Important Topics for Prelims

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Contents

CORPORATE GOVERNANCE #

Corporate Governance may be defined as a set of systems, processes and principles which ensure that a company is governed in the best interest of all stakeholders.

Demographic Dividend #

Refers to a period – usually 20 to 30 years – when a greater proportion of people are young and in the working age-group.

This cuts spending on dependents, spurring economic growth.

Because people of this age group are productive. India is counted as demographic dividend country.

Capital Gain #

When amount realised on sale of capital asset exceeds the purchase price.

Five year plans in India

Five year plans were implemented in the Soviet union in 1920

Plans	Year	Remarks/Objectives	Target Growth Rate	Actual Growth
1st	1951-1956	Based on Harrod-Domar Model, Focus on Agriculture, price stability, power and transport.	2.1%	3.6%
2nd	1956-1961	Based on Mahalanobis model, Focus on public sector & heavy & basic industries, Industrial policy 1956.	4.5%	4.3%
3rd	1961-1966	To make India a ‘self-reliant’ and ‘self-generating’ economy, agricul- ture was given top priority to upport the exports and industry, Plan failed because India-china war in 1962, Drought in 1965, war with Pakistan in 1965-66.	5.6%	2.8%
Three	1966-67,	Due to miserable failure of the Third
Annual Plans	1967-68, 1968-69	Plan the government was forced to declare plan holidays, Green Revo- lution.
4th	1969-1974	Indira Gandhi-PM, Nationalization of banks, India-Pak war in 1971, Nuclear test in 1974, Gadgil Formula.	5.7%	3.3%

5th	1974-1979	Prepared by DP Dhar, High inflation, Removal of poverty (Garibi Hatao), Self Reliance, Emergency in 1975. In 1978 Janata Party Govt-Morarji Desai-PM rejected the 5th plan.	4.4%	4.8%
Rollingplan	1978-1980	Focus on employment. This plan was again rejected by the Congress	Government in 1980.
6th	1980-1985	Focus on Increase in national income, modernization of technol- ogy, ensuring continuous decrease in poverty and unemployment, Pop- ulation control.	5.2%	5.7%
7th	1985-1990	Aimed at accelerating food grain production, increasing employment opportunities & raising productivity with focus on ‘food, work & pro- ductivity’.	5%	6%
Annual plans	1990-1992	Crisis of foreign exchange, Begin- ning of privatization and liberaliza- tion in India.
8th	1992-1997	Worsening balance of payment posi- tion, rising debts, widening budget deficit, recession in industry, India became member of WTO in 1995, high growth of agriculture and allied sector, and manufacturing sector, growth in exports and imports.	5.6%	6.8%
9th	1997-2002	Started on completion of 50 years of independence, focus on “Growth With Social Justice & Equality, Focus on 7 basic minimum services.	6.5%	5.4%
10th	2002-2007	Employment generation. 5 crores Jobs creation target, States role in planning was increased with greater involvement of Panchayati Raj Insti- tutions.	8 %	7.6%
11th	2007-2012	Objective: Faster & More Inclusive Growth.	9%	8%
12th	2012-2017	Objective: Faster, Sustainable, and More Inclusive Growth.	9%

Major Sector of Economy

Primary	Which makes direct use of natural resources. This includes agriculture, forestry, fishing and mining.
Secondary	Manufacturing & construction.
Tertiary	Services.

Inflation

Meaning	It is a sustained increase in the general price level of goods and services.
purchasing power	It reflects a reduction in the purchasing power per unit of money.
Benefit/Loss	Inflation provide benefits to debtors and loss to creditors/bondholders.Limited infla- tion is good for growth in developing country.
Measured by	Inflation is measured by CPI & WPI.
Retail inflation	Measured in term of CPI.
Wholesale inflation	Measured in term of WPI.

Parallel Economy #

Economy controlled by the black money is called is called Parallel economy.

Parallel economy, based on the black money or unaccounted money, is a big menace to the Indian economy.

