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
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.
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
Public sector banks’ long-term strategy on Jan Dhan begins to pay off
According to the government data,the total balance in the bank accounts under Pradhan Mantri Jan Dhan Yojana(PMJDY) scheme has almost reached a total of ₹1-lakh crore. The Jan Dhan accounts opened are mostly in public sector banks which makes up 72.5% of the total number of Jan Dhan accounts and 89.5% of total deposits.The bulk… Continue reading Public sector banks’ long-term strategy on Jan Dhan begins to pay off
Bad debt norms:RBI to seek EC nod
The Reserve Bank of India (RBI) has decided to reach out to the Election Commission (EC) before releasing its new circular for banks. The new circular would replace its February 12 circular that Supreme Court had disallowed earlier.The Model Code of conduct specifically exempted the conduct of monetary policy which is crucial part of the… Continue reading Bad debt norms:RBI to seek EC nod
