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ECONOMY-Module-1 Part-1 - Coggle Diagram

- - - - transparency in medium-term framework
    - - to be adhered
    - - for managing inflation in India
  - - - manageable distribution of the country debt
      - over the years
  - - - should be considered
        
        as medium-term anchor
        
        for fiscal policy in India
    - - setting up independent fiscal council
      - to provide advisory functions
    - - countercyclical covers
        
        in fiscal policy
        
        while following FRBM
- - - - all transactions related to EXIM
        
        include invisible trade
      - investment income
      - and unilateral transfers
        
        like remittances, gifts, grants
    - - comprises of Foreign loans, FDI, and FPI
      - net result of Public and Private
        
        International Investments
        
        flowing in and out of country
    - - conducted by RBI
        
        whenever there is BoP
        
        deficit
        
        and surplus
      - conducted in
        
        the form of International reserve assets
        
        such as
        
        gold and major foreign currencies
- - - - products that are used
        
        in the production of other products
        
        but not incorporated into
        
        new product
      - investment in capital goods industry
        
        not create employment opportunity
  - - - any more stages of production
      - or transformations
- - - - more prosperous and developed
      - proportion of GDP
        
        contributed by agri
        
        as well as proportion of population
        
        working in the sector decline
- - - - goods and services
      - produced in 1 year
  - - - in term of all resources
      - used in all previous stage of production
  - - - calculated by
        
        adding the product taxes
        
        to the factor costs
  - - - after substracting
      - depreciation of fixed capital
- - - - could supplement
    - - state control through
      - system of licenses
- - - - in particular year
  - - - in particular year
    - - in that particular year (current price)
- - - - from low-income earners
      - than from high-income earners
  - - - from high-income earners
- - - - in low and middle income countries
      - suffer from learning poverty
  - - - exists below the poverty line
    - - 21.9% in 2011-12
- - - - by all the firms
        
        in the economy
        
        exclude foreign companies output
      - including
        
        depreciation and net factor
        
        income from abroad
        
        GDP and
- - - - include foreign companies output
  - - - final operation in economy
    - - no new goods are produced
      - no intermediate goods sold
- - - - in effective demand
      - from consumers
        
        which leads to fall in production
        
        and low demand for labour
  - - - from a labor intensive economy
      - to capital intensive economy
  - - - employed than what is required
      - to produce efficiently
      - Marginal productivity of labor is zero
  - - - prevails in economy
        
        due to workers
        
        quitting their previous jobs
        
        and searching for new jobs
  - - - either not seeking for work or
      - transition from one job
        
        to another
  - - - like agri, holiday resorts etc.
- - - - above 65 years
  - - - the dependency population
  - - - India´s workforce
        
        has fallen dramatically
- - - - tasked with
        
        optimizing tax collection
        
        by CG and SG
  - - - as chairman
    - - in charge of revenue or finance
    - - in charge of Finance or Taxation
      - nominated by SG
  - - - subjected to GST
      - and fix taxes rates
- - - - direct impact on
        
        assets and liabilities of govt
    - - money earned by govt
        
        through tax
      - and non-tax sources
        
        such as
        
        dividend income, profits, interest receipts
  - - - referred to Annual Financial Statement
      - term budget is not there
        
        in consti
    - - both the houses
        
        statement of estimated receipts
        
        and expenditure of GoI
        
        charged upon the
        
        consolidated fund of India
  - - - create liabilities
        
        e.g. borrowings
      - reduce assets
        
        e.g. disinvestment
- - - - external shocks and
      - avoiding internal weaknesses
- - - - without increasing the tax rate
- - - - towards self-reliance
      - which was 4th 5-year plan
- - - - irrigation and power projects
  - - - at the Centre.
      - so could not take place
    - - maxi of employment and
        
        social transformation
- - - - and other securities
    - - in order to influence money supply
      - thus influencing
        
        short-term interest rates
- - - - to develop the economy
    - - borrowing from public by sale of bonds
      - or by printing new money
        
        increase inflation
        
        regular pressure and obligation on govt
  - - - it shows situation of fiscal deficit
  - - - total expenditure and total revenue receipts
      - but excluding
        
        borrowings and other liabilities
        
        it is called primary deficit
  - - - provided by RBI to govt
      - in particular year
        
        is monetized deficit
- - - - to commercial banks
      - which influence lending rate to consumers
    - - at particular interest rate
  - - - for investment expenditure
        
        in the economy
- - - - in emergency situation
      - when liquidity dries-up completely
      - by pledging
        
        govt securities
        
        at rate higher than repo rate
        
        under liquidity adjustment facility
- - - - in the form of gold or govt securities
      - before providing
        
        credit to customers
- - - - cash or deposit
      - with central bank
- - - - Ministry of Statistics,
      - programme implementation, UN,
      - and Global Green Growth Institute
  - - - while designing strategic and
        
        long term policies and programmes
    - - to CG and SG
    - - recommendations of NITI
        
        advisory and are not binding
    - - Team India Hub and
        
        engagement of states with CG
      - Knowledge and Innovation Hub
        
        builds NITI´s think-tank capabilities
    - - PM is EX-officio chairman
      - Permanent members
        
        Governing council of State CM
        
        along with DEL & PUDU CM
        
        Lieutenant Governor of A&N
      - VC nominated by PM
      - Temporary Members
        
        selected from UNI & Research Insiti
        
        members include
        
        CEO, 4 ex-official members, and
        
        part-time members
- - - - and earn foreign exchange
  - - - and report verified by
        
        Committee on PSUs
  - - - directly managed by
        
        concerned ministries or department
        
        e.g. railway or posts
    - - e.g. HPCL, IOCL
    - - e.g. SBI, UTI, LIC
- - - - one chairman and 6 members
      - appointed by CG
  - - - competition in markets
    - - which adverse effect
        
        on competition
- - - - what to produce, how to produce
      - and how to distribute
  - - - it can produce well
    - - essential goods and services
      - which market fails to do
- - - - do not involve
        
        creation of productive assets
  - - - running govt
  - - - to all sectors by govt