Economy for UPSC

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ECONOMICS: The Introduction ORGANISING AN ECONOMY 1 Capitalistic Economy 2. State Economy 3. Mixed Economy ROLE OF THE STATE IN AN ECONOMY WASHINGTON CONSENSUS SECTORS OF AN ECONOMY 1. Primary Sector 2. Secondary Sector 3. Tertiary Sector TYPES OF ECONOMIES 1. Agrarian Economy 2. Industrial Economy 3. Service Economy THE IDEA OF NATIONAL INCOME GDP NDP GNP NNP REVISION IN THE BASE YEAR AND METHOD OF NATIONAL INCOME ACCOUNTING INCOME ESTIMATES FOR 2016–17 INTRODUCTION PROGRESS ECONOMIC GROWTH ECONOMIC DEVELOPMENT Introspecting Development 6 HAPPINESS Trends in Happiness The HDR Linkage Conclusion INSIGHTS INTO HUMAN BEHAVIOUR Social Norms, Culture and Development THE BACKGROUND PRIME MOVING FORCE: AGRICULTURE VS. INDUSTRY PLANNED AND MIXED ECONOMY EMPHASIS ON THE PUBLIC SECTOR 1. Infrastructural Needs 2. Industrial Needs 3. Employment Generation 4. Profit and Development of the Social Sector 5. Rise of the Private Sector INTRODUCTION DEFINITION ORIGIN AND EXPANSION OF PLANNING 1. Regional Planning 2. National Planning TYPES OF PLANNING 1. Imperative Planning 2. Indicative Planning INTRODUCTION BACKGROUND MAJOR OBJECTIVES OF PLANNING PLANNING COMMISSION “The Planning Commission will—NATIONAL DEVELOPMENT COUNCIL CENTRAL PLANNING First Plan Second Plan Third Plan Three Annual Plans Fourth Plan Fifth Plan Sixth Plan Seventh Plan Two Annual Plans Eighth Plan Ninth Plan Tenth Plan Eleventh Plan Eleventh Plan: Performance Twelfth Plan MULTI-LEVEL PLANNING WAY TO DECENTRALISED PLANNING THE PLANNING COMMISSION & THE FINANCE COMMISSION THE CHANGING NATURE AND THE ROLE OF PLANNING 6. Differential Development Strategies Adopted 8. Relevance of Planning to Economic Reforms MONITORABLE TARGETS SET BY THE TWELFTH PLAN Health Infrastructure, Including Rural A CRITICAL EVALUATION 3. Highly Centralised Nature of Planning 9. Politicisation of the Planning Process INCLUSIVE GROWTH RESOURCE MOBILISATION INVESTMENT MODELS CENTRAL SECTOR SCHEMES AND CENTRALLY SPONSORED SCHEMES INDEPENDENT EVALUATION OFFICE PROGRAMME EVALUATION ORGANISATION NITI AAYOG RECENT DEVELOPMENTS INTRODUCTION ECONOMIC REFORMS ECONOMIC REFORMS IN INDIA 1. Macroeconomic Stabilisation Measures 2. Structural Reform Measures LIBERALISATION PRIVATISATION GLOBALISATION GENERATIONS OF ECONOMIC REFORMS First Generation Reforms (1991–2000)32 (i) Promotion to Private Sector (ii) Public Sector Reforms (iii) External Sector Reforms (iv) Financial Sector Reforms (v) Tax Reforms Second Generation Reforms (2000–01 onwards)33 (i) Factor Market Reforms (ii) Public Sector Reforms (iii) Reforms in Government and Public Institutions (iv) Legal Sector Reforms (v) Reforms in Critical Areas THE REFORM APPROACH INTRODUCTION DEFINITION WHY INFLATION OCCURS (a) Demand-Pull Inflation (b) Cost-Push Inflation (a) Demand-Pull Inflation (b) Cost-Push Inflation TYPES OF INFLATION OTHER VARIANTS