ಶುಕ್ರವಾರ, ಮಾರ್ಚ್ 29, 2019

30 most important current affairs of MARCH 2019


The Lok Sabha election 2019 schedule was announced by the Election Commission on March 10, 2019.  The elections will be held in seven phases across the country starting from April 11 and the final result will be out of May 23.

As of 2019, 900 million people are registered as voters and there will be approximately 10 lakh polling stations in this Lok Sabha Elections as compared to 9 lakh polling stations in 2014. The electronic voting machines this time will also have photographs of candidates next to the symbol of the party.


2. India becomes 4th largest space power

Prime Narendra Modi on March 27, 2019 announced that India has established itself as the world's 4th largest space super power. The Prime Minister stated that the feat is historic, as till now, only three countries in the world – United States of America, Russia and China have achieved this.


The Prime Minister announced the success of ‘Mission Shakti’, in which Indian scientists successfully targeted and shot down a live satellite on a Low Earth Orbit with an anti-satellite missile (A-SAT) within a matter of just three minutes.

He announced that India has joined the elite league of space powers and the whole mission required a lot of complex scientific maneuvers and techniques, which India was able to see through successfully.


3. Chandrayaan-2 to carry NASA instruments; ISRO to launch 29 satellites

Chandrayaan-2, the second moon mission of the Indian Space Research Organisation (ISRO), will be carrying laser retroreflector arrays owned by the US space agency National Aeronautics and Space Administration (NASA).

The Indian Space Research Organisation (ISRO) will launch 29 satellites including the primary payload EMISAT on April 1, 2019. The PSLV-C45 (Polar Satellite Launch Vehicle), carrying these satellites onboard, will take off from the Satish Dhawan Space Centre in Sriharikota.


4. Jet Airways Crisis: Explained

Jet Airways Founder and Chairman Naresh Goyal and his wife Anita Goyal resigned from the board on March 25, 2019 amid the reports of looming financial crisis in the airlines. However, the CEO of Jet Airways, Vinay Dube will stay on to steer the airline carrier out of the current financial crisis.


The board of Jet Airways accepted their resignation. Naresh Goyal is presently in London, and addressed all 23,000 employees from there. The Jet Airways was founded nearly 25 years ago by the Goyals in 1993.


Post their resignation, the Bank Led Interim Resolution Plan (BLIRP) came into effect for the revival of the airline. The board approved the invoking of entire 51 percent stake of Naresh Goyal in the airline for the conversion of USD 1 billion the outstanding debt.


5. What is minimum income guarantee scheme?

The President of the Indian National Congress, Rahul Gandhi on March 25, 2019 announced a minimum income guarantee scheme for the poorest 20 per cent of Indian families if voted to power. 

The announcement was made following the meeting of the Congress Working Committee. The leading opposition party claims that under the scheme, 20 per cent of India’s most poor families will get Rs 72,000 yearly in their bank accounts.


The minimum income support proposal will be called ‘nyay’. The scheme aims to bring justice to the poor in the country. Under the Nyay scheme, the minimum income line will be Rs 12000.



The first batch of four Boeing heavy-lift Chinook Helicopters, CH-47F (I) was inducted in Indian Air Force (IAF) on March 25, 2019 at Air Force Station, Chandigarh, in Squadron No 126 Helicopter Flight (Featherweights).


The Chinook helicopters arrived at the Mundra airport in Gujarat from the United States on February 10, 2019. These multirole helicopters will be used in life-saving role during Humanitarian Assistance and Disaster Relief (HADR) missions. They will operate alongside the Russian machines. The Indian Air Force is currently using Mi-17 and Mi-26 helicopters, which were manufactured by Russia.


The remaining eleven Chinook helicopters are expected to be delivered by 2023.


7. Rail Vikas Nigam Limited conducts IPO

Miniratna Rail Vikas Nigam Ltd (RVNL) came out with its first Initial public offering (IPO) on March 29, 2019. The state-owned company will not receive any proceeds from the offer as the Central Government is selling around 12 percent of its stake in the company. After the IPO, the Government's stake in RVNL will be pegged at 88 percent.

The IPO will close on April 3, 2019. After the closing of IPO, the RVNL shares will be listed on the BSE and NSE and the trading will begin within six working days from April 3, 2019.


8. Pinaki Chandra Ghose appointed as India's first Lokpal

India gets its first Lokpal six years after the passage of Act, former Supreme Court judge, Pinaki Chandra Ghose was on March 19, 2019 appointed as India’s first Lokpal also known as the anti-corruption ombudsman. 

