24Oct 2018 by admin

Objectives, Composition and Functions of the Central and State Consumers Protection Council (India)

Marketing
The Consumer Protection Act, 1986 sought to provide better protection to the interests of the consumers and for that purpose made provisions for the establishment of Consumer Protection Councils and other authorities for resolving consumers’ disputes. The Consumer Protection Councils would be set up at national and state levels (Section 6 of Consumer Protection Act)The objects of the Central Consumers Protection Council and State Consumers Protection Councils are to promote and protect the rights of the consumers, such as: (a) The right to be protected against marketing of goods and services which are hazardous to life and property. ADVERTISEMENTS: (b) The right to be informed about the quality, quantity, potency, purity, standard and price of goods or services as the case may be so as to protect the consumer against…
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24Oct 2018 by admin

5 Main Criticisms of Malthusian Theory of Population

Industry
The theory of Malthus produced a great controversy. Most of the leading economists of his times accepted it. But there were critics who thought that the theory was too pessimistic.Nowadays it is believed that the theory contains elements of the truth but that it is an oversimplification of the problem of population growth.The main criticisms levelled against the theory are summarised below: 1. Growth formulas not correct and oversimplified: ADVERTISEMENTS: The mathematical formulas regarding food supply and population growth are not correct. This criticism is beside the point because Malthus used the formulae only as examples to illustrate the dissimilar and unrelated nature of the growth of population and food supply. 2. The effects of additional population: Malthus failed to consider that the additional increments of population are also capable…
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24Oct 2018 by admin

Classification of Industries in India According to the New Industrial Policy of 1956

Industry
A number of new developments had taken place since the formulation of the 1948 policy. These developments included the adoption of the constitution of India, successful implementation of First Five year Plan (1951-55), formulation of Second Five year plan with greater thrust on industrialisation, adoption of a socialist pattern of society (Avadi session) as the goal of economic and social policy.These, necessitated the announcement of a new Industrial Policy of 1956 replacing the Industrial Policy of 1948. The IPR of 1956 is popularly referred to as the economic constitution of the country. Image Source: cdn.historydiscussion.net ADVERTISEMENTS: Under the new policy, industries were classified into three categories.(a) Schedule A: Industries which were to be exclusive monopolies of the state- 17 industries were included in this category. They were arms and ammunition,…
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24Oct 2018 by admin

12 Main Problems Faced by Small Scale Industries in India

Business
12 Main Problems Faced by Small Scale Industry in India are described below:Problems of SSI:(1) Finance and Credit(2) Underutilization of Capacity ADVERTISEMENTS: (3) Production and Marketing(4) Inadequate and Incomplete(5) Machine and Equipment Production of Raw Material(6) Inefficient Management ADVERTISEMENTS: (7) Power Production not Normal(8) Slow Responsiveness or Production Pattern(9) Burden of Excessive Tax(10) Competition from Large Scale Industries ADVERTISEMENTS: (11) Poor Transport Facilities(12) Technology in Many Cases not up to Date. Image Source: bustler.netScarcity of finance and credit is main obstacle in the development of small scale industries and situation is worse in the case of cottage and village industries.According to the Nayak Committee Report, the small scale sector was getting working capital only to the extent of 8.1 percent of its annual output as against the normative requirement of…
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24Oct 2018 by admin

Achievements and Criticism of Third Five Year Plan (1961-66) in India

Industry
The 3rd Plan with the goal of ‘self reliant and self generating economy’ saw the beginning of long term perspective planning as an instrument to achieve the objective of a integrated growth of industry balanced with agriculture.With the base created in the first two plans, the Third Plan called for the Maximum rate of investment to:(a) Strengthen industry, power and transport and ADVERTISEMENTS: (b) Hasten the process of industrial and technological change.i. 20% total outlay was allocated to industries and mineralsii. The overall financial outlay in organised industries and mining during the Third Plan period was Rs. 3,000 crores.iii. The aim of the plan was to make the economy self-sustaining in producers’ goods industries such as steel, machine-buildings, etc., so that the quantum of external assistance needed could be curtailed…
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24Oct 2018 by admin

