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GLOSSARYGLOSSARY
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Gross Domestic ProductGross Domestic Product
Total money value of all final goods &services manufactured within the
country in one year.
Annual value of goods sold and services
paid for inside a country
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Nominal & Real GDPNominal & Real GDP
Nominal GDP measures the value of all the
goods and services produced and expressed
atcurrent prices.
Real GDP measures the value of all thegoods and services produced expressed at
theprices of some base year
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Different ways of arriving @ GDPDifferent ways of arriving @ GDP
GDP at Constant Prices
GDP at Current Prices
Calculated at constant prices to know
real growth
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Gross National Product
(GNP)
Gross National Product
(GNP)
GNP = GDP + Income accruing to domestic
residents from investments abroad income
earned by foreigners in the country.
Annual value of goods and services in a country
including income from other countries
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National Income
V Sum of total incomes of normal residents of a
country before deduction of direct taxes.
V To calculate total income, add all payments
for
the use of factors of production , like wages,
salaries, profits & net income from abroad.
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Per Capita IncomePer Capita Income
Income per head =
Population
IncomeNational
Average income of one person.
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Inflation
Excess Demand in the economy
High costs
Increase in money supply More money chasing fewer goods
Rise in prices, purchasing power of moneydecreases
High interest rates tend to increase inflation
Zimbabwe classic case of gallopping
inflationcurrency scrapped
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INDICATORS OF ECONOMYINDICATORS OF ECONOMY
Poverty Line
F Consumption expenditure required for getting
2100 calories per person in urban area and2400 calories in rural areas.
F Key parameters
F No. of people BPL
F % of population BPL
(Conti)
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F Orissa highest percentage of BPL population
F Some poverty zones are BIMARU and the KBK
belt in Orissa.
F The BPL percentage in India differs according to
the methodology adopted.
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INDICATORS OF ECONOMY
HDI - HUMAN DEVELOPMENT INDEX
INDICATORS OF ECONOMY
HDI - HUMAN DEVELOPMENT INDEX
Developed by UNDP in 1996.
Measures physical quality of life in a country alongwith 3 key parameters
Life expectancy at birth
No. of years in school
Per capita income HDI 2009 India at 134 (182 countries ranked)
HDI 2009No. 1 is Norway
Niger ranked at 182
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INDICATORS OF ECONOMYINDICATORS OF ECONOMY
WPIWPI -- WHOLESALE PRICE INDEXWHOLESALE PRICE INDEX
F Measures increase/decrease in industrial,
commercial prices of commodities under3 broad categories.
F Primary articles 98 items
F Fuel, power etc., 19 itemsF Manufactured products 318 items
F Certain weightage to each category ofcommodities
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WPI IIWPI II
V Base year 1993 94
V Used for calculating INFLATION.
V WPI no longer a true indicator of inflation as it maynot reflect ground reality
V The basket of commodities may be outdated
V New series introduced fromApril 1st, 2000V 435 commodities in the new series; as against 447
in the old series.