Ghose appointment was approved by the President Ram Nath Kovind. Currently, Ghose is serving as a Member of the National Human Rights Commission (NHRC). Besides this, the President also appointed four judicial and four non-judicial members of the Lokpal.



Goa Legislative Assembly Speaker and Bharatiya Janata Party (BJP) leader, Pramod Sawant was sworn-in as the 11th Chief Minister of Goa in a late-night ceremony, hours after his predecessor, Manohar Parrikar was cremated with state honours. He was given the oath of office and secrecy by Goa Governor Mridula Sinha.


Former Goa Chief Minister and former Defence Minister Manohar Parrikar, who had been battling cancer, passed away in Panaji on March 17, 2019 at the age of 63.He was accorded state funeral with 21-gun salute.


10. Kazakhstan renames capital Astana as ‘Nursultan’

Kazakhstan's parliament on March 20, 2019 renamed its capital Astana as ‘Nursultan’ in honor of outgoing leader Nursultan Nazarbayev. Nursultan stands for “Sultan of Light” in Kazakh language, while, Astana means ‘capital’ in Kazakh language.

Nursultan Nazarbayev resigned on March 19, 2019 after serving nearly 30 years as the leader of the oil-rich nation. Nazarbayev has been the only leader to run Kazakhstan since it emerged free from the collapse of Soviet Union in the early 1990s.


11. Goa Chief Minister Manohar Parrikar passes away at 63

Goa Chief Minister and former Union Defence Minister, Manohar Gopalkrishna Prabhu Parrikar passed away on March 17, 2019 after battling with pancreatic cancer. He was 63.

Earlier in February 2018, Parrikar was diagnosed with advanced pancreatic cancer and had been in and out of hospital in Goa, Mumbai, Delhi and New York since then. He was constantly seen wearing medical paraphernalia, a nasogastric tube. The Goa Government declared one-day holiday and seven-day mourning for Parrikar.


12. SpiceJet joins global airlines’ grouping IATA

Indian budget carrier, SpiceJet on March 19, 2019 announced its membership of global airlines’ grouping ‘International Air Transport Association’ (IATA). SpiceJet is the first Indian low-budget carrier to join the IATA, which has over 290 airlines as members including Air India, Jet Airways and Vistara.

IATA is Geneva-based trade association of the world’s airlines formed to support aviation activity as well as help to formulate industrial policy on aviation issues.


13. India to host FIFA U-17 Women's World Cup 2020

Gianni Infantino, the President of International Football Federation (FIFA), on March 15, 2019 announced that India will host the U-17 Women’s World Cup in 2020. The 2020 World Cup will be the seventh edition of the U-17 Women's tournament. 

The announcement was made during the FIFA Council meeting in Miami, USA. The U-17 Women's World Cup will be the second FIFA tournament that India will be hosting, the first was the U-17 Men’s World Cup held in 2017.


14. Brexit Explained: EU agrees to postpone March 29 deadline

The leaders of the European Union have agreed to delay the Article 50 process, postponing Brexit beyond its designated deadline of March 29. The United Kingdom will be offered a delay until May 22, if the British MPs approve the withdrawal deal negotiated with the European Union next week. 

In a press conference with European Commission President Jean-Claude Juncker, European Council President Donald Tusk said that British PM Theresa May has accepted an offer of two options for short delays to the date of Britain's withdrawal from the European Union.



In the worst attack in the Pacific country’s history, at least 49 people have been killed and over 20 injured in shootings at two mosques in Christchurch, New Zealand. The mosques attacked were - Al Noor Mosque in central Christchurch and another one was Linwood Islamic Centre in suburban Linwood.


Australian citizen Brenton Tarrant of late 20s age has been charged with murder and will appear in Christchurch Court on March 16, 2019. Brenton Tarrant, a gunman in the New Zealand terror attacks, described himself as an ordinary white man who drew his inspiration from Norway mass killer ‘Anders Behring Breivik’.


16. West Nile Virus: All you need to know

As per the media reports, a seven year old boy from Malappuram District of Kerala is suffering from a West Nile Virus (WNV), a mosquito-borne disease, mostly reported in the continental United States. 

The Union Ministry of Health and Family Welfare is closely monitoring the situation and extended support to Kerala in prevention and management of West Nile Virus. Currently, there are no reports available for spread of Nile Virus in other parts of the country.


17. SC sets aside life ban imposed on Sreesanth

The Supreme Court of India on March 15, 2019 set aside the life ban imposed by the Board of Control of Cricket in India (BCCI) on cricketer S Sreesanth for indulging in spot-fixing during 2013 Indian Premier League.

