Economics (Part-v) (Railway)

Muhammad Yunus is a Bangladeshi social entrepreneur and economist who founded the Grameen Bank and pioneered the concepts of microcredit and microfinance.

• These loans are given to entrepreneurs too poor to qualify for traditional bank loans.

• He was awarded the Nobel Peace Prize in 2006.

The RBI is responsible for:

• Implementing monetary and credit policies,

• Issuing currency notes,

• Being a banker to the government,

• Regulator of the banking system.

• Manager of foreign exchange, and

• Regulator of payment & settlement systems

• Working towards the development of Indian financial markets.

• Fiscal policies are formulated and implemented by the Ministry of Finance.

Madhya Pradesh, the leading manganese ore producing State, accounted for 33% of the total production in 2018-19.

• In the field of manganese production, Madhya Pradesh is followed by Maharashtra (27%) and Odisha (16%).

Under NITI Aayog's SDG India Index, overall state and union territory scores are generated from goal-wise scores to measure the overall performance of a subnational entity based on its performance across 16 SDGs.

• These scores range from 0-100, with states/UTs classified as Aspirants (scores 0-49), Performers (scores 50-64), Front Runners (scores 65-99) and Achievers (scores 100) based on their scores.

Marginal Product Curve shows the relation between marginal product and the quantity of the variable input.

• This curve shows the incremental change in output at each level of a variable input.

• Its shape is in the form of a hump or an inverse U because of increasing marginal returns in the beginning followed by decreasing and then diminishing marginal returns.

Railways were the most important infrastructure development in India from 1853 to 1947.

• In terms of the economy, railways played a major role in integrating markets and increasing trade.

• In terms of politics, railways shaped the finances of the colonial government and the Princely States.

In the final guidelines for microfinance loans issued on 14 March 2022, the Reserve Bank of India (RBI) Increased the eligibility criteria for microfinance loans for house-holds with an annual income of up to Rs 3 lakh.

• It also removed the interest rate cap on such loans.

• It also asked all lenders to have a board-approved policy on pricing.

Toycathon-2021 was launched in January 2021.

• This Toycathon is aimed to conceptualize innovative toys based on the Indian value system which will inculcate the positive behaviour and good value among the children.

Law and order are State subjects under the Seventh Schedule to the Constitution  of India.

• Public order, Polic, Public health and sanitation, Hospital and dispensaries and Betting and gambling are the subject Matter of state list.

• 7th schedule of indian constitution deal with union list and concurrent list.

Pradhan Mantri Bhartiya Janaushadhi Partyojana (PM-BJP) Kendras, in March 2022, added nutraceuticals to their product basket.

• Nutraceuticals are any food-related substances that provide health and medical benefits.

• Nutraceutical products include protein powders, protein bars, malt-based food supplements, immunity bars, Vitamin supplements, etc.