Angus Deaton won the Nobel prize in Economic sciences 2015 for his “analysis of consumption, poverty, and welfare.” Through his work, he tried to improve the accuracy of measurements of economic indicators like income, consumption, and poverty. His work has influenced policy-making in developing countries.
Poverty is one of the most challenging problems facing the Indian economy today. But, the recent World Bank report has given us something to cheer about. Though India still has the largest number of worlds’ poor, its poverty rate is the lowest among developing countries. It also suggests that we have been overestimating our poverty rates.
The Government scrapped the planning commission on 1st January 2015 and replaced it with NITI Aayog. The Planning commission was formed in the year 1950. NDA Government shut it down in the year 2015 and replaced it with NITI Aayog. The major arguments against the planning commission were:
Goods and Services Tax (GST) has been touted as the biggest tax reform in India since independence. The Government has set 1 April 2015 as the deadline for the roll-out of the tax. This article explains GST and its impact in a simplified manner.
Simply put, financial inclusion is providing basic financial services like credit, deposits, insurance, payments, remittances, etc. to all people without any discrimination. [You may also read: What do you mean by Microfinance and Microcredit?] The basic prerequisite to access these financial services is to have a bank account.
We have been reading in the newspapers about the Minimum Alternate Tax (MAT) controversy in India. Through this article, I have tried to explain the controversy in a simple and precise manner.
Gross Domestic Product is widely accepted as a measure of the economic development of a country. GDP measures both nation’s total output and income. There is a strong correlation between a country’s GDP and its standard of living. Countries that have high GDP like the US, UK, France, Germany, Japan, Singapore, etc have a higher …
GDP and the various ways to calculate it- Explained Read More »