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ECONOMICS: AN INTRODUCTION
Definition 1
economic growth 4
measuring growth 5
national income accounting 5
market price and factor cost
relationship between market price and factor cost 6
factor cost
transfer payments
estimating GDP/GNP
three approaches
GDP and GNP 8
GNP AND NNP 9
Base year 10
GDP deflator 11
the need to measure economic growth 12
problems in calculating NI
black money 13
non-monetization
household services
social services
environmental cost
business cycles
economic growth -its benefits and side effects 14
reliability of GDP as a measure of progress
alternatives to GDP 15
HDI 16
HPI
GPI 17
GNH
natural resources accounting green GDP
GREEN GDP 18
India and green accounting
Sarkozy's for an alternative metric
more recent developments 19
moral economy
Laissez-faire
social market 20
market economy and poverty
market and government failure 21
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structural composition of the economy
vital statistics 25
growth and the value of the output 26
domestic product
SOCIO ECONOMIC PLANNING
History of economic planning in India: the beginnings 28
planning goals
history planning 29
FYP 1-12 29-35
PLANNING commission 35
relevance of planning 38
changing role planning commission 39
from planning commission to systems reforms commission
national development council 41
mixed economy
financial resources for the FYP 42
A note on gross budgetary support
achievements of planning
the failures of planning are equally clear 43
indicative planning
rolling plan 44
financial planning
physical planning
Nehru-Mahalanobis model of economic growth 45
Rao-Man Mohan singh Model of growth 46
economic reforms
misgiving about economic reforms 47
second generation reforms 48
recession and depression 49
recession
depression
great recession 2008
HUNGaMA report 2012 50
excerpts from PM's speech on Child Nutrition 52
FISCAL SYSTEM (FISCAL POLICY)
DEFINITIONS 54
definition of deficits 55
revenue deficit
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fiscal deficit 56
budget deficit
monetized deficit
primary deficit
deficit financing
Ways and Means Advances (WMA) 58
Ad-hoc treasury bills and WMA
how much of fiscal deficit is right?
reducing FD 60
global crisis and the FD in India
the fiscal stimulus packages 61
the second stimulus package
the third stimulus package
financing the FD
FRBM Act 2003
Fiscal Consolidation 62
13th finance commission and Fiscal consolidation 63
plan and non-plan expenditure classification and its unsustainability 64
Rangarajan panel on public expenditure 2012
public debt 65
external debt 66
internal debt 67
zero base budgeting (ZBB)
FRINGE benefit tax (FBT) 68
perquisites
fiscal drag
fiscal neutrality 69
crowding out
pump-priming
small savings
public goods, merit goods and demerit goods 70
giffen goods
MONETARY AND CREDIT POLICY
definitions 71
monetary policy
bank rate 72
ready forward contracts (repo)
marginal standing facility (MSF) 73
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liquidity adjustment facility (LAF)
reserve requirements 74
statutory liquidity ratio (SLR)
CRR
open market operations (OMO) of RBI 75
selective credit controls
moral suasion
the growing importance of monetary policy 76
market stabilization bonds scheme (MSS) 77
developing countries and monetary policy
interest rates and their significance 78
deregulation of interest rates
floating and flexible rates of interest 79
inflation targeting
RBI
RBI functions 80
RBI as agent and adviser of the government 81
RBI as national clearing house
RBI act amended 2006 83
autonomy for RBI
money supply 84
monetary and fiscal policy
quantitative easing 85
credit crunch / liquidity crunch / liquidity crisis 86
monetary expansion / easing / stimulus
TAXATION IN INDIA: CONCEPTS AND POLICIES
taxation system in India 88
measures for broadening tax base, strengthening compliance and simplification 90
tax-GDP ratio 90
tax collections 2012-13 91
direct and indirect taxes in India: the changing scenario
cost of direct tax collection 92
income-tax slabs and rates
service tax 93
service tax and Indian constitution 94
goods and services tax (GST) 95
need for GST
GST: questions and answers 96
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how will the the GST work?
what's the rationale for the GST?
what are the proposed GST rates? 97
are there exemptions proposed?
will the states lose out?
what happens next?
what is the revenue impact?
what about the economic impact?