The judgment was delivered by a two-judge bench, comprising Justices Ashok Bhushan and KM Joseph. The bench, while partly allowing Sreesanth's appeal to lift the ban, directed the disciplinary committee of the BCCI to take a decision on his quantum of punishment within the next 3 months. 

Significantly, the apex court has not disturbed the findings of guilt made by the disciplinary committee against the Kerala-based cricketer.


18. RBI categorises IDBI Bank as Private Sector Bank

The Reserve Bank of India (RBI) on March 14, 2019 categorised the IDBI Bank Limited as a ‘Private Sector Bank’ for regulatory purposes with effect from January 21, 2019.

The move came following the acquisition of the 51 percent of the total paid-up equity share capital of the IDBI bank by Life Insurance Corporation of India (LIC).
The IDBI Bank was categorised in the sub-group ‘other public sector banks’ by the RBI in April 2005.


19. Explained- Kartarpur Sahib Corridor: India, Pakistan held talks to finalise modalities for Kartarpur Corridor

Indian and Pakistan's officials on March 14, 2019 held the first round of talks to discuss and finalise the modalities for Kartarpur Corridor at the Indian side of the Attari-Wagah border.


The corridor will facilitate visa-free travel of Indian Sikh pilgrims to the Gurdwara Darbar Sahib in Kartarpur, Pakistan. Indian Government seeks to operationalise the Kartarpur Corridor by November 2019 on the occasion of the 550th Birth Anniversary of Guru Nanak Dev.


20. Ethiopian Airlines crash: India latest to ground Boeing 737 MAX 8 fleet

The Directorate General of Civil Aviation (DGCA) on March 12, 2019 midnight ordered to ground the Boeing 737 Max 8 aircraft fleet in India with immediate effect following the Ethiopian Airlines crash. Taking passenger safety as its top priority, India is constantly consulting the regulators around the world, airlines, and aircraft manufacturers to ensure passenger safety.

The Boeing 737 Max 8 fleet will be grounded until appropriate modifications and safety measures are undertaken to ensure their safe operations. With the decision, India joined the growing list of countries to have temporarily grounded the aircraft. Ethiopia, China, Australia, Malaysia, Singapore and the United Kingdom had earlier decided to suspend the Aircraft. India-based operator, Spice Jet has around 12 Boeing 737 Max 8' planes in its fleet, while Jet Airways has five in the country.


21. China again blocks UNSC bid to ban JeM Chief Masood Azhar for 4th time: In detail

Giving setback to India, China for the fourth time blocked a bid in the United Nations Security Council (UNSC) to designate Pakistan’s Jaish-e-Mohammed's chief Masood Azhar as a "global terrorist". India termed the move of China’s putting a technical hold on the proposal as “disappointing”.

The proposal was moved by P3 countries (France, United Kingdom and United States) on February 27, 2019 to the 1267 Al-Qaida Sanctions Committee of the UN Security Council in wake of Pulwama terror attack by Pakistan-based terror group JeM that killed over 40 CRPF personnel in India.


22. Padma Awards 2019 announced: President confers awards to Gautam Gambhir, Prabhu Deva, Late Kader Khan among others

The President Ram Nath Kovind on March 11, 2019 conferred the Padma Awards 2019, one of the highest civilian awards of India, to 112 awardees.


This year, President Ram Nath Kovind approved conferment of 112 Padma Awards including one duo case (in a duo case, the Award is counted as one). The list comprises 4 Padma Vibhushan, 14 Padma Bhushan and 94 Padma Shri Awards, of which, 21 of the awardees are women. The list includes 11 persons from the category of Foreigners/NRI/PIO/OCI, 3 posthumous awardees and 1 transgender person.


23. International Women's Day 2019: President Ram Nath Kovind to present Nari Shakti Puraskar 2018

The International Women's Day 2019 was observed across the world on March 8, 2019 with an aim to empower women in all settings, be it rural and urban, and celebrate the activists who work constantly to assert women’s rights and realise their full potential. 

The 2019 theme ‘Think equal, build smart, innovate for change’ focuses on innovative ways to advance gender equality and empower women, particularly in the areas of social protection, access to public services and sustainable infrastructure.

The 2019 International Women's Day was observed in India by the way of conferring the Nari Shakti Awards to various individuals and organisations that are working towards empowering women.


24. Supreme Court approves mediation in Ayodhya land dispute case

The Supreme Court of India on March 8, 2019 decided to refer the Ayodhya-Babri Masjid title dispute case for mediation. The apex court has formed a panel of mediators to resolve the issue, which will be headed by Supreme Court judge, Justice F M Kalifullah. The other members of the panel include spiritual leader Sri Sri Ravi Sankar and senior advocate Sriram Panchu.

