According to Infosys Co-founder and architect of Aadhaar,Digital infrastructure would play a major role in reviving the Indian economy. He has said that data was becoming central to the people and there would be a big change once data became the basis for decision-making in many sectors. Further,he said that the country has witnessed digital… Continue reading Digital infra to play a key role in reviving economy
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.
RBI to assess if Indiabulls is ‘fit and proper’
The Reserve Bank of India (RBI) has decided to determine the criteria of Indiabulls Group founder whose name had appeared in the Panama Papers before approving the proposal to merge the group’s housing finance arm with Lakshmi Vilas Bank (LVB). Panama papers is a huge leak of documents that exposed how the rich and powerful… Continue reading RBI to assess if Indiabulls is ‘fit and proper’
No input tax credit if GST returns not filed, says HC
The Telangana high court has ruled that no input tax credit will be available unless GST(Goods and Services Tax) returns are filed.The court has also said that the taxpayer is liable to pay a penalty on the total liability. The ruling came after a company had delayed filing the GST returns.The tax authorities demanded 18%… Continue reading No input tax credit if GST returns not filed, says HC
50% local sourcing likely for companies to book EV ride under FAME-II
An inter-ministerial steering committee led by Niti Aayog chief executive officer has decided that only companies that meet the 50% localisation threshold will be eligible for the incentives that will be available under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme. FAME is part of the government’s two-pronged strategy to place… Continue reading 50% local sourcing likely for companies to book EV ride under FAME-II
Cashing out: Central Bank to sell two NPAs worth Rs 251 crore
Central Bank of India has decided to put up its two non-performing assets(NPAs) worth Rs 251 crore for sale through the Swiss challenge method. A Swiss Challenge is a method of bidding often used in public projects in which an interested party initiates a proposal for a contract or the bid for a project. The… Continue reading Cashing out: Central Bank to sell two NPAs worth Rs 251 crore
BBB tags 75 senior officers for leadership roles in PSBs
The Banks Board Bureau (BBB) has identified 75 senior officials of state-run banks for leadership roles across public sector banks (PSB). The BBB has also asked the government to give complete autonomy to Public sector banks to decide the organisation structure for better efficiency. Further, they have also suggested a revamp of credit governance architecture… Continue reading BBB tags 75 senior officers for leadership roles in PSBs
SC to hear petition to end write-offs
A petition has been filed in the Supreme Court to restrain banks from writing off non-performing assets(NPAs) and governments from waiving off farm loans. The petitioner has said that Supreme Court should (a)restrain banks from writing-off of NPAs so that exact financial conditions of the banks can be shown(b) The Centre and state governments should… Continue reading SC to hear petition to end write-offs
IT dept. proposes new norms for taxing MNCs
The Central Board of Direct Taxes(CBDT) appointed committee has proposed a change in the methodology for taxing multinational companies(MNCs),including digital firms having permanent establishment in India. Earlier,CBDT had set up a committee to bring greater clarity and predictability for taxing MNCs having permanent establishment in India. The MNC having a fixed place of business in… Continue reading IT dept. proposes new norms for taxing MNCs
China’s GDP grows at 6.4% in Q1,defies expectations slowdown
China’s economy grew at a steady rate of 6.4% in the first quarter.The improvement in growth is due to (a)industrial production jumped sharply and (b)consumer demand showed signs of improvement. China has also enhanced its fiscal stimulus to shore up growth by announcing billions of dollars in additional tax cuts and infrastructure spending. However,the economic… Continue reading China’s GDP grows at 6.4% in Q1,defies expectations slowdown
BSNL starts work on 5G
The management of Bharat Sanchar Nigam Limited (BSNL) has said that it has started work on 5G roll-out. The BSNL has however, not yet received approval for the 4G spectrum. BSNL is a state-owned telecommunications company. BSNL was incorporated in 2000. It took over the business of providing of telecom services and network management from… Continue reading BSNL starts work on 5G