OF INFLATION OTHER IMPORTANT TERMS INFLATION TARGETING BASE EFFECT EFFECTS OF INFLATION 1. On Creditors and Debtors 2. On lending 3. On Aggregate Demand 4. On Investment 5. On Income 6. On Saving 7. On Expenditure 8. On Tax 9. On Exchange Rate 10. On Export 11. On Import 12. On Trade Balance 13. On Employment 14. On Wages 15. On the Self-employed 16. On the Economy INFLATION IN INDIA 1. CPI-IW 2. CPI-UNME 3. CPI-AL 4. CPI-RL 7TH PAY COMMISSION IMPACT INTRODUCTION DEPRESSION RECOVERY BOOM RECESSION GROWTH RECESSION DOUBLE-DIP RECESSION ABENOMICS CONCLUSION INTRODUCTION KHARIF & RABI FOOD PHILOSOPHY OF INDIA LAND REFORMS Phase-I 1. Abolition of Intermediaries 2. Tenancy Reforms 3. Reorganisation of Agriculture Phase-II 1. Economic Holding 2. Family Holding 3. Optimum Holding GREEN REVOLUTION 1. The HYV Seeds 2. The Chemical Fertilizers 3. The Irrigation 4. Chemical Pesticides and Germicides 5. Chemical Herbicides and Weedicides 6. Credit, Storage, Marketing/Distribution 1. Socio-economic Impact 2. Ecological Impact CROPPING PATTERNS ANIMAL REARING FOOD MANAGEMENT BUFFER STOCK STORAGE FARM SUBSIDIES FOOD SECURITY PDS & FOOD SUBSIDY AGRICULTURE MARKETING SAFEGUARDING AGRITRADE COMMODITY FUTURES MARKET UPSTREAM & DOWNSTREAM REQUIREMENTS SUPPLY CHAIN MANAGEMENT FDI IN UPSTREAM, DOWNSTREAM AND SUPPLY CHAIN MANAGEMENT FARM WASTE DEBATE IRRIGATION FARM MECHANISATION SEED DEVELOPMENT FERTILISERS PESTICIDES AGRI-CREDIT & FARMER’S SUICIDES AGRICULTURE EXTENSION SERVICES PMFBY NATIONAL MISSION FOR SUSTAINABLE AGRICULTURE (NMSA)WTO AND THE INDIAN AGRICULTURE: PROSPECTS AND CHALLENGES WTO AND AGRICULTURAL SUBSIDIES65 AMS Blue Box S&D Box NAMA NATIONAL FOOD SECURITY ACT FOOD PROCESSING Cold Chain, Value Addition and Preservation National Mission on Food Processing (NMFP)DOUBLING FARM INCOME THE WAY AHEAD INTRODUCTION REVIEW OF INDUSTRIAL POLICIES UPTO 1986 1. Reservation of Industries 2. Provision of Licencing 3. Expansion of the Public Sector 4. Regional Disparity 5. Emphasis on Small Industries 6. Agricultural Sector Importance Industrial Policy Statement, 1969 Industrial Policy Resolution, 1985 & 1986 NEW INDUSTRIAL POLICY, 1991 1. De-reservation of the Industries 2. De-licencing of the Industries 3. Abolition of the MRTP Limit 4. Promotion to Foreign Investment 5. FERA Replaced by FEMA 6. Location of Industries 7. Compulsion of Phased Production Abolished 8. Compulsion to Convert Loans into Shares Abolished DISINVESTMENT 1. Token Disinvestment 2. Strategic Disinvestment Proceeds of Disinvestment: Debate Concerning the Use MSME SECTOR SECTORAL CONCERNS Growth and exports Social transformation through women empowerment A historic opportunity Challenges FDI POLICY MEASURES EASE OF DOING BUSINESS MAKE IN INDIA START-UP INDIA INDIAN INFRASTRUCTURE UDAY SCHEME RAILWAYS ROADS CIVIL AVIATION MARITIME AGENDA 2010–20 SMART CITIES PRIVATE SECTOR AND URBANISATION PPP MODELS CONCERNS OF PETROLEUM SECTOR