constitutional amendment for GST 98
constitution (115th Amendment) Bill, 2011 (GST bill)
definition of goods and services - article 366
article 249
article 250
GST council - article 279A 99
membership of the GST council
functions of the GST council
GST dispute settlement authority - article 279B
fiscal autonomy issues 100
contentious federal issues on GST
GST: challenges for implementation
challenges to address 101
GST and fiscal federalism
technology advisory group for unique projects (TAGUP)
GST and tax efficiency 102
tax reforms in India
tax expenditure 103
tax havens and G20 104
tax-incidence
tax burden
tax base
tax rate 105
tax shelters
difference between tax avoidance and tax evasion
hidden taxes
proportional, progressive and regressive tax
specific duty
ad-valorem
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compound duty
excise duty 106
customs duty
negative income tax
pigovian tax
octroi
tax buoyancy
tax elasticity
tax stability
Tobin tax or financial transaction tax (FTT) or Robin Hood tax 107
India and FTT
minimum alternative tax (MAT) 108
presumptive tax
laffer curve 109
inverted duty structure
dividend and distribution tax 110
withholding tax
capital gains tax
wealth tax
securities transaction tax (STT)
transfer pricing
rupee is raised and spent like this 111
cess 112
direct tax code (DTC) 113
DTC and General Anti Avoidance Rules (GAAR)
DTC as it is found in union budget 2012 114
changes in tax slabs
age for senior citizens
wealth tax
GST and CST
TAXATION
GAAR 115
FAQ on GAAR
what is GAAR?
How does it operate?
what were the key concerns? 116
how did the finance minister amend it during the budget session 2012?
why was Parthasarathy Shome panel set up?
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advance ruling 117
double taxation avoidance agreements (DTAA)
Limitations-of-Benefits and DTAAs
Vodafone verdict: the gist 118
holding company 119
indirect transfer of Indian asset
treaty shopping and round tripping 120
distinction between tax planning tax avoidance and evasion
INFLATION: CONCEPTS, FACTS AND POLICY
creeping inflation 122
trotting inflation
runaway inflation
measures of inflation
GDP deflator
cost of living index 123
producer price index (PPI)
wholesale price index (WPI)
consumer price index (CPI)
types of inflation based on causes
demand-pull inflation
cost-push inflation 124
structural inflation
speculation
cartelization
hoarding
high inflation hurts ! 124
small amount of inflation can be good 125
to control inflation
indices of inflation
WPI 126
limitations on WPI 127
WPI: new reporting method 128
comparative statement of commodities and price quotations
CPI
difference between WPI and CPI 130
divergence between WPI and CPI
new series of CPI for urban areas 131
new series of CPI for rural areas
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national CPI
weighting diagrams
release of indices 132
revision of indices
which index should one use? 133
services and price index 134
producer price index (PPI)
Core' or 'Underlying Inflation'
inflation targeting 135
ideal level of inflation
collection of statistics Act, 2008
Phillip’s curve 136
deflation
remedy 137
India and deflation
growth-inflation trade off
inflation in India 138
reasons for the current inflation
government steps to control inflation 139
fiscal measures
administrative measures
monetary measures 140
open inflation
repressed inflation 141
inflation tax
BANKING SYSTEM IN INDIA
public sector banks 142
development banks
bank nationalization 143
commercial banks 144
cooperative banks
prakash bakshi committee 146
commercial banks and their weakness by 1991
the reforms to set the above problems right were
Narasimham committee 147
Non-Performing Assets (NPA)
SARFAESI Act 2002 149
asset reconstruction company
prudential norms
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Basel norms 150
Basel III 151
credit risk
market risk
operational risk 152
capital - tier 1 and tier 2
Basel III Norms: RBI guidelines 153
bank for international settlements (BIS)
shadow banks
universal banking in India 154
financial inclusion 155
bank consolidation 156
financial stability
RBI and financial stability 157
traditional role
post-Lehman
banking stability index 158
toxicity index etc. : RBI
prime lending rate (PLR) 159
basis point
weak bank-Narasimham committee-II
narrow banking
bank run
subordinated debt
core banking
world bank recapitalization 160
bank stress tests
financial sector reforms
how Indian banks survived the global crisis? 162
financial inclusion
important additional data for financial inclusion 163
RBI as a regulator
basics of base rate
what is base rate?
how is the base rate calculated?
when did the base rate come into force? 164
how is it different from bank PLR?
how often can a bank change its BR?
what are its benefits?
what are the exceptions?
