Economics (Part-vi) (Railway)

The National Commission for Protection of Child Rights under Union Ministry of Women and Child Development launched telecounselling through SAMVEDANA in May 2021.

• Full form of SAMVEDNA: Sensitising Action on Mental Health Vulnerability through Emotional Development and Necessary Acceptance.

• It is a Toll-Free Helpline launched to provide psychosocial mental support for Children affected during COVID 19 Pandemic.

Revenue expenditure refers to the estimated expenditure in a fiscal year which does not create assets for the government or reduction in liabilities.

• Payment of salaries to government employees is a revenue expenditure as it neither creates any assets of the governmentnor reduces liabilities of the government.

• Other examples include wage bill of the government, Interest payments, etc.

In 2017, the Railway Budget was merged with the Union Budget, ending a practice that began in 1924 under the British..

• This was done in accordance with a recommendation by Bibek Debroyled NITI Aayog Committee which felt that the British-era practise should be phased out.

• It stated that as the size of the Railway Budget has shrunken when compared to the overall general budget, presenting the Railway Budget separately is not required.

Price elasticity of demand is a measurement of the change in the consumption of a product in relation to a change in its price.

• It is mathematically expressed as Price Elasticity of Demand = Percentage Change in Quantity Demanded ÷ Percentage Change in Price.

• Economists use price elasticity to understand how supply and demand for a product change when its price changes.

Air India's journey begins in the year 1932, when the distinguished entrepreneur J.R.D. Tata founded the company.

• On October 15, 1932, Tata famously piloted the first-ever flight of the Tata Air Services from Karachi's Drich Road Aerodrome to Mumbai's Juhu Airstrip via Ahmedabad.

The Twelfth Five-Year Plan went into effect on 1 April 2012, and its duration was from 2012 to 2017.

• Its slogan was "Faster, More Sustainable, and More Inclusive Growth".

• It was India's last Five-Year Plan.

SVAMITVA is a Central Sector Scheme of Ministry of Panchayati Raj that was launched by Prime Minister Narendra Modi on National Panchayati Raj Day, 24th April 2021.

• The scheme aims to cover 6.62 lakh villages in the country from Financial Year 2020-21 to Financial Year 2024-25.

• It is being implemented with the collaborative efforts of the Ministry of Panchayati Raj, Survey of India (Sol), State Revenue Department, State Panchayati Raj Department and National Informatics Centre.

Under PMSBY, the risk coverage available is Rs 2 lakh for accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability.

• Permanent total disability is defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of eyesight and loss of use of a hand or a foot.

• Permanent partial disability is defined as total and irrecoverable loss of an eyesight or loss of use of a hand or foot.

A Sub Committee of the Central Board of the Reserve Bank under the chairmanship of Y. H. Malegam was constituted in November 2010 to study issues and concerns in the MFI sector.

• In accordance with the recommendations of this committee, separate category of NBFCs viz. Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) was formed.

• So, the RBI issued separate directions on 2 December 2011 containing the régulatory framework for NBFC-MFIs.

Formula M3 = CU + DD + Net time deposit of commer-cil bank is used to calculate M3 (i.e. measure of maney supply) It refers to currency held by public in terms of paper notes.

CU=It refers to currency hold by public in terms of paper notes.

• DD: It refers demand deposits of the people with the commercial bank.