Economy

SWIFT (Society for World Interbank Financial Telecommunication System) platform

  SWIFT is global financial messaging service that enables financial institutions worldwide to send and receive information about financial transactions in secure, standardized and reliable environment. It is used to transmit messages relating to cross border financial transactions. It was founded in 1973 and is headquartered in La Hulpe, Belgium. It is a cooperative society …

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Jute Industry

Basics about Jute: Jute is one of the important natural fibres after cotton in terms of cultivation and usage. Its cultivation is dependent on climate, season, and soil. Almost 85% of world’s jute cultivation is concentrated in the Ganges Delta. India is largest producer or cultivator of jute in the world (around 60%) followed by …

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Payment Banks

Payment banks are non-full service banks, whose main objective is to accelerate financial inclusion. Payment Banks concept allows mobile firms, supermarket chains and others to cater to banking requirements of individuals and small businesses to further enhance financial inclusion. Payments banks will mainly deal in transfer and remittance services and accept deposits of up to …

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Eight Core Sectors

Core industry can be defined as the main industry. In most countries, there is a particular industry that seems to be the backbone of all other industries and it qualifies to be the core industry. In India, there are eight core sectors comprising of Refinery products (28.04%) Electricity (19.85%) Steel (17.92%) Coal (10.33%) Crude oil …

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National Procurement Policy

Public Procurement: Public procurement in India is about 30% of GDP and most vulnerable to corruption. It is characterized by cartelization, rigging, monopoly, corruption, poor quality of procured goods and services etc. Apart from reduction in corruption, ensuring access for government to best product and service at reasonable prices etc., public procurement policy can bring …

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FDI

Facts: India has received over US $300 billion Foreign Direct Investment (FDI) between April 2000 and September 2016 33% of the FDI came through the Mauritius route. India received US $101.76 billion dollar from Mauritius between April 2000 and September 2016. India’s services sector received maximum 18% of the cumulative equity FDI inflows. FDI in …

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