UPSC Economics Quiz Notes PDF

07 Sep 2024 08:15

Economic development


🌳Economic development is the quantitative and qualitative change in an economy.

🌳Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.

🌳Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.

🌳Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.

🌳Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.

🌳Economic development is concerned with the happiness of public life.

🌳Economic development comes after economic growth. It is a positive impact of economic growth.

🌳Economic development also refers to:

🌱provision of sufficient and effective physical and social infrastructures

🌱equal access to resources

🌱participation of all in economic activities

🌱equitable distribution of dividends of economy.

🌱Economic development= Economic growth + standard of living

🌱It refers to increase in productivity.

🌱Indicators of economic development are:

Human Development Index (HDI)

Human Poverty Index (HPI)

Gini Coefficient

Gender Development Index (GDI)

Balance of trade

Physical Quality of Life Index (PQLI)

🌱Economic development is the ends of development.

🌱Achieving economic development is linked with end of poverty and inequality.

🌱It is more abstract concept.

🌱Economic development focuses on distribution of resources.

UPSC Economics Quiz Notes PDF

07 Sep 2024 08:15

Differences Between Economics and Economy

The points given below are substantial with respect to the difference between economics and the economy:

1.Economics can be defined as the social science which stresses on the behaviour, interactions and decisions of economic agents regarding the satisfaction of their wants when the resources are limited. On the other hand, Economy refers to an organized system, which encompasses production, distribution, consumption and exchange of goods and services and level of employment in a nation or region.

2 Economics is theoretical, as it contains theories, models and principles. As against, the principles and theories of the economics are practically applied in economy.

3.Economics analyses the way in which individuals, families, organizations and nations make choices in the face of scarcity of resources. Conversely, the economy tells you about the way resources are allocated among different members of society.

4.The primary focus of economics is on how individuals, families, firms and nations, behave and interact, how they make choices, how society uses its limited resources, and how economies work. On the contrary, the main focus of the economy is on how the company’s economic affairs are organized and conducted

UPSC Economics Quiz Notes PDF

07 Sep 2024 08:15

Types of economy


1 .A market-based economy is one where goods and services are produced and exchanged according to demand and supply between participants (economic agents) by barter or a medium of exchange with a credit or debit value accepted within the network, such as a unit of currency.

2. A command-based economy is one where political agents directly control what is produced and how it is sold and distributed.

3.A green economy is low-carbon, resource efficient and socially inclusive. In a green economy, growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and ecosystem services.

4.A gig economy is one in which short-term jobs are assigned or chosen via online platforms.

5..New economy is a term that referred to the whole emerging ecosystem where new standards and practices were introduced, usually as a result of technological innovations.

6.The global economy refers to humanity's economic system or systems overall.

UPSC Economics Quiz Notes PDF

07 Sep 2024 08:11

Money laundering:

"Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions."

Money laundering typically includes three stages: placement, layering and integration stage.

✏️Placement is the first step of money laundering which is the process of moving the money into the legitimate source via financial institutions, casinos, financial instruments etc. and at the same time, hiding its source.

✏️The second stage is “layering”, also referred as “structuring stage”. It breaks the funds into small transactions and makes it difficult to detect and find out about the laundering activity. It usually entails international money movement, so the law enforcement agencies won’t be able to track the financial gains from illegal proceedings so easily.

✏️The third stage is Integration stage, In this stage, money is now returned to the criminals legitimately after it has been placed in the financial system, often breaking it into different multiple smaller financial transactions. Criminals can now retrieve their illicit funds in a legal way after fully integrating them into a legitimate source, and are able to use them for any purpose.

"Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income."

⏺Prevention of Money Laundering Act (PMLA), 2002 is an Act of the Parliament of India enacted by the government to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005.

UPSC Economics Quiz Notes PDF

04 Sep 2024 08:32

📍 POTENTIAL GDP

#Nationalincome

💡 Potential output is what the economy can produce without destabilizing the macroeconomic fundamentals like inflation, interest rates, fiscal deficit and so on.