It is also a cause of big loss in the tax-revenues for the government.

Deflation #

It is a persistent fall in the general price level of goods and services.

Deflation occurs when the inflation rate falls below 0% (a negative inflation rate).

Stagflation #

Situation where the inflation rate is high, the economic growth rate slows down, and unemployment remains steadily high.

A Subsistence Economy #

Is a non-monetary economy which relies on natural resources to provide for basic needs, through hunting, gathering, and subsistence agriculture.

Green Accounting or Environment Accounting #

Green accounting is a type of accounting that attempts to factor environmental costs into the financial results of operations.

Green GDP= GDP – waste/degradation of natural resources.

Minimum Support Price

What is MSP	MSP is a form of market intervention by the Government to insure agricultural pro- ducers against any sharp fall in farm prices.
Recommendation of MSP	By Commission for Agriculture costs and prices (CACP).
Approval of MSP	By Cabinet Committee on Economic Affairs.
About CACP	The CACP being the expert body, its recommendations are generally accepted as such.

Sacrifice Ratio #

If inflation is becoming a problem, central banks try to cool economic growth in a bid to reduce inflationary pressures.

Sacrifice ratio measures the proportionate reduction in growth rate due to reduction in inflation. It indicate that if inflation comes down then growth rate will also fall.

Round – Tripping #

Black money generated in India coming back to India as foreign investment. It increases inflation

Laffer Curve #

It says that Higher tax rate discourages the production. Consequently, revenue decreases.

Devaluation #

Means reduction in value of money. Benefits -Export increases.

Economic growth #

Means continuous increase in total volume of production over a long period. National Income Index measures the rate of economic growth

Economic Development #

Is nothing but economic growth plus qualitative changes in the economy.

Qualitative changes refer to improvement in living standards, reduction in inequality of income and no of poor people, increase in per capita income, development of technology etc.

Per capita income index measures/indicates the rate of economic development. Price index is a measure of cost of living.

Consumer Price Index for industrial workers (Base year 2001=100)

Issued	Monthly
Issued by	Labour bureau
When issued	On the last working day of the succeeding month
Uses	Computation of Dearness allowance of Govt employees.

Consumer Price Index Numbers for Agricultural Labourers (Base year 1986-87= 100)

Issued	Monthly
Issued by	Labour bureau

Consumer Price Index Numbers for Rural Labourers Base year 1986-87= 100

Issued	Monthly
Issued by	Labour bureau

Consumer Price Index-combined (Base year 2012 = 100)

Issued	Monthly
Issued by	Central Statistics office (CSO), Ministry of Statistics and Programmed Implementation
Combined means	Rural & Urban
Uses	Key measure of Inflation by RBI

Wholesale Price Index (Base year 2004-05=100)

Issued

Monthly on 14th of every month

Issued by	Office of economic adviser, DIPP, Ministry of commerce & Industry
Commodities & Weight	PRIMARY ARTICLES (Weight 20.12%) (in Primary articles, Food articles weight is highest)FUEL & POWER (Weight 14.91%)MANUFACTURED PRODUCTS (Weight 64.97%)

Index of Industrial Production (IIP) (Base 2004-05 =100)

Issued	Monthly
Issued by	The Central Statistics Office (CSO) (Ministry of Statistics and Program Implementation).

Index of Eight Core Industries (Base: 2004-05=100) Monthly issued

Issued	Monthly
Issued by	Office of economic adviser, DIPP, Ministry of commerce & Industry
Industries & Weight	Coal (weight: 4.38 %)Crude Oil (weight: 5.22 %) Natural Gas (weight: 1.71 %) Refinery Products (weight: 5.94%) Fertilizers (weight: 1.25%) Steel (Alloy + Non-Alloy) (weight: 6.68%) Cement (weight: 2.41%) Electricity (weight: 10.32%).
IIP relation	The Eight Core Industries comprise nearly 38 % of the weight of items included in the Index of Industrial Production (IIP).

