Quench Your 'Economics' Query!

STEP AHEAD FROM SELF RELIANCE TO SELF SUFFICIENCY  (BY OUR PM NARENDER MODI JI  ON 12MAY 2020) The meaning of the word self-reliance has changed in the world, the definition of self-reliance has changed in the Global World.  The discussion of Human-Centered Globalization versus Centralized Globalization is in full swing.  India's fundamental thinking, a ray of hope is seen in front of the world.  The culture of India, the rites of India, speak of the self-sufficiency whose soul is Vasudhaiva Kutumbakam.  ( is a Sanskrit phrase found in Hindu texts such as the Maha Upanishad, which means "the world is one family") India's self-sufficiency concerns the happiness, cooperation, and peace of the world.  The culture that believes in the world, who wants only the welfare of the living, who considers the whole world as a family, who thinks of 'motherland: sons and souls' in their faith, who believes the earth as mother, that culture, That Bharatbhoomi,...

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...

Definition:  Unemployment is defined by the Bureau of Labor Statistics as people who do not have a job, have actively looked for work in the past four weeks, and are currently available for work. Also, people who were temporarily laid off and were waiting to be called back to that job are included in the unemployment statistics. Those who have not looked for work within the past four weeks are no longer counted among the unemployed. The BLS also removes them from the labor force. Most people leave the labor force when they retire, go to school, have a disability that keeps them from working, or have family responsibilities. Even people who would like to work are excluded if they aren't actively looking for work. Here's how the BLS calculates the Labor Force Participation Rate. The BLS does keep track of those people, though. They are separately reported in the Jobs Report. Those who have looked for work within the past 12 months, but...

Different Types of Unemployment in India )           Structural Unemployment: – This type unemployment is associated with economic structure of the country. When demand for labour falls short to supply of labour due to rapidly growing population and their immobility, the problem of unemployment appears in the economy. Besides, due to growing population, rate of capital formation falls down which again limits the employment opportunities, this type of structural unemployment is basically related to this category of unemployment. 2)          Under-Employment :- Those labourers are under-employment who obtain work for but their efficiency and capability are not utilized at their optimum and as a result they contribute in the production upto a limited level. A country having this type of unemployment fails to exploit the efficiency of their labourers. 3) ...

Reserve Bank of India Establishment: The Reserve Bank of India was established in  1935   under the provisions of the  Reserve Bank of India Act, 1934  in Calcutta, eventually moved permanently to  Mumbai . Though originally privately owned, was nationalized  in 1949. Organisation and Management: The Reserve Bank”s affairs are governed by a  central board of directors . The board is appointed by the Government of India for a period of  four years. Full-time officials :  Governor  and  not more than four Deputy Governors.  The current Governor of RBI is  Mr. Urjit Pattel . There are 4  Deputy Governors ,  BP Kanungo, S S Mundra, N S Vishwanathan and Viral Acharya . Nominated by Government:  ten Directors from various fields and two government Officials Others: four Directors – one each from four local boards Main Role and Functions of RBI Monetary Authority : Formulates, implements and moni...

SUPPLY CURVE DEFINITION of 'Supply Curve' The supply curve is a graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity supplied on the horizontal axis.  BREAKING DOWN 'Supply Curve' The supply curve will move upward from the left to the right, which expresses the  law of supply : as the price of a given commodity increases, the quantity supplied increases, all else being equal. Note that this formulation implies that price is the independent variable, and quantity the dependent variable. In most disciplines, the independent variable appears on the horizontal or  x -axis, but economics is an exception to this rule. For example, if the price of soybeans rises, farmers will have an incentive to plant less corn and more soybeans, and the total quantity of soybeans on the market...