💡 It is the optimum production that can be achieved over the long term.

💡 The actual GDP is what is produced, and the difference between potential output and actual output is referred to as output gap or GDP gap. It indicates the policies that need to be followed, either to accelerate or decelerate the growth rate.

💡 Sustainability is crucial in deciding on potential output. Sustainability is in terms of prices, fiscal deficit, current account deficit (exports cannot be boosted by devaluing the exchange rate as it can be dysfunctional), financial sector not accumulating Non- Performing Assets (NPAs), etc.

UPSC Economics Quiz Notes PDF

04 Sep 2024 08:32

🔘The Aadhaar-enabled Payment System (AePS)

In News

The Aadhaar-enabled Payment System (AePS) in India has recently faced exploitation by cybercriminals, leading to unauthorized access to users’ bank accounts.

About

◾️The AePS is a bank-led model that allows online interoperable financial transactions at Point of Sale (PoS) or micro-ATMs through the Business Correspondent (BC) of any bank using the Aadhaar authentication.

◾️It was taken up by the National Payments Corporation of India (NPCI) – a joint initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).

◾️The AePS is meant to provide easy and secure access to banking services for the poor and marginalized sections of society, especially in rural and remote areas.

◾️It eliminates the need for OTPs, bank account details, and other financial information.

◾️Transactions can be carried out with only the bank name, Aadhaar number, and captured fingerprint during Aadhaar enrollment.

UPSC Economics Quiz Notes PDF

13 Aug 2024 04:07

🧰SGST
🔷SGST का फुल फॉर्म होता है- State GST. इसका हिंदी में मतलब होता है-राज्य जीएसटी। यह उस राज्य के हिस्से का GST होता है, जहां पर उस सामान की या सेवा की खपत होनी है। खरीदार और विक्रेता एक ही राज्य के होने पर SGST + CGST जोड़कर वसूले जाते हैं।

हिन्दी में इसका अर्थ होता है- माल एवं सेवा कर। इसे, वस्तुओं (Goods) की खरीदारी करने पर या सेवाओं (Services) का इस्तेमाल करने पर चुकाना पड़ता है। जुलाई 2017 के पहले मौजूद कई तरह के टैक्सों (Excise Duty, VAT, Entry Tax, Service Tax वगैरह) को हटाकर, उनकी जगह पर, सिर्फ एक टैक्स GST के नाम से लागू हो गया है।

🧰CGST क्या है ?
🔷सीजीएसटी अंतरराज्यीय लेनदेन के लिए रिलेवेंट है। यानी की उपभोक्ता एवं विक्रेता जब एक ही राज्य से वस्तुओं को सप्लाई करते है। इसमें केंद्र सरकार के द्वारा कर संग्रह को सक्षम करने के लिए वस्तुओं और सेवाओं पर CGST लागू किया जाता है। CGST SGST के साथ एकत्र किया जाता है। CGST उन सभी वस्तुओं पर लगायी जाती है जो घरेलु आवश्यकताओं से लेकर विलासिता तक और विनिर्माण सेवाओं से लेकर पेशेवर सेवाओं तक होती है।

🧰IGST
🔷IGST का फुल फॉर्म होता है-Integrated GST. इसका हिंदी में मतलब होता है-एकीकृत जीएसटी। जब कोई सौदा, दो अलग-अलग राज्यों के कारोबारियों के बीच हौता है तो उस पर दो टैक्स नहीं लगते। बल्कि, सिर्फ एक ही टैक्स लगता है-एकीकृत जीएसटी (Integrated GST)।

UPSC Economics Quiz Notes PDF

27 Jul 2024 07:56

📍CRITICAL INFRASTRUCTURE

#Infrastructure 

Critical infrastructure consists of those assets on which the rest of the economy depends:

💡 Electricity generation, transmission and distribution

💡 Gas production, transport and distribution

💡 Oil and oil products production, transport and distribution.

