Revenue expenditure and capital expenditure are the two types of ‘Public Expenditure‘ which is incurred by the Government on various activities for the welfare of the people and also for the economic development of the country. What is Revenue Expenditure? Revenue expenditure is the expenditure incurred by the Government to meet its day-to-day needs, like … Read more
National Institution for Transforming India (NITI) Aayog is a policy think tank of the Government of India that provides critical, directional and strategic input into the country’s developmental process. It was established on 1 January 2015 to replace the Planning Commission, and it is an advisory body with no financial role whose recommendations are also … Read more
The Lewis Growth Model speaks of structural changes in the economy and is based on the use of an unlimited supply of labour. The unlimited supply of labour is available due to subsistence wages of agricultural labour, casual labour, domestic servants, etc. and the continuous increase in the population. In this model of economic development, … Read more
A business cycle, also known as an ‘economic cycle’ or ‘trade cycle’ is the alternate expansion and contraction in overall business activities over time in an economy. It is the rise and fall of economic activities in a cyclic manner characterized by four phases; Expansion (Boom), Contraction (Recession), Depression and Recovery. Expansion In this phase … Read more
Repo Rate and Reverse Repo Rate are the two instruments of Liquidity Adjustment Facility (LAF) which allows banks to borrow money from the Reserve Bank of India (RBI) through repurchase agreements or to make loans to RBI through reverse repo agreements. Repo Rate (Repurchase Option Rate) Repo rate is the rate of interest at which … Read more
Unemployment represents the number of people in the workforce who want to work but do not have a job. It is generally stated as a percentage and calculated by dividing the number of people who are unemployed by the total workforce. Unemployment can be due to various reasons like slow economic growth, lack of skilled … Read more
Demand liabilities are the deposits received by banks which they have to pay when demanded by the depositors. For example, Current and Savings Bank Account Deposits, Demand Drafts (FD) and Deposits held as security for advances which are payable on demand. Time liabilities are the deposits banks receive that they have to pay after a … Read more
Political Science and International Relations (PSIR) is one of the most chosen optional subjects for the UPSC Civil Services (Main) Examination. It has two papers where Paper I mainly covers political science and Indian politics part, and Paper II covers international relations. Here’s the complete syllabus of PSIR optional for the UPSC Civil Services Examination. … Read more
Erosion and Deposition are the two important aspects of the evolution of landforms. Every landform has a beginning. Landforms once formed may change in their shape, size and nature slowly or fast due to the continued action of geomorphic processes and agents. Due to changes in climatic conditions and vertical or horizontal movements of landmasses, … Read more
Insolation is the sole driving force behind all the exogenic processes. Solar radiation received in the atmosphere or the surface of the earth is known as insolation that we also call sunlight or solar energy. The gravitational force also affects the exogenic processes resulting in angular displacement or slippage due to molecular stresses. The very … Read more