8. Organizations and Their Survey/Reports, MDG - Indian Economy, Civil Services Exam UPSC Notes | EduRev

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Organizations & Their Survey/Reports

 

1.

World Economic & Social Survey

U. N

2.

World Investment Report

UNCTAD

3.

Global Competitiveness Report

World Economic Forum

4.

World Economic Outlook

IMF

5.

Business Competitive Index

World Economic Forum

6.

Green Index

World Bank

7.

Business Confidence Index

NCAER

8.

Poverty Ratio

Planning Commission

9.

Economic Survey

Ministry of Finance

10.

Wholesale Price Index

Ministry of Industry

11.

National Account Statistics

CSO

12.

World Development Indicator

World Bank

13.

Overcoming Human Poverty

UNDP

14.

Global Development Report

World Bank

 

Millennium Development Goals (MDG)

 

1.

Eradicate extreme poverty and hunger

2.

Achieve universal primary education

3.

Promote gender equality and empower women

4.

Reduce child mortality

5.

Improve maternal health

6.

Combat HIV/AIDS, malaria, and other diseases

7.

Ensure environmental sustainability

8.

Develop a global partnership for development

 Components of Money Supply

 

M1

Consists of currency with the public (ie notes & coins in circulation minus cash with the banks)

 

plus demand deposits with the bank (deposits which can be withdrawn without notice) plus

 

other deposits with RBI (usually negligible). Also called narrow money

M2

M1

+ saving deposits + Certificate of Deposits (CDs) + term deposits maturing within a year.

M3

M2

+ term deposits with maturity more than a year + term borrowing of banking system. Also

 

known as broad money.

L1

M3

+ all Deposits with the Post Office Savings Banks (excluding National Savings Certificates)

L2

L1 + Term Deposits with Term Lending Institutions and Refinancing Institutions (FIs) + Term

 

Borrowing by FIs+ Certificates of Deposit issued by FIs; and

L3

L2 + Public Deposits of Non-Banking Financial Companies

 

Four Modes of Services under GATT

Mode 1

Cross border trade, which is defined as delivery of a service from the territory of one

country into the territory of other country;

Mode 2

Consumption abroad - this mode covers supply of a service of one country to the service

consumer of any other country;

Mode 3

Commercial  presence  -  which  covers  services  provided  by  a  service  supplier  of  one

country in the territory of any other country, and

Mode 4

Presence of natural persons - which covers services provided by a service supplier of one

country through the presence of natural persons in the territory of any other country

 

Direct & Indirect Taxes

Direct Tax

Indirect Tax

Corporation Tax

Excise Duties

Income Tax

Service Tax

Interest Tax

Central Value Added Tax (Vat)

Expenditure Tax

Sales Tax

Wealth Tax

Property Tax

Gift Tax

Octroi

Estate Duty

Customs Duties

Land Revenue

Stamp Duties

 

Commissions/Committees & Their Purpose

 

Arjun Sen Gupta

 

Public Sector Enterprise Autonomy

Committee

 

 

Rangarajan Committee

 

Disinvestment of PSUs & Balance of Payments.

Malhotra Committee

 

Insurance Sector & its regulation. Follow up led to setting up of IRDA.

Madhukar Committee

 

Gold exchange traded fund implementation.

L.C. Gupta Committee

 

Derivatives in India Model

Naresh Chandra Committee

 

Corporate Audit & Governance

JJ Irani Committee

 

Company Law

B. Bhattacharya Committee

 

Committee on pension reforms

Rakesh Mohan Committee

 

Small saving & Administered interest rates

Vijay Kelkar Committee

 

FRBM  (fiscal responsibility & budget management) Act implementation

S.P. Gupta Committee

 

Generation of Employment opportunities in the 10th plan.

Raghvan Committee

 

Replacement of MRTP act by competition act.

Eradi Panel

 

Industrial Insolvency.

M.S. Verma

 

Restructuring weak banks

Lakdawala Committee

 

Estimating Poverty line in India

Montek Singh Ahuluwalia

 

Power Sector reforms

Rakesh Mohan Committee

 

Development of Infrastructure in India

AbidHussain Committee

 

Small Scale Sector

Jha Committee

 

MODVAT

Vasudev Committee

 

NBFC

OmkarGoswamiCommitte

 

Industrial Sickness

G.V. Ramakrishna

 

Disinvestment Commission

ArvindVirmani

 

Import Tariff Reform

Vaghul Committee

 

Money Markets India reforms

 

 

FERA

FEMA

Violation of FERA was a criminal offence.

Violation of FEMA is a civil wrong.

Offences under FERA were not compoundable.

Offences under FEMA are compoundable.

