Subcategories: Indian Economy |
Every country imposes taxes on the income of its citizens, production activities and services to run their economy. When the government collects tax, then it uses the same to provide basic facilities such as electricity, water, education, hospital and road etc. to its citizens so that the welfare of the people can be increased.
Today, India tagged as the fastest growing economy in the whole world. The size of economy has grown to 2.54 lakh crores which made it the 7th largest economy in the world. In this article, we have compared the changes in the different sectors of economy of India between 2014 to 2017.In this article basically we have compared 3 years of the current NDA government which resumed office in 2014 and performance of previous UPA government.
The productivity, according to the economics is defined as the ratio of the quantity and quality of units produced to the labour per unit of time. When it comes to Country’s economic health then GDP is the only prime indicator. Here, we are giving the list of Most Productive Countries in the World by comparing GDP per hour worked, Average work week (hrs) and Employed Population.
The property which is held by a person in the name of other person but the price has been paid by someone else or somebody uses his/her name to allow someone to buy any house, land or any other property. Moreover, making fixed deposits in bank accounts by other names is also considered a Benami property.
As per the website of RBI, there are 31 state Co-operative banks, 370 central Co-operative banks and 81 commercial banks (20 government and 61 private) working in India. Banking regulation act, 1949 is completely applicable to all the commercial banks of India while Co-operative banks are partially obliged to follow this act.
Usually 12% of Basic Salary is being deducted from employee’s monthly salary and the same amount is being paid by the company. The main objective of EPF deduction from employee’s salary is to provide financial security to employees at the time of retirement. Ministry of Labour renders the interest at the rate 7% to 9% annual on the EPF amount.
At present, the size of Indian economy has grown more than $ 2 trillion and tagged as the highest growing economy in the world. The richest Indian state is Maharashtra, whose State Gross Domestic Product (SGDP) is $ 380 billion which is equal to Norway’s economy. The second richest Indian state is Tamil Nadu whose SGDP is $ 208 billion which is followed by Karnataka (SGDP $ 190 billion).
The government has increased their basic salaries by more than twice. Urjit Patel's basic salary has been increased to Rs. 2.5 lakh and Deputy Governor’s salary has been increased to Rs. 2.25 lakh. This change is effective from January 1, 2016. Prior to this increase, the basic salary of the Governor of the Reserve Bank was Rs.90.000 per month.
In the presence of parallel economy and lesser life of the paper currency notes, the Reserve Bank of India has decided to circulate plastic notes of Rs. 10 denomination in the five cities i.e. Mysore, Kochi, Jaipur, Shimla and Bhubneshwar on trial basis.
‘Budget’ is a systematic list of items of revenue and expenditure of the government of a defined duration or we can say it’s a plan for the income and expenditure of the government for the present, past and future financial years.
Asian Development Bank (ADB) was established in Dec. 1966. The aim of this bank was to accelerate economic and social development in Asia and pacific region. The bank started its functioning on January 1, 1967. Its head quarter is located at Manila, Philippines. Its chairmanship is always given to Japanese and 3 deputy chairmen belong to USA, Europe and Asia.
The Securities and Exchange Board of India is the regulatory body for dealing with all matters related to the development and regulation of securities market in India. It was established on 12th of April in 1988. It is headquartered in Mumbai. SEBI was declared a constitutional body in 1992. At present, Ajay Tyagi is the Chairperson of SEBI.
The Government of India had stated in the budget of 2017-18 that the total income of the government was Rs.21,46,735 cr. while fiscal deficit amounted to Rs. 5,46,532. Government of India receives maximum revenue from Borrowing and other Liabilities (19% of total revenue) while the share of states in taxes and fees (24% of the total expenditure)is the largest item of expenditure.
Reserve Bank of India (RBI) is the supreme monetary authority of India. This organization is responsible for printing of currency notes and managing the supply of money in the Indian economy. RBI works as a custodian of foreign reserve, banker’s bank, banker to the government of India and controller of credit.
