Union tribal affairs Minister has announced the revision of minimum support price(MSP) framework by 30 to 40% to 50 minor forest produce(MFP).The aim is to enable the tribals dependent on the forest to get a fair price for their produce.MSP is the minimum price set by the Government at which farmers can expect to sell… Continue reading Soon tribals will get MSP for 50 minor forest produce
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.
Rice research body releases 4 climate-smart varieties
The National Rice Research Institute (NRRI), a constituent institute of the Indian Council of Agricultural Research, released four new rice varieties. The four new rice varieties consists of (a) two high-protein rice varieties (CR Dhan 310 and CR Dhan 311) and (b)two climate-smart varieties (CR Dhan 801 and CR Dhan 802).These rice varieties are tolerant… Continue reading Rice research body releases 4 climate-smart varieties
Fiscal deficit in Jan. at 121.5% of full-year target
According to the data released by the Controller General of Accounts, Centre’s fiscal deficit touched 121.5 per cent(7.70 lakh crore) of the budgeted target of Rs 6.34 lakh crore for 2018-19 due to lower revenue collection. Fiscal deficit is the amount of money that the government needs to borrow in a given year because their… Continue reading Fiscal deficit in Jan. at 121.5% of full-year target
RBI takes 3 banks off prompt corrective action framework
The Reserve Bank of India (RBI) took three more banks out of the prompt corrective action (PCA) framework, following an improvement in the public-sector banks’ (PSBs) financial ratios after a fresh round of capital infusion in them by the government. PCA is a process or mechanism to ensure that banks don’t go bust.Under it, RBI… Continue reading RBI takes 3 banks off prompt corrective action framework
‘Organized retail in India may double by 2021’
According to recent report titled ‘Unravelling the Indian Consumer’ by Deloitte and the Retailers Association of India (RAI), the share of organised retail market in India would increase from about 12% in 2017 to about 22-25% by 2021. Organised Retail refers to the set-up of any retail chain supported by a well-defined supply Chain. These… Continue reading ‘Organized retail in India may double by 2021’
IL&FS accounts can’t be NPAs without NCLAT nod
The National Company Law Appellate Tribunal (NCLAT) has said Infrastructure Leasing and Financial Services (IL&FS) accounts will not be declared as non-performing assets (NPA) without approval from the appellate tribunal. The order comes after the NCLAT said that subsidiaries of IL&FS would be divided into three categories — Green (companies that can meet all debt… Continue reading IL&FS accounts can’t be NPAs without NCLAT nod
Two crore jobs created in 16 months to December 2018: CSO
According the payroll data of the Employees State Insurance Corporation (ESIC), nearly 2 crore jobs were created during the period from September 2017 and December 2018. The ESIC data is one of payroll numbers released by the Central Statistics Office (CSO) in its reports. It is based on people joining various social security schemes run… Continue reading Two crore jobs created in 16 months to December 2018: CSO
Banks may set repo rate as benchmark
The Reserve Bank of India (RBI) has proposed a major change in the way banks price their loans. It said that banks will now have to link the interest rates charged by them on different categories of loans to the external benchmarks instead of the used internal benchmarks. Currently, all loans such as for car… Continue reading Banks may set repo rate as benchmark
NPS: minimum assured return scheme on the cards
Pension fund regulatory and Development Authority(PFRDA) is planning on a minimum assured return scheme (MARS) for the subscribers of its flagship social security programme,National Pension System(NPS). Currently, returns on the National Pension System (NPS) are linked to the returns of the underlying instruments such as equity, debt or a mix of both.And if the minimum… Continue reading NPS: minimum assured return scheme on the cards
GST on under-construction flats, affordable housing slashed by 7%
The GST Council has decided that (a) Under construction properties priced over ₹45 lakh will attract 5% GST (Goods and Services Tax), instead of 12% and (b) A residential property priced at ₹45 lakh or below will now be defined as “affordable” and taxed at 1% from 8% earlier. However, builders will not be able… Continue reading GST on under-construction flats, affordable housing slashed by 7%
