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Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Prelims and Mains focus: about the scheme and its benefits; about LLPs and their advantages News: The government is set to introduce an amnesty scheme for Limited Liability Partnership (LLP) firms for delays in mandatory filings which could benefit 20-25 per cent of the 1.25 lakh LLPs registered in the country. Aim: The move is
Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth. Prelims and Mains focus: about the currency swap agreement and its significance News: Reserve Bank of India (RBI) governor made a case for international multilateral agencies like the International Monetary Fund (IMF) launching currency swaps for countries affected by the spread of COVID-19, also known as coronavirus. Need A
Rebate of State and Central Taxes and Levies (RoSCTL) The Union Cabinet has given its approval for continuation of the Rebate of State and Central Taxes and Levies (RoSCTL) from 1st April, 2020 onward until it is merged with the Remission of Duties and Taxes on Exported Products (RoDTEP). Continuation of RoSCTL beyond 31st March, 2020 is expected to make the textile sector competitive by rebating all taxes/levies which are currently not being rebated under a
Volatility index Part of: GS Prelims and GS-III- Econo VIX (Volatility index) is an index used to measure the near term volatility expectations of the markets. Volatility signifies the rate and magnitude of change in the stock price or index value. The movement in the VIX index reflects the overall market volatility expectations over the next 30 days. Given the nature of the index, it is also known as ‘fear gauge’ or ‘fea
Exchange Traded Fund An Exchange-Traded Fund (ETF) is a basket of securities that trade on an exchange, just like a stock. ETF reflects the composition of an Index, like BSE Sensex. Its trading value is based on the Net Asset Value (NAV) of the underlying stocks (such as shares) that it represents. ETF share prices fluctuate all day as it is bought and sold. This is different from mutual funds that only trade once a day after the market closes.
National Securities Depository Limited PT PICKUPS The enactment of Depositories Act in August 1996 paved the way for establishment of NSDL in August 1996. It handles most of the securities held and settled in dematerialized form in the Indian capital market. NSDL works to support the investors and brokers in the capital market of the country. It aims at ensuring the safety and soundness of Indian marketplaces by developing settlement solutions that increase efficiency, m
Financial Intelligence Unit-India FIU-IND is a central, national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. It was set up in 2004. It is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.
Angel Funds Part of: GS Prelims and GS-III- Economy-tax Angel funds refers to a money pool created by high networth individuals or companies (generally called as angel investors), for investing in business start ups. They are a sub-category of venture capital funds with strict focus on startups, while venture capital funds generally invest at a later stage of development of the investee company. In India the term Angel Funds is defined in SEBI (Alternative Investment Funds) (Amendment)
Gadgil-Mukherjee Formula Up to 3rd Five Year Plan (FYP) [1961-66] and during Plan Holiday (1966-69), allocation of Central Plan Assistance was schematic and no formula was in use. The Gadgil Formula comprising (i) Population [60%] (ii) Per Capita Income (PCI) [10%] (iii) Tax Effort [10%] (iv) On-going Irrigation & Power Projects [10%] and (v) Special Problems [10%] was used during 4th FYP (1969-74) and 5th FYP (1974-78). However, since item (iv) was perceived as being weighted in favou
GDP deflator The Gross Domestic Product (GDP) deflator is a measure of general price inflation. It is calculated by dividing nominal GDP by real GDP and then multiplying by 100. Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation (It is the GDP measured at current prices). Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output (It is the GDP measured at constant pric
M-Sand In three months, the TN State government will put in place an M-sand policy that aims to promote the use of M-sand as an alternative building material. It is aimed to eliminate the pervasion of sub-standard products in the market through regulation of trade. Manufactured sand (M-Sand) M-sand is a substitute of river sand for concrete construction. Manufactured sand is produced from hard granite stone by crushing. The crushed sand is of cubical shape with groun
Foreign Currency Assets (FCA) FCAs are assets that are valued based on a currency other than the country's own currency. FCA is the largest component of the forex reserve. It is expressed in dollar terms. The FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Special drawing rights (SDR) The SDR is an international reserve asset, created by the IMF in 1969 to sup
Morgan Stanley Capital International (MSCI) MSCI is the world’s biggest index compiler, with more than $10 trillion in assets benchmarked to its products. Recently it said, China’s local currency shares referred to as China ‘A’ shares would be added to the index. MSCI is closely tracked by global investors and inclusion of china’s shares will open up investment interest from foreign investors and adds financial credibility. If china continues to gain mor
What is Gross Value Added, and how is it relevant when growth is announced in GDP terms? THE HINDU Explained Part of: GS-III- Economic DATA (PT-MAINS-PERSONALITY TEST) Why are the GVA figures in focus now? How is the GVA data relevant when economic growth is announced in GDP terms? BackGROUND The National Statistical Office (NSO), on May 29, released its provisional estimates of national income for the financial year 2019-20. As per the NSO, real GDP (Gross Domestic Product) i
Centre for Science and Environment (CSE) The Centre for Science and Environment (CSE) is a public interest research and advocacy organization based in New Delhi. The Centre for Science and Environment (CSE) has been ranked the top environment policy think tanks in India and 16th at the global level. The rank was given by The Think Tanks and Civil Societies Program (TTCSP) of the Lauder Institute at the University of Pennsylvania. CSE publishes the fortnightly Magazine ‘Down to Eart
Index Numbers of Wholesale Price in India for the month of May, 2020 The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade is releasing index numbers of wholesale price in India for the month of May, 2020 (Provisional) and for the month of March 2020 (Final). Provisional figures of Wholesale Price Index (WPI) are released on 14th of every month (or next working day) with a time lag of two weeks of the reference month . Wholesale Price Index for
Current Account The current account measures the flow of goods, services, and investments into and out of the country. It represents a country’s foreign transactions and, like the capital account, is a component of a country’s Balance of Payments (BOP). A nation’s current account maintains a record of the country’s transactions with other nations that includes net income, including interest and dividends, and transfers, like foreign aid. It comprises of foll
What Is Severance Pay? Severance pay is the compensation and/or benefits an employer provides to an employee after employment is over. Severance packages may include extended benefits, such as health insurance and outplacement assistance to help an employee secure a new position. It is given under Industrial Disputes Act,1947 if a worker is employed for a period of 248 days. Employers offer packages to employees who are laid off, whose jobs are eliminated because of downsizing, or who
Walter Scheidel’s Analysis Walter Scheidel, the Austrian economic historian, argues that throughout human history, there have been four types of catastrophic events that have led to greater economic equality: pandemic, war, revolution and state collapse. In Scheidel’s analysis, the decline in inequality is a result of excess mortality that raises the price of labour.
