Economics (Part-VI) (Railway)

• 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.

• 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.

• 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.

• 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.

• 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.

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

• It was India's last Five-Year Plan.

• 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.

• 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.

• 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.

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.