The mediation will be held in Faizabad, newly renamed as Ayodhya and its status report will have to be submitted to the court within the time of four weeks. The mediation proceedings are to be held confidentially and the court has banned the media from reporting it.


25. Swachh Survekshan 2019 Awards: Indore judged Cleanest City for third time; Bhopal Cleanest Capital

President Ram Nath Kovind on March 6, 2019 conferred the Swachh Survekshan Awards 2019 at a ceremony in New Delhi.

Indore was adjudged as India's Cleanest City for the third consecutive year in the central government's cleanliness survey, while Bhopal was named as the ‘Cleanest Capital’ of India. Indore reported a 70 percent drop in vector-borne ailments in 2019, which is being attributed to Swachh Bharat Abhiyan.

Gujarat’s Ahmedabad was named as the Cleanest Big City in the population category of more than 10 lakh people.


26. One Nation, One Card: PM Modi launches mobility card for seamless travel through different metros

Prime Minister Narendra Modi on March 4, 2019 launched ‘One Nation, One Card’ Model from Ahmedabad, Gujarat for seamless travel through different metros and other transport systems. 

The Union Ministry of Housing and Urban Affairs introduced the ‘National Common Mobility Card’ (NCMC) to enable seamless travel by different metros and other transport systems across the country besides retail shopping and purchases.


The customers can use this single card for payments across all segments including metro, bus, suburban railways, toll, parking, smart city and retail.


27. PM Modi launches Pradhan Mantri Shram Yogi Maan-Dhan Yojana

Prime Minister Narendra Modi on March 5, 2019 launched the Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM), a mega pension scheme for unorganised sector, from Gandhinagar, Gujarat. The scheme was announced in the Interim Budget 2019.

The PM-SYM is a voluntary and contributory pension scheme that will benefit as many as 10 crore workers in the unorganised sector.

It will provide monthly pension of Rs 3000 to the employees of unorganised sector after 60 years of age.


28. India strikes back: IAF jets destroy Jaish terror camps across LoC

In retaliation to the deadly Pulwama terror attack, the Indian Air Force fighter jets crossed the line of control in the early hours of February 26, 2019 and attacked Jaish-e-Mohammed terror camps in Pakistan occupied Kashmir.


The same was confirmed by the Indian Foreign Secretary, Vijay Gokhale during a press conference in New Delhi on the same day. The Foreign Secretary revealed that India has struck the biggest training camp of JeM in Balakot.

The Indian Air Force used Mirage-2000 jets to drop 1000 kg of laser-guided bombs causing an estimated casualty of 200-300. In the intelligence led operation, India struck the biggest training camp of Jaish-e-Mohammed in Balakot, Khyber Pakhtoonkhwa.


29. Oscars 2019: ‘Bohemian Rhapsody’ wins most Oscars

The 91st Academy Awards, popularly known as Oscar Awards, were conferred on February 24, 2019 (February 25 as per Indian time). 'Bohemian Rhapsody', nominated for five Oscars, won the most Oscars at the award show.

The ‘Period. End Of Sentence’, a film on menstruation set in rural India, won the Oscar in the Documentary - Short Subject category at the 91st Academy Awards. The film has been directed by Rayka Zehtabchi and produced by Indian producer Guneet Monga’s Sikhya Entertainment.


30. PM-KISAN: PM Modi launches ‘Pradhan Mantri Kisan Samman Nidhi Yojana’ from Gorakhpur, UP

The Prime Minister Narendra Modi on February 24, 2019 launched the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) from Gorakhpur, Uttar Pradesh.

On the launch day itself, the first instalment of Rs 2,000 was directly credited to the bank accounts of selected beneficiary farmers. Around 12 crore farmers are expected to benefit from PM-KISAN. The Pradhan Mantri Kisan Samman Nidhi Yojana was announced in the Union Interim Budget 2019 by Finance Minister Piyush Goyal.


ಮಂಗಳವಾರ, ಮಾರ್ಚ್ 26, 2019

International day of happiness 20 march

❣️ International Day Of Happiness: 20 March❣️

💢International Day of Happiness is celebrated every year on March 20. The theme for IDH 2019 is 'Happier Together', focusing on what we have in common, rather than what divides us.💢

❣️Since 2013, the United Nations has celebrated the International Day of Happiness as a way to recognize the importance of happiness in the lives of people around the world.❣️

❣️ Gauri Sawant Becomes First Transgender Election Ambassador❣️

💢The Election Commission of India has appointed transgender social activist Gauri Sawant, as one of the 12 election ambassadors from Maharashtra. She is the first transgender election ambassadors.💢

