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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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Objective question Based on VISION PT 365 social issues
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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Indian Polity - Fundamental Rights INTRODUCTION
- The Constitution of India listed the rights to the citizens of India that would be specially protected and known as the ‘Fundamental Rights.’
- ‘Fundamental’ means the Constitution has separately listed and made special provisions for the protection of ‘Fundamental Rights.’
- Fundamental Rights are different from other rights (i.e. ordinary legal rights) available to the citizens of India.
- Ordinary legal rights are protected and enforced by ordinary law; but Fundamental Rights are protected and guaranteed by the Constitution of India.
- Ordinary Rights may be changed or amended by the legislature by ordinary law making process, but a Fundamental Right may only be changed by amending the Constitution itself.
- Judiciary has the powers and responsibility (assigned by the Constitution) to protect the Fundamental Rights; in case any government’s action violates it.
- Judiciary, if found any act of the government (either by Executive or by Legislature) equivalent to violation of the Fundamental Rights, can be declared that act illegal or restrict them to do further so.
- However, Fundamental Rights have some reasonable restrictions and hence, they are not absolute in nature.
- Furthermore, the preamble to our Constitution speaks of ensuring all its citizens equality, liberty, and justice. Fundamental Rights put this promise into effect.
- Fundamental Rights are very essential to everyone’s life. They are the basic feature of the Constitution.
- The Constitution of India provides six Fundamental Rights, which are mentioned in Articles 12 to 35 in Part-III (of Constitution).
- The Rule of law is the foundation of Indian democracy that states that the laws apply in the same manner to all, irrespective of a person’s status. It means that the Prime Minister of the country or a poor farmer in a remote village is subject to the same law and equal treatment.
- Article 14 states that the government shall not deny to any person, equality before the law or the equal protection of the laws, which means −
Laws apply in the same manner to all;
No person is above the law;
Every citizen is subjected to the same laws and same treatment;
No person can legally claim any special treatment or privilege on any of the ground; and
Law makes no distinction between a political leader, a government official, and an ordinary citizen. - Article 15 states that no citizen can be discriminated against on the basis of his/her religion, race, caste, sex, or place of birth.
- Article 15 further enhanced the Right to Equality by providing that every citizen shall have equal access to public places like shops, restaurants, hotels, and cinema halls. Similarly, there shall be no restriction with regard to the use of wells, tanks, bathing ghats, roads, playgrounds, and places of public resorts maintained by the government.
- Article 16 states that the State cannot discriminate against anyone in the matters of employment.
- Article 17 abolishes the practice of untouchability in any form, which states that every person has access to all public places including playgrounds, hotels, shops, etc.
- Freedom means non-interference and absence of restrictions in one’s affairs by others, whether it be the individuals or the Government.
- The Constitution of India provides all citizens ‘freedom’ under Article 19 to do any of these following acts −
Right to Freedom of speech and expression;
Right to form assembly in a peaceful manner;
Right to form associations and unions;
Right to move freely throughout the country;
Right to reside in any part of the country; and
Right to Practice any profession, or to carry on any occupation, trade, or business. - However, there are certain reasonable restrictions that can be imposed upon the citizens by the Government in the larger interests of the society.
- Likewise, though every citizen has the right to all these freedoms, but it is subject to reasonable restrictions such as −
The expression of freedoms should not cause public nuisance or disorder.
This freedom of one should not violate others’ right to freedom.
Freedom is not unlimited right to do what one wants.
Accordingly, the government can impose certain reasonable restrictions (on freedoms of citizens) in the larger interests of the society. - The Honorable Supreme Court of India has explained the ‘freedom’ under Article 21 as −
No citizen can be killed unless the court has ordered a death sentence.
No person can be arrested or detained by the police officer unless he has proper legal justification. - As per the guidelines settled by the Hon’ble Supreme Court of India, a police officer while arresting a person has to follow some procedures −
The police officer is duty bound to inform the person (in case of his arrest), the reason/s of his arrest and detention and the person so arrested has the right to know the reason for his arrest.