💡 Telecommunication

💡 Water supply (drinking water, waste water/sewage, stemming of surface water, such as dikes and sluices)

💡 Agriculture, food production and distribution

💡 Public health (hospitals, ambulances)

💡 Transportation systems (fuel supply, railway network, airports, harbours, inland shipping)

💡 Financial services (banking, clearing)

💡 Security services (police, military)

UPSC Economics Quiz Notes PDF

27 Jul 2024 07:56

📍 BUDGET DEFICIT

💡 A budgetary deficit is referred to as the situation in which the spending is more than the income. Although it is mostly used for governments, this can also be broadly applied to individuals and businesses.

💡 In other words, a budgetary deficit is said to have taken place when the individual, government, or business budgets have more spending than the income that they can generate as revenue.


📍 GENDER BUDGETING

💡 GB is concerned with gender sensitive formulation of legislation, programmes and schemes; allocation of resources; implementation and execution; audit and impact assessment of programmes and schemes; and follow-up corrective action to address gender disparities.

💡 A powerful tool for achieving gender mainstreaming so as to ensure that benefits of development reach women as much as men.

💡 Does not seek to create a separate budget but seeks affirmative action to address specific needs of women.

💡 Monitors expenditure and public service delivery from a gender perspective.

💡 Entails dissection of the Government budgets to establish its gender differential impacts and to ensure that gender commitments are translated in to budgetary commitments.


📍 WHAT IS A FISCAL DEFICIT ?

💡 The fiscal deficit is the difference between the government’s total expenditure and its total receipts (excluding borrowing). A fiscal deficit occurs when this expenditure exceeds the revenue generated.

▪︎ Fiscal deficit is when a government’s total expenditures exceed the revenue that it generates (excluding money from borrowings).

▪︎ The deficit does not mean debt, which is an addition of annual deficits.

UPSC Economics Quiz Notes PDF

24 Jul 2024 05:31

🔥UNION BUDGET

1. James Wilson, the British economist, presented the first-ever budget in India in 1860.
2. According to Article 112 of the Constitution of India, the Union Budget of a year is called the Annual Financial Statement. Nowhere in the constitution is the word "budget" mentioned.
3. The first Union Budget of Independent India was presented by the first Union FM, R.K. Shanmukham Chetty.
4. From 1924 to 2016, the General Budget and the Railway Budget were presented separately.
5. India stopped presenting a separate Railway Budget in 2017 after the Union Cabinet approved its merger with the General Budget in 2016.
6. Nirmala Sitharaman is the first full-time woman Union Finance Minister.
7. Nirmala Sitharaman will present her seventh consecutive Union Budget as the Finance Minister.
8. She will break the record of Morarji Desai, who consecutively presented the Union Budget six times.
9. Overall, Morarji Desai holds the record for presenting the Union Budget the most number of times.

UPSC Economics Quiz Notes PDF

18 Jul 2024 10:06

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UPSC Economics Quiz Notes PDF

14 Jul 2024 04:38

🔹Board for Financial Supervision(BFS)🔹

The Reserve Bank of India performs the supervisory function under the guidance of the Board for Financial Supervision (BFS). The Board was constituted in November 1994 as a committee of the Central Board of Directors of the Reserve Bank of India under the Reserve Bank of India (Board for Financial Supervision) Regulations, 1994.

➡️Objective
The primary objective of BFS is to undertake consolidated supervision of the financial sector comprising Scheduled Commercial and Co-operative Banks, All India Financial Institutions, Local Area Banks, Small Finance Banks, Payments Banks, Credit Information Companies, Non-Banking Finance Companies and Primary Dealers.

➡️Constitution
The Board is constituted by co-opting four Directors from the Central Board as Members and is chaired by the Governor. The Deputy Governors of the Reserve Bank are ex-officio members. One Deputy Governor, traditionally, the Deputy Governor in charge of supervision, is nominated as the Vice-Chairman of the Board.

