According to the latest data from World Gold Council (WGC), India has marginally increased its gold holding in February 2019. India’s gold holding increased from 607 tonnes in January to 608.7 tonnes in February. Gold holding is a central banks’ total holding of gold as a percentage of their foreign exchange reserves. Early in March,… Continue reading India’s gold reserves increase marginally in February: WGC
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.
Reserve Bank of India issues norms for banks to set up currency chests
The Reserve Bank of India has come out with guidelines for banks to set up new currency chests. The guidelines issued are (a)New currency chests should include minimum area of 1,500 square feet for strong room/Vault.For those situated in hilly/ inaccessible places,the strong room/ vault area should be at least 600 sq ft (b)The new… Continue reading Reserve Bank of India issues norms for banks to set up currency chests
IMF forecasts dip in global growth in 2019
The International Monetary Fund (IMF) in its World Economic Outlook(WEO) report has said that India is projected to grow at 7.3% in 2019 and 7.5% in 2020.The growth will be supported by the continued recovery of investment and robust consumption,thus remaining the fastest growing major economy of the world. IMF expects inflation to remain below… Continue reading IMF forecasts dip in global growth in 2019
India highest recipient of remittances at $79 bn in 2018: World Bank
According to the World Bank’s Migration and Development report,India has retained its position as the world’s top recipient of remittances with its diaspora sending a USD 79 billion back home in 2018.India was followed by China,Mexico,Philippines and Egypt. A foreign remittance is a transfer of money from a foreign worker to their family or other… Continue reading India highest recipient of remittances at $79 bn in 2018: World Bank
WB pegs India’s GDP growth at 7.5%
According to World Bank report,India’s GDP growth is expected to accelerate moderately to 7.5% in Fiscal Year 19-20.The growth will be driven by (a)investment strengthening (b)improved export performance and (c)resilient consumption. The report said that on the demand side,domestic consumption has remained the primary growth driver but gross fixed capital formation and exports also made… Continue reading WB pegs India’s GDP growth at 7.5%
U.S. Treasury official David Malpass named World Bank President
David Malpass has been unanimously elected as the new President of the World Bank.He will be the 13th President and will start his five year term from April 9,2019.He was nominated by the US president.David Malpass was a US government official and economic analyst.He has served as the Under Secretary of the Treasury for International… Continue reading U.S. Treasury official David Malpass named World Bank President
Angel investors get further relief
The government has announced that it will be mandatory to disclose holdings in unlisted companies while filing tax returns.This data will be matched with filings of startups which have been asked to disclose the list of investors along with some of their details.This may give some relief to the angel investors from notices of the… Continue reading Angel investors get further relief
India’s imports from China decelerating, says report
According to the PHD Chamber of Commerce and Industry,India’s imports from China stood at USD 46 billion during the April-January period of 2018-19 from USD 53 billion in the same period a year ago. The chamber has said that India has seen an increase in its exports to China during the last few months whereas… Continue reading India’s imports from China decelerating, says report
India will be the third-largest economy by 2030: Jaitley
Finance Minister has said that India is expected to become the third largest economy in the world by 2030 with Gross Domestic Product(GDP) touching USD 10 trillion.The growth will happen due to consumption and investment growth. Currently,the size of the Indian economy is about USD 2.9 trillion.Further, India oscillates between the fifth and the sixth… Continue reading India will be the third-largest economy by 2030: Jaitley
Govt faces direct tax shortfall of ₹60k crore
According to the Central Board of Direct Taxes(CBDT),Direct tax collections have fallen short by Rs 60,000 crore.It has failed to meet the revised target of Rs 12 lakh crore for 2018-19 fiscal on account of poor personal income tax collections. However,tax collections has risen by 13.5% making it the third straight year of strong growth… Continue reading Govt faces direct tax shortfall of ₹60k crore