RENEWABLE ENERGY CHALLANGES AND REMEDIES CURRENT SCENARIO INTRODUCTION GLOBAL SCENARIO SERVICES PERFORMANCE RESEARCH & DEVELOPMENT (R & D) SERVICES MANUFACTURING VS. SERVICES GLOBAL NEGOTIATIONS RESTRICTIONS AND REGULATIONS THE NEED FOR REFORMS OUTLINING FUTURE January 2017.INTRODUCTION INDIAN MONEY MARKET MUTUAL FUNDS DFHI INDIAN CAPITAL MARKET (i) All India Financial Institutions (AIFIs)(ii) Specialised Financial Institutions (SFIs)20 (iii) Investment Instituions (IIs)(iv) State Level Finance Institutions (SLFIs)FINANCIAL REGULATION Special Statutes for Certain Financial Intermediaries INTRODUCTION NBFCS RESERVE BANK OF INDIA CREDIT AND MONETARY POLICY CRR SLR Marginal Standing Facility (MSF)16 BASE RATE MCLR REVISED LMF NATIONALISATION AND DEVELOPMENT OF BANKING IN INDIA REGIONAL RURAL BANKS (RRBS)COPERATIVE BANKS FINANCIAL SECTOR REFORMS 1. On Directed Investment 2. On Directed Credit Programme 3. On the Structure of Interest Rates 4. On Structural Reorganisation of the Bank 5. Asset Reconstruction Companies/Fund BANKING SECTOR REFORMS DRI NON-PERFORMING ASSETS PUBLIC SECTOR ASSET REHABILITATION AGENCY (PARA)WILFUL DEFAULTER CAPITAL ADEQUACY RATIO BASEL III COMPLIANCE OF THE PSBS & RRBS NON-RESIDENT INDIAN DEPOSITS Guidelines for Licensing of New Banks LABELS OF ATM Non-Operative Financial Holding Company (NOFHC)57 NIDHI CHIT FUND SMALL & PAYMENT BANKS FINANCIAL INCLUSION ALM OF BANKS GOLD INVESTMENT SCHEMES MUDRA BANK DEFINITION INSURANCE INDUSTRY LIC GIC AICIL INSURANCE REFORMS IRDA REINSURANCE DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (DICGC)EXPORT CREDIT GUARANTEE CORPORATION (ECGC)NATIONAL EXPORT INSURANCE ACCOUNT (NEIA)THE CHALLENGE AHEAD INSURANCE PENETRATION NEW REFORM INITIATIVES NEW INSURANCE SCHEMES DEFINITION PRIMARY AND SECONDARY MARKETS STOCK EXCHANGE NSE OTCEI ISE BSE SME Exchanges: BSESME and Emerge 5 Broker Jobber Market-Maker SEBI COMMODITY TRADING FMC SPOT EXCHANGES Public Issue Rights Issue Private Placement IMPORTANT TERMS OF STOCK MARKET Badla Futures Spread NSCC ESOP SBT OFCDs FOREIGN FINANCIAL INVESTORS ANGEL INVESTOR QFIS SCHEME RFPIS PARTICIPATORY NOTES (PNS)SHORT SELLING IPO RGESS CREDIT DEFAULT SWAP (CDS)SECURITISATION CORPORATE BOND IN INDIA INFLATION-INDEXED BONDS GOLD EXCHANGE TRADED FUNDS e-Gold CPSE ETF PENSION SECTOR REFORMS Financial Stability Development Council (FSDC)REAL ESTATE & INFRASTRUCTURE INVESTMENT TRUSTS REITs InvITs OUTLOOK FOR 2017-18 DEFINITION FOREX RESERVES EXTERNAL DEBT FIXED CURRENCY REGIME4 FLOATING CURRENCY REGIME5 MANAGED EXCHANGE RATES FOREIGN EXCHANGE MARKET EXCHANGE RATE IN INDIA TRADE BALANCE TRADE POLICY DEPRECIATION DEVALUATION REVALUATION APPRECIATION CURRENT ACCOUNT CAPITAL ACCOUNT BALANCE OF PAYMENT (BOP)CONVERTIBILITY LERMS NEER REER EFF IMF CONDITIONS ON INDIA HARD CURRENCY SOFT CURRENCY HOT CURRENCY HEATED CURRENCY CHEAP CURRENCY DEAR CURRENCY SPECIAL ECONOMIC ZONE GAAR RISKS IN FOREIGN CURRENCY