Quench Your 'Economics' Query!

DON'T MISS TO REVISE THE FOLLOWING FUNDAS ON NATIONAL INCOME  National income or domestic income includes only factor incomes;viz., rent,interest,profit and wages. Private income includes factor incomes as well as transfer payments (like old-age pensions or scholarships)granted by the government to the private sector. Private income does not include that part of domestic income which accrues to the government (or from rest of the world ) to the private sector. Personal income does not refer to income of any particular person in the economy.It refers to income of all individuals and households in the economy.Unlike private income,it does not include:            a.undistributed profits (also called corporate saving)            b.corporate profit tax

World Bank says India's GDP to grow at 7.3% in 2018-19 First the good news: The 2018 Global Economics Prospect (GEP) released by the World Bank today  projects India's GDP growth to pick up to 7.3% in 2018-19 and to 7.5% for the next two years. In comparison, the figure for the second quarter of the current financial year (July-September 2017) was 6.3%, up from the three-year low of 5.7% in the first quarter. The report pegs overall economic growth for 2017 at 6.7%, despite initial setbacks from demonetisation and introduction of the Goods and Services Tax (GST). "In all likelihood, India is going to register higher growth rate than other major emerging market economies in the next decade. So, I wouldn't focus on the short-term numbers. I would look at the big picture for India and big picture is telling us that it has enormous potential," Ayhan Kose, director, Development Prospects Group, World Bank, and the author of the report told PTI. According t