Penalty was 5 times the amount involved.

Penalty is 3 times the sum involved.

Citizenship was a criteria to determine residential

Stay in India for more than 182 days is the

status of a person under FERA.

criteria to decide residential status.

There was only one Appellate Authority namely

There are two appellate authorities namely

Foreign Exchange Regulation Appellate Board.

1.

Special Director (Appeals) and

 

2.

Appellate Tribunal for Foreign Exchange.

 

Fiscal Responsibility & Budget Management (FRBM) Act 2003

 

  • The revenue deficit as a ratio of GDP should be brought down by 0.5 per cent every year and eliminated by 2007-08;

 

  • The fiscal deficit as a ratio of GDP should be reduced by 0.3 per cent every year and brought down to 3 per cent by 2007-08;

 

  • The total liabilities of the Union Government should not rise by more than 9 per cent a year;

 

  • The Union Government shall not give guarantee to loans raised by PSUs and State governments for more than 0.5 per cent of GDP in the aggregate;

 

 

Population Policy 2000

The immediate objective of the NPP 2000 is to address the unmet needs for contraception, health care infrastructure, and health personnel, and to provide integrated service delivery forbasic reproductive and child health care. To bring the TFR to replacement levels by 2010. Stable population by 2045 at a level consistent with sustainable economic growth.

National Socio-Demographic Goals for 2010

  1. Address the unmet needs for basic reproductive and child health services, supplies and infrastructure.
  2. Make school education up to age 14 free and compulsory, and reduce drop outs at primary and secondary school levels to below 20 percent for both boys and girls.
  3. Reduce infant mortality rate to below 30 per 1000 live births.
  4. Reduce maternal mortality ratio to below 100 per 100,000 live births.
  5. Achieve universal immunization of children against all vaccine preventable diseases.
  6. Promote delayed marriage for girls, not earlier than age 18 and preferably after 20 years of age.
  7. Achieve 80 percent institutional deliveries and 100 percent deliveries by trained persons.
  8. Achieve universal access to information/counselling, and services for fertility regulation and contraception with a wide basket of choices.
  9. Achieve 100 per cent registration of births, deaths, marriage and pregnancy.
  10. Contain the spread of Acquired Immunodeficiency Syndrome (AIDS), and promote greater integration between the management of reproductive tract infections (RTI) and sexually transmitted infections (STI) and the National AIDS Control Organisation.
  11. Prevent and control communicable diseases.
  12. Integrate Indian Systems of Medicine (ISM) in the provision of reproductive and child health services, and in reaching out to households.
  13. Promote vigorously the small family norm to achieve replacement levels of TFR.
  14. Bring about convergence in implementation of related social sector programs so that family welfare becomes a people centred programme.

 

 

Selected Terms

Revenue Deficit

Difference between revenue expenditure & revenue receipts

Budget Deficit

Difference between total expenditure & revenue receipts

Fiscal Deficit

Budget deficit plus non debt creating capital receipts

Primary Deficit

Fiscal deficit – Interest Payments.

FIPB

Foreign Investment Promotion Council

MIGA

Multilateral Investment Guarantee Agency

 

Miscellaneous Facts:

 

  1. India’s GDP per Capita 622 (US $ PPP). It is 684 US $ for Pakistan.
  2. The top 3 countries with external debt are Brazil (235 billion $), China (193 billion $) & Russia (175 billion $). India is 9th with 112 billion $.
  3. Functional employment occurs when people change from one job to another & there is an interval. This can happen even in a situation of full employment. Structural employment happens when jobs exist for qualified persons but the unemployed do not have the matching qualifications. It also occurs when labour is available, but factors of production are missing. Cyclical unemployment arises out of cycles of recession. Disguised unemployment is when people are employed but their marginal productivity is zero.
  4. The CSO is responsible for estimating the national income. It is assisted by the National Sample Survey Organization (NSSO) which conducts large scale surveys.
  5. The tenth plan has taken the figure of 26% population below poverty line for planning purposes. Out of the total 75% are in rural areas & 25% in urban areas. Orissa (47.5%) has the highest proportion followed by Bihar (42.6%), M.P & Assam.
  6. WPI is a weighted average of indices covering 477 commodities & is a measure of inflation on an economy wide scale. Services do not figure in this. Base year is 1993-94. CPI is computed separately for three groupsviz industrial workers (260 commodities), Urban non-manual employees (180 commodities) & agricultural labourers (60 commodities).
  7. The GDP deflator is arrived at by dividing the GDP at current prices by GDP at constant prices in terms of base year prices (1993-94). This indicates how much growth in GDP is due to price rise & how much due to increase in output.
  8. In WTO terminology, subsidies in general are identified by “boxes” which are given the colours of traffic lights: green (permitted), amber (slow down — i.e. be reduced), red (forbidden). For agriculture, all domestic support measures considered to distort production and trade (with some exceptions) fall into the amber box. In order to qualify for the “green box”, a subsidy must not distort trade, or at most cause minimal distortion. It includes amount spent on research, disease control, infrastructure& food security. Blue box subsidies are held to be trade distorting & include direct payment to farmers to limit production & certain government assistance to encourage agriculture & rural development in developing countries.
  9. Tobin tax is the suggested tax (within 0.1% to 0.25%) on all trade of currency across borders intended to put a penalty on short-term speculation in currencies leading to crisis (Eg. Asian Crisis).
  10. In 1972, 107 companies operating in the general insurance business were nationalized into four groups – NIC, United India Insurance Company, Oriental Insurance Company & New India Insurance Company with GIC as the holding company. These companies can compete against each other in all areas except aviation & crop insurance which are the monopoly of GIC.
  11.  IRDA act 1999 has ended the monopoly of LIC/GIC in the insurance sector.