BORROWINGS GLOBAL FDI INDIA’S EXTERAL SCENARIO NEW STEPS TO PROMOTE TRADE EXCHANGE RATE MONITORING RTAS BY INDIA NEW FOREIGN TRADE POLICY TRANS-PACIFIC PARTNERSHIP TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP DEGLOBALISATION AND INDIA INTERNATIONAL MONETARY SYSTEM BRETTON WOODS DEVELOPMENT INTERNATIONAL MONETARY FUND WORLD BANK IBRD IDA IFC MIGA ICSID INDIA’S BIPA ASIAN DEVELOPMENT BANK OECD WORLD TRADE ORGANIZATION (WTO)NAIROBI NEGOTIATIONS & INDIA BRICS BANK ASIAN INFRASTRUCTURE INVESTMENT BANK TAX METHODS OF TAXATION A GOOD TAX SYSTEM Fairness METHODS OF EXPENDITURE VALUE ADDED TAX GOODS AND SERVICE TAX ADDITIONAL EXCISE DUTY CST REFORMS SERVICE TAX COMMODITIES TRANSACTION TAX SECURITIES TRANSACTION TAX CAPITAL GAINS TAX MINIMUM ALTERNATE TAX INVESTMENT ALLOWANCE TAX EXPENDITURE COLLECTION RATE 14TH FINANCE COMMISSION FFC RECOMMENDATIONS CONCEPTS RELATED TO FC DIRECT TAX REFORMS LEGITIMACY AND TAXATION INCOME AND CONSUMPTION ANOMALY FUTURE OUTLOOK INTRODUCTION BUDGET (i) Revised Estimate (RE)(ii) Quick Estimate (QE)(iii) Advance Estimate (AE)Developmental and Non-developmental Expenditure Revenue Receipts (i) Loan Recovery (ii) Borrowings by the Government (iii) Other Receipts by the Government DEFICIT FINANCING FISCAL POLICY INDIAN FISCAL SITUATION: A SUMMARY FRBM Review Committee LIMITING GOVERNMENT EXPENDITURE FISCAL CONSOLIDATION IN INDIA ZERO-BASE BUDGETING CHARGED EXPENDITURE TYPES OF BUDGETS Outcome and Performance Budgets 58 CUT MOTION TRILEMMAS TREASURY COMPUTERISATION DIRECT BENEFIT TRANSFER66 EXPENDITURE MANAGEMENT COMMISSION NEED OF PUBLIC INVESTMENT FUTURE OUTLOOK INTRODUCTION GLOBAL EMISSIONS SUSTAINABLE DEVELOPMENT GOALS (SDGS)PARIS AGREEMENT (COP 21)GREEN FINANCE CLIMATE FINANCE GCF GEF SUSTAINABLE DEVELOPMENT AND CLIMATE CHANGE IN THE INDIAN CONTEXT INDCS INDIA AND CLIMATE CHANGE SAPCC NAFCC OUTLOOK FOR THE FUTURE Epilogue INTRODUCTION HDR 2015 GENDER ISSUES POVERTY ESTIMATES PROMOTING INCLUSIVE GROWTH DEMOGRAPHICS SOCIO-ECONOMIC AND CASTE CENSUS EDUCATIONAL SCENARIO EMPLOYMENT SCENARIO Skill Gap LABOUR REFORMS CHILD LABOUR HEALTH SCENARIO SOCIAL SECTOR EXPENDITURE POLICY SUGGESTIONS 1. BAD BANK 2. DEMOGRAPHIC DIVIDEND 3. TWIN BALANCE SHEET CRISES 4. UNIVERSAL HEALTHCARE 5. AFTEREFFECTS OF DEMONETISATION 6. ADDRESSING INEQUALITY 7. UNIVERSAL BASIC INCOME 8. LEGITIMACY IN STATE AND SOCIO-ECONOMIC TRANSFORMATION 9. FARM INDEBTEDNESS AND AGRIPOLICY 10. DEGLOBALISATION—THE AFTEREFFECTS ABUSE OF DOMINANCE ACTIVITY RATE ADRS ADS CONVERSION OFFER ADVERSE SELECTION AGRICULTURAL EXTENSION AGRICULTURAL LABOURER ALPINE CONVERTIBLE BOND AMMORTISATION ANDEAN PACT ANIMAL SPIRIT ANTITRUST APPRECIATION ARBITRAGE ARCS ASSET ASSIGNED REVENUE AUTARKY BACKWARDATION BACK-TO-BACK LOAN BAD BANK BAD DEBT BADLA BALANCED BUDGET BALANCE OF PAYMENTS BALLOON PAYMENT BASING POINT PRICE SYSTEM BELLWETHER STOCK BFS BLACK-SCHOLES BOND BOOK BUILDING BRACKET CREEP BROAD BASED FUND