❣️According to the Election Commission, Gauri Sawant's appointment would help in more people from this category getting registered during the final phase of voters enrollment. It stated that in the next few days, Gauri Sawant would visit every transgender and inspire them about the need for voting.❣️

❣️ Mathematician Karen Uhlenbeck becomes 1st Woman To Win Abel Prize❣️

💢University of Texas professor Karen Uhlenbeck has become the first woman to win the Abel Prize, a mathematics honour first given in 2003. The 76-year-old was awarded for the impact of her work on "analysis, geometry and mathematical physics".💢

❣️Modelled after the Nobel Prize, the Abel Prize is presented by the King of Norway and carries a $700,000 cash award. The award was awarded by the Norwegian Academy of Science and Letters in Oslo.❣️

❣️ Mobile App ‘Conquer Exam, Be a Warrior’ Developed By IIPHG❣️

💢Indian Institute of Public Health Gandhinagar, (IIPHG) in collaboration with National Mental Health Program, Department of Health and Family Welfare, Government of Gujarat has developed a mobile application called as ‘Conquer Exam, Be a Warrior’ for students to reduce the exam pressure. This application creates awareness as well as help students to analyze their weak points and overcome from the exam pressure by providing assistance.💢

❣️Gujarat Capital: Gandhinagar CM: Vijay Rupani, Governor: Om Prakash Kohli.❣️

❣️ Indian Writer Raghu Karnad Wins Windham-Campbell Prize❣️

💢An Indian journalist, author and chief of The Wire, ‘Raghu Karnad’ received the prestigious Windham-Campbell prize of USD 165,000 for his debut book, ‘Farthest Field: An Indian story of Second World War’, published in the year 2015 in the non-fiction category. The award was given by Yale University in the United Kingdom to 8 recipients of English language writers from around the world.💢

❣️ Kazakhstan President Resigns After Nearly 30 Years In Power❣️

💢Kazakhstan President Nursultan Nazarbayev has announced his resignation after nearly 30 years in power. The 78-year old leader had ruled the country since it emerged from the collapse of the Soviet Union in the early 1990s.💢

❣️The Chairman of the Kazakh Senate would take over. The announcement came less than a month after the President sacked his government, citing a lack of economic development despite the country’s vast energy resources.❣️

❣️Kazakhstan Capital: Astana, Currency: Kazakhstani tenge.❣️

❣️ Famed Economist Alan Krueger Passes Away❣️

💢Former White House economist and Princeton University professor Alan Krueger passed away. He was 58. 💢

❣️Krueger served as chief economist at the Department of Labor under President Bill Clinton and chair of the Council of Economic Advisers from 2011 to 2013 under former President Barack Obam

21 March 2019 .

● 21 March : International Day Of Forests

● International Day Of Forests 2019 Theme : ‘ Forests & Education ’

● 21 March : World Poetry Day

● 21 March : International Day For The Elimination Of Racial Discrimination

● Mizoram Assembly Passed A New Bill Named Mizoram Maintenance Of Household Registers Bill , 2019

● Finland Topped In The Happiest Country In The World List 2019

● India Ranked 140th In The Happiest Country In The World 2019 List

● South Sudan Are The Most Unhappy Ranked 156th In The World 2019 List

● Italy To Join China's Belt And Road Initiative

● Pakistan Ranked 67th In The Happiest Country In The World 2019 List

● Bangladesh Ranked 125th In The Happiest Country In The World 2019 List

● China Ranked 93th In The Happiest Country In The World 2019 List

● ' Special Stamp Cover On Ice Stupas ' Released By Department Of Post

● Google Has Unveiled Its Cloud Gaming Service Called " Stadia "

● SpiceJet Has Joined Global Airlines' Grouping ' IATA ' As A Member

● ADB To Invest USD 50 Million In Solar project Developer Avaada Pvt Ltd.

● Xiaomi Launches " Mi Pay " Wallet In India With ICICI Bank

● Priyanka Chopra Has Been Named In USA Today's 50 Most Powerful Women In Entertainment List

● India Jave Lost The Hosting Rights Of The Junior Davis Cup & Fed Cup

● Tsunekazu Takeda The Head Of Japan's Olympic Committee (JOC) Is Stepping Down

● India Have Entered The Final Of 5th South Asian Football Federation , SAFF Women's Championship

● Anurag Bhushan Has Been Appointed Next High Commissioner Of India To Malawi

● 34th Meeting Of Goods & Services Tax (GST) Council Was Held In New Delhi

● Sudin Dhavalikar , Vijay Sardesai Appointed Goa Deputy CMs

● India Bags 362 Medals At Special Olympics World Games 2019 , Abu Dhabi

● K J Tokayev Sworn In As New President Of Kazakhstan

● Kazakhstan To Rename Country’s Capital Astana As Nursultan .