In April 2018, a Sub-committee of the Board for Financial Supervision was constituted, under Para 11 & 12 of the Reserve Bank of India (Board for Financial Supervision) Regulations, 1994. The Sub-committee performs the functions and exercises the powers of supervision and inspection under the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949, in relation to Payments Banks, Small Finance Banks, Local Area Banks, small Foreign Banks, select scheduled Urban Co-operative Banks, select Non-Banking Financial Companies and Credit Information Companies. The Sub-committee is chaired by the Deputy Governor in charge of supervision and includes the three Deputy Governors and two Directors of the Central Board as Members.

➡️BFS Meetings
The Board is required to meet normally once every month. It deliberates on inspection reports, periodic reviews related to banking and non-banking sectors and policy matters arising out of or having relevance to the supervisory functions of the Reserve Bank.

The BFS oversees the functioning of Department of Banking Supervision (DBS), Department of Non-Banking Supervision (DNBS) and Department of Co-operative Bank Supervision (DCBS) and gives directions on regulatory and supervisory issues.

➡️Functions

➖Fine-tuning the supervisory processes adopted by the Bank for regulated entities;

➖Introduction of off-site surveillance system to complement the on-site supervision of regulated entities;

➖Strengthening the statutory audit processes of banks and enlarging the role of auditors in the supervisory process;

➖Strengthening the internal defences within supervised institutions such as corporate governance, internal control and audit functions, management information and risk control systems, review of housekeeping in banks;

➖Introduction of supervisory rating system for banks and financial institutions;

➖Supervision of overseas operations of Indian banks, consolidated supervision of banks;

➖Technical assistance programme for cooperative banks;

➖Introduction of scheme of Prompt Corrective Action Framework for weak banks;

➖Guidance regarding fraud risk management framework in banks;

➖Introduction of risk based supervision of banks;

➖Introduction of an enforcement framework in respect of banks;

➖Establishment of a credit registry in respect of large borrowers of supervised institutions; and

➖Setting up a subsidiary of RBI to take care of the IT requirements, including the cyber security needs of the Reserve Bank and its regulated entities, etc.

UPSC Economics Quiz Notes PDF

01 Jul 2024 03:41

✅ Useful Commerce Abbreviations

ASSOCHAM: Associated Chambers of Commerce and Industry of India
VAT: Value Added Tax
UNCTAD: United Nations Conference on Trade and Development
TDS: Tax Deduction at Source
TIN: Tax Information Network
TAN: Tax Deduction and Collection Account Number
STT: Securities Transaction Tax
SDR: Special Drawing Rights
RTP: Reverse Tranche Position
PAN: Permanent Account Number
OLTAS: Online Tax Accounting System
NYSE: New York Stock Exchange
NSDL: National Securities Depository Limited
NAV: Net Asset Value
NASDAQ: National Association of Securities Dealers Automated Quotation
IPO: Initial Public Offering
IMF: International Monetary Fund
GDR: Global Depositary Receipt
GATT: General Agreement for Trade and Tariff
FPO: Follow-on Public Offer
FII: Foreign Institutional Investors
FICCI: Federation of Indian Chambers of Commerce and Industry
FDI: Foreign Direct Investment
FCCB: Foreign Currency Convertible Bond
ECB: External Commercial Borrowing
DICGC: Deposit Insurance and Credit Guarantee Corporation of India
CPI: Consumer Price Index
CII: Confederation of Indian Industries
BIS: Bureau of Indian Standards
BSR: Basic Statistical Return
ASBA: Application Supported by Blocked Amount
INC.: Incorporated
GP: Gross Profit
FOC: Free of Cost
DISC: Discount
CSR: Corporate Social Responsibility
CPU: Cost Per Unit
CIF: Cost Insurance and Freight
C&F: Cost and Freight
ADR: American Depository Receipt
BEP: Break Even Point
CPA: Certified Public Accountant
COGS: Cost of Goods Sold
CCS: Cash Compensatory Scheme
FOB: Freight on Board
IFCI: Industrial Finance Corporation of India
LLP: Limited Liability Partnership
MRTP: Monopoly and Restrictive Trade Practices
NOI: Net Operating Income
PSU: Public Sector Undertakings

UPSC Economics Quiz Notes PDF

21 Jun 2024 08:16

✍️Major areas of priority
🔺पंचवर्षीय योजनाओं मॆ प्राथमिकता के प्रमुख क्षेत्र

▪️ पहली पंचवर्षीय योजना (1951-56)
– कृषि की प्राथमिकता।  
▪️1st Five Year Plan (1951-56)
– Priority of Agriculture.