Complete Information on the “Disinvestment” (Privatisation) Policy of India

Strategy
This article covers the benefits and pitfalls of disinvestment (privatisation) policy of India.Since the process of disinvestment began in 1991, no privatization took place till 2000. However, since 2000, almost 30 PSES were privatized of which many profit are making. The budget for 2000-01 provided for Rs. 10,000 crores by way of disinvestments and the target was raised to Rs. 12,000 crores in the next two budgets. In the two years 2000-02, Rs. 7443 crores were estimated as receipts but in 2002-03, Government hoped to exceed the target and even double it by putting through an accelerated programme. ADVERTISEMENTS: Government has been encouraged by the strategic sales affected in 2001 and 2002. The Supreme Court’s view is that the disinvestments procedure followed in the sale of BALCO (Bharat Aluminium Company…
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24Oct 2018 by admin

6 Important Functions of WTO – Explained!

Decision Making
The WTO, which began operation in 1995, is an improvement over GATT, i.e., General Agreement on Tariff and Trade. GATT was a forum where members met occasionally to solve world trade problems whereas WTO is a chartered trade organization based in Geneva, Switzerland.The WTO has a legal status and enjoys privileges that are same as the IMF and the World Bank. There were 76 Governments which became members of the WTO on its first day and by 1996 this number increased to 145. India is one of the founder members of WTO. At present the number has gone upto (147) including Chaina. ADVERTISEMENTS: The main function of WTO are: (1) To act as a main body to promote multilateral trace system. Image Source: cdn.yourarticlelibrary.com(2) Cooperative with other international bodies in…
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24Oct 2018 by admin

Difference between FERA and FEMA (Foreign Exchange Regulation Act and Foreign Exchange Management Act)

Management
FERA (Foreign Exchange Regulation Act) was passed in 1947 which was amended in 1973. The new FERA came into force from 1.1.1974. The objective was the conservation of India’s Foreign Exchange reserves, judicious use of foreign exchange, using mainly in these sector which require foreign technol­ogy.Transactions in foreign exchange were absolutely prohibited excepting in certain selected sectors. Every foreign company had to maintain Indian share of 26 percent.FERA was repealed in 1998 and Foreign Exchange Management Act (FEMA) was enacted. No unauthorised person would be allowed to deal in foreign exchange. The authorised person could sell; draw foreign exchange from any authorised person on current Account transaction, subject to approval of R.B.I. Image Source: jhunjhunwalas.files.wordpress.com ADVERTISEMENTS: RBI has exclusive authority to regulate supply; use of foreign exchange, R.B.I, if thinks…
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23Oct 2018 by admin

Essay on the Current Scenario of Employment Pattern in India

Workforce
The growth of employment in India suggests that there has been a decline in the rate of growth of employment at current daily status basis, from 2.7 percent in 1983-1994 per annum to 1.07 percent per annum in 1993-94 to 2000. The growth rate of GDP on the contrary was higher with respect to growth rate of employments. There has been a decline in the employment intensity.The 55th Round of NSSO survey suggests that Growth Rate of employment was associated with a decline in labour force. The decline in the absolute number of unemployment (expressed in terms of unemployed as a percentage of labour force) increased during 1994-2000.Agriculture is the largest sector, where most of the people are employed. During 1994-2000, there was a near stagnation in the growth rate…
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23Oct 2018 by admin

13 Important Recommendations by Second Labour Commission (India)

Management
In view of economic liberalisation of labour laws. Government of India set up 2nd National commission of Labour under chairmanship of Mr. Ravindra Varma (a) to suggest measures about rationalisation of labour laws (b) to suggest”umbrella” legislation for ensuring a minimum level of protection to the workers in the organised sector.NCL suggested following definition for “Rationalisation”—In our understanding rationalisation means only making laws more consistent with the context more consistent with each other, less cum­bersome, simple and more transparent.”The commission believes the level of wages depend on economic efficiency of an undertaking.” The commission further adds “workers have to be interested in productivity as the management is.” Image Source: securityaffairs.co ADVERTISEMENTS: The interest on work depends upon proper inspiration from management how management can impose upon the workers work, ethics…
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