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INDICATORS OF ECONOMYINDICATORS OF ECONOMY
CPI CONSUMER PRICE INDEX
Calculates increase/decrease in retail price
Direct bearing on consumers
Different types of CPIs for
agricultural laborers industrial workers
urban non-manual employee
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FOREIGNDIRECT INVESTMENT
(FDI)
FDI supplements domestic investment
The investment made to acquire long term benefits
in enterprises operating outside the economy of
the
investor
The FDI relationship consists of a parententerprise
and a foreign affiliate which together form a
transnational corporation
Mauritius, USA and Japan are the three biggest
(Conti)
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FDI involves bringing scarce capital, technologyand managerial expertise
FDI creates jobs
FDI barred at present in retail trading except singlebrand product retailing
FDI restricted to 26% in print media relating tonews and current affairs
FDI restricted to 26% in insurance and defence
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Foreign Institutional Investor
(FII)
Foreign Institutional Investor
(FII) FII means an entity established or
incorporated outside India which
proposes tomake investment in the financial markets
in
India FII is not stable money
Unlike FDI the focus of FII is on making
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Real & NominalInterest Rates
Real interest rate = Nominal interest
rate rate of inflation
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CRRMinimum 3% Maximum 20%
SLRMinimum 24% Maximum 40%
Cash Reserve Ratio (CRR) 5%
Statutory Liquidity Ratio (SLR) 25%
BankRate 6%
Repo Rate 4.75%
Reverse Repo Rate 3.25%
Key indicators of banking sector
(Conti)
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BankRate is for a longer period say 6
monthsto one year
Repo and reverse repo rates are for the
shortterm. They are used to either increase
moneysupply or mop up excess liquidity
Repo and reverse repo have now assumedmore importance than BR
PLRis benchmark rate
Conce t of BPLRunder scrutin
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FOREXFOREX
F Exchange control
F Fixed Exchange rates
F Free/Floating exchange rates
F Depreciation/appreciation
F Devaluation
F Indias forex reserves more than $120 billioninvested mostly in low yielding US securities
F Countries like China and India are financingconsumption in the USA
F Chinalargest forex reserves in the world morethan $ 1 trillion
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Purchasing Power Parity (PPP)Purchasing Power Parity (PPP)
An exchange rate between two currencies
such
that the same basket of goods and services
couldbe bought in each country if the cost were
converted at that exchange rate.
It is often used to compare the standards of
living between countries.
Rate of exchange between two countries
determined b com arin res ective internal
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Current A/c ConvertibilityCurrent A/c Convertibility
2 Free flow for purposes other than for capitalpurchases and loans
2 Exports
2
Imports2 Travel
2 Study abroad
2 Medical treatment
2 Employment abroad2 Gifts
2 Consultancy
2 Intl. credit cards
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2 The freedom to convert local financial assets
into foreign financial assets & vice versa at
market determined rates of exchange
2 Indicator of a developed economy2 Gives confidence to investors
2 However, leaves the country at risk
2 Tarapore Committee 19972 Fiscal consolidation low inflation
2 Financial sector reforms
CapitalA/c ConvertibilityCapitalA/c Convertibility
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TAXES DIRECT TAXES
Direct incidence of tax on the person who pays the tax.
liability to pay tax is NOT passed on to someone else.
e.g.
INCOME TAX, CORPORATION TAX, WEALTHTAX, LANDREVENUE, GIFT TAX etc.
V INDIRECT TAXESLevied on goods and services. Traders/producers pay it.
Liability passed on to end customer. e.g. VAT, EXCISE
TAX, CUSTOMSDUTY, SERVICE TAX
New Tax on Goods and Services [TGS] to beimplemented from April 1st 2010
New Tax code proposed to replace Income Tax Act
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SUBSIDIES
Grants to suppliers of goods and services Used to keep consumer prices down (LPG &
Kerosine, PDS to BPL)
To prop up production (farm and fertilizer
subsidies) To boost exports
To lower cost (tax subsidies)
To improve infrastructure
Meet social obligations (subsidy on food,education)
Cross subsidies (petroleum products)
Cross subsidies in Banking through concept of
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SUBSIDIES IN 2008-09
Food subsidy Rs.32,667 cr.
Fertilizer subsidy Rs.30,986cr.
Kerosine & LPG Rs.30,000 cr. Politically and socially sensitive issue.
LPG subsidy aimed at the middle class
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CORE SECTORS
Coal
Cement
Power
Steel
Petroleum
Petroleum refinery products
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DISINVESTMENT
1991-92 to July 2007 Target Rs.96,800 crore
Achievement Rs.51,608 crore
(14 companies privatised)
Issues Loss making units
Social responsibility
Method Public issue, strategic sale
Valuation Creating monopolies (IPCL, VSNL)
Job loss
Loss of govt. control
(Conti)
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Ministry ofDisinvestment formed by NDA
Govt Abolished by UPAGovt
Present policy is to opt for the IPO model of
disinvestment rather than outright sale
Minimum Govt stake in PSUs to be 51%
National Investment Fund created to pool
disinvestment proceeds
Focus on Investment rather than disinvestment
Investment Commission formed.
