UPSC EPFO Most Expected MCQ | Labour Laws| Minimum Wages Act 1948
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Industrial Relations and Labour laws| Labour Welfare Theories|UPSC EPFO 2020
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INDUSTRIAL RELATIONS Board of Arbitration
The Indian Council of Arbitration, India’s premier arbitral institution, is a registered society under the Societies Registration Act, 1860, operating on a not-for-profit basis with its head office in New Delhi and ten branches in a pan-India network.The ICA was established in 1965 as a specialized arbitral body at the national level under the initiatives of the Government of India and apex business organizations such as FICCI, etc. However, subsequently, the ICA attained an autonomous status and became an independent body. The main objective of ICA is to promote amicable, quick and inexpensive settlement of commercial disputes by means of arbitration, conciliation, regardless of location.Today, ICA is not only the leading arbitral institution in India, it is one of the most important arbitration centers in the Asia Pacific, handling more than 200 domestic and international arbitration cases each year. It also provides the commercial world with unrivalled and time-tested Maritime Arbitration services and imparts education and training in alternative dispute resolution mechanisms. Coupled with our quality case administration and panel of arbitrators, ICA is the one resource for all dispute resolution needs.
FUNCTIONS
The core function of ICA is the administration of arbitration proceedings. The ICA has its own set of procedural rules which govern the conduct of the entire arbitration proceedings, from its commencement to its termination. In addition, ICA is tasked with the mission of promoting and building capacity in the area of ADR (Alternative Dispute Resolution). In its continuous effort in capacity building and disseminating information on ADR, the ICA organizes various courses and forums on the different avenues of ADR.
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Calculating National Income
- Money is the common measuring means for the calculation of total final goods and services produced in the economy.
- The calculation of the value of final goods and services does not consider the value of intermediate goods.
- Depreciation refers to a fall in the value of fixed assets due to normal wear and tear.
- Net investment = Gross investment – Depreciation.
- Total final output produced in an economy includes output of consumer goods and services and output of capital goods.
- More sophisticated and heavy capital goods raise the ability of a labourer to produce goods. For example, the traditional weaver would take months to weave a sari, but with modern machinery, thousands of pieces of clothing are produced in a day.
- There are mainly four kinds if contributions that can be made during the production of goods and services −
- Contribution made by human labour (remuneration which is also called wage);
- Contribution made by capital (remuneration which is called interest);
- Contribution made by entrepreneurship (i.e. profit); and
- Contribution made by fixed natural resources/land (remuneration which is called rent).
- In a simple economy, the aggregate consumption by the household of an economy is equal to the aggregate expenditure on goods and services produced by the firm in the economy.
- There is no leakage from the economic system because in a simple economy, we assume that there is no government; where there is no government, there is no tax payment, there are no exports and imports and that the domestic economy is a closed economy.
- Value added, is the term, which is used to denote the net contribution made by a firm during the production process.
- The replacement investment is always the same as the depreciation of the capital.
- If we include depreciation in the Value Added, we obtain Gross Value Added and when we deduct the value of depreciation from Gross Value Added, we obtain the Net Value Added.
- The stock of finished goods, or semi-finished goods, or raw materials, which a firm carries from one year to the next year is called inventory.
- Change of inventories of a firm during a year = production of the firm during the year – sale of the firm during the year.
- Production of the firm = value added + intermediate goods used by the firm.
- Change of inventories of a firm during a year = value added + intermediate goods used by the firm during a year.
- The change in inventories taking place over a period of time is called flow variables.
- Addition to the stock of capital (like inventories) of a firm is known as investment.
- There are mainly three categories of investment −
- The rise in the value of inventories of a firm over a year, which is treated as investment expenditure undertaken by the firm;
- The fixed business investment, which is defined as the addition to the machinery, factory buildings, and equipment employed by the firms; and
- The residential investment, which refers to the addition of housing facilities.
- If there is unexpected fall in sales, there will be an unplanned accumulation of inventories, but if there is unexpected rise in the sales, there will be an unplanned shortage of inventories.
- Gross value added (GVA) = Value of sales by the firm + Value of change in inventories – Value of intermediate goods used by the firm.
- Net value added of the firm = Gross Value Added – Depreciation of the firm.
- Net value added of the firm = Gross Value Added – Depreciation of the firm.
- Gross Domestic Product of the economy is the sum total of the net value added and depreciation of all the firms of the economy. Summation of the net value added of all firms is called Net Domestic Product (NDP).
- The final expenditure is calculated on the following accounts −
- The final consumption expenditure on the goods and services produced by the firm.
- The final investment expenditure incurred by other firms on the capital goods produced by a firm.
- The expenditure that the government makes on the final goods and services produced by a firm.
- The export revenues that a firm earns by selling its goods and services abroad.
- According to the expenditure method, GDP = Sum total of all the final expenditure received by the firms in the economy.
- When government expenditure exceeds the tax revenue earned by the government, it is called the budget deficit.
- When import expenditure is more than the revenue earned from export, it is called the trade deficit.
- Gross National Product = GDP + Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
- If we deduct depreciation from GNP, the measure of aggregate income that we obtain is called Net National Product (NNP). Thus, NNP = GNP – Depreciation.
- Income which is earned by a household is called Personal Income.
- Personal Income (PI) = National Income – Undistributed profits – Net interest payments made by households – Corporate tax + Transfer payments to the households from the government and firms.