It shall be the duty of the police officer to produce the arrested person before the nearest magistrate within a period of 24 hours of arrest.
The arrested person has the right to consult a lawyer of his choice for his defense.
- The Constitution of India provides distinct and clear provisions to prevent exploitation of the weaker sections of the society.
- The Constitution prohibits the following practices as evil and declares them illegal −
Trafficking of human beings, i.e., the selling and buying of human beings, (generally, women and children are the victims of trafficking).
Forced labor or beggar in any form is illegal and is prohibited (beggar is work or service without remuneration, which is called as bonded labor if this practice runs through life of the worker).
Child labor is also prohibited. The children below 14 years of age, cannot be employed to work in any factory or mine or in any other hazardous work, such as railways and ports. - The Parliament of India has enacted laws to implement constitutional right that prohibits children below 14 years of age from working in hazardous industries such as beedi making, firecrackers and matches, printing, and dyeing.
- India is a secular state, which means the State has no official religion and India does not promote/protect any one religion over the other religion.
- The Fundamental Rights under Articles 25 to 28 facilitate individuals the freedom to live by their religious beliefs and practices as they interpret these beliefs.
- Every citizen in India has liberty to profess, practice, and propagate the religion that he or she believes in.
- Every sect or a religious group is free to manage its religious affairs, but it is subject to reasonable restrictions debarring, any person, or organization to compel another person to convert into his religion by means of force, fraud, inducement, or allurement.
- This right is in the form of restrictions upon the government not to compel any person to pay any taxes for the promotion or maintenance of any particular religion or religious institution.
- In the educational institutions run or added by the government, neither any religious instruction can be imparted nor can any person be compelled to take part in any religious instruction or to attend any religious worship.
- The democracy is based upon the wishes of the majority. In this system, the right and interest of the minorities need to be protected by developing a mechanism that cannot be changed prejudicially by the majority.
- Therefore in a democratic country, Special Protection is provided in the constitution to preserve and develop the language, culture, and religion of minorities.
- Any section of citizens with a distinct language or culture has the right to conserve its language, culture, and religious practices.
- Articles 29 and 30 provide Cultural and Educational Rights, which states that all minorities, religious or linguistic groups, having a distinct language, script or culture of its own can set up their own educational institutions in order to preserve and develop their language, script, or culture.
- A person aggrieved by the violation of any of his/her fundamental right can approach either to the Supreme Court (under Article 32) or High Court (under Article 226) for the restoration of his/her fundamental right/s.
- The enforceability of rights is a very important aspect of all fundamental rights and hence, it is called as the “Right to Constitutional Remedies.”
- According to Dr. Ambedkar, the right to constitutional remedies is the ‘heart and soul of the Constitution.’
- If someone violates someone’s Fundamental Rights, then he/she can approach either a High Court or directly the Supreme Court to get proper remedy.
- The Supreme Court or the High Court (as the case may be) can issue orders (known as writs) and give directives to the Government for the enforcement of Fundamental Rights.
- Following are the five writs/orders issued by either the Supreme Court or High Courts −
Habeas corpus − A writ of habeas corpus means that the court orders that the arrested person should be presented before the court. The court can also order to set free an arrested person if the manner and/or grounds of arrest are not lawful or satisfactory.
Mandamus − This writ is issued when a court finds that a particular office holder is not doing legal duty and thereby is infringing on the right of an individual.
Prohibition − This writ is issued by a higher court (High Court or Supreme Court); when a lower court has considered a case, which is going beyond its jurisdiction.
Quo Warranto − If a court finds that a person is holding office but is not entitled to hold that office, it issues the writ of quo warranto and restricts that person from acting as an office holder.