GDP to contract by 7.7% this year India’s real GDP (Gross Domestic Product) is estimated to contract by 7.7% in 2020-21, with GVA (Gross Valued added) shrinking by 7.2%, advance estimates released by the National Statistical Office show. India’s economy had expanded 4.2% in 2019-20, but entered a recessionary phase with two successive quarters of sharp contraction triggered by the COVID-19 lockdowns. Following a 23.9% collapse in the economy in the April-June period, the GD
India’s Fiscal Deficit to exceed 7% India’s fiscal deficit for the year ending in March is likely to exceed 7% of gross domestic product, three sources told Reuters, as revenue collections suffered from a lockdown and restrictions to rein in the spread of COVID-19. The government had in February projected a deficit of 3.5% for the current year. It estimated government borrowing of Rs. 7.8 trillion, later revised to Rs. 12 trillion, to provide relief to millions of people a
World food price index by FAO World food prices rose for a seventh consecutive month in December, with all the major categories, barring sugar, posting gains last month, the United Nations food agency said. The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 107.5 points last month versus 105.2 in November. For the whole of 2020, the benchmark index averaged 97.
"If the interest rate paid by the government is less than the growth rate, then the intertemporal budget constraint facing the government no longer binds."- economist Olivier Blanchard. The “intertemporal budget constraint” means that any debt outstanding today must be offset by future primary surpluses. If the Interest Rate-Growth Differential (IRGD), the difference between the interest rate and growth rate, becomes negative, the governments need not worry about de
Liquidity Coverage Ratio (LCR) indicates the proportion of highly liquid assets held by banks to ensure their ability to meet short-term obligations. This ratio is essentially a generic stress test that aims to make sure that financial institutions possess suitable capital to ride out any short-term liquidity disruptions. How to Calculate the Liquidity Coverage Ratio? The LCR is calculated by dividing a bank's high-quality liquid assets by its total net cash flows, over
Remote Work Models Introduction The first known remote worker was an employee of NASA in the early 70’s. In 1996, the National Telecommuting Initiative was launched in the U.S. to promote remote work within the government. As a result, Congress approved the use of telecommuting in Federal agencies. Type-1: Centralized Office + Occasional Work-from-Home With this model, employees are required to work primarily from the office, but with the occasional work-from-home opt
Agglomeration Economies: A localized economy in which a large number of companies, services, and industries exist in close proximity to one another and benefit from the cost reductions and gains in efficiency that result from this proximity. If an area specialises in the production of a certain type of good, all firms can benefit from various factors such as: Good supply networks Supply of trained workers Infrastructure built specifically for the industry Good transport li
The Supreme Court ordered the Tamil Nadu govt. to give information on the ‘rule curve’ for the Mullaperiyar dam. What is Rule Curve? The ‘rule curve’ in a dam decides the fluctuating storage levels in a reservoir. The gate opening schedule of a dam is based on the ‘rule curve’. It is part of the “core safety” mechanism in a dam. Rules curves are used to guarantee the safety of the reservoir as well as water security. About
Major Committees – Indian Banking system Committee Purpose Banking and Financial Sector Reforms Basel Committee Banking Supervision Bimal Jalan For New Bank Licenses Raghuram Rajan Committee For Financial Sector Reforms For Banki
K shaped recovery vs V shaped recovery in India What is a K-shaped recovery? A K-shaped recovery is a post-recession scenario in which one segment of the economy begins to climb back upward while another segment continues to suffer. If illustrated, the economic growth would roughly resemble the two diverging diagonal lines of the letter "K" - hence the name. This is quite unusual. Traditionally, when the economy dips, it's felt throughout every industry and demogr
About Chief Economic Advisor The Chief Economic Adviser (CEA) is a post in the Government of India and is equivalent to the rank of Secretary to the Government of India. The CEA is head of the Economic Division of the Department of Economic Affairs, Ministry of Finance, Government of India. The CEA is the ex-officio cadre controlling authority of the Indian Economic Service. Until 2009, the CEA’s position was a Union Public Service Commission appointment and until the 1970s al
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