.

ಬುಧವಾರ, ಮಾರ್ಚ್ 20, 2019

Important Economic Terms & Definitions

Important Economic Terms & Definitions


Absolute advantage: A principle that refers to the ability of an individual/firm or a country to produce more quantity of products/goods/services than their competitors, using the same amount of resources.


Adam Smith: A Scottish Economist, author and a moral philosopher. Best known for his works: An Inquiry into the nature & causes of the wealth of nations in 1776 and the theory of moral sentiments in 1959.


Average revenue: Refers to the revenue received for selling a good per unit of output sold. This is found by dividing the total revenue by quantity sold.


Accounting profit:  A company’s total earnings which includes explicit costs of doing business, such as taxes, depreciation, expenses, etc. It is the total revenue minus the explicit cost.


Average tax rate: Tax rate that is paid when all sources of taxable income is added and divided by number of taxes owed.


Average total cost: Total cost per unit including fixed and variable costs, found by dividing total cost by the quantity of output.


Average fixed cost: Per unit output of fixed costs, found by dividing fixed cost of production by quantity produced (output).


Average variable cost: Variable costs divided by number of units produced.


Business cycle: Economy-wide fluctuations in economic activities such as, production, trade, employment, etc.


Budget surplus: Excess of receipts or income over expenditure or outlays.


Budget deficit: A financial health indicator where expenditures exceed revenue.


Circular flow diagram: Basic visual model used in Economics to show how Economy functions (flow of money through firms, markets, etc.)


Comparative advantage:a law referring to ability of an economic actor to produce goods & services at lower opportunity cost than others.


Complements: Goods or services used in conjunction to other goods or services. A complementary good or service has no value when consumed alone, but value is added when it is combined with another good or service.


Cross price elasticity of demand:Measures responsiveness of quantity demanded for a good to a change in price of another good.


Cost:Combination of losses & gains that have value attached to them by an individual. The value of everything a seller must give up producing a good.


Consumer surplus:Difference between what consumers are willing (and able) to pay for a service/good relative to its market price, and what they actually spend on the service/good.


Coase theorem: An economic theory which affirms that where there are competitive markets without any transaction costs, an efficient set of inputs & outputs, to & from production-optimal distribution are selected, regardless of how property rights are divided. When there is involvement of property rights, people involved will naturally gravitate toward the most beneficial and efficient outcome.


Constant returns to scale:Constant ratio between inputs and outputs. Occurs when increase in number of inputs leads to equivalent increase in output.


Competitive market: Market where large number of producers compete with each other to satisfy needs of large number of consumers.


Collusion: Agreement between firms in market, sometimes illegal, to limit competition by deceiving, misleading or defrauding others of their legal rights. An agreement to divide markets, set prices, limit production and opportunities.


Cartel:Organization created from formal agreement between group of producers of goods or services to regulate supply to manipulate prices.


Capital: Wealth used to start a business or other meaning is, a factor of production, others being land and labor.


Diminishing marginal product: An economic principle that states: while increasing one input & keeping the other inputs at the same level may increase outputs initially, further increase in that input will have a limited effect, & eventually no effect or a negative effect on the output.


Deadweight loss: Fall in total surplus caused by market inefficiency. Can be applied to any deficiency caused by an inefficient allocation of resources.



Diseconomies of scale:Economic concept that refers to a situation in which economies of scale no longer function for a firm.


Economics:Study of how society manages its scarce resources, or a science concerned with production, distribution and consumption of goods & services.


Efficiency: A property of society in which resources are optimally allocated to serve each individual or entity in best way while minimizing waste and inefficiency.


Explicit costs: Clear cash outflow from a business that reduce its bottom-line profitability.


Equity: Value of assets minus the liabilities of the asset. Equity = Assets – Liability.


Externality: The positive or negative impact of an economic activity experienced by an unrelated bystander.


Exports: Function of international trade where goods produced domestically are shipped abroad.


Equilibrium: State in which economic forces are balanced where quantity demanded = quantity supplied.


Elasticity: Measure of variables responsiveness to change in another variable.


Economic profit:Total revenue – total cost (including implicit and explicit costs)


Efficient scale: Quantity of input that minimize the average total cost.


Economies of scale: Cost advantage that arises as quantity of output increases.


Fixed costs: Cost that doesn’t change with quantity of output produced or sold.


Free rider problem: Market failure that occurs when people who receive benefits of common resource and don’t pay their fair share of taxes.


Factors of production:Inputs used to produce goods and services to make economic profit.