▪️दूसरी पंचवर्षीय योजना (1956-61)
– उद्योग क्षेत्र की प्राथमिकता।
▪️2nd Five Year Plan (1956-61)
– Priority of Industry Sector.

▪️तीसरी पंचवर्षीय योजना (1961-66)
– कृषि और उद्योग।
▪️3rd Five Year Plan (1961–66)
– Agriculture and Industry.

▪️चौथी पंचवर्षीय योजना (1969-74)
– न्याय के साथ गरीबी के विकास को हटाया।
▪️4th Five Year Plan (1969-74)
– Removed the development of poverty with justice.

▪️5 वीं पंचवर्षीय योजना (1974-79)
– गरीबी और आत्म निर्भरता को हटाया।
▪️5th Five Year Plan (1974-79)
– Removed poverty and self-reliance.

▪️6ठी पंचवर्षीय योजना (1980-85)
– पाँचवीं योजना के रूप में ही जोर दिया।
▪️6th Five Year Plan (1980-85)
– Emphasized only as the Fifth Plan.

▪️7 वीं पंचवर्षीय योजना (1985-90)
– फूड प्रोडक्शन, रोजगार, उत्पादकता
▪️7th Five-Year Plan (1985–90)
– Food production, employment, productivity

▪️8 वीं पंचवर्षीय योजना (1992-97)
– रोजगार सृजन, जनसंख्या का नियंत्रण।
▪️8th Five Year Plan (1992-97)
– Job creation, control of population.

▪️9 वीं पंचवर्षीय योजना (1997-02)
-7 प्रतिशत की विकास दर.
▪️9th Five Year Plan (1997-02)
– 7 percent growth rate.

▪️10 वीं पंचवर्षीय योजना (2002-07)
– स्व रोजगार और संसाधनों का विकास।
▪️10th Five Year Plan (2002-07)
– Self employment and development of resources.

▪️11 वीं पंचवर्षीय योजना (2007-12)
– व्यापक और तेजी से विकास।
▪️11th Five Year Plan (2007-12)
– Comprehensive and rapid development.

▪️12.वीं पंचवर्षीय योजना (2012-17)
-स्वास्थ्य, शिक्षा और स्वच्छता (समग्र विकास) का सुधार।
▪️12th Five Year Plan (2012-17)
– Reform of health, education and sanitation (overall development).

UPSC Economics Quiz Notes PDF

16 Jun 2024 19:49

CSE-2024 Prelims CSAT Paper

UPSC Economics Quiz Notes PDF

07 Sep 2024 08:15

Economic growth

🌱Economic Growth is the positive change in the indicators of economy.

🌱Economic Growth refers to the increment in amount of goods and services produced by an economy.

🌱Economic growth means an increase in real national income / national output.

🌱It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.

🌱Economic growth is single dimensional in nature as it only focuses on income of the people.

🌱Earlier, economic growth was only measured in terms of Gross Domestic Product (GDP).

🌱At present, it is measured in terms of GDP, Gross National Income (GNI) and Per Capita Income.

🌱Economic Growth is the precursor and prerequisite for economic development.

🌱Indicators of economic growth are GDP, GNI and per capita income.

🌱Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.

🌱It is also considered as a traditional measure of development which indicates the quantitative rise of economy.

🌱Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.

🌱Economic growth is concerned with increase in economy’s output.

🌱It focuses on production of goods and services.

🌱Economic growth is more relevant metric for assessing progress in developed countries.

🌱Economic growth is relatively narrow concept as compared to economic development.

🌱It is for short term/short period.

🌱It is a material/physical concept.

🌱Economic growth is measured in certain time frame/period.