Some prominent disinvestments are BALCOin 2001 and Hindustan Zinc Ltd in 2001-02 and
VSL in 2001
Current polices: Disinvestment to be used sparingly
Global financial trends do not favour disinvestment
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INFRASTRUCTURE
Transport Railways, roads, shipping , civilaviation
Communication Telecom, P & T
Energy Electricity, Oil, coal, non-
conventional
sources
Science & Technology
Banking, finance and insurance Social education, health
India lags behind China in development of
infrastructure (Conti)
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PATENTS
Product patents
Process patents
Patents Act 1970
Generic Drugs $80 bn worth Reverse Engg
Huge opportunity
Compulsory Licensing
India has created a digital data base of traditionalknowledge of healing systems like Yoga,
Ayurveda,Unani and Siddha and registered with European
Patent Office [EPO](Conti)
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Frivolous patents granted in Western countries for
traditional Indian products like neem, turmeric andeven forYoga
Geographical Indication (GI) is a patent associated
with a region Ex: Kalamkari art, Darjeeling Tea, Coorg coffee
latest Tirupati Laddu
Mashelkar committee on patents
The patent regime of WTO can be overlooked in
times of medical emergencies like Swine Flu
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SSISSIManufacturing Services
Micro 25 lakhs 10lakhs
Small 25 lac - 5 crores 10 lac 2cr
Medium 5 10 crores 2 - 5 cr
128.44 lakh units
Turnover Rs.4,97,842 cr
Employs 312.52 lakh people
Exports worth Rs.86,013 cr
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IMPORT RESTRICTION
S
Tariff Barriers
Non-Tariff Barriers
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TARIFF BARRIERS
Customs Duty
Countervailing Duty
Anti-dumping duty
Transit duty
Cess
Additional duties or surcharges
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Non-Tariff Barriers
( Health, Safety regulations
( Quality norms (ISO & EN standards , FDA,CE mark)
( Quarantine laws( Local subsidies
( Channelised imports through governmentalagencies
(eg: sugar imports through STC)( Licencing policy
( Quota restrictions
( Import bans
( Cumbersome Customs rocedures
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Fiscal PolicyThe governments policy of achieving economic
objectives (employment, per capita income)through government earning and spending related to
increase or decrease in taxes.
Government sources of funds : Taxes and duties,government
businesses, borrowing from public,
investments
Government uses of funds : Infrastructure,mining, public welfare,defense, power
generation, research and
developmentFiscal policy intimately linked to the Union Budget
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Monetary PolicyMonetary PolicyMonetary PolicyMonetary Policy
The governments policy of achieving economicThe governments policy of achieving economicobjectivesobjectives (employment, per capita income, balance(employment, per capita income, balance
of trade, economic parity)of trade, economic parity)
by controlling money supply through instrumentby controlling money supply through instrumentlike interest rateslike interest rates
Decrease in supplyDecrease in supply : Deflation or decrease in: Deflation or decrease in
pricespricesIncrease in supplyIncrease in supply : Inflation or increase in prices: Inflation or increase in prices
Monetary policy intimately connected to RBIsMonetary policy intimately connected to RBIs
policiespolicies
The governments policy of achieving economicThe governments policy of achieving economicobjectivesobjectives (employment, per capita income, balance(employment, per capita income, balance
of trade, economic parity)of trade, economic parity)
by controlling money supply through instrumentby controlling money supply through instrumentlike interest rateslike interest rates