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securities and insurance laws (amendment) and validation Act, 2010
Swabhimaan 2011
priority sector: Nair committee recommendations 167
RBI acted on these recommendations
savings bank rate deregulation 168
PUBLIC SECTOR: EVOLUTION, REFORMS AND PERFORMANCE
the objectives of the PSUs 170
Public sector and economic reforms 171
PSEs 2012 172
performance of CPSEs 173
disinvestment and privatization 174
definitions
advantages of disinvestment / privatization 175
criticism of divestment 176
divestment policy
valuation of shares 177
government policy on disinvestment / privatization
strategic and Non-strategic classification
disinvestment 2012 178
buyback and cross holdings
cross holdings 179
exchange traded fund (ETF)
board for reconstruction of PSE (BRPSE)
navaratna and miniratna companies 180
navaratnas
miniratna companies 182
category I Miniratna
category II Miniratna
maharatna 184
ad-hoc group of experts (AGE) report 185
memorandum of understanding (MOU)
some recent initiatives in restructuring the PSEs 186
autonomy for PSEs
professionalization of PSU Boards 187
problems and prospects of PSU restructuring
tenure of the CEO and board of directors
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multiple audit
role of administrative ministry
noncommercial activities
national investment fund (NIF) 188
objectives of NIF
Use of disinvestment proceeds
purchase preference policy 189
disinvestment trough public offers - highlights 191
MONEY MARKET AND CAPITAL MARKET IN INDIA: INSTRUMENTS AND DETAILS (PART 1)
call money 192
treasury bills
interbank term money 193
certificates of deposit
inter corporate deposits market
commercial paper
ready forward contracts (repo) 194
commercial bills
discount and finance house of India (DFHI)
MONEY MARKET AND CAPITAL MARKET IN INDIA: INSTRUMENTS AND DETAILS (PART 2)
capital market 195
G-secs (Gilt edged securities)
dated securities 196
floating rate bonds
capital indexed bonds
capital index bond (CIB), 2002
2012 reforms in G-secs
DFIs or development banks
merchant banks / investment banks 197
mutual funds
SEBI reforms august, 2012
Hedge fund
venture capital 198
angel investors
qualified institutional placement (QIP) 198
Non -banking financial company (NBFC)
NBFC factor 199
external commercial borrowings (ECB)
euro issues 201
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private equity
stock market
credit default swap (CDS)
what is CDS?
what is the economic benefit of CDS? 202
what are the key concerns?
what role did CDS play in the financial meltdown?
how is RBI safeguarding against CDS ills?
corporate debt
FCCBs 203
FIIs investment in debt
take-out financing
infrastructure debt funds (IDFs) 204
STOCK MARKET IN INDIA
importance of stock exchanges 205
stock exchanges in India
Bombay stock exchanges (BSE) 206
Sensex 207
demutualization
national stock exchange of India (NSE)
the inter-connected stock exchange of India limited (ISE) 208
indonext
over the counter exchange of India (OTCEI)
global rankings of BSE and NSE
BSE, SME and NSE emerge 209
SEBI
SEBI and the reforms 210
SEBI makes new rules, 2009
capital market reforms
primary market 211
secondary market
types of shares
derivatives 212
futures
buyback of shares
rolling settlement
commodity exchanges 213
agricultural products
precious metals 214
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base metals
ferrous metals 215
energy products
polymers
carbon credits
Forward market commission (FMC)
mutual funds 216
open-ended funds
closed-ended funds
FIIs
QFIs 217
financial action task force (FATF)
portfolio investment scheme (PIS)
international organization of securities commissions (IOSCO) 218
FATF 219
global depository receipts (GDR)
American depository receipts (ADR) 220
participatory notes
Rajiv Gandhi equity savings scheme
hedge fund 221
clearing house
equity
share
bond
debenture
bear
bull 222
bear market
gilt
blue chip
midcap company
small investor
primary dealers 223
market depth
negotiated dealing system (NDS)
short selling
market capitalization
price / earnings (P/E) ratio
earnings per share (EPS) 224
insider trading
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depository
national securities depository limited (NSDL)
national association of securities dealers automated quotation system (NASDAQ)
Dow Jones index 225
important indices of the world
ethical investing 226
Ponzi scheme or pyramid scheme
decoupling
clause 49
Indian depository receipts (IDR)
shariah index 227
BRICS cooperation among exchanges 228
power exchanges
SGX Nifty
Dollex
INDIAN ECONOMY: BALANCE OF PAYMENTS
BOP in 1990 229
surge in capital flows 230
BOP and invisibles 231
remittances
convertibility of rupee 232
capital account convertibility (CAC) 233
benefits of fuller convertibility presented differently are: 234
tarapore committee on CAC 235
CAC relaxations so far
tarapore II on fuller rupee convertibility, 2006
current account deficit (CAD) 236
CAD 2012
FAQ on CAD from ET 237
what is CAD?