UPSC Economics Quiz Notes PDF

07 Sep 2024 08:15

1.Capitalist Economy: In a capitalist economy (or free-market economy), all the factors of productions are under the ownership and control of private individuals for profit. Basically, private property is the foundation and profit motive is the driver of the capitalist economy.

2.Socialist Economy: In a socialist economy, the factors of production are collectively owned and controlled by the community, indicated by the State. In this economy, there is a central planning authority which decides the allocation of resources among the members of the community.

3.Mixed Economy: Mixed Economy is a combination of a capitalist and socialist economy, wherein both markets and government decide the allocation of resources. In a mixed economy, a system is found that contains the features of both a controlled economy and market economy, and so there is a co-existence of the public and private sectors in this type of economy.

UPSC Economics Quiz Notes PDF

07 Sep 2024 08:15

What is economy

👁An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution and trade, as well as consumption of goods and services by different agents.

👁In general, it is defined 'as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'.

👁 A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors.
👁These factors give context, content, and set the conditions and parameters in which an economy functions.

👁In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone.

UPSC Economics Quiz Notes PDF

07 Sep 2024 08:11

🔍❓ Tax and Non Tax revenue receipts

✔️ The receipts that do not create any liabilities and do not lead to a claim on the government are called revenue receipts.

✔️ These revenue receipts are non-redeemable and can be classified into two categories, namely: tax revenue and non-tax revenue.

✔️ Tax revenues are the vital components of revenue receipts like direct taxes, enterprises, and indirect taxes such as customs duties, excise taxes, and service tax.

✔️ Non-tax revenues, on the other hand, are the recurring income that is earned from sources other than taxes by the government.

🔴 Some of the major sources of non-tax revenue are mentioned below:

➡️ Interests

➡️ Power Supply Fees:  This includes fees received by the central power authority of any nation. In the case of India, this includes fees received by the Central Electricity Authority.

➡️ Fees: They are the charges that cover the cost of recurring services that are provided and imposed by the government.

➡️ Fines and Penalties

UPSC Economics Quiz Notes PDF

04 Sep 2024 08:32

📍 GDP : LIMITATIONS IN COVERAGE

#Nationalincome

The measurement of national income encounters many coverage issues, as the following:

💡 The GDP does not capture black money, which may be generated by two means: illegal activities like smuggling and also by unreported incomes due to tax evasion. Thus, parallel economy poses a serious hurdle to accurate GDP estimations.

💡 In the rural economy, a considerable portion of transactions occurs as barter economy. The GDP does not cover it.

💡 Quite a large portion of the economy is in the informal sector-small and marginal farmers, landless labourers, vegetable vendors, domestic help, and so on. These are outside official GDP estimates.

💡 The national income accounts do not include care economy-domestic work and housekeeping.

💡 Social Services, such as voluntary and charitable work, are ignored as they are unpaid.

UPSC Economics Quiz Notes PDF

04 Sep 2024 08:32

Capacity cost

🧤- Capacity Cost is associated with the capability to produce and deliver a certain level of output.

🧤- It is an expenditure or cost incurred by a company to expand its business operations.

🧤- These costs may include items such as lease agreements on larger facilities, purchase and depreciation of new equipment, as well as increased costs to operate and maintain those larger or newer assets.

🧤- For any business, it is difficult to avoid costs like insurance, rent payments, property taxes, depreciation on equipment, etc. These are examples of capacity costs.

Advantages

- This type of cost helps to ensure that the production costs are kept low while maximizing profits.
- Improves the quality of the product produced & enhances the efficiency of the processes.
- Helps reduce the amount of inventory held by a company, which can help to reduce overhead costs.

Disadvantages
- High cost of energy and infrastructure
- Limited access to capital
- Lack of reliable transportation networks

UPSC Economics Quiz Notes PDF

13 Aug 2024 04:07

💰IGST
🧰The full form of IGST is Integrated Goods and Services Tax. Under GST, IGST is a tax levied on all interstate supplies of goods and/or services or across two or more states/Union Territories.

