Everything about Steel Sector

About Steel sector • In 2016-17, India’s total ‘Finished Steel Production’ for sale was around 100 MT with an apparent consumption of about 85 MT. Thus production of finished steel was sufficient to meet its present demand in the country and also for exports. • The domestic steel sector contributes around 2% of the country’s GDP and employs over 6 lakh people. • As per The … Continue reading Everything about Steel Sector

WRITS Under Article 32

Literal Meaning Habeas Corpus – to have the body of Mandamus – command/order to do the duty to public official Prohibition – to forbid higher court to lower court – prevent from exceeding the jurisdiction (in between the trial) Certiorari – to be certified – superior court to inferior court to squash the order or transfer the case (at the end of the trial) Quo … Continue reading WRITS Under Article 32

National Investment and Infrastructure Fund (NIIF)

National Investment and Infrastructure Fund It is a sovereign wealth fund created by the Government of India for enhancing infrastructure financing in the country. NIIF was proposed to be set up as a Trust, to raise debt to invest in the equity of infrastructure finance companies such as Indian Rail Finance Corporation (IRFC) and National Housing Bank (NHB). The idea is that these infrastructure finance companies … Continue reading National Investment and Infrastructure Fund (NIIF)

Exclusive Economic Zone

Introduction India has a 7,517-km coastline, which is dotted with 12 major ports and 187 minor or intermediate ports. India’s territorial waters end at 12 nautical miles while exclusive economic zone stretches to 200 nautical miles from the coast. EEZ: Exclusive Economic Zone An Exclusive Economic Zone (EEZ) is a concept adopted at the Third United Nations Conference on the Law of the Sea (1982), whereby … Continue reading Exclusive Economic Zone

Types of Money

Fiat money is a currency established as money by government regulation or law. It differs from commodity money and representative money. Demonetised currency are not fiat money as they are not legal tender Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange, while representative money simply represents a claim on such a good. Fiat … Continue reading Types of Money

Veblen goods

A good for which demand increases when its price increases, and vice versa. Luxury goods like diamonds, whose appeal depends on their exorbitant price, are an example. It is named after American economist Thorstein Veblen. Veblen goods are considered exceptions to the law of demand, which states that the demand for a good must decrease as its price increases, and vice versa. Some economists disagree, … Continue reading Veblen goods

​Why India faces huge corruption?

​Why India faces huge corruption? • Colonial Legacy of unchallenged authority and abritary use of power • Asymmetry of power. Reduces societal pressure to conform to ethical behavior  • Conscious choice of our economic policies which put citizen at the mercy of state – Monopoly – Corruption.  • Over Centralization – Power is exercised more remotely – increasing the distance between authority and accountability.  • … Continue reading ​Why India faces huge corruption?