what is India’s current account situation?
what are the implications of a large current account GAP?
what should the government do?
currency mechanism 238
why did the rupee slide to historic lows below 57? 239
is the rupee likely to recover?
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what is the real value of the rupee?
how much reserves are enough / necessary? 240
why accumulate forex?
sterilization mechanism and MSBs 241
rupee devaluation / depreciation and export performance and promotion
the J curve
2012 depreciation 242
rupee appreciation: why and what it does?
forex reserves and infrastructure 243
sovereign wealth fund
BRETTON WOODS INSTITUTIONS AND OTHERS
international monetary fund (IMF) 244
IMF objectives 245
what the IMF does?
special drawing rights (SDRs) 246
IMF borrowing arrangements
general arrangements to borrow (GAB)
new arrangements to borrow (NAB)
India and NAB 247
how the IMF lends?
IMF facilities 248
IMF and the global financial crisis
IMF and BRICS 250
IMF and conditionalities
reforming the IMF 251
India and IMF
the importance of IMF in the post-Lehman period 252
quotas, GAB and NAB 253
the G20 and the IMF
SDRs as an alternative to the US dollar as global reserve currency 254
WORLD BANK GROUP AND WORLD BANK
the international bank for reconstruction and development (IBRD) 256
the International development Association (IDA) 257
IDA 16
IFC (international finance corporation)
multilateral investment guarantee agency (MIGA) 258
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international center for settlement of investment disputes (ICSID) 259
India and the world bank
India’s enhanced voice 260
IMF vs. WB 261
financial action task force (FATF) 262
Asian clearing union
India-iron oil payments
ADB 263
financial stability board 264
G20
mandate
origins
membership
achievements 265
chair 266
meetings and activities
interaction with other international organizations
how does the G20 differ from the G7?
miscellany 267
summits
organization for economic cooperation and development (OECD) 268
European central bank (ECB)
international financial stability architecture for the 21st century
Bretton woods 2.0
WTO AND GATT
GATT and WTO 271
structure of WTO
dispute settlement 272
WTO members and observers 273
chronology
WTO agreements
agreement on agriculture (AoA) 274
domestic support
export subsidies
market access 275
TRIPS
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agreement on Trade-related aspects of intellectual property rights (TRIPS)
TRIPS and patents 276
product and process patents
geographical indications
registration details of GI application 278
patents amendment act 280
WTO package 281
anti-counterfeiting trade agreement (ACTA)
European union (EU) parliament rejects ACTA 282
public health concerns: TRIPS agreements and safeguards 283
Tamiflu 284
glivec 285
naxaver
sui generis system 287
GATS (general agreement on trade in services)
trade negotiations 289
Doha round
developing countries' demands and concerns
developed countries demands 290
most favored nation (MFN)
what are the benefits?
regional trading arrangement (RTA) and multilateralism under WTO 291
regionalism and multilateralism 292
some regional trading arrangements
groups (G4 etc.) 293
WTO words 294
G33 and special products (SP) and special safeguard mechanism (SSM) 296
WTO and safeguard duty
SP and SSM 297
SP
SSM 298
Safeguard duty
safeguard duty in India 299
special and differential treatment
what has India gained from the WTO? 300
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WTO: boon or bane?