💰CGST
🧰The full form of CGST is Central Goods and Services Tax. Under GST, CGST is a tax levied on intrastate supplies of both goods and services by the Central Government and collected by it for its coffers.

💰SGST
🧰SGST means State Goods and Services Tax. Under GST, an equivalent amount of SGST is a tax levied on intrastate supplies of both goods and services by the particular state government where the product sold is consumed.

UPSC Economics Quiz Notes PDF

27 Jul 2024 07:56

📍BENEFITS OF FDI

#FDI

💡 Foreign direct investment can stimulate the host country's economic development.

💡 Ancillarization, that is, local input/component industries come up.

💡 Having FDIs make in India is better than importing goods and services. Defence manufacturing in India is an example.

💡 Can help export globally competitive goods and services. Creates employment

💡 Human capital with world-class education, training and skills

💡 Greater productivity

💡Tax collections from economic activity

💡 Technology development occurs when FDIs comes into the R&D sector

UPSC Economics Quiz Notes PDF

26 Jul 2024 19:25

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UPSC Economics Quiz Notes PDF

24 Jul 2024 05:31

💼 BUDGET 2024 TEAM

▪️ Nirmala Sitharaman - Finance Minister
▪️ Pankaj Chaudhary - Minister of State Finance
▪️ TV Somanathan - Finance Secretary
▪️ Sanjay Malhotra - Revenue Secretary
▪️ Vivek Joshi - Financial Services Secretary
▪️ Ajay Seth - Economic Affairs Secretary
▪️ Tuhin K Pandey - DIPAM Secretary
▪️ V Anantha Nageswaran - Chief Economic Advisor
▪️ Sanjay Agarwal - CBIC Chairman
▪️ Ravi Agarwal - CBDT Chairman

UPSC Economics Quiz Notes PDF

14 Jul 2024 04:38

Money laundering:

"Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions."

Money laundering typically includes three stages: placement, layering and integration stage.

✏️Placement is the first step of money laundering which is the process of moving the money into the legitimate source via financial institutions, casinos, financial instruments etc. and at the same time, hiding its source.

✏️The second stage is “layering”, also referred as “structuring stage”. It breaks the funds into small transactions and makes it difficult to detect and find out about the laundering activity. It usually entails international money movement, so the law enforcement agencies won’t be able to track the financial gains from illegal proceedings so easily.

✏️The third stage is Integration stage, In this stage, money is now returned to the criminals legitimately after it has been placed in the financial system, often breaking it into different multiple smaller financial transactions. Criminals can now retrieve their illicit funds in a legal way after fully integrating them into a legitimate source, and are able to use them for any purpose.

"Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income."

⏺Prevention of Money Laundering Act (PMLA), 2002 is an Act of the Parliament of India enacted by the government to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005.

UPSC Economics Quiz Notes PDF

05 Jul 2024 04:00

💰IGST
🧰The full form of IGST is Integrated Goods and Services Tax. Under GST, IGST is a tax levied on all interstate supplies of goods and/or services or across two or more states/Union Territories.

💰CGST
🧰The full form of CGST is Central Goods and Services Tax. Under GST, CGST is a tax levied on intrastate supplies of both goods and services by the Central Government and collected by it for its coffers.

💰SGST
🧰SGST means State Goods and Services Tax. Under GST, an equivalent amount of SGST is a tax levied on intrastate supplies of both goods and services by the particular state government where the product sold is consumed.

UPSC Economics Quiz Notes PDF

26 Jun 2024 04:49

💠Some Important Facts About Goods and Services Tax (GST) :-
---------------------------------------------------------

🍁It is a comprehensive indirect tax levied on the supply of goods and services in India.

🍁France was the first country to implement GST, In 1954

🍁GST was introduced as the 101 Amendment Act.By a constitutional amendment bill 122nd amendment bill the new taxation regime is to be implemented in India, from April 2016.