Maharatna PSU #

Coal India Limited
Indian Oil Corporation Limited
NTPC Limited
Oil & Natural Gas Corporation Limited
Steel Authority of India Limited
Bharat Heavy Electricals Limited
GAIL (India) Limited

7th Pay commission #

Chairman – Justice Shri Ashok Kumar Mathur. Its recommendations are likely to be implemented with effect from January 1, 2016.

Minimum pay 18000 pm.

Maximum pay 250000 pm.

One Person Company #

The concept of One Person Company [OPC] is introduced by The Companies Act, 2013.

Now Entrepreneur(s) carrying on Sole-Proprietor business can enter into a Corporate Framework and enjoy corporate benefits.

Micro, Small & Medium Enterprises (MSME)-Definition under MSMED act, 2006 In case enterprise engaged in the manufacturing or production of goods

Micro enterprise	Where investment in plant and machinery does not exceed Rs. 50 lakh.
Small enterprise	Where the investment in plant and machinery is more than Rs. 50 lakh but does not exceed Rs. 10crore; and

Medium enterprise

Where the investment in plant and machinery is more than Rs.10 crore but does not exceed Rs.30 crore

In case enterprises engaged in providing or rendering of services:

Micro enterprise	Where the investment in equipment does not exceed Rs. 20 lakh;
Small enterprise	Where the investment in equipment is more than Rs.20 lakh but does not exceed Rs. 5 crore; and
Medium enterprise	Where the investment in equipment is more than Rs. 5 crore but does not exceed Rs. 15 crore.

Consumer Disputes Redressal Agencies under Consumer Protection Act, 1986

District Forum	Established by Jurisdiction	State Government in each district Where the value of the goods or services and the compensation, if any, claimed ‘’does not exceed rupees 20 lakhs.
State Commission	Established by Jurisdiction	State Government Where the value of the goods or services and com- pensation, if any, claimed exceeds rupees 20 lakhs but does not exceed rupees 1 crore; orAppeals against the orders of any District Forum within the State;
National Commission	Established by Jurisdiction	Central Government Where the value of the goods or services and com- pensation, if any, claimed exceeds rupees 1 crore; or Appeals against the orders of any State Commission.

4-coloured revolution representing the Indian flag

Saffron revolution	Saffron is a colour of energy-energy revolution
White revolution	increasing milk production
Green revolution	improving agricultural productivity
Blue revolution	blue water and skies (Development of Fisheries)

Great Depression #

Start of the Great Depression is attributed to the sudden devastating collapse of US stock market on October 29, 1929, known as Black Tuesday.

Type of Unemployment

Seasonal unemployment	When people are unemployed at particular times of the year. E.g. off season in winter on Hill station
Structural unemployment	Unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded by employers (also known as the skills gap).
Disguised unemployment	When more people are engaged in some activity than the required.For example : An agricultural land require 2 labourers but people engaged in this activity is 5 then this unemployment for 3 labours is called disguised unemployment. Their marginal productivity, i.e., the addition to the production will be zero.

Cyclical unemployment	When there is lack of aggregate demand for goods and services.This type of unemployment increases during a recession and decreases during an expansion.
Frictional unemployment	Unemployment which occurs when workers move from one job to another job. Also called search unemployment.

Renewable Energy Target #

The Government of India has set a target of 175 GW renewable power installed capacity by the end of 2022.

This includes :

60 GW from wind power, 100 GW from solar power,

10 GW from biomass power and 5 GW from small hydro power.

India’s First East Coast Economic Corridor (ECEC)

Length	2500 KM from Kolkata (in West Bengal) to Tuticorin (in Tamil Nadu).
Benefit	It will spur development on India’s eastern coast and create seamless trade links with other parts of South and Southeast Asia.
Funding	Loan from Asian Development Bank.
Visakhapatnam-Chennai	It is a First Phase of ECEC.The Visakhapatnam-Chennai Industrial
Industrial Corridor	Corridor section of the East Coast Economic Corridor will mark the first industrial corridor developed along India’s coast.

