INDIAN ECONOMY-- Short Notes

Asian Development Bank ?????

The ADB was initially sponsors by the ECAFE started functioning in 1966. 59 member countries. In 1974 ADB Launched ADF Asian development fund.

Rangrajan committee was setup for ?

 ANS.- Financial Inclusion

What is Sovereign Debt?

Bonds issued by a national government in a foreign currency, in order to finance the issuing country's growth.

TIEA???

Tax Information Exchange Agreement.

Recently signed between India and Bahrain, aimed at economic co-operation and joint investment.

what do we mean by 'Hindu rate of growth'?

Professor Raj Krishna coined this term. It indicates the low grow rate of India before 1991. This is a comment that refers that the country like with High Hindu population has not attained the growth rate especially as south Asian tiger countries achieved.

What is Venture Capital Fund?? and why in news today?

An investment fund that manages money from investors seeking private equity stakes in startup and small- and medium-size enterprises with strong growth potential. These investments are generally characterized as high-risk/high- return opportunities.

what is Libor ??

The London Interbank Offered Rate (or LIBOR) is a daily reference rate based on the interest rates at which banks borrow unsecured funds... banks charging interest rates on loans with each other.

Harod Domar model ?

It suggests that Capital and Labour are important for an economy to develop.                                                 

 Our first five year plan is based on this model.

Anand Marriage Act, 2012. ?

Recently passed by parliament it has codified procedure of Sikh marriages which were earlier done according to Hindu marriage laws.. but other aspects including divorce succession etc are still according to Hindu laws.

Kelkar Commission

The 13th Finance Commission, with Vijay Kelkar as Chairman was constituted in Nov 2007. The Finance Commission is ordained by Article 280 of the Constitution.

The main recommendations of the Kelkar Commission include

Senior citizens and widows to have exception limit on income tax of Rs 150,000.

 Three types of income tax slabs: up to Rs 1 lakh (no tax), Rs 1-4 lakh (20% tax), Above Rs 4 lakh (30% tax).

Abolition of dividend tax and long term capital gain.

 Income tax on agriculture to be withdrawn.

 Higher duty of 150% for specific agro products and demerit goods

Complete exemption of custom duty for life saving drugs, equipment, and defense related goods.

Peel Commission ?

Commission set up by England to demarcate the boundaries between the lands of Jews and the Arabians in Palestine.

Sarkaria commission ?

Headed by  retd. supreme court judge Rajender Singh Sarkaria, the commission was set up by central govt in June 1983 to study and report the balance of power shared by the centre and states and to recommend necessary constitutional changes.

Stagflation ? in simple terms n causes of it?

Combination of d word Stagnation and Inflation ... it means d growth is stagnant with continuously roaring prices ... it may happen due to poor govt policies or some external crisis for eg- Eurozone crisis has a great effect on d growth rate in India ! it has also triggered inflation in thecountry with prices increasing at a rapid rate.

Treaty shopping. ?

Getting tax benefits from own country and working or migrated country due to non-tax agreements between these two countries.