🍁The first state in India to pass the GST legislation in the Assembly :- Assam

🍁India's GST is based on the model of which country? Canada

🍁When did GST come into effect in India? 1 July 2017

🍁Which committee suggested to implement GST in India? Vijay Kelkar Committee

🍁Who was the chairman of the committee that first drafted the GST bill - Aseem Dasgupta

🍁How many types of GST rates are there:- 0% 5% 12% 18% 28%

🍁How many digits are there in GST registration number:- 15 digits

🍁Who is the Chairman of GST Council – Finance Minister

🍁National Customs and GST Museum inaugurated – in Panaji, Goa.

UPSC Economics Quiz Notes PDF

17 Jun 2024 04:51

📍 WATER MANAGEMENT INFRASTRUCTURE

#Infrastructure

💡 Drinking water supply

💡 Sewage collection and disposal of wastewater

💡 Drainage systems

💡 Major irrigation systems (reservoirs, irrigation canals) Major flood control systems

💡 Communications Infrastructure

💡 Undersea cables



📍 COMMUNICATIONS INFRASTRUCTURE

#Infrastructure

💡 Postal service

💡 Telephone networks, including mobile phone networks

💡 Television and radio transmission stations

💡 Internet

💡 Communication satellites

💡 Undersea cables



📍CRITICAL INFRASTRUCTURE

#Infrastructure 

Critical infrastructure consists of those assets on which the rest of the economy depends:

💡 Electricity generation, transmission and distribution

💡 Gas production, transport and distribution

💡 Oil and oil products production, transport and distribution.

💡 Telecommunication

💡 Water supply (drinking water, waste water/sewage, stemming of surface water, such as dikes and sluices)

💡 Agriculture, food production and distribution

💡 Public health (hospitals, ambulances)

💡 Transportation systems (fuel supply, railway network, airports, harbours, inland shipping)

💡 Financial services (banking, clearing)

💡 Security services (police, military)



📍 URBAN INFRASTRUCTURE

#Infrastructure

💡 Urban or municipal infrastructure refers to hard infrastructure systems owned and operated by municipalities, such as streets, water distribution and sewerage.

💡 It may also include some of the facilities associated with soft infrastructure, such as parks, public pools and libraries.


📍 GREEN INFRASTRUCTURE

#Infrastructure

💡 Green infrastructure is a concept that highlights the importance of the natural environment. There is an emphasis on the life support functions provided by a network of natural ecosystems.

💡 Examples include green belts, wildlife sanctuaries, eco sensitive regions, tiger, lion and elephant reserves, bird sanctuaries, Western Ghats being conserved, etc.



📍 NATIONAL CRITICAL INFORMATION INFRASTRUCTURE  (NCIIPC)

#Infrastructure

💡 NCIIPC is an organization of the Government of India created under Information Technology Act, 2000. Based in New Delhi, it is designated as the National Nodal Authority with respect to Critical Information Infrastructure Protection.

💡 The Information Technology Act, 2000 defines Critical Information Infrastructure (CII) as 'those computer resource, the incapacitation or destruction of which, shall have debilitating impact on national security, economy, public health or safety'. NCIIPC broadly identified the following as Critical Sectors:

▪︎ Power and Energy

▪︎ Banking, Financial Services and Insurance

▪︎ Telecom

▪︎ Read aloud

▪︎ Transport

▪︎ Government

▪︎ Strategic and Public Enterprises



📍 FINANCING INFRASTRUCTURE

#Infrastructure

💡 Investment in infrastructure builds capital stock needed for economic development.

💡 Traditionally, infrastructure is financed by the government.

💡 However, given the scarcity of public resources and the need to shift scarce public resources to health and education, efforts have been made to bring in private participation in the development of this infrastructure.

💡 Currently, the source of financing varies significantly across sectors. Some are government monopolies, such as the railways and nuclear power. Some sectors are dominated by government spending, others by Overseas Development Aid (ODA) and yet others by private investors. PPP is emerging as the dominant model

💡 Debt and equity are, like anywhere else, ways of raising resources.

UPSC Economics Quiz Notes PDF

16 Jun 2024 13:05

UPSC PRELIMS 16 June GS 2024 Question Hindi.pdf