Industrial Corridors

Purpose
5 Corridors to be developed by Govt.	Delhi Mumbai Industrial Corridor (DMIC), (1st Corridor and Financed by Japan). Chennai-Bengaluru Industrial Corridor (CBIC), Amritsar- Kolkata Industrial Corridor (AKIG), Ben- galuru-Mumbai Economic Corridor (BMEC) and Vizag-Chennai Industrial Corridor (VCIC).
National Industrial Corridor	Development &Implementation Trust NICDIT would be an apex body under the administrative control of Department of Industrial Policy & Promotion (DIPP) for coordinated and unified develop- ment of all the industrial corridors in the country.

Urea #

UREA is a main source of Nitrogen.

Correct proportion in which Nitrogen, Phosphorus, and Potassium is used are 4:2:1. Urea constitute 50% of total fertilizers’ consumption.

Regional Connectivity Scheme “UDAN” (Ude Desh Ka Aam Nagarik)

Launched in	October, 2016.
About scheme	Scheme envisages providing connectivity to Un-served and underserved airports of the country through revival of existing air-strips and airports.

Objective	to facilitate/stimulate regional air connectivity by making it affordable to the common man even in small towns.
Market-based	It is a market-based mechanism in which airlines bid for seat subsidies. The routes and networks will be awarded to the bidders who quote the lowest requirement of VGF per seat.
Period of scheme	Scheme would be in operation for a period of 10 years.
Proposed fare	The fare for a one hour journey of appx. 500 km on a fixed wing aircraft or for a 30 minute journey on a helicopter would be capped at Rs. 2,500, with proportionate pricing for routes of different lengths / flight duration.
Support to Airlines	1. Concessions by Central Govt, State Govt and airport operators and 2.VGF support.
Regional Connectivity Fund	A Regional Connectivity Fund would be created to provide the viability gap funding requirements under the scheme.
Implementing agency	Airport Authority of India.

India-Bangladesh 1320 MW Maitree Super Thermal Power Project

About project	It is a joint venture between India and Bangladesh and to be executed by the Bang- ladesh-India Friendship Power Company Private Limited (BIFPCL).
Location of project	It is located just 65 kilometers from the Sundarbans (World Heritage Site).
Why in news	Citing concerns over the impact on the World Heritage Site in Sundarbans, includ- ing on the Royal Bengal Tiger, The UN has recommended Bangladesh to scrap the proposed thermal power plant and consider another location.

Asian Development Bank loan for building India’s longest river bridge #

The Asian Development Bank (ADB) and the Government of India signed a $500 million loan to build a 9.8 km long road bridge across the Ganges River to improve transport connectivity between North and South Bihar and for better link between the State Capital, Patna, and the surrounding areas.

Setting up of Financial Redressal Agency (FRA)

Purpose	To address the grievances of retail consumers against all Financial Service Providers (FSPs).
Recommended by	Financial Sector Legislative Reforms Commission (FSLRC),
Resolution of complaints	It will try to resolve all complaints through mediation. It will discourage court -like processes
Appeal	Consumers will be able to appeal against the orders of FRA at Securities Appellate Tribunal (SAT).

India becomes 5th largest economy-Forbes #

India overtakes UK and becomes 5th largest GDP after USA, China, Japan & Germany.

Financial Intelligence Unit – India (Ministry of Finance)

Purpose	It was set by the Government in November 2004 as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
Function	To receive cash/suspicious transaction reports, analyse them and, disseminate valuable financial information to intelligence/enforcement agencies and regulatory authorities.

Reporting

FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.

Enforcement Directorate (ED)

About ED	ED is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance.
Area of work	It enforces the following laws: -Foreign Exchange Management Act,1999 (FEMA) and Prevention of Money Laundering Act, 2002 (PMLA).

