The Insurance Regulatory and Development Authority of India (IRDAI) has issued a draft detailing the Public disclosure norms.The draft requires insurers to share details about their financials performance at specified intervals.These norms are proposed to be implemented from 2019-20. IRDAI has said that the objectives of the norms is to (a)ensure safety of policyholders (b)serve… Continue reading IRDAI moots public disclosure norm
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.
Lesser clicks, a boon for bricks
The Department of Industrial Policy & Promotion new rules on the foreign direct investment (FDI) policy for e-retail has benefitted the offline retailers also known as brick and mortar (B&M) retail sector. Brick and mortar(B&M) refers to businesses that are bound to a physical space,like a specific building that customers go to in order to… Continue reading Lesser clicks, a boon for bricks
Protect ocean ecosystem, tap blue economy: V Naidu
India’s Vice President Venkaiah Naidu has said that any further degradation of marine ecosystems should be prevented. He also advocated that India should reap the enormous potential of ‘blue economy’ to achieve higher economic growth. Blue economy is the sustainable use of ocean resources for economic growth, improved livelihood and jobs, and ocean ecosystem health.… Continue reading Protect ocean ecosystem, tap blue economy: V Naidu
Punjab and Haryana likely to reap a bumper crop of wheat
Punjab and Haryana are expected to reap a bumper harvest of wheat due to an extended winter and good rain spells during the ongoing Rabi season. In India, there are two major cropping seasons: a) Kharif and b) Rabi. Another cropping season Zaid i.e. summer season (March to June). Examples of Zaid cops are watermelon,… Continue reading Punjab and Haryana likely to reap a bumper crop of wheat
Initials hurdle hits PAN-Aadhaar link
According to Income tax officials,people may not be able to file their income tax returns for the coming financial year.It is because they are unable to link their Aadhaar to the Permanent Account Number(PANs). Since a person’s identity is authenticated biometrically,Aadhaar allows initials in the name.On the other hand,PAN is based on an old system… Continue reading Initials hurdle hits PAN-Aadhaar link
States overall deficit set to decline in FY20: Economists
State Bank of India(SBI) Economists has said that states have managed to contain the fiscal deficit at the aggregate level for FY20.All the states have projected a decline in fiscal deficit next year,except Odisha,Assam and Uttarakhand.Despite the increase,these three states are keeping the fiscal deficit below 3%. The factors that helped in reducing fiscal deficit… Continue reading States overall deficit set to decline in FY20: Economists
RBI again defers Ind AS implementation by banks
The Reserve Bank of India has again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration. The implementation of the new accounting rules require certain legislative changes in the format of financial statements to comply with disclosures under Ind AS.The change in format… Continue reading RBI again defers Ind AS implementation by banks
Govt. earns ₹85,000 crore from disinvestment, overshoots target
Government has exceeded the disinvestment target of Rs 80,000 crore set for the Financial Year 2019,which ends in March.Disinvestments have touched ₹85,000 crore which is Rs 5,000 crore more than the set target.The next financial year’s disinvestment target has been set at Rs 90,000 crore. The government was able to reach its target after it… Continue reading Govt. earns ₹85,000 crore from disinvestment, overshoots target
Fitch cuts India GDP growth forecast for FY20 to 6.8%
Global rating agency Fitch has cut its India’s Gross domestic product(GDP) growth forecast to 6.8% for 2019-20 from the earlier estimate of 7%.It was cut due to weak momentum in manufacturing and agriculture.However,it said India’s economic growth is expected to be 7.1% in 2020-21. The weak momentum has been due to (a)credit availability has tightened… Continue reading Fitch cuts India GDP growth forecast for FY20 to 6.8%
ED slaps ₹14.40 lakh penalty, confiscates ₹6.8 lakh in FEMA case against Geelani
Enforcement Directorate(ED) has fined Hurriyat Conference leader Syed Ali Geelani and booked him under the Foreign Exchange Management Act (FEMA).He has been booked for illegal possession of foreign exchange under FEMA act,1999. The Foreign Exchange Management Act,1999 (FEMA) is an Act of the Parliament of India to consolidate and amend the law relating to foreign… Continue reading ED slaps ₹14.40 lakh penalty, confiscates ₹6.8 lakh in FEMA case against Geelani