  12.  The only two national stock exchanges of India are NSE & OTECI (Over the counter exchange of India). BSE is a regional stock exchange.

  13.  At present the value of SDR is fixed in relation to a basket of five currencies – US dollar, German mark, British pound, Frenchfrank& Japanese yen.

  14. Current Account Convertibility – the holders of domestic currency have the right to convert the currency into foreign exchange for any current account purpose such as travel, tourism, trade. Transactions like those in assets are not permissible unless there capital account convertibility.

  15. Ceteris Paribus – ‘Other things remaining equal’. ‘Ad Valorem’ means as per value. Laffercurve – hypothesis that when the tax rate is raised the revenue realized tends to fall. Monopsony – single buyer as opposite of monopoly where there is a single seller. Lorenz curve shows graphical representation of income distribution. The Phillips curve illustrates the relationship between inflation and unemployment.

  16. Bretton Woods Agreement led to the establishment of World Bank & IMF. More developed a country greater would be its dependence on direct tax.

  17. MODVAT (modified value added tax) was introduced in India in 1986 (MODVAT was re-named as CENVAT w.e.f. 1-4-2000). Increase in RBI credit to the government during a year represents Monetised deficit.

  18. A high fiscal deficit leads to adverse effects on BoP, rise in interest rates & a high cost economy.

  19. The reverse repo rate is the rate at which banks park their short-term excess liquidity with the RBI, while the repo rate is the rate at which the RBI pumps in short-term liquidity into the system

  20. PNB is the oldest existing commercial bank in India. India’s short term debt is less than 10 % of India’s total debt.

  21. The title of World Development Report 2005 is “A Better Investment Climate For Everyone”.
  22. The 12th financial commission recommendation would be applicable for the period 2005-2010. Minimum Alternate Tax is a tax on zero tax companies.

  23. Press Note 18 requires that a foreign company in a joint venture with an Indian company cannot get into other wholly owned ventures without the domestic partner’s permission.
  24. Domestic Commercial Banks contribute to the Rural Infrastructure Development fund to the extent of their shortfall in their lending to the priority sector lending.
  25. Capital adequacy ratio affects assets of banks, its share capital & its investment. International Finance Corporation essentially provides loans to boost private sector investment of member countries.

  26. Zero-based Budgeting requires that a program be justified from the ground up each fiscal year. ZBB is especially encouraged for Government budgets because expenditures can easily run out of control if it is automatically assumed what was spent last year must be spent this year

  27. The main source of revenue for the Union government in ascending order of importance are income tax, custom duties, and corporate tax & excise duties.

  28. Prevention of Money Laundering act is applicable to drug trafficking, mafia, gun running etc. Maintaining its increasing trend since 1990-91, except in 1998-99, the share of direct taxes in central tax revenues increased from 19.1 per cent in 1990-91 to 43.3 per cent in 2004-05 (RE) and further to 47.9 per cent 2005-06 (BE).

  29. Trade Related Investment measures (TRIMS) under WTO apply that no restrictions will be imposed on foreign investment in any sector; all restrictions on foreign companies will be scrapped; Imports of raw materials by foreign companies are to be allowed freely.

  30. Participatory Notes (P-Notes) refers to investment in Indian securities by unregulated FIIs & Hedge funds. NCLT will replace the role of Company law board, BIFR & High courts. Fiduciary issue is the paper currency not backed by gold or silver.

Essential Extra Reference:

Various Schemes launched by the government

Capex in various sectors- telecom etc.

Export Import Value with trade in Merchandise

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