Financial Stability and Development Council (FSDC)

Set up by	Government as the apex level forum in December 2010
Purpose	to strengthening and institutionalizing the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.
Function	Without prejudice to the autonomy of Regulators, the Council monitors macro prudential supervision of the economy, including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues.It also focuses on financial literacy and financial inclusion.
Chairman of the Council	Finance Minister
Members	Heads of financial sector Regulators (RBI, SEBI, PFRDA, IRDA & FMC) Finance Secretary and/or Secretary, Department of Economic Affairs, Secretary, Department of Financial Services, and Chief Economic Adviser.The Council can invite experts to its meeting if required.

Varishtha Pension Bima Yojana – 2017

Social security scheme	It is a part of Government’s commitment for financial inclusion and social security.
Purpose	To provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.
Implemented through	Life Insurance Corporation of India (LIC).
Pension	The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for 10 years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis.
Closing date of scheme	VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch.

Government issues notification of ‘Indian Skill Development Service’

About ISDS	ISDS will be a Group ‘A’ service where induction will take place through Indian Engi- neering Service Examination conducted by UPSC.
Purpose	It is an attempt to attract young and talented administrators for Skill Development.The knowledge acquired by the engineers recruited will give new impetus to the initiative of the government to the skill development and also efficient and effective implementation of the schemes.
Created for	This service has been created for the Training Directorate of the Ministry of Skill Devel- opment and Entrepreneurship.

Various Global Index

Index	Issued by
Global Innovation Index	World intellectual property organization, Cornell university, and INSEAD.
Corruption perception index	Transparency international.
Global Peace Index	Institute for Economics and Peace.
Global Slavery Index	Walk free foundation.
Global Terrorism Index	Institute for Economics and Peace.
Global Hunger Index	International Food Policy Research Institute (IFPRI).
World Happiness Report	United nations sustainable development solutions network.
World most valuable Nation brands	Brand finance.
Index of Economic Freedom	The Heritage Foundation and The Wall Street Journal.
International Intellectual Property (IP) index	U.S. Chamber of Commerce.
An economy for the 1%	Oxfam international.

Various Important Committees)

Committee on Revisiting & Revitalising the PPP model of Infrastructure Development	Chaired by Dr. V. Kelkar
NITI Aayog constituted a Committee of Chief Minis- ters to examine and implement measures toimplement digital payment systems (recommended Banking Cash transaction tax)	Shri Chandrababu Naidu, Hon’ble Chief Minister of Andhra Pradesh;- convener
Fiscal Responsibility and Budget Management (FRBM) Review Committee to comprehensively review and give recommendations on the FRBM roadmap for the future Committee on digital payments	Shri N.K. Singh Ratan P Watal

National Institution for Transforming India (NITI Aayog)

Established	on 01-01-2015 through a cabinet resolution
Replaced	NITI Aayog replaced the Planning Commission which was set up on 15-03-1950 through a Cabinet resolution.
About NITI Aayog	NITI Aayog is the premier policy ‘Think Tank’ of the Government of India, providing both directional and policy inputs.While designing strategic and long term policies and programmes for the Government of India, NITI Aayog also provides relevant technical advice to the Centre and States.
Chairperson	Shri Narendra Modi, Hon’ble Prime Minister
Vice Chairperson	Shri Arvind Panagariya
Two hubs	At the core of NITI Aayog’s creation are two hubs – Team India Hub and the Knowledge and Innovation Hub.
The Team India Hub	Leads the engagement of states with the Central government.

Knowledge and Innova- tion Hub Future Vision and Strategies

Builds NITI’s think-tank capabilities. A vision document keeping in view the social goals set and / or proposed and Sustainable Development Goals (SDGs) for about 15 years for the period up to 2030 which is co-terminus with the period to achieve SDGs.A 7-year strategy from 2017-18 to 2023-24 to convert the longer vision into implementable policy and action as a part of “National Development Agenda” with a mid-term review after 3 years i.e. the year ending March 2020.A 3-year Action Document for 2017-18 to 2019-20 aligned to the predict- ability of financial resources during the 14th Finance Commission Award period. This is also to help translate into actions the goals of the government to be achieved by 2019.

