Economics and Social Development

1. Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): Guarantees 100 days of wage employment to rural households.
2. MGNREGA aims to create sustainable assets like roads, canals, and ponds in rural areas.
3. Pradhan Mantri Awas Yojana (PMAY): Provides affordable housing for the urban and rural poor.
4. Under PMAY, beneficiaries receive financial assistance for building or improving their homes.
5. National Food Security Act (NFSA): Ensures access to subsidized food grains for two-thirds

1. Poverty Line is a benchmark used to measure the level of poverty in a country.
2. It is based on the minimum income required to meet basic needs like food, clothing, and shelter.
3. In India, the Planning Commission traditionally estimated poverty using the poverty line concept.
4. Poverty estimation is conducted by organizations like the NITI Aayog and the Ministry of Statistics and Programme Implementation.
5. The Tendulkar Committee was formed in 2005 to review and update the pov

Introduction

1. Poverty refers to the inability to meet basic needs such as food, shelter, and clothing.
2. In India, poverty is a significant socio-economic challenge, affecting millions of people.
3. The concept of poverty is often categorized into two types: Absolute Poverty and Relative Poverty.

Absolute Poverty

1. Absolute Poverty is defined as a condition where individuals lack the minimum resources necessary for survival.
2. This type of poverty is measu

Introduction

1. Globalization refers to the integration of economies, cultures, and societies through international trade, investment, technology, and migration.
2. While globalization offers many opportunities, it also poses significant challenges to nations and individuals.

Economic Challenges

1. Economic Inequality: Globalization has widened the gap between developed and developing nations and within societies.
2. Unemployment: Automation and offshoring due to globalization have

Introduction

1. Foreign Direct Investment (FDI) refers to investments made by a company or individual in one country in business interests in another country, involving control or ownership.
2. Foreign Portfolio Investment (FPI) involves investing in financial assets such as stocks and bonds in a foreign country without direct control or management of the company.

Importance of FDI and FPI

1. FDI promotes long-term economic growth through capital formation, technology transfer, and infrastructure develop

Introduction

1. Globalization refers to the integration of economies, societies, and cultures through trade, investment, technology, and information.
2. India's economic liberalization in 1991 accelerated its participation in the global economy.

Positive Impacts of Globalization on India

1. Boosted economic growth by attracting foreign investments and increasing trade.
2. Encouraged the inflow of Foreign Direct Investment (FDI), which enhanced infrastructure and created jobs.

Introduction

1. The World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank are key international organizations in global economic governance.
2. They play distinct but complementary roles in facilitating international trade, economic stability, and development.

World Trade Organization (WTO)

1. The WTO was established in 1995, succeeding the General Agreement on Tariffs and Trade (GATT).
2. It aims to promote free

Introduction

1. Exchange rate is the value of one country's currency in relation to another country's currency.
2. It plays a vital role in international trade, influencing exports, imports, and foreign investments.
3. There are three main types of exchange rate systems: Fixed, Floating, and Managed.

Fixed Exchange Rate

1. In a fixed exchange rate system, the currency value is pegged to a specific value of another currency or a basket of currencies.
2. The cent

Introduction

1. The Balance of Trade (BOT) and the Balance of Payments (BOP) are key indicators of a country's economic health.
2. Both are used to analyze a nation's international trade performance and its overall financial position.
3. The BOT focuses specifically on the trade of goods, while the BOP provides a comprehensive view, including services, capital, and transfers.

Balance of Trade (BOT)

1. The BOT represents the difference between a country's exports and

Introduction to Tax Reforms

1. Tax reforms in India aim to create a more efficient, transparent, and equitable tax system.
2. The focus has been on simplifying the direct and indirect tax structure, broadening the tax base, and improving compliance.
3. Reforms have been undertaken since the 1991 economic liberalization era.

Key Reforms in Direct Taxes

1. Implementation of the Income Tax Act, 1961, as the foundational legislation for direct taxes.
2. Introductio