Decrease in supplyDecrease in supply : Deflation or decrease in: Deflation or decrease in
pricespricesIncrease in supplyIncrease in supply : Inflation or increase in prices: Inflation or increase in prices
Monetary policy intimately connected to RBIsMonetary policy intimately connected to RBIs
policiespolicies
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Hyper Inflation
Stagflation
Deflation
Reflation
Highest inflation in world is in Zimbabwe Currency made worthless due to inflation
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Appreciation of the RupeeAppreciation of the Rupee
Indication of economy doing well
Importers & borrowers in forex are happy
Domestic consumers are happy
Interest on government borrowings comedown
Companies with forex loans will gain
Debt of the government decreases Lowers inflation rate
Exporters are hit
Margins erode
Producers have to cut costs
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Agriculture
V Contributes about 22% to GDP
V 60% of area sown dependent on rainfall
V 65 to 70% of population dependent on
agriculture
V 230.67 mt foodgrain production in 2007 08
V National Food Security Mission launched to
enhance production of rice wheat and pulses
V India second highest producer of fruits and
vegetables in world
V Largest producer of milk in the world(Conti)
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V
India is home of spices-largest producer,consumer
and exporter of spices
V India largest producer of cashewnuts and
basmati rice
V National Horticultural Mission 2005
V National Project forOrganic Farming 2004
V India has largest livestock population in world
V National Fisheries Development Board set up
in Hyderabad
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Energy
Coal main source of energy [67%] Installed power capacity is 149,391.91MW as of
31st May, 2009.
ElectricityAct 2003 - SERCs formed
Coal based Ultra Mega PowerProjects [UMPP] of4000 MW each
National Solar Mission to be launched on November
14th 2009
Nuclear energy to be key for Indias quest for energy
security. Hence 123 pact.
Nuclear energy at present contributes 3 to 4% to total
energy pie
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Miscellaneous
India a services sector led economy defies
conventional logic
Conventional model is transition from
manufacturing to services
India is services sector led but still
predominantly
rural Manufacturing and infrastructure are top
priorities
of the Government
(Conti)
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Disinvestment of sick
PSUs and profitmaking
PSUs is needed to generate huge funds for
infrastructure, specially social infrastructure
Second generation economic reforms neededin
power, agriculture, legal sector and financial
sector Massive transfer of population away from
unproductive agriculture to other sectors like
services and manufacturing
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Polity -Polity -
F UPA -- in May 2009. Congress 206 seats
F TMC second largest component ofUPA
F Verdict 2009 is the defeat of the Third andFourth Front primarily rather than of the
NDA
F
Highest tally contributed toNDA byKarnataka
F Left Front humbled in West Bengal
F Agatha Sangma-youngest Union Cabinet(Conti)
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F Shashi Tharoor is MOSExternal affairs
F Meira Kumar first woman to be the Lok
SabhaSpeaker
F LKAdvani and Arun Jaitley leaders of
opposition in LokSabha and Rajya SabhaF Oldest Cabinet MinisterSM Krishna age
77 years
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Polity --Polity --
Ramesh Pokhariyal new Chief Minister of
Uttarakhand
K. Rosaiah new Chief Minister ofAndhra Pradesh
Sikkim creates history-all MLAs belong to theruling party
AshokGehlot new Chief Minister ofRajasthan
Navin Chawla is the new chiefElection
Commissioner
Mohan Bhagwat new RSS Chief
Congress retains power in Maharashtra, Haryana
and Arunachal Pradesh in October 2009.
