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General Awareness - Economics Notes - Indian Economy - Part 2 | TNPSC Question Papers

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GENERAL AWARENESS - ECONOMICS NOTES - INDIAN ECONOMY - PART

2
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General Awareness - Indian Economy - Economics Notes for All

Competitive Exam - Part II
Balanced budget: A budget is said to be a balanced budget when current income is
same as current expenditure.
Balance of Trade: Refers to the relationship between the values of country's imports and
its export, i.e., the visible balance. These items only form part of the balance of payments
which are (a) invisible items and (b) movements of capital.
Budget Deficit: When the expenditure of the Govt. exceeds the revenue, the balance
between the two is the budget deficit.
Call Money: Is a loan that is made for a very short period of a few days only or for a
week. It sanctions with a low rate of interest. In case of stock exchange, the duration
length of the call money may be for a fortnight.

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Cash Reserve Ratio: Refers to the ratio which banks have to maintain with the RBI as
certain percentage between their holdings of cash and their time liabilities.
Deflation: Decline in the general price level of goods and services leading to rise in the
value (purchasing power). A method of statistical conversion of a series of data to
compensate for the general rise in prices.

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Devaluation: Official reduction in the foreign value of domestic currency. It is done to

encourage the country's export and discourage imports.
Direct Tax: Tax that cannot be shifted. The burden of direct tax is borne by the person on
whom it is initially fixed. Examples: Personalincome tax, Social Security tax paid by
employees.

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Elasticity: The degree of responsiveness of quantity demanded or supplied to a change

in price.
Excise Tax: Tax imposed on the manufacture, sale or the consumption of different
commodities, such as taxes on textiles, fabric, cloth, liquor etc.

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Fiscal policy: Government's expenditure and tax policy, an important means of

moderating the upswings and downswings of the business cycle.
Foreign Exchange: Claims on a countries by another, held in the form of currency of that
country. Foreign 'exchange system enables one currency to be exchanged for another
thus facilitation trade between countries.

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Foreign Exchange Rate: Prices of the domestic currency in terms of foreign currencies.
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Indirect taxes: Taxes levied on goods purchased by the consumer (and exported by the
producer) for which the tax payer's liabilities varies in proportion to the quantity of
particular goods purchased or sold.

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Inflation: A sustained and appreciable increase in the price level over a considerable
period of time.
Laissez faire: The principle of non-intervention of government in economic affairs.
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National Income (at factor cost): Total of all incomes earned or imputed to factors of

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General Awareness - Economics Notes - Indian Economy - Part 2 | TNPSC Question Papers
manufacturing, used in economic literature to represent the output or income of an
economy in a simple fashion.
Per Capita Income: Total GNP of a country divided by the total populace. Per capita
income is often used as an economic indicator of the levels of living and development. If
however, can be a biased index because it takes no account of income distribution.
Statutory Liquidity Ratio: The SLR is the ratio of cash in hands, exclusive of cash
balance maintained by ranks to meet required CRR, but no excess reserves.
Tariff (ad valorem): A fixed percentage tax on the value of an imported product, tax
levied at the point of entry into the importing country .
Tobin tax: Named after James Tobin, the Nobel prize winner for economics in 1981, a
global tax on capital transfers, which could raise possibly $250 billion from financial
markets worldwide. And this huge sum could be used to support the developing
economies of the third world. The revenue from the Tobin tax can also be used to write off
the third world countries debts.
Value Added Tax (VAT): This form of tax has been in operation in some countries. If
brings a value added tax, a tax levied on the values that is added to goods and services
turned out by the producers during stages of production and distribution.
Zero Based Budgeting: The practice of justifying the utility in cost benefit terms of each
government expenditure on projects. The ZBB technique, involves a serious review of
every scheme before a budgetary provision is made in its favour. This form of financial
planning is with an objective to ensure that every rupee spent is result oriented. If ZBB is
properly implemented it could help to reverse the trend of large deficits on the revenue
account of the Union Government.

Formation years of Major Financial Institutions in India

Imperial Bank of India - 1921
Reserve Bank of India (Nationalisation of RBI took place on Jan 1, 1949) - 1935
Industrial Finance Corporation of India - 1948
I CI CI - 1955
State Bank of India - 1955
Unit Trust of India - 1964
lOBI - 1964
NABARD 1982
IRBI (Now it has been renamed as IIBIL since 1997) - 1985
SIDBI - 199O
EXIM BANK - 1982
National Housing Bank -1988
Life Insurance Corporation (LIC) - 1956
General Insurance Corporation (GIC) - 1972
Regional Rural Banks -1975
RCTF - Risk Capital and Technology Finance Corporation Ltd - 1975
Technology-Development & Information Co. of India Ltd - 1989
IL & FS - Infrastructure Leasing and Financial Services Ltd - 1988
HDFC - Housing Development Finance Corporation Ltd - 1977
Registered Office

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Important Private Banks

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13.Kerala
14.Madhya Pradesh

UTI Bank Ltd

Ahmedabad

1994

15.Maharashtra

Indus Ind. Bank Ltd

Pune

1994

16.Manipur

ICICI Bank Ltd

Vadodara

1994

17.Meghalaya

Global Trust Ltd

Secunderabad

1994

HDFC Bank Ltd

Mumbai

1995

Centurian Bank Ltd

Panaji (Goa)

1995

Bank of Punjab Limited

Chandigarh

1995

Times Bank Limited

Faridabad

1995

lOBI Bank Ltd

Indore

1995

Development Credit Bank Ltd

Mumbai

1995

18.Mizoram
19.Nagaland
20.Odisha/Orissa
21.Punjab
22.Rajasthan
23.Sikkim
24.Tamil Nadu
25.Tripura

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2 comments:
Anonymous April 17, 2014 at 2:27 PM
Admin,
Please update study materials for the poems and plays given in the syllabus of VAO
General ENGLISH.
Reply

Ashok April 17, 2014 at 2:28 PM

Need materials for VAO General English poems and plays
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