Economics (Part-vi) (Railway)

Jawahar Rozgar Yojana was launched on 1st April 1989 in the Seventh Five Year Plan by the then Prime Minister Lt. Atal Bihari Vajpayee.

• It was established by merging the National Rural Employment Programme and Rural Landless Employment Guarantee Programme.

Pradhan Mantri Shram Yogi Maandhan is a government scheme meant for old age protection and social security of Unorganized Workers (UW).

• It is a voluntary and contributory pension scheme on a 50:50 basis where contribution shall be made by the beneficiary and the matching contribution by the Central Government.

Non-Tax Revenue is the recurring income that is earned from sources other than taxes by the government.

• They are the revenue receipts that are not generated by taxing the public.

• Some of the major sources of non-tax revenue are interests, Power Supply Fees, License Fee, Fines and Penalties, Escheats, Forfeitures, etc.

The third Five Year Plan (1961-1966) is known as Gadgil Yojana.

• D.R. Gadgil was the Deputy Chairman of Planning Commission who formulated the Third Five-year plan.

• This five-year plan shifted its major focus to India's defence sector, along with the other sectors.

Sustainable agriculture gives equal weight to environmental, social, and economic concerns in agriculture.

• Agricultural sustainability rests on the principle that we must meet the needs of the present without compromising the ability of future generations to meet their own needs.

• So, it aims to reduce the input of chemicals, maximise economic value and environmental health.

The acronym MUDRA stands for Micro Units Development and Refinance Agenсу.

• It is a public sector financial institution in India that provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs.

• It was launched by Prime Minister Narendra Modi on 8 April 2015.

Kerala retained the top rank in Niti Aayog's SDG India Index 2020-21 that was released in June 2021.

• Uttarakhand, Gujarat. Maharashtra, Mizoram, Punjab, Haryana, Tripura, Delhi, Lakshadweep, Andaman and Nicobar Islands, Jammu and Kashmir and Ladakh were placed in the category of front-runners..

Average Total Cost (ATC) Or Average Cost (AC)refers to the per unit total cost of production.

• It is calculated by dividing TC by total output.

• Average cost is also defined as the sum of average fixed cost and average variable cost.AC= AFC + AVC

Due to failure of the Third Plan the government was forced to declare "plan holidays" (from 1966-67, 1967-68, and 1968-69).

• Three annual plans were drawn during this intervening period.

• The main reasons for plan holidays were the war, lack of resources and Increase in inflation.

As two indifference curves cannot represent the same level of satisfaction, they cannot intersect each other.

• It is because at the point of tangency, the higher curve will give as much as of the two commodities as is given by the lower indifference curve. This is absurd and impossible.

•  It means only one indifference curve will pass through a given point on an indifference map.