economy

DMPQ: Fiscal solidarity is key to foundation of a strong economy. N k singh committee was set up to head a fiscal responsibility and budget management panel? Discuss the features of the act. ( Economic reforms)

FRBM act was brought to bring fiscal discipline in the Indian fiscal milieu. But the objectives of FRBM have been shifted for various reasons in the past due to global reasons as well as the domestic reasons. Hence FRBM panel was set up to review the act. The recommendation are explained hereunder which are nonbinding … Read more

DMPQ: What is benami transactions? How it affects the economy? Discuss the provisions of the Benami transactions amendment act? (Acts)

Benami transactions refer to those transactions in which the real beneficiary of the transaction and the person in whose name the transaction is made are different, specifically transactions relating to properties. The property is held by one person while the payment for purchasing the property is made by another.   Effect on economy: Loss of … Read more

What do you understand by Tax expenditure? Comment on its relevance? ( Economy)

Tax expenditure is the revenue foregone as a result of exemptions and concessions. Tax expenditure was introduced for the first time in 2006-07 union budget.  Tax expenditure is justified on following grounds: Act as an incentive for priority sector like infrastructure. It promotes balance regional growth It neutralise the disadvantage on account of location It … Read more

DMPQ: Post 1991 Indian economy saw a sudden change in outlook. To bring reforms in the financial sector GOI set up Narsimha committee. Discuss its recommendation.

It was in the wake of the Liberalisation in 1991 that it cecame imperative for the government to reform the financial sector in order to reinvigorate the economy. GOI set up committee under the guidelines of  Narsimha. Recommendation: It advised the RBI not to use CRR as a principal investment of monetary and credit control … Read more

Structural changes in the Indian Economy

Structural changes in the Indian Economy Change in composition of domestic product or change in national income by industry of origin refers to change in relative significance (share) of different sectors of the economy. Generally, an economy is divided into three major sectors viz. primary, secondary and tertiary sectors. Primary sector includes agricultural and allied … Read more

Indian Economy in global Scenario

  The global macroeconomic landscape is currently chartering a rough and uncertain terrain characterized by weak growth of world output. The situation has been exacerbated by; (i) declining prices of a number of commodities, with reduction in crude oil prices being the most visible of them, (ii) turbulent fnancial markets (more so equity markets), and … Read more

Antiquity and stratification of the Vedic literature; Society, economy and religion during Early (Rig-Vedic) period.

Although the Rig Veda deals with devotional work of religious nature, yet it gives a vivid picture of the early Vedic civilization. The Vedic Civilization is best understood from the social life, political organisation, economic life and religious beliefs. The Kula or family was the basic unit of Rig-Vedic society. The Kula was headed by … Read more