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8,3000 sq. km of India claimed by China8,3000 sq. km of India claimed by China
China objects to ADBs loan to Arunachal PradeshChina objects to ADBs loan to Arunachal Pradesh Arunachal regarded by China as Southern TibetArunachal regarded by China as Southern Tibet
China objects to Dalai Lamas and Manmohan SinghsChina objects to Dalai Lamas and Manmohan Singhsvisits to Tawangvisits to Tawang
India bans Chinese mobiles, dairy products and toysIndia bans Chinese mobiles, dairy products and toys
China says AgniChina says Agni -- V can target most of ChinaV can target most of China
China reveals a plan on its semiChina reveals a plan on its semi--official website to balkaniseofficial website to balkaniseIndia into 15 to 20 pieces by using Pakistan, Bangladesh andIndia into 15 to 20 pieces by using Pakistan, Bangladesh andtaking the assistance of various terrorist organizations liketaking the assistance of various terrorist organizations like
ULFA etcULFA etc The two fastest growing economies in the world are ChinaThe two fastest growing economies in the world are China
and Indiaand India
India is the worlds largest democracy and China is theIndia is the worlds largest democracy and China is theworlds largest freeworlds largest free--market and politically regimentedmarket and politically regimented
countrcountr
8,3000 sq. km of India claimed by China8,3000 sq. km of India claimed by China
China objects to ADBs loan to Arunachal PradeshChina objects to ADBs loan to Arunachal Pradesh Arunachal regarded by China as Southern TibetArunachal regarded by China as Southern Tibet
China objects to Dalai Lamas and Manmohan SinghsChina objects to Dalai Lamas and Manmohan Singhsvisits to Tawangvisits to Tawang
India bans Chinese mobiles, dairy products and toysIndia bans Chinese mobiles, dairy products and toys
China says AgniChina says Agni -- V can target most of ChinaV can target most of China
China reveals a plan on its semiChina reveals a plan on its semi--official website to balkaniseofficial website to balkaniseIndia into 15 to 20 pieces by using Pakistan, Bangladesh andIndia into 15 to 20 pieces by using Pakistan, Bangladesh andtaking the assistance of various terrorist organizations liketaking the assistance of various terrorist organizations like
ULFA etcULFA etc The two fastest growing economies in the world are ChinaThe two fastest growing economies in the world are China
and Indiaand India
India is the worlds largest democracy and China is theIndia is the worlds largest democracy and China is theworlds largest freeworlds largest free--market and politically regimentedmarket and politically regimented
countrcountr
INDIAINDIA CHINA TIESCHINA TIESINDIAINDIA CHINA TIESCHINA TIES
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JASWANT SINGHJASWANT SINGH
Author of Jinnah India Partition Independence
FormerDefence and External Affairs Minister in
NDAGovt
Expelled from BJP for sympathetic portrayal ofJinnah and criticism ofSardarPatel Gandhiji and
Jawaharlal Nehru.
He is chairman ofPublic Accounts Committee
[PAC] in LokSabha. Involved in controversy during NDAGovt for
escorting terrorists to Kandahar
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AWARDS
Deep Joshi awarded Magsaysay award forsocial service
Alice Munro wins 2009 Man BookerInternational Prize
President BarackObama is surprise choicefor
2009Nobel Peace Prize
Hilary Mantel wins 2009 Man BookerPrize
Herta Muller 2009Nobel Prize forLiterature ElinorOstrom and Oliver Williamson, Nobel
Prize Economics
Venkatraman Ramakrishnan wins Nobel Prize
for Chemistry
iiii
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Business related awards [ETBusiness related awards [ET
Awards]Awards]
Business related awards [ETBusiness related awards [ET
Awards]Awards] Business Leader ofYearBusiness Leader ofYear--Anand MahindraAnand Mahindra
Global IndianGlobal Indian--Ram CharanRam Charan
