A recent report by World Gold Council has ranked India 11th in terms of gold holding. India’s current gold holding is 607 tonnes. Gold holding is a central banks’ total holding of gold as a percentage of their foreign exchange reserves. India is the largest consumer of gold. USA has ranked first in gold holding followed… Continue reading ‘India ranks 11th in gold holding’
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.
A day after crash, DGCA issues advisory for Boeing 737 MAX 8
Directorate General of Civil Aviation(DGCA) has issued safety guidelines for the operation of Boeing 737 MAX aircraft.It was issued after Boeing aircraft belonging to Ethiopian Airlines crashed fuelling concern about passenger safety which has forced several countries to ground these jets. The safety guidelines issued are (a)Pilots should have at least 1,000 hours of flying… Continue reading A day after crash, DGCA issues advisory for Boeing 737 MAX 8
Did not flout FDI rules: Godfrey Phillips
Godfrey Phillips said that it was in compliance with the India’s foreign direct investment (FDI) rules.They said that they had entered into a commercial arrangement with Godfrey Phillips to manufacture Marlboro cigarettes in 2009,a year before the 2010 FDI ban. Philip Morris,the world’s largest tobacco company based in Japan had been found circumventing a government… Continue reading Did not flout FDI rules: Godfrey Phillips
Uncertain govt. policies clouded developer sentiment, hit solar capacity addition: Crisil
According to CRISIL report,India’s target of adding 100 GW of solar project capacity by 2022 is facing problems due to (a)lack of clarity on policy (b)frequent bid cancellation and (c)safeguard measures. Last year,the Finance Ministry imposed up to 25% safeguard duty on imported solar panels and modules.The safeguard duty imposition has affected project costs by… Continue reading Uncertain govt. policies clouded developer sentiment, hit solar capacity addition: Crisil
GST: jewellery set to turn cheaper
The Central Board of Indirect Taxes and Customs (CBIC) has said that the Tax Collected at Source(TCS) amount would be excluded from the value of goods while computing the Goods and Services Tax (GST) liability.It is expected to provide relief to the buyers of cars and jewellery, Tax Collected at Source (TCS) is an income… Continue reading GST: jewellery set to turn cheaper
Only 3.32 lakh MSME jobs created in last four years, finds CII survey
According to the report on ‘Survey on Jobs Creation and Outlook in MSME Sector’ Micro,Small and Medium Enterprises(MSMEs) sector was the largest job creator amongst all the sectors in the last four years. The sectors which created employment were (a)hospitality (b)tourism, (c)textiles and apparel (d)metal products (e)Machinery parts (f)transport and (g)logistics.Further,states which created large number… Continue reading Only 3.32 lakh MSME jobs created in last four years, finds CII survey
ArcelorMittal to take over debt-ridden Essar Steel
The National Company Law Tribunal (NCLT) has approved the bid of Arcelor-Mittal for the takeover of debt-ridden Essar Steel. The approval comes after the National Company Law Appellate Tribunal (NCLAT) had directed NCLT to take a decision on ArcelorMittal’s offer for Essar Steel plant by 8 March,2019. Under Insolvency and Bankruptcy Code(IBC),National Company Law Tribunal… Continue reading ArcelorMittal to take over debt-ridden Essar Steel
SBI links savings account, short term loan rates to repo rate
State Bank of India (SBI) has decided to link its interest rate on savings account with balance above ₹1 lakh and short-term loans to Reserve Bank of India’s (RBI) repo rate. Repo stands for ‘Repurchasing Option’.It refers to the rate at which commercial banks borrow money from the RBI.It is one of the main tools… Continue reading SBI links savings account, short term loan rates to repo rate
UIDAI to levy fees for verification
The Unique Identification Authority of India (UIDAI) has issued the Aadhaar (Pricing of Aadhaar Authentication Services) Regulations 2019. The gazette notification has mandated private organisations using Aadhaar services to pay Rs 20 for each customer verification and 50 paise for authentication of the unique ID. Organizations have been mandated to pay for the service based… Continue reading UIDAI to levy fees for verification
Large hydro projects get ‘renewable energy’ status
The government has introduced a slew of measures for the hydropower sector. The measures come at the time when the share of hydro-power in the total capacity in India has declined from 50.36% in the 1960s to only around 13% in 2018-19. The major measure has been the declaration of large Hydropower Projects (LHPs) as Renewable Energy… Continue reading Large hydro projects get ‘renewable energy’ status