- Personal Disposable Income (PDI) = Personal Income – Personal tax payments – Non-tax payments.
- National Disposable Income = Net National Product at market prices + Other current transfers from the rest of the world.
- Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world.
- Real GDP is calculated at constant price (base year price) of goods and services; on the other hand, Nominal GDP is calculated at the current price of goods and services.
- In the calculation of real and nominal GDP of the current year, the volume of production is fixed.
- The ratio of nominal to real GDP is known as index of prices it is also known as GDP Deflator.
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Criticism of 1857 Revolt
- Even though spread over a vast territory and widely popular among the people, the Revolt of 1857 could not embrace the entire country or all the groups and classes of Indian society.
- Most rulers of the Indian states and the big zamindars, selfish to the core and fearful of British might, refused to join in.
- On the contrary, the Sindhia of Gwalior, the Holkar of Indore, the Nizam of Hyderabad, the Raja of Jodhpur and other Rajput rulers, the Nawab of Bhopal, the rulers of Patiala, Nabha, Jind, and Kashmir, the Ranas of Nepal, and many other ruling chiefs, and a large number of big zamindars gave active help to the British in suppressing the Revolt. In fact, no more than one per cent of the chiefs of India joined the Revolt.
- Governor-General Canning later remarked that these rulers and chiefs "acted as the breakwaters to the storm which would have otherwise swept us in one great wave."
- Madras, Bombay, Bengal, and the Western Punjab remained undisturbed, even though the popular feeling in these provinces favored the rebels.
- Except for the discontented and the dispossessed zamindars, the middle and upper classes were mostly critical of the rebels; most of the propertied classes were either cool towards them or actively hostile to them.
- The money-lenders were the chief targets of the villagers' attacks. They were, therefore, naturally hostile to the Revolt.
- The merchants too gradually became unfriendly. The rebels were compelled to impose heavy taxation on them in order to finance the war or to seize their stocks of foodstuffs to feed the army
- The merchants often hid their wealth and goods and refused to give free supplies to the rebels.
- The big merchants or Bombay, Calcutta, and Madras supported the British because their main profits came from foreign trade and economic connections with the British merchants.
- The zamindars of Bengal also remained loyal to the British. They were after all a creation of the British.
- The modern educated Indians also did not support the Revolt. They were repelled by the rebels' appeals to superstitions and their opposition to progressive social measures.
- The educated Indians wanted to end the backwardness of the country. They mistakenly believed that British rule would help them accomplish these tasks of modernization while the rebels would take the country backward.
- The revolutionaries of 1857 proved to be more farsighted in this respect; they had a better, instinctive understanding of the evils of foreign rule and of the necessity to get rid of it.
- On the other hand, they did not realize, as did the educated intelligentsia, that the country had fallen prey to foreigners precisely because it had stuck to rotten and outmoded customs, traditions, and institutions.
- In any case, it cannot be said that the educated Indians were anti-national or loyal to a foreign regime. As events after 1858 were to show, they were soon to lead a powerful and modem national movement against British rule.
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Main Functions of the Labour Bureau
Labour Bureau is responsible for the collation, collection and publication of statistics and related information on wages, earnings, productivity, absenteeism, labour turn-over, industrial relations, working and living conditions and evaluation of working of various labour enactments etc. It is a storehouse of important economic indicators like Consumer Price Index Numbers for Industrial, Agricultural and Rural Labourers; wage rate indices and data on industrial relations, socio-economic conditions in the organised and unorganised sector of industry etc.
The functions/activities of Labour Bureau can be classified under three major heads: 1. Labour Intelligence 2. Labour Research 3. Monitoring and evaluation studies under the Minimum Wages Act 1948.
1. Labour Intelligence:(1) Construction and maintenance of various series of index numbers:(a) Consumer Price Index Numbers (CPI) for (i) Industrial Workers (ii) Rural Labourers and (iii) Agricultural Labourers. (b) Wage Rate Indices in respect of industries covered under the Occupational Wage Surveys. (c) Index Numbers of (i) Money Earnings and (ii) Real Earnings (d) Retail Price Indices for 31 Essential Commodities in Urban Areas.(2) Providing serial statistics on Absenteeism, Labour Turnover, Labour Cost, Employment, contract workers Earnings and industrial disputes.
2. Labour Research: Conducting research studies/ surveys and bringing out publications on labour related matters in organized and unorganized sector. These include: (1) Unorganised sector, SC/ST Labour both in Urban and Rural Areas, Women Workers ; (2) Occupational Wage Survey in the organized sector (3) Family Budget Enquiries. (4) Rural Labour Enquiry. (5) Survey of Labour conditions (6) Contract Labour Surveys (7) Annual Survey of Industries. (8) Digest of Indian Labour Research. (9) Statistical Profile on women Labour 3. Monitoring and Evaluation: Collects, Compiles and disseminates statistical information on various aspects of labour based on statutory and voluntary returns under different Labour Acts and surveys conducted. Details of information collected under the Acts are given on web page- Statutory / Voluntary Returns) 4. Publication of Indian Labour Journal (Monthly), Indian Labour Statistics (Annual), Pocket Book of Labour Statistics (Annual) and Indian Labour Year Book (Annual) giving authoritative and up-to-date statistics on various facets of Labour and on current Labour scene in the country.
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