BROWNFIELD LOCATION BUBBLE BUDGET LINE BULLET REPAYMENT BULLION BUSINESS CYCLE BUSY AND SLACK SEASONS BUYER’S MARKET BUYOUTS CAMELS CAPITAL CAPITAL ADEQUACY RATIO CAPITAL CONSUMPTION CAPITAL-OUTPUT RATIO CARBON CREDIT CARRY TRADE CASH COW CAVEAT EMPTOR CETERIS PARIBUS CHINESE WALL CIRCUIT LIMIT CLASSICAL ECONOMICS CLEAN COAL COLLATERAL CLOSED SHOP COLLECTIVE PRODUCTS COMMITTED EXPENDITURE COMMODITIES TRANSACTION TAX COMMODITY MONEY COMMUNITISATION COMPARATIVE ADVANTAGE CONSOLS CONSORTIUM CONSUMER DURABLES CONSUMER NON-DURABLES CONSPICUOUS CONSUMPTION CONTAGION CONTRARIAN CORE INVESTMENT COMPANIES (CICS)CORPORATE SUSTAINIBILITY INDEX CORRECTION COUNTERVAILING DUTY CREATIVE DESTRUCTION CRONY CAPITALISM CROSS SUBSIDY CROWDFUNDING CROWDING-OUT EFFECT CSR DEBENTURE DEBT RECOVERY TRIBUNAL (DRT)DECOUPLING THEORY DEINDUSTRIALISATION DEMAT ACCOUNT DEMERGER DERIVATIVES DIIS DIRECT COST DIRECT INVESTMENT DIRTY FLOAT DISCOUNT HOUSE DISGORGEMENT DISSAVING DOMINO EFFECT DOW-JONES INDEX DUMPING DUTCH DISEASE DUTY DRAWBACK SCHEME DUTY ENTITLEMENT PASSBOOK SCHEME E-BUSINESS E-COMMERCE ECONOMIES OF SCALE ECONOMIES OF SCOPE EDGEWORTH BOX EFFECTIVE REVENUE DEFICIT ENGEL’S LAW ENVIRONMENTAL ACCOUNTING ENVIRONMENTAL AUDIT ENVIRONMENTAL TAXES EQUITY LINKED SAVING SCHEME EQUITY SHARE ESCROW ACCOUNT ESOPS EXPLODING ARMS EXTERNALITIES FCCB FEDERAL FUND RATE FIDUCIARY ISSUE FINANCIAL CLOSURE FINANCIAL STABILITY BOARD (FSB)FISCAL DRAG FISCAL NEUTRALITY FISHER EFFECT R = r + F;FLAG OF CONVENIENCE FORCED SAVING FOB FORM OF A LIFE INSURANCE FIRM FORWARD CONTRACT FORWARD TRADING FRACTIONAL BANKING FREE GOODS FREE TRADE FREE PORT FRINGE BENEFIT TAX GALLUP POLL GAME THEORY GDRS GIFFEN GOOD GINI COEFFICIENT GOLDEN HANDSHAKE GOLDEN HANDCUFF GOLDEN HELLO GOLDEN RULE GOODHART’S LAW GO-GO FUND GREATER FOOL THEORY GREENFIELD INVESTMENT GREENFIELD LOCATION GREEN REVOLUTION & INSTITUTIONS GREENSHOE OPTION GRESHAM’S LAW GREENSPAN PUT GREY MARKET GROWTH RECESSION HEDGE FUNDS HERFINDAHL INDEX HIDDEN PRICE RISE HIDDEN TAX HISTORIC COST HOARDING HOG CYCLES IMPOSSIBLE TRINITY INDIA’S SOVEREIGN RATING INDIFFERENCE CURVE INDUCED INVESTMENT IIFCL INFERIOR PRODUCT INFLATION INSIDER TRADING INSOLVENCY INVENTORY INVISIBLE HAND IPO I-S SCHEDULE ISLAMIC BANKING ISOCOST LINE ISOCOST CURVE J-CURVE EFFECT JOBBER JUNK BOND KERB DEALINGS KHILJI EFFECT KLEPTOCRACY KONDRATIEFF WAVE LAF LAFFER CURVE LIAR LOANS LIBOR LIFE-CYCLE HYPOTHESIS LIFE INSURANCE: SOME IMPORTANT TERMS Variable Universal Life Insurance Policy Premium Annuity Lapse Lump Sum LIQUIDATION LIQUID ASSET LIQUIDITY LIQUIDITY PREFERENCE LIQUIDITY TRAP L-M SCHEDULE LOCAL AREA BANK LOCOMOTIVE PRINICIPLE LORENZ CURVE LUMP OF LABOUR FALLACY MACRO AND MICRO ECONOMICS MARGINAL STANDING FACILITY (MSF)MARGINAL UTILITY MARKET CAPITALISATION MARKET MAKER MASCS MARSHALL PLAN MENU COST MID-CAP FUNDS MFBS MID-CAP SHARES MERCHANT BANKING MEZZANINE FINANCING MIBID MIBOR MONEY ILLUSION MORAL HAZARD