Economics (Part-vi) (Railway)

According to the Micro Finance Institutions (Development and Regulation) Act 2012, the Development Fund for MFIs is to be managed by the RBI.

• The then Finance Minister Pranab Mukherje had first announced the setting up of a Rs 100-crore 'India Microfinance Equity Fund" to support smaller microfinance institutions (MFIs) on 1 March 2011.

Wipro Ltd was incorporated on 29 December 1945 in Amalner, Karnataka by Mohamed Premji as Western India Vegetable Products Limited.

• It was initially set up as a manufacturer of vegetable and refined oils under the trade names of Kisan, Sunflower, and Camel.

• During the 1970s and 1980s, the company shifted its focus to the IT industry.

At present, the upper limit for FDI is 74% Into companies that write insurance cover.

• Parliament had, on 22 March 2021, passed the Insurance Amendment Bill 2021 to increase the foreign direct investment (FDI) limit in the insurance sector to 74% from 49%.

• For insurance intermediaries, like brokerages and others, who bring together customers and insurance firms, 100% foreign investment is allowed.

The receipts that do not create any liabilities and do not lead to a claim on the government are called revenue receipts.

• For example, the taxes that are levied by the government are regarded as revenue receipts.

• These revenue receipts are nonredeemable and can be classified into two categories, namely: tax revenue and non-tax revenue.

A fiscal deficit is a shortfall in a government's income compared with its spending

• The difference between total revenue and total expenditure of the government is termed as fiscal deficit.

• Fiscal deficit arises when the expenditure of a government is more than the revenue generated by the government in a given fiscal year.

• It happens due to events like a major rise in capital expen diture or deficit arising from revenue

Fiscal deficit refers to the excess of total expenditure over total receipts (excluding borrowings) during the given fiscal year, Fiscal Deficit = Total Expenditure - Total Receipts excluding borrowings.

• The extent of fiscal deficit is an indication of how far the government is spending beyond its means.

Some of the initiatives run by Ministry of Youth Affairs and Sports are as follows:

• National Sports Development Fund: established in 1998 under the Charitable Endowments Act 1890.

• Khelo India Scheme: launched in the year 2018 for the development of sports in India

• National Sport Awards: awarded annually by the Ministry of Youth Affairs and Sports.

The Ministry of Women and Child Development, on 7 March 2022, launched a special campaign namely Kanya Shiksha Pravesh Utsav to reenroll out of school adolescent girls (OoS AG) In the age group of 11-14 years.

• The main components of the scheme are Social mobilization & Awareness and Incentivization of AWWs for Counselling and Referrals.

The Government of India, on 17 November 1955 signed an agreement with Associated Electrical Industries (AEI), UK, for the establishment of a factory at Bhopal complete in all respects for the manufacture of heavy electrical equipment in India.

• The company was registered as Heavy Electricals (India) Limited (HE(I)L) in the Public Sector under the Ministry of Industry and Commerce on 29August 1956.

Full employment is an economic situation in which all available labor resources are being used in the most efficient way possible.

• Full employment embodies the highest amount of skilled and unskilled labor that can be employed within an economy at any given time.

• It is seen as the ideal employment rate within an economy at which no workers are involuntarily unemployed.