Businesswoman ofYearBusinesswoman ofYear--Vinita BaliVinita Bali
Corporate Excellence, Company of the YearCorporate Excellence, Company of the Year--Hero HondaHero Honda
Entrepreneur of the YearEntrepreneur of the Year--GV Krishna ReddyGV Krishna Reddy
Corporate Citizen of the YearCorporate Citizen of the Year--TERI,TERI, Reformer of the YearReformer of the Year--Nitish KumarNitish Kumar
Life Time Achievement awardLife Time Achievement award--Keshub MahindraKeshub Mahindra
Business Leader ofYearBusiness Leader ofYear--Anand MahindraAnand Mahindra
Global IndianGlobal Indian--Ram CharanRam Charan
Businesswoman ofYearBusinesswoman ofYear--Vinita BaliVinita Bali
Corporate Excellence, Company of the YearCorporate Excellence, Company of the Year--Hero HondaHero Honda
Entrepreneur of the YearEntrepreneur of the Year--GV Krishna ReddyGV Krishna Reddy
Corporate Citizen of the YearCorporate Citizen of the Year--TERI,TERI, Reformer of the YearReformer of the Year--Nitish KumarNitish Kumar
Life Time Achievement awardLife Time Achievement award--Keshub MahindraKeshub Mahindra
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SPORTSSPORTSSPORTSSPORTS
Rio De Janiero 2016
OlympicsRio De Janiero 2016
Olympics2010 FIFA World Cup venue is South Africa2010 FIFA World Cup venue is South Africa
2010 Commonwealth Games venue Delhi2010 Commonwealth Games venue Delhi
2010 World Cup Hockey venue Delhi2010 World Cup Hockey venue Delhi
2011 World Cup Cricket; India, Sri Lanka and2011 World Cup Cricket; India, Sri Lanka andBangladeshBangladesh
2009 Castrol Award Player of the Year, Gautam2009 Castrol Award Player of the Year, Gautam
GambhirGambhir
ICC Test Cricketer ofYear 2009 is GautamICC Test Cricketer ofYear 2009 is Gautam
GambhirGambhir
ICC, ODI player ofYear 2009 is MSDhoniICC, ODI player ofYear 2009 is MSDhoni
Union Minister forSports, MSGillUnion Minister forSports, MSGill
Rio De Janiero 2016
OlympicsRio De Janiero 2016
Olympics2010 FIFA World Cup venue is South Africa2010 FIFA World Cup venue is South Africa
2010 Commonwealth Games venue Delhi2010 Commonwealth Games venue Delhi
2010 World Cup Hockey venue Delhi2010 World Cup Hockey venue Delhi
2011 World Cup Cricket; India, Sri Lanka and2011 World Cup Cricket; India, Sri Lanka andBangladeshBangladesh
2009 Castrol Award Player of the Year, Gautam2009 Castrol Award Player of the Year, Gautam
GambhirGambhir
ICC Test Cricketer ofYear 2009 is GautamICC Test Cricketer ofYear 2009 is Gautam
GambhirGambhir
ICC, ODI player ofYear 2009 is MSDhoniICC, ODI player ofYear 2009 is MSDhoni
Union Minister forSports, MSGillUnion Minister forSports, MSGill
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MISCELLANEOUSMISCELLANEOUS
Mamta Banerjee coins slogan of Ma Maati
Manush
Pranab Mukherjee and P. Chaidambaram unveil
proposal for a new Tax Code Nandan Nilekani appointed chief of the Unique
Identification Authority
C. Ranagarajan is reappointed chairman ofPMsEconomic Advisory Council
BarackObama is youngest American president to
win Nobel Peace Prize(Conti)
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FormerPresident Pervez Musharraf indicted formurder of Baluch nationalist leaderNawab AkbarBugti
Centenary of eminent Defence Scientist, SuriBhagwantam, observed
Angela Merkel most powerful woman in the world,according to Forbes
Jean Dreze, Belgian economist is ETs PolicyChangeAgent ofYear
Nandita Das is chairperson of the Childrens FilmSociety of India
Lee Kun Hee former head ofSamsung given five
year suspended jail sentence and a fine of $110
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MISCELLANEOUS --
Fortis acquires Wockhardt Hospitals
Telecom rural penetration only 13% in India Swiss luxury goods giant Mont Blanc adopts
Mahatma Gandhi as brand ambassador for its
Rs.14 lakh pen
Swati Piramal is new president ofAssocham
Current capacity of nuclear power in India is
4000 MW
Lunar CraterObservation and Sensing Satellite[LCROSS] ofNASA crashlands on moon to
search
for water
dh d b fi hi f i i b