Game theory: Study of human behaviour within competitive or strategic situations.


Inflation:Rate of increase in overall prices of goods and services with consequent fall in purchase power of currencies.


Interdependence:Relation between two of more entities where each is dependent on other for goods or services.



Imports: Goods that are produced abroad and sold domestically


Inferior good:Good for which demand declines with increase in income or real GDP.


Income elasticity of demand:Sensitivity of the quantity demanded for certain goods or services to change in the real income of its consumers keeping all things constant.


Import quota:A limit set on the quantity of goods that can be produced abroad & sold domestically.


Implicit costs:Cost occurred but not necessarily reported as an expense.


John Maynard Keynes:A 19th Century British Economist & Philosopher who spent his working years with East India Company, and whose radical ideas had great impact on modern political & economic theories. He’s also known as the father of Keynesian Economics.


Law of demand:An economic (micro) law, that states that, all things equal, quantity demanded of a good or service falls, when the price of the good or service increases.


Law of supply: Another microeconomic law that states, all factors being equal, quantity of supply of goods/services increases, when the price of goods/services increases.


Laffer curve:A curved graph, developed by Arthur Laffer, that illustrates the relationship between tax rates & amount of tax revenue collected by Governments.


Lump sum tax:Fixed amount of tax, regardless of change in circumstances of taxed entity.


Lorenz curve: A curve representing wealth/income inequality. Plots percentile of population according to income/wealth on x-axis and cumulative wealth/income on y-axis.


Monopoly: Industry dominated by one entity/corporation without close substitutes


Marginal product of labor: Change in amount of output from employing additional unit of labor.


Monopolistic completion: Market structure where firms sell similar products but not perfect substitutes.


Marginal cost: Change in total cost that arises from producing an extra unit


Marginal revenue:Change in total revenue resulting from sale of one additional unit of output.


Marginal product: Change in output from employing one more unit of an input.


Marginal tax rate: Extra tax paid on additional dollar of income.


Market Economy:Economic system that allocates resources through decentralized decisions of individuals and business.


Microeconomics: Study of implications of actions of individuals and how these affect distribution & utilization of resources.


Macroeconomics: Study of how economy behaves, including studying phenomena like economic growth, inflation, unemployment, etc.


Normative statements:Subjective & value-based claims that attempt to prescribe how world should be


Normal good:Goods for which, all things equal, increase in quantity demanded increases as individuals’ real income increases.


Natural monopoly:Type of monopoly that arises as result of high startup or fixed costs of operating a business in specific industry.


Nash equilibrium:concept where no player has incentive of changing their chosen strategy after considering opponents choice.


Oligopoly: Market structure where small number of firms have large majority of market share.


Opportunity cost:Benefit that must be given up to obtain something else.


Phillips curve:a curve that shows the concept that inflation & unemployment have stable & inverse relationship.


Production possibilities curve:Graph that represents alternative combination of outputs that an economy can produce by transferring resources from one service/good to another.


Positive statements:Claims that attempt to describe the world the way it is.


Price elasticity of demand: Measure of relationship between chance in price of a good and the quantity demanded of that good. Price elasticity of demand = Change in quantity demanded(%)/change in price (%).


Price elasticity of supply:Measure of relationship between chance in price of a good and the quantity supplied of that good. Price elasticity of demand = Change in quantity supplied(%)/change in price (%).


Price ceiling:Max legal price a seller is allowed to charge for a good or service.


Price floor:Minimum legal price at which a good can be sold


Producer surplus:Measure of the difference between the amount producer is willing to accept for a good and amount he receives.


Pigovian tax: Affluent fee assessed against business/individuals for engaging in a specific activity.


Private goods:Goods that must be purchased for consumption by individuals which prevents others from consuming it.


Public goods: Opposite of private goods. Products consumed by individuals without reducing availability of said product to others.


Proportional tax:An income tax system where same percentage of tax is levied from higher income tax payers & lower income tax payers.


Progressive tax:Tax that takes higher percentage from higher income tax payers than lower income tax payers.


Profit: The total revenue minus total cost


Production function: Relationship between physical inputs or factors of production and physical output of production process.


Price discrimination: Business pricing practice of selling same good at different prices to different customers.


Regressive tax:Tax where higher income taxpayers pay smaller percentage of tax than lower income tax payers.



Scarcity:Limited nature of society’s resources


Specialization: Focus on a particular area


Substitutes:Product/service consumers see as same/similar to another product. Another definition is, two goods are substitutes if increase in price of one leads to increase in demand for the other.


