Economics (Part-v) (Railway)

The Karve Committee, also known as the village and small scale industries committee, was set up in 1955.

• It was set up to find out the potential of utilizing small scale industry for promoting rural development.

In economics, Average Product is output per unit of inputs of variable factors.

• It is defined as Average Product (AP) Total Product (TP)/Labour (L).

• Total Productrefers to the total amount of output that a firm produces within a given period, utilizing given inputs.

Ajit Kumar Banerjee was an Indian Forest Service officer and noted environmentalist who is considered as the mastermind behind the Arabari project in the West Midnapore district of West Bengal.

• He started the greening of Arabari Forest Range by setting up Joint Forest Management committees consisting of the local villagers and as result of their efforts a forest which was initially almost worthless became an economic boon to the villagers.

• He applied the concept of Joint Forest Management in the Arabari project in 1972.

At the end of the first five-year plan in 1956, five Indian Institutes of Technology (IITs) were started as major technical institutions.

• The First five-year plan was for the period of 1951 to 1956.

• The University Grants Com. mission (UGC) was also set up to take care of funding and take measures to strengthen the higher education in the country.

Fixed costs are costs that do not change when sales or production volumes increase or decrease.

• This is because they are not directly associated with manufacturing a product or delivering a service.

• Maintenance and repair costs are the one-time or recurring costs a company incurs related to maintaining company facilities, property, etc.

The 'Udaan' scheme of Rajasthan provides the rural girls of the state with scholarship schemes thus, allowing them to receive getting access to schooling.

• Under it, attempts have been made to keep girls in schools through their enrolment at the secondary level while ensuring that the eligible ones among them get their scholarships.

• It has been launched in collaboration with 'IPE Global, a development consulting group.

The Fifth Five-year Plan (1974-1979) emphasized the 'removal of poverty and attainment of self-reliance.

• This plan focussed on Garibi Hatao, employment, justice, agricultural production, and defense.

Revenue receipts can be defined as those receipts which neither create any Iiability nor cause any reduction in the assets of the government.

• It includes the proceeds from taxes and other duties levied by the Centre: the interest and dividend it receives on its investments; and the fees and charges the government receives for its services.

• Cash grants-in-aid from foreign countries and International organisations come under it.

The emblem of Reserve Bank of India has Royal Bengal tiger standing in front of a palm tree.

• Initially, the insignia of the RBI consisted of lion and palm tree, but later it was decided to replace the lion with the tiger, the latter being regarded as the more characteristic animal of India.

Bundle pricing is a business strategy where companies group several products together into a bundle and sell them at a single price, rather than attribute individual prices to each item.

• It is a strategy that companies use to sell lots of items at higher margins while providing consumers a discount at the same time.