US commerce secretary has said that the US government cannot ensure sale of its oil to India at cheaper rates as the commodity is controlled by private companies. Recently,India had stopped importing crude oil from Iran following the US move to end sanction waivers.Iranian oil was a profitable buy for India as supplies from Iran… Continue reading Can’t ensure cheaper oil for India,says US
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.
Anti-dumping duty put on saccharine
The Finance Ministry has imposed an anti-dumping duty on the import of saccharine from Indonesia. Saccharine is a compound most commonly used in sugar-substitute sweeteners.It is used to sweeten products such as drinks, candies, cookies, and medicines. Dumping is the practice whereby the exporting nation sells its goods and services at a price lower than… Continue reading Anti-dumping duty put on saccharine
Increasing forex reserve to help improve import cover
India’s foreign exchange reserves has increased to a one-year high of $418.5 billion.The reserves has increased due to strong inflow of funds by Foreign Portfolio Investors(FPI). Further,RBI’s decision to conduct $10 billion dollar-rupee buy-sell swap auction between March and April 2019 has also contributed to the increase in reserves. The increase in forex reserves has… Continue reading Increasing forex reserve to help improve import cover
ICRA downgrades Yes Bank’s long-term rating with negative outlook
Credit Rating agency ICRA has downgraded Yes Bank’s rating on bonds and infrastructure debt.The rating was downgraded due to deterioration in the credit quality of large borrowers. A bond also known as a fixed-income security is a debt instrument created for the purpose of raising capital.They are essentially loan agreements between the bond issuer and… Continue reading ICRA downgrades Yes Bank’s long-term rating with negative outlook
Advanced economies’ idle savings can be diverted to Asia’
Addressing the session of the 52nd Annual Meeting of the ADB,India’s Economic Affairs Secretary has said that funds from the advanced economies which are kept in pensions,insurance pools and in sovereign wealth funds could be diverted to developing countries in Asia where consumption is rising. For this,Asian Development Bank(ADB) could play a vital role in… Continue reading Advanced economies’ idle savings can be diverted to Asia’
Payment service will be launched only after complying with RBI norms, WhatsApp tells Supreme Court
WhatsApp has assured the Supreme Court that only a trial run of its payments service is underway at present and that it would comply with Reserve Bank of India(RBI) norms before launching the full version. This assurance came when the Supreme Court was hearing a petition seeking directions for the messaging platform to comply with… Continue reading Payment service will be launched only after complying with RBI norms, WhatsApp tells Supreme Court
Chief economic advisor included in finance commission’s advisory council
The Chief Economic Advisor of India,Dr. Krishnamurthy Subramanian has been included as a Member of the Advisory Council of the Fifteenth Finance Commission.In April,2018 the Fifteenth Finance Commission had constituted an Advisory Council. The role of the council is to (a)advise the Commission on any relevant issue related to the Terms of Reference(ToR) of the… Continue reading Chief economic advisor included in finance commission’s advisory council
RBI imposes fines on PPIs for violating norms
The Reserve Bank of India has imposed penalties on five prepaid payment instrument(PPI) issuers under Section 30 of the Payment and Settlement Systems Act, 2007 for violation of regulatory guidelines. Prepaid payment instruments (PPIs) come with a pre-loaded value and in some cases a pre-defined purpose of payment.They facilitate the purchase of goods and services… Continue reading RBI imposes fines on PPIs for violating norms
India extends retaliatory tariff deadline on US products
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
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