MOST FAVOURED NATION NARROW BANKING NASH EQUILIBRIUM NEO-CLASSICAL ECONOMICS NET INCOME NET WORTH NEW PENSION SCHEME NINJA NOMINAL VALUE NON-WORKERS NORKA NORMAL GOODS NULL HYPOTHESIS NUMERAIRE NVS OIL BONDS OKUN’S LAW OPEN MARKET OPERATION OPPORTUNITY COST OVER THE COUNTER PARALLEL IMPORTING PARETO PRINCIPLE PARKINSON’S LAW PENNY STOCKS PHILLIPS CURVE PIGGYBACK LOAN PIGOU EFFECT PREFERENCE SHARES PRICE-EARNING RATIO PRIMARY AND SECONDARY MARKET PRIMARY DEALER PRISONER’S DILEMMA POPULATION TRAP POVERTY TRAP PREDATORY PRICING PPP PURCHASE TAX QIP Q THEORY RANDOM WALK REDLINING RENT RENT-SEEKING RENT-SEEKING BEHAVIOUR REPLACEMENT COST RESIDUAL RISK RETAIL BANKING RETROCESSION REVERSE TAKEOVER RESIDUAL UNEMPLOYMENT REVERSE MORTGAGE REVERSE YIELD GAP REVEALED PREFERENCE RICARDIAN EQUIVALENCE RISK SEEKING RULE OF THUMB ROUNDING ERROR SALARY SATISFYING THEORY SAY’S LAW SECOND-BEST THEORY SECURITIES TRANSACTION TAX SEIGNORAGE SEQUESTRATION SHADOW BANKING SHARPE RATIO SHORT SELLING SHUTDOWN PRICE SKIMMING PRICE SMURFING SOCIAL COSTS SOLVENCY MARGIN SOVEREIGN RISK SPOT PRICE SPREAD STANDARD DEVIATION STEALTH TAX STOCHASTIC PROCESS SUB-PRIME CRISIS SUBSIDY BIDDING SUBSTITUTION EFFECT SUNK COSTS SWAP SWFS SWISS FORMULA SYSTEMIC RISK TAKEOVER TAKEOVER BID TAX INVERSION TECHNOLOGICAL UNEMPLOYMENT THIRD-PARTY INSURANCE THIRD WAY TIGHT MONEY TILL MONEY TOBIN TAX TOTAL PRODUCT TRADE CREATION TRAGEDY OF THE COMMONS TRANSFER PAYMENTS TRANSFER EARNINGS TRANSFER PRICE ULIPS & MFS UNDERWRITING UNSECURED LOAN USURY VGF VEBLEN EFFECT VELOCITY OF CIRCULATION VENTURE CAPITAL VULTURE FUNDS VOSTRO ACCOUNT WALRAS’ LAW WASTING ASSET WEIGHTLESS ECONOMY WELFARE ECONOMICS WILDCAT STRIKE WILLIAMSON TRADE-OFF MODEL WINNER’S CURSE WITHHOLDING TAX WORKER (CENSUS DEFINITION)WORKER POPULATION RATIO WORKFARE X-INEFFICIENCY YIELD GAP ZERO-COUPON BOND ZERO-SUM GAME ZERO TILLING SET- 1 SET- 2 SET- 3 SET- 4 SET- 5 SET- 6 Q.1 “A hard and fast control on the government’s fiscal freedom may be counterproductive to the economy”. In light of this statement, discuss the changing idea about the FRBM Act in the country.Q.2 Write a short note on the new initiatives taken by the RBI in recent times aimed at streamlining the credit and monetary policy.Q.3 Briefly discuss the Marginal Cost of funds based Lending Rate (MCLR) and its objectives, operationalised by the RBI since 2016–17.Q.4 “The idea of the NITI has given a completely new dimension to the process of development planning in the country.” Comment.Q.5 “MUDRA Bank is aimed at the twin objectives of financial inclusion and growth promotion.” In light of this statement, write a short note on the Bank.Q.6 Briefly discuss the ‘Nairobi Package’ of the WTO’s 10th Ministerial Conference.Q.7 “For a remunerative farming India needs to first secure a healthy industrial expansion”. Give your comments in light of the changed economic contours of India.Q.8 ‘In the changed global