulatory institutions and follows the recommendation of the second Narasimham committee report of October 2001.The Narasimham panel had said RBI… Continue reading RBI sells entire stake in NHB, Nabard to govt. for ₹ 1,470 cr. in total
Price controls hurting FDI in medical devices sector
According to the data released by the Department for Promotion of Industry and Internal Trade,Foreign Direct Investment (FDI) in the medical devices sector has decreased from $439 million in 2016 to $66 million in 2018. The decrease in FDI has been attributed to the implementation of price controls in the medical devices.Further,the inflows has decreased… Continue reading Price controls hurting FDI in medical devices sector
Shipping firms seek PM’s help to stay afloat
Indian shipping companies have submitted a memorandum to the Prime Minister seeking his immediate intervention to scrap a recent notification which would force shipping companies to close down. They have said that the amended Right of First Refusal(ROF) policy equates a foreign ship taken on hire,with a ship actually owned under the Indian flag by… Continue reading Shipping firms seek PM’s help to stay afloat
RBI swap auction gets bids more than thrice the notified amount
The Reserve Bank of India has successfully concluded a second forex swap auction intended to ease liquidity conditions. The auction saw a strong demand with the Reserve Bank of India getting 255 bids worth $18.65 billion compared with the notified amount of $5 billion.Earlier,RBI had bought $5 billion through a similar swap auction. Recently,RBI has… Continue reading RBI swap auction gets bids more than thrice the notified amount
Despite being the 3rd largest,Indian startup ecosystem ranked even below Estonia,Ireland,Germany
India has moved up to the 17th position in 2018 from 37th spot in 2017 in the Startup Ecosystem Ranking.The ranking has been released by the StartupBlink.The report has taken the startup ecosystems of 1,000 cities and 100 countries into consideration. In terms of global rankings,the top three spots remained unchanged with the United States,United… Continue reading Despite being the 3rd largest,Indian startup ecosystem ranked even below Estonia,Ireland,Germany