India has become the fastest growing economy of the world. The size of Indian economy is $US 4.99 trillion while china stands at $US13.39 trillion in terms of PPP. In this article we have compared these two super powers of the world with the help of authentic data.
A Foreign Direct Investment (FDI) is an investment by foreign investors in the foreign based company. Mainly there are two types of FDI, one is Green Field Investment (a fresh company is established in a foreign country) and the other is Portfolio Investment (shares of a foreign company are purchased or ownership acquired in a foreign company).
ATM card is also known as Debit Card and it is used for online shopping, online bill payments etc .Without going bank we can withdraw money from ATM machine with the help of debit card. In this article we will see that 16 numbers on debit card carries a lot of information including the card issuer and many more.
National Highways Authority of India (NHAI; was set up in 1988) is responsible for development, maintenance and management of Highways in India. In India, the road network extends to 5,472,144 Kilometers out of which 97,991 Kilometers belongs to national highways. India has the second largest road network across the world.
The Union Budget of India, which is known also as the ‘Annual financial statement’ in the Article 112 of the Indian Constitution. The first Union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947. Former Prime Minister Manmohan Singh and former finance minister Yashwant Sinha are the only two leaders who presented the Union Budget of India 5 times consecutively.
Economics is a very crucial subject for all the completive exams like IAS/PCS/SSC/Banking etc. every completive exam ask some questions based on the terminology of economics. So to cater the objectives of the aspirants; Jagran josh is giving some important terms of economics.
White Revolution is associated with a sharp increase in the milk production. The White Revolution in India, also known as Operation Flood was launched in 1970s to make India self dependent in milk production. Dr Verghese Kurien is known as the father of The White Revolution in India. Currently India is the world’s largest milk producer.
An Overview of the GDP of a nation is crucial in understanding the economy of that nation. But, do you know how GDP is defined and how can it be an insight to the Economy of a nation? GDP stands for Gross Domestic Product which helps to calculate the aggregate production; hence it works as economic indicator as well.
India is famous for its unity in diversity that is why the policy makers of the country need to make plans for every citizens of the country. The same is also justified by the launch of programmes like Beti Bachao Beti Padhao Yojna, SABLA, Kaushal Vikas Yojna, MGNREGA and Pradhan Mantri Mudra Yojna etc.
Different ministries of the government of India formulate various development schemes not to raise the profit but to maximise the welfare of the people. Some schemes like National Rural Livelihood Mission, MGNREGA, Bharat Nirman etc. are made by the government for rural development of India.
As we all know, Fraud cases are increasing day by day via internet banking or we can say it as cyber crime which is done by means of computer or internet. Through this article I am making you aware that while using debit card make sure that you will follow these 5 safe measures to keep your account from getting hacked.
PM Modi announced a decisive war against black money and also corruption by demonetising notes of Rs 500 and Rs 1000 which will be no longer legal. So, let us have a look on the benefits of this scheme, how it will be beneficial and also some drawbacks.
PM Modi’s announcement regarding the ban on Rs 500 and 1000 Notes has come as a surprise for all of us. But, this is not the first time that the Indian government has taken such a bold step to tackle the menace of black money. We list down the earlier instance, when the government has demonetized high-value currency.
PAN Card is a Permanent Account Number consisting of 10-digit alphanumeric number, which is used as an identity proof and issued under the Indian Income Tax Act, 1961. PAN Card is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT). The PAN number is important for major financial transactions like opening a bank account, receiving taxable salary, sale or purchase of assets etc.
Under Article 112 of the constitution, a statement of estimated receipts and expenditure, called the 'Annual Financial Statement'. The finance minister of India presents the annual budget every year in the parliament. There are so many terms used during the full budget presentation which are not known to many peoples. So we are explaining a bit about these terms for the convenience of general public and students.
Trade Unions in India are registered and file annual returns under the Trade Union Act (1926). Statistics on Trade Unions are collected annually by the Labour Bureau of the Ministry of Labour, Government of India. Congress associated, the Indian National Trade Union Congress (INTUC) is assumed as the biggest of the seven central trade unions, with a membership of 33.3 million.