Certiorari − Under this writ, a higher court orders a lower court or another authority to transfer a matter pending before it to the higher authority or court. - Apart from the judiciary, some other bodies and mechanisms that protect an individual’s right are −
The National Commission on Minorities,
The National Commission on Women,
The National Commission on Scheduled Castes, etc. - In 1993, the Government of India has established ‘National Human Rights Commission’ (NHRC), which consists of −
A former chief justice of the Supreme Court of India;
A former judge of the Supreme Court;
A former chief justice of a High Court, and
Two other members who have knowledge and practical experience in the matters relating to human rights. - However, NHRC does not have the power of prosecution. It can merely make recommendations to the government or recommend to the courts to initiate proceedings based on the inquiry that it conducted.
- Since independence, the scope of Fundamental Rights have expanded greatly to include several other rights from time to time.
- The Fundamental Rights embedded in our constitution are the source of all rights, based on this, the Government of India enacted several laws e.g. −
Right to information,
Right to freedom of press, and
Right to education. - The Parliament of India has amended the Constitution to include ‘school education’ as a Fundamental Right for the Indian citizens. Resultantly, now it is the duty and responsibility of the governments to provide free and compulsory education to all children up to the age of 14 years.
- The Parliament has enacted a law ‘right to information act’ under the Fundamental Right to freedom of thought and expression, which provides a right to seek information from the government offices.
- The Supreme Court of India by explaining the Fundamental Rights has further expanded the scope and meaning of the Fundamental Rights, as it included ‘right to food’ in the ‘right to life’ section (i.e. Article 21).
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ECONOMICS
Stages of the Business CycleThe business cycle is characterized by several different stages that occur in order, as described below:
1. Expansion: Expansion is often depicted as the first stage in the business cycle, although this is an arbitrary starting point. When the expansion occurs, there is an increase in employment, incomes, production, and sales. People generally pay their debts on time. The economy has a steady flow in the money supply and investment is booming.
2. Peak: The second stage is a peak when the economy hits a snag, having reached the maximum level of growth. Prices hit their highest level, and economic indicators stop growing. Many people start to restructure as the economy's growth starts to reverse.
3. Recession: Recessions are periods of economic and business contraction. During a recession, unemployment rises, production slows down, sales start to drop because of a decline in demand, and incomes become stagnant or decline.
4. Depression: Depression does not always follow recession, but if it does, economic growth continues to drop while unemployment rises and production plummets. Consumers and businesses find it hard to secure credit, trade is reduced, and bankruptcies start to increase. Consumer confidence and investment levels also drop.
5. Trough: The trough period marks the end of the depression, leading an economy into the next step: recovery.
Recovery: In this stage, the economy starts to turn around. Low prices spur an increase in demand, employment and production start to rise, and lenders start to open up their credit coffers. The recovery stage thus marks the end of one business cycle and leads to expansion once again
www.facebook.com/groups/upsc.epfo.enforcement.officer.exam.2016
ECONOMICS
Stages of the Business CycleThe business cycle is characterized by several different stages that occur in order, as described below:
1. Expansion: Expansion is often depicted as the first stage in the business cycle, although this is an arbitrary starting point. When the expansion occurs, there is an increase in employment, incomes, production, and sales. People generally pay their debts on time. The economy has a steady flow in the money supply and investment is booming.
2. Peak: The second stage is a peak when the economy hits a snag, having reached the maximum level of growth. Prices hit their highest level, and economic indicators stop growing. Many people start to restructure as the economy's growth starts to reverse.
3. Recession: Recessions are periods of economic and business contraction. During a recession, unemployment rises, production slows down, sales start to drop because of a decline in demand, and incomes become stagnant or decline.
4. Depression: Depression does not always follow recession, but if it does, economic growth continues to drop while unemployment rises and production plummets. Consumers and businesses find it hard to secure credit, trade is reduced, and bankruptcies start to increase. Consumer confidence and investment levels also drop.
5. Trough: The trough period marks the end of the depression, leading an economy into the next step: recovery.
Recovery: In this stage, the economy starts to turn around. Low prices spur an increase in demand, employment and production start to rise, and lenders start to open up their credit coffers. The recovery stage thus marks the end of one business cycle and leads to expansion once again
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