Nikkei Manufacturing Purchasing Managers’ Index (PMI)

What it measures	Manufacturing PMI measures the performance of the manufacturing sector and is derived from a survey of 500 manufacturing companies.
Weight	The Manufacturing PMI is based on five individual indexes with the following weights:New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) andStock of Items Purchased (10 percent).
Results	A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

Eligibility of employees under EPF, ESI & Bonus act

EPF	Salary upto 15000 pm
ESI	Salary upto Rs 21000 pm
Bonus	Salary upto Rs 21000 pm, for the purpose of calculation of Bonus Rs. 7000pm.

Individual beneficiaries having Ration Cards under National Food Security Act, 2013 to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication to receive subsidies under NFSA

Notification issued by	Ministry of Consumer Affairs, Food and Public Distribution.
Effective from	8th February, 2017 in all States and Union Territories except the States of Assam, Meghalaya and Jammu and Kashmir.
Aadhaar enrolment	Beneficiaries under NFSA not yet enrolled for Aadhaar, require to make appli- cation for Aadhaar enrolment by 30thJune, 2017.

Employment statistics

Economic Census	Released by the Central Statistics Office (CSO) (Ministry of Statistics and Program Implementation).
Annual Survey of Industries	Conducted by Central Statistics Office (CSO).
Annual Employment-Unemployment Survey	Conducted by Labour Bureau (Ministry Of Labour & Employment).

Classification of countries

Developed Countries

Where share of Service sector is very high, industry sector is medium and agriculture sector is minimum.

Undeveloped Countries	Where share of Service sector is minimum, industry sector is medium and agriculture sector is very high.
Developing Countries	Where share of Service and industry sector is gradually increasing, and agricul- ture sector is gradually decreasing.

Gini coefficient

What it measures	It is a measure of the deviation of the distribution of income among individuals or households within a country from a perfectly equal distribution.
Result	A value of 0 represents absolute equality i.e. where everyone has the equal income, a value of 100 represents absolute inequality.

Constitution of SIT on Panama Papers Leaks

Constituted by	Central Government
Purpose	for facilitating coordinated and speedy investigation in the cases of Indian persons allegedly having undisclosed foreign assets and whose names are reportedly included in Panama Papers leaks.
Multi-Agency Group	The Group consist of the officers of Central Board of Direct Taxes (CBDT),En- forcement Directorate (ED),Financial Intelligence Unit (FIU) andReserve Bank of India
Convener	Member (Investigation), CBDT
Panama papers leaked by	International Consortium of Investigative Journalists (ICIJ), a Washington based organization.

Phillips Curve

About it	It shows the inverse relationship between unemployment and inflation
Inverse relationship	It says that decrease in the rate of unemployment (i.e. increase in
means	Jobs) will cause higher rate of inflation and vice versa.
Reason	When unemployment is high salary increases slowly and when unemployment is low salary increases rapidly.

Defence Acquisition Council (DAC) #

The highest decision-making body in the Defence Ministry, is chaired by Defence Minister.

Employment News

Weekly publication	Published by Publications Division under Ministry of Information and Broadcasting.
Languages	It publishes government job vacancies simultaneously in Hindi, English & Urdu.

The Food Safety and Standards Authority of India (FSSAI)

Establishment	Established under Food Safety and Standards Act, 2006
Administrative Ministry	Ministry of Health & Family Welfare, is the Administrative Ministry for the implementation of FSSAI.

The Unique Identification Authority of India (UIDAI))

Statutory authority

Established under the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016(“Aadhaar Act 2016”).

Administrative Ministry	Ministry of Electronics and Information Technology (MeitY).Prior to its estab- lishment as a statutory authority, UIDAI was functioning as an attached office of the NITI Aayog.
Unique Identification	It is 12-digit Unique Identification numbers (UID), named as “Aadhaar”,
numbers or Aadhaar	to be issued to all residents of India.