Surplus:Situation where quantity supplied is greater than quantity demanded


Shortage:Situation where quantity demanded is greater than quantity supplied


Supply side economics:Branch of economics that argues that the Economic growth can be created effectively by lowering the barriers on production & investing in capital.


Sunk cost:Cost already incurred/committed and cannot be recovered.


Tariff: Tax imposed on goods and services that are imported


Tax incidence:Division of burden of tax between buyers and sellers.


Total revenue: Total receipt of a firm, from sale of given quantity of service/good.


Total cost: Total economic cost of inputs used in production by a firm


Variable cost:The costs that changes in proportion to the quantity of output produced


Welfare economics: Study of how allocation of resources affects social welfare.


ಭಾನುವಾರ, ಮಾರ್ಚ್ 10, 2019

India’s National Action Plan on Climate Change

India’s National Action Plan on Climate Change (NAPCC) has advocated 8 missions to combat climate change.


The National Solar Mission


National Mission for Enhanced Energy Efficiency


National Water Mission


National Mission on Sustainable Habitat


National Mission for Sustaining the Himalayan Ecosystem


National Mission for a Green India


National Mission for Sustainable Agriculture


National Mission on Strategic Knowledge for Climate Change



                                                National Action Plan on Cimate Change

1) National Mission for Enhanced Energy Efficiency:


Initiatives based on increasing the energy use efficiency were expected to yield savings of 10,000 MW by 2012.


Following are the 4 initiatives of the Mission


Performa Achieve and Trade (PAT) – Improving Efficiency in Energy Intensive Sectors.


Energy Efficiency Financing Platform (EEFP) – Providing platform for capacity enhancement of stakeholders related to EE Financing.


Market Transformation for Energy Efficiency (MTEE) – accelerating shift towards energy efficient appliances


Framework for Energy Efficient Economic Development (FEEED) – Development of fiscal instruments to promote energy efficiency


2) National Solar Mission:


The NAPCC aims to promote the development and use of solar energy for power generation and other uses with the ultimate objective of making solar competitive with fossil-based energy options.


The National Solar Mission Targets are as per the following -:


To create an enabling policy framework for the deployment of 20,000 MW of solar power by 2022.


To create favorable conditions for solar manufacturing capability, particularly solar thermal for indigenous production and market leadership.


To promote programmes for off-grid applications, reaching 1000 MW by 2017 and 2000 MW by 2022


To achieve 15 million sq. meters solar thermal collector area by 2017 and 20 million by 2022.


To deploy 20 million solar lighting systems for rural areas by 2022.


3) Green India Mission (GIM)


The Objectives of the Mission are as per below –


Increased forest/tree cover on 5 m ha of forest/non-forest lands and improved quality of forest cover on another 5 m ha (a total of 10 m ha).


Improved ecosystem services including biodiversity, hydrological services and carbon sequestration as a result of treatment of 10 m ha.


Increased forest-based livelihood income of about 3 million households living in and around the forests.


Enhanced annual CO2 sequestration by 50 to 60 million tonnes in the year 2020.


4) National Mission for Sustaining the Himalayan Ecosystem


The plan aims to conserve biodiversity, forest cover, and other ecological values in the Himalayan region, where glaciers that are a significant source of India’s water supply are projected to recede as a result of global warming.


5) National Mission on Sustainable Habitat:


To promote energy efficiency as a core component of urban planning, the plan calls for:


Extending the existing Energy Conservation Building Code;


A greater emphasis on urban waste management and recycling, including power production from waste;


Strengthening the enforcement of automotive fuel economy standards and using pricing measures to encourage the purchase of efficient vehicles; and


Incentives for the use of public transportation.



6) National Mission for Sustainable Agriculture


The plan aims to support climate adaptation in agriculture through the development of climate-resilient crops, expansion of weather insurance mechanisms, and agricultural practices.


7) National Mission on Strategic Knowledge for Climate Change


To gain a better understanding of climate science, impacts and challenges, the plan envisions a new Climate Science Research Fund, improved climate modeling, and increased international collaboration.


Some of the aims of the Mission are listed below –


Establishment of Networks of Existing Institutions


Strengthening and Building Strategic (Human and institutional) knowledge capacities


S&T Innovations for climate change responses for adaptation and mitigation of climate change


Quantum increase in climate science research


8) National Water Mission


With water scarcity projected to worsen as a result of climate change, the plan sets a goal of a 20% improvement in water use efficiency through pricing and other measures.


The Key areas of this Mission are given below –


studies on management of surface water resources,


management and regulation of groundwater resources,


upgrading storage structures for fresh and drainage system for wastewater,


conservation of wetland, and


development of desalination technologies etc. required to be considered while preparing the comprehensive document for the National Water Mission.