Economics Miscellaneous (Part – IV)

It has 6 centres of Advanced Studies, 10 Departments under Special Assistance Programme and a large number of specialized Research Centers. Bharat Kala Bhavan, the reputed museum of the university, is a treasure trove of rare collections. The 927 bed hospital of the University is equipped with all the modern amenities.In 2012, it was converted into Indian Institute of Technology, Banaras Hindu University IIT (BHU), Varanasi with the vision of imparting world class engineering education, research and innovation.
Pandit Madan Mohan Malviya
He was also called Mahamana. He was an Indian scholar, educational reformer and freedom fighter. He was also one of the founders of Scout and Guide in India. In 2014, Pandit Malviya was posthumously conferred with Bharat Ratna, the country's highest civilian award.

Several steps were being taken to activate the RBI's gold holdings. The first step was to revalue the gold holdings at market price. This was done by the government through an ordinance in October 1990, which was later approved by the Parliament to become part of the Reserve Bank of India (Amendment Act), 1991. in January 1991, a proposal was mooted by the State Bank of India (SBI) to raise foreign exchange through the lease of gold held by the government. In April 1991, the government agreed to the proposal to pledge 20 tonnes of confiscated gold to raise a foreign exchange loan by SBI and gold was dispatched in four consignments in May 1991. This was actually executed in the form of sale with a repurchase option. RBI was involved totally in this arrangement. This was not enough. But the major issue was the use of gold held by RBI.

Rainfall patterns of India:

• Heavy rainfall region having more than 200 cm rainfall annually.
• Moderate rainfall region having annual rainfall between 100 to 200 cm.
• Low rainfall region having annual rainfall between 50 to 100 cm.
• Inadequate rainfall region having annual rainfall is less than 50 cm.
• According to the ministry, 1/3rd of the area of India receives annual rainfall less than 75 cm.
• Areas of Less Rainfall (50-100 cm): Upper Ganga valley, eastern Rajasthan, Punjab, Southern Plateau of Karnataka, Andhra Pradesh and Tamil Nadu.
• Areas of Scanty Rainfall (Less than 50 cm): Northern part of Kashmir, Western Rajasthan, Punjab and Deccan Plateau.

About Economic Advisory Council to the Prime Minister (EAC-PM):

• It is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister.
  The Terms of Reference of EAC-PM include:
• Analysingany issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon.
• Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. These could be either suo-motu or on reference from the Prime Minister or anyone else.
• Attending to any other task as may be desired by the Prime Minister from time to time.
  The role of EAC-PM is advisory in nature and not binding on the Government.

• Under Article 148, The Constitution of India provides for an independent office of the Comptroller and Auditor General of India (CAG).
• CAG is the head of the Indian Audit and Accounts Department.
• He is the guardian of the public purse and controls the entire financial system of the country at both the levels-the Centre and the state.
• His/Her duty is to uphold the Constitution of India and the laws of Parliament in the field of financial administration.
• He is one of the bulwarks of the democratic system of government in India.

The Article 148 of the Indian Constitution is concerned with the office and appointment of Comptroller and Auditor Gen- eral of India. The Comptroller and Auditor General (CAG) is appointed by the President of India and can be removed from office only in the manner and the grounds that a Judge of the Supreme Court is removed. CAG audits the accounts related to all expenditure from the Consolidated Fund of India and Consolidated Fund of each State and UT having a legislative assembly. He ascertains and certifies the net proceeds of any tax or duty and his certificate is final on the matter. CAG submits his audit reports relating to the accounts of the Centre and States to the President and Governor respectively, who shall, in turn, place them before both the Houses of Parliament and the State Legislature respectively. CAG of India acts as the custodian of public fund.

The Index of Government Economic Power (IGEP) is a measure developed to assess a country's ability to project its economic influence internationally. It is based on four key components: government revenues, foreign currency reserves, exports of goods and services, and human capital. The IGEP aims to capture a government's economic strength and its capacity to operate effectively in the global arena.