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.

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

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

I-T Dept.,GSTN to sign MoU for sharing data to prevent anomalies

The Central Board of Direct Taxes (CBDT) has decided to enter into a memorandum of understanding(MoU) with GST Network(GSTN). The MoU will allow income tax department to share details including sales and profits that businesses have reported in their income tax returns with GSTN to scale up scrutiny and check tax evasion. This move will… Continue reading I-T Dept.,GSTN to sign MoU for sharing data to prevent anomalies

NSE fined ₹1,000 crore in co-location case

Securities and Exchange Board of India(SEBI) has barred National Stock Exchange(NSE) from raising money on securities markets for six months and has also fined NSE Rs 1000 crore under NSE co-location scam. Under the NSE co-location facility,trading members can place their servers in the exchange’s data centre,where they get faster access to the price feed,helping… Continue reading NSE fined ₹1,000 crore in co-location case

Now a portal to register e-vehicles

Maharashtra Government has announced its State Electric Vehicle Policy. Under this policy,Maharashtra has launched a new web portal for the registration of battery-operated vehicles.This portal will work as a gateway for sanction and disbursement of fiscal incentive to the buyers of Electric Vehicle (EVs), As per the approved policy,an enabling environment will also be created… Continue reading Now a portal to register e-vehicles

India-China team on pharma to meet next month

India has decided to send a high-level delegation to China under the India-China Strategic Economic Dialogue(SED) Mechanism.The meeting is scheduled to be held in Beijing in May 2019 This meeting comes in the backdrop of increasing efforts by India to increase pharmaceuticals exports to China.India has been requesting China to make the drug registration process… Continue reading India-China team on pharma to meet next month

Passenger traffic at Indian airports grows 11.6% to 34.4 crore

According to the Airports Authority of India(AAI),airports in the country has witnessed a total of 34.4 crore passengers during financial year 2018-2019 registering a growth of 11.6%.These include domestic, international as well as those passengers who take chartered planes. However,overall growth rate of 11.6% is the slowest in the last three years.Earlier,Indian airports had seen… Continue reading Passenger traffic at Indian airports grows 11.6% to 34.4 crore

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