Mumbai-Ahmedabad High Speed Railway (MAHSR) project

Japan cooperation	Memorandum of Cooperation (MoC) has been signed by the Government of India and Government of Japan.
Estimated cost	Rs. 1,00,000/ crore.
Funding	Japan has agreed to fund 81% of the total project cost through a 50 year loan at an interest rate of 0.1%.

Diamond Quadrilateral Network in Indian Railway

Six corridors on Diamond Quadrilateral connecting metropolitan cities and growth centers of the coun- try (Delhi, Mumbai, Chennai & Kolkata) have been identified for feasibility studies for high speed rail connectivity viz:

(i) Delhi-Mumbai, (ii) Mumbai-Chennai, (iii) Chennai-Kolkata, (iv) Kolkata-Delhi and both diagonals

i.e. (v) Delhi-Chennai and (vi) Mumbai-Kolkata routes.

Minimum Wages

Fixed by	Under the provisions of the Minimum Wages Act, 1948, both Central and State Governments are appropriate Governments to fix, review and revise the minimum wages of the workers employed in the scheduled employment consisting of agri- culture and non-agricultural sector under their respective jurisdictions.
Half yearly revision	Minimum wages also include Variable Dearness Allowance which is linked to Consumer Price Index and revised half yearly in April and October.

SC bans liquor shops within 500 metres of highways from 1 April

Purpose	To reducing drink driving and road accidents.
Coverage	all liquor shops within 500 metres of national and state highways across the country.
Advertisement	SC also ordered removal of all signboards of alcohol along highways.
Applicability	From 1st April 2017.

First Indian Institute of Skills at Kanpur

Purpose	In line with the vision of making India the Skill Capital of the World by empowering its youth to be more employable and self sustainable.
Partner	Institute of Technical Education, Singapore.The Institute has been conceptualized by the Prime Minister during his visit to Singapore’s Institute of Technical Education.
Inspired by	Singapore model of training.
Target	To have six such institutes all across.

Prices of Petrol and Diesel

Market based	The prices of Petrol and Diesel have been made market determined by the Government effective 26th June, 2010 and 19th October, 2014 respectively.
Market based	Public Sector Oil Marketing Companies (OMCs).

Price of CNG/ PNG

Fixed by the concerned City Gas Distribution (CGD) entities as per market dynamics.

National Pharmaceutical Pricing Authority

About NPPA	NPPA fix/ revises the prices of controlled bulk drugs and formulations and to enforce prices and availability of the medicines in the country, under the Drugs (Prices Control) Order, 1995.
Other area of work	Recovering amounts overcharged by manufacturers for the controlled drugs from the consumers.Monitoring the prices of decontrolled drugs in order to keep them at reasonable levels.
Administrative Ministry	Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers.

National Productivity Week

When celebrated	12th-18th February is celebrated as the ‘National Productivity Week’ every year.
This year theme	From Waste to Profits-through Reduce, Recycle and Reuse”.
About National	It is an autonomous body under Department of Industrial Policy &
Productivity Council	Promotion, Ministry of Commerce & Industry.It was established on 12th February, 1958, with the objective of stimulating and promoting productivity and quality consciousness across all sectors in the country.

Gujarat becomes the first State for establishing Cashless System for distribution of food grains

Government of Gujarat installed Aadhaar Enabled Payment System much before the targeted date of 31st March, 2017.

The beneficiaries under NFSA will need to carry only Aadhaar cards for getting their food grains in Gujarat.

This will help in establishing the identity of beneficiaries, help in stopping the leakages of grains at shop level and above all eradicate corruption in the Public Distribution System.