scenario India needs modify its policy outlook in monitoring its exchange rate”. Comment.Q.9 “India’s trade outlook needs a policy shift amidst the global paradigm shift in the aftermath of the Brexit and the US elections”. Analyse.Q.10 Briefly discuss the legitimacy of preferential trade agreements (PTAs) and free trade agreements (FTAs). Review the India’s experience regarding them. Give your suggestions to make them favourable to India.Q.11 Briefly discuss the Government’s stand on the advices of the FRBM Act review committee which submitted its report recently.Q.12 India has tried to give a new impetus to its trade in recent years—briefly highlight the major latest steps taken by the GoI in this regard.Q.13 “The NBFCs are fast emerging as an important segment of Indian financial system and are complementing the banking sector”. Give your comments in light of the regulatory framework for the NBFCs.Q.14 Briefly highlight the major reasons for recent upsurge in the NPAs of the public sector banks and also describe the steps taken by the RBI to check them.Q.15 Write a note on the current policy regarding the use of disinvestment proceeds and also justify the same.Q.16 Write a note on the official criteria regarding the term ‘wilful defaulter’ and also discuss the regulatory norms which apply on such individuals/entities.Q.17 Write a shot note on current situation of the capital adequacy of public sector banks and also discuss the government’s attempts to make them compliant to the Q.18 Briefly discuss the concept ‘Divisible Pool’ regarding the devolution of resources by the Fianance Commission and also highlight the changes which occured in it in recent times.Q.19 Write a short note on the revised liquidity management framework (LMF) put in place recently by the RBI. Also Q.20 What are tax-havens and how are they promoting corruption in India?Q.21 ‘Economic reforms with a human face’. Examine the rationale behind it and the possible outcomes.Q.22 Write a note on the present situation regarding current and capital account convertibility of rupee.Q.23 What is the term ‘balance of payment’? Write a note on recent policies regarding BoP management in India.Q.24 Critically examine the recently announced disinvestment policy for the public sector undertakings.Q.25 Write a note on the prospects and challenges to Indian agriculture in the WTO regime.Q.26 “India’s income and consumption pattern show a huge anomaly”. Analyse with suitable illustrations.Q.27 Discuss the challenges related to providing universal healthcare in India.Q.28 Write a short note on India’s policy steps regarding harnessing the ‘demographic dividend’.Q.29 Write a short note on the relationship between stock market and the economy.Q.30 Write a short note on the sub-prime crisis and point out the lessons for India.Q.31 What is Double Taxation? Write a current note on the situation of the Double Taxation policy followed by India.Q.32 ‘India’s economic policies are neo-liberal.’ Examine.Budgets 2015–16 and 2016–17)—Q.33 Discuss the transformational reforms initiated by the Government in recent times.Q.34 Discuss the challenges faced by the public sector banks in the light of the emerging business opportunities in the banking sector.Q.35 Briefly discuss the factors due to which insurance penetration remains low in India, even after insurance reforms commencing over two and half decades ago.Q.36 “To build fiscal capacity, it is essential for India to create legitimacy in the state”. Comment.Q.37 “Hybrid Annuity Model of the PPP recently announced by the GoI for the road sector is a timely modification of the existing model.” Give your comments with suitable illustrations.Q.38 “There is a perception that vocational education and skill development are meant for people who have failed to join mainstream education.” In light of this statement discuss the situation of ‘skill gap’ in the economy and the recent steps taken by the government in this regard.Q.39 “Improving the performance of social sector will make India achieve three goals in one move—fiscal consolidation, better human capital formation and enhanced welfare”. Comment on the statement and also give your advices to improve the situation of the social sector.Q.40 “Sanitation has a direct link with the women’s fundamental right to privacy”. Examine.Q.41. “Enhancing water productivity and irrigation efficiency can do miracle to the agricultural development in India”. Comment in light of the idea of ‘more crop per drop’.Q.42 “The gradual approach to economic reforms has given its own dividends to India”. Comment with suitable illustrations.Q.43 “Farm mechanisation is not only the need of the hour but it has potential of giving high dividends to a largely non-remunerative farm sector of India”. Comment.Q.44 “Of late, India has also realised that influencing social norms will bring in multiple socio-economic dividends to the economy.” Comment with the help of suitable current illustrations.Q.45 “Institutional lending does not provide any safeguard to farmers’ suicides caused by bankruptcy and indebtedness”. Examine with illustration.INTRODUCTION SECTION 1: PERFORMANCE IN 2016—17 INFLATION FINANCIAL SECTOR EXTERNAL SECTOR AGRICULTURE INDUSTRY AND INFRASTUTURE SERVICES SECTOR HUMAN DEVELOPMENT CLIMATE CHANGE SECTION 2: POLICIES IN PERSPECTIVE FUTURE OUTLOOK SECTION 3: OUTLOOK FOR 2017—18 LATEST INTRODUCTION FARMERS AND FARM SECTOR RURAL POPULATION YOUTH THE POOR AND THE UNDERPRIVILEGED INFRASTRUCTURE FINANCIAL SECTOR DIGITAL ECONOMY PUBLIC SERVICE PRUDENT FISCAL MANAGEMENT PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR MEASURES FOR STIMULATING GROWTH PROMOTING DIGITAL ECONOMY TRANSPARENCY IN ELECTORAL FUNDING EASE OF DOING BUSINESS PERSONAL INCOME-TAX GOODS AND SERVICES TAX RAPID (REVENUE, ACCOUNTABILITY, PROBITY INFORMATION AND DIGITISATION)