Economics (Part-v) (Railway)

The Jan Shikshan Sansthan (JSS) and the National Bank for Agriculture and Rural Development (NABARD) jointly launched the Adavi brand at a tribal festival held at Nilambur on 10 March 2022.

• The minor forest produce collected by the tribes people of Nilambur, including wild honey, will now be known under the brand Adavi.

Cross-Cutting and Futuristic initiatives (CCFI) aim is to establish science and technology hub/ living lab that focuses on sustainable technologies development for a rural area, create awareness about sustainable environmental technologies, and offer training to marginal communities as well as cross sector ally explore the nexus of water with energy, food, and health.

• The major programmes of the initiatives are Programme on Energy Storage Solutions Digitalisation of Energy Systems and Networks Integrated Technology Interventions for Sustainable Environment Industrial Waste Water.

Grameen Bank is a microfinance organisation and community development bank that was founded by Muhammad Yunus in Bangladesh in 1976.

• In October 1983 the Grameen Bank was authorised to operate as an independent bank.

• In 2006, the bank and its founder, Muhammad Yunus, were jointly awarded the Nobel Peace Prize.

Pradhan Mantri Rozgar Yojana (PMRY) was launched in 1993 to provide self-employment to India's educated youth and women.

• This scheme offers subsidised financial assistance to set up self-employment ventures in the manufacturing, trading, and service sectors.

The Minimum Needs Programme (MNP) was introduced in the first year of the Fifth Five Year Plan (1974-78).

• It aimed to provide certain basic minimum needs and Improve the living standards of people.

PMJDY brings about the objective of financial inclusion.

• In addition, for accounts opened between 15th August 2014 and 26th January 2015, a Life Insurance cover of Rupees 30,000 is available to the eligible beneficiaries.

• One of the salient features of Pradhan Mantri Jan Dhan Yojana is that after remaining active for 6 months, the account holder will become eligible for an overdraft of up to Rs. 5,000.

The ratio of change in consumption (XC) due to change in income (XY) is called marginal propensity to consume.

• MPC is that part of additional income which is spent on additional consumption.

• In other words, it measures the ratio of change in consumption expenditure as a result of change in income.

• MPC is always greater than zero (MPC > 0) but less than 1 (MPC < 1).

• The reason is that incremental income can be either consumed or entirely saved.

P.C. Mahalanobis was a well-known statistician and the architect of planning in India.

• In the second five-year plan (1956-61) he emphasized industrialisation on the basis of a two-sector model.

• His variant of Wassily Leontief's Input-output model, the Mahalanobis model, was employed in the Second Five Year

Watershed Management is the process of implementing land use practices and water management practices to protect and improve the quality of the water and other natural resources within a watershed.It includes Minimizing over-exploitation of resources Water storage, flood control, drought mitigation, checking sedimentation Erosion control and prevention of soil.

• Recharging groundwater to provide regular water supply and restoring water levels in downstream rivers, etc.

In a perfectly competitive market, firms can only experience profits or losses in the short run.

• In the long run, profits and losses are eliminated because an infinite number of firms produce infinitely divisible, homogeneous products.

• So, under perfect competition. the firm earns normal profit.