Pradhan Mantri Gramin Digital Saksharta Abhiyan

Purpose	To make 6 crore rural households digitally literate by March, 2019.
Target	25 lakh candidates will be trained in the FY 2016-17;275 lakh in the FY 2017-18; and300 lakh in the FY 2018-19
Coverage	Each of the 250,000 Gram Panchayats would be expected to register an average of 200-300 candidates to ensure equitable geographical reach.
Digitally literate means	Persons would be able to operate computers/digital access devices (like tablets, smart phones, etc.), send and receive emails, browse internet, access Government Services, search for information, undertaking cashless transactions, etc. and hence use IT to actively participate in the process of nation building.
Implementation	Scheme would be carried out under the overall supervision of Ministry of Electronics and IT in active collaboration with States/UTs through their designated State Imple- menting Agencies, District e-Governance Society (DeGS), etc.

Strategic Crude Oil Storage facilities

Purpose	To ensure energy security during any external supply disruptions.
Phase-1	5 million metric tons (MMT) of strategic crude oil storages at three locations namely, Visakhapatnam, Mangalore and Padur (near Udupi).
Phase-2 Budget	Chandikhole in Jajpur district of Odisha and Bikaner in Rajasthan.

2017 annouce- ment Indian stra- tegic petroleum reserves limited

The construction of the Strategic Crude Oil Storage facilities is being managed by Indian Strategic Petroleum Reserves Limited (ISPRL), a Special Purpose Vehicle, which is a wholly owned subsidiary of Oil Industry Development Board (OIDB) under the Ministry of Petroleum & Natural Gas.Engineers India Limited (EIL) is taken as the Project Management Consultant for all three projects.

Service charges on the bills of food and beverages

The Department of Consumer Affairs has issued advisory to the State Governments to sensitize the com- panies, hotels and restaurants regarding the provisions of the Consumer Protection Act, 1986 on unfair trade practices and also to advise the hotels/restaurants to disseminate information through display at the appropriate place in the hotels/restaurants that the ‘service charges” on the bills of food and beverages in lieu of tips which a consumer is forced to pay irrespective of the kind of service provided to him are discretionary/ voluntary and a consumer dissatisfied with the services can have it waived off.

India Innovation Index

Purpose	To make India an innovation-driven economy.
Initiative of	NITI Aayog, Department of Industrial Policy & Promotion (DIPP) and Confederation of Indian Industry (CII).
Ranking of States	States will be ranked on innovations from 2017 through country’s first online innovation index portal that will capture data on innovation from all Indian states on innovation and regularly update it in real time.

Amendment in section 6 of Payment of Wages Act)

Old provisionin Section 6	All wages shall be paid in current coin or currency notes or in both:Employer can pay the wages either by cheque or by crediting the wages in bank account only after obtaining the written authorization of the employee.
New provision in Section 6	All wages shall be paid in current coin or currency notes or by cheque or by crediting the wages in the bank account of the employee:Government may specify the industrial or other establishment, which shall pay the wages only by cheque or by crediting the wages in bank account.
Effect	After amendment employer can also pay wages to workers through cheque or Bank credit.

Creation of Indian Enterprise Development Service (IEDS)

Ministry	In the Office of Development Commissioner (MSME), Ministry of Micro, Small and Medium Enterprises (MSME).
Purpose	It will help to achieve the vision of “Startup India”, “Stand-up India” and “Make in India”It will enhance the capacity and efficiency of the organization and also help in achieving growth in MSME sector through a focussed and dedicated cadre of technical officers.

Blue Economy

About Blue Economy	Dr. Gunter Pauli introduced this concept in the book – “The Blue Economy: 10 years, 100 innovations, 100 million jobs.The Blue Economy encompasses various traditional marine sectors such as fisheries and aquaculture, shipping, port infrastructure, ship building and repair, island development, seabed exploration, hydrocarbon extraction and marine tourism industry.
Why in news	The Niti Aayog has started a consultation process for integrating defence and internal security with a 15-year vision and initiated a discussion to leverage India’s status as a major maritime nation with a long coastline and the potential to become a significant ‘blue economy’.

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Updated on January 11, 2026