Technical barriers to trade (TBT) and Sanitary and Phytosanitary measures (SPS) 301
Singapore issues
Non-agricultural market access (NAMA) 302
Swiss formula and India 303
H1B visa fee hike and WTO-Compatibility
banana wars 304
US cotton subsidies 305
protectionism
arguments against protectionism 307
current world trends
Bhagvati and protectionism 308
the tragedy of the commons
beggar thy neighbor
trade facilitation 309
fiscal
safety and security
environment and health
consumer protection
trade policy
eighth ministerial 310
WORLD INTELLECTUAL PROPERTY ORGANIZATION (WIPO)
FOREIGN TRADE
India’s Exim policy: its evolution and content 312
exports 2010-11 313
India’s merchandise trade performance during 2011-12 highlights 314
exports 315
imports 316
trade deficit 317
global trade
south-south trade
six fold increase in services sector exports 318
export of engineering goods
small and medium enterprise and engineering exports 320
quantitative restrictions (QR) 321
non-tariff barriers
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salient points of strategy for doubling exports in next three years (2011-12 to 2013-14)
product strategy
market strategy
non-traditional export markets 323
focus market scheme (FMS)
market linked focus product scheme (MLFPS)
board of trade (BOT)
interstate trade council 324
export promotion councils
commodity boards
agricultural and processed food products export development authority
marine products export development authority
GS1 - (Global Standards) India 325
agri-export zones (AEZ)
100% Export oriented units (EOU) 328
regional trade arrangements and trade (RTA)
India’s trade reforms since 1991 329
exports and employment
market access initiative (MAI) 330
marketing development assistance (MDA) 331
towns of export excellence (TEE)
export and trading houses
vishesh krishi and gram udyog yojana (VKGUY) 332
focus market scheme (FMS) 332
hitech products export promotion scheme (HPEPS)
states and export efforts 333
export-import bank
annual trade policy review 2010
commerce minister Shri Anand Sharma's speech with details of the annual supplement (June 2012) to five year FTP (2009-14) 334
E-biz 339
forfaiting
mercusor
deemed exports
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free import of inputs 340
advance license
duty entitlement pass book (DEPB)
Replenishment license
duty free replenishment certificate scheme (DFRC)
deemed exports
free on board (FOB)
net foreign exchange (NFE)
ad valorem 341
compound duty
countervailing duty
exchange earner foreign currency account scheme (EEFC)
transaction costs
barriers to entry
Indian trade classification (harmonized system) - ITC (HS)
anti-dumping duty
safeguard duty 342
target plus
export credit guarantee corporation of India ltd. (ECGC)
electronic commerce (EC) / electronic data interchange (EDI) for trade 343
EDI
Trade finance 345
trade finance in India
EEFCA 346
AGRICULTURE
food deficit to food surplus 348
accounting for success in agriculture
food grain production 2012
crisis and challenge in agriculture 349
causes for low agricultural growth since mid-1990s
remedies 350
11th plan and agriculture: some areas
accelerating agricultural growth
concerns
11th plan strategy 351
12th FYP and agriculture
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capital formation in Indian agriculture 353
bharat nirman 354
stainable agriculture: water management and irrigation 355
warabandi 356
soil health
soil reclamation
extension services 357
agri-clinic and agri business center 358
small farmers' agribusiness consortium (SFAC)
rainfed agriculture 359
national rainfed area authority
drought 360
contingency plan 2012 362
a new calamity
National disaster response fund (NDRF) and State disaster response fund (SDRF) 363
UN and drought
World meteorological organization (WMO)
rural credit 364
NABARD
rural credit institutions 365
co-operative credit structure
regional rural banks (RRB)
local area banks 366
priority sector
NBC denotes net bank credit 367
RIDF
NABARD and SHGs
microfinance 368
types of micro credit providers in India
malegam committee 369
national vegetable initiative 370
national mission on food processing (NMFP) 371
kisan credit cards (KCC)
agricultural price policy in India
commission for agricultural costs and prices (CACP) 372
national food security mission
food subsidy 373
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rashtriya krishi vikas yojana (RKVY)
second green revolution 374
horticulture 376
national horticulture mission (NHM) 377
vishesh krishi upaj yojana
AGRINDIA
livestock
livestock biodiversity 379
role of livestock 380
animal production practices
milk
national dairy plan 381
modified crop insurance 382
marketing reforms 384
nutrient based fertilizer subsidy 385
pulses development
extending green revolution to eastern India 387
India celebrates declaration of global freedom from rinderpest 389
productivity of foodgrains UP from 1756 kg to 1921 kg per hectare in last 4 years
agrinet scheme to provide IT enabled services to farmers
kisan call center 390
precision farming or precision agriculture
precision farming or precision agriculture
using GIS to maximize profits
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