UPSC Notes EPFO Labour Law

2021-07-16 03:41:01 Cost Analysis

In economics, the Cost Analysis refers to the measure of the cost – output relationship, i.e. the economists are concerned with determining the cost incurred in hiring the inputs and how well these can be re-arranged to increase the productivity (output) of the firm.

In other words, the cost analysis is concerned with determining money value of inputs (labor, raw material), called as the overall cost of production which helps in deciding the optimum level of production.

There are several cost concepts relevant to the business operations and decisions and for the convenience of understanding these can be grouped under two overlapping categories:

1. Cost Concepts Used for Accounting Purposes: Generally, the accountants use these cost concepts to study the financial position of the firm. They are concerned with arranging the finances of the firm and therefore keep a track of the assets and liabilities of the firm. The accounting costs are used for taxation purposes and calculating the profit and loss of the firm. These are:
Opportunity Cost
Business Cost
Full Cost
Explicit Cost
Implicit Cost
Out-of-Pocket Cost
Book Cost

2. Analytical Cost Concepts Used for Economic Analysis of Business Activities: These cost concepts are used by the economists to analyze the likely cost of production in the future. They are concerned with how the cost of production can be managed or how the input and output can be re-arranged such that the overall profitability of the firm gets improved. These costs are:

Fixed Cost
Variable Cost
Total Cost
Average Cost
Marginal Cost
Short-run Cost
Long-Run Cost
Incremental Cost
Sunk Cost
Historical Cost
Replacement Cost
Private Cost
Social Cost

In business, the manager must have a clear understanding of the cost-output relation as it helps in cost control, marketing, pricing, profit, production, etc. The cost-output relation can be expressed as:

C = f (S, O, P, T)
Where, C =cost, S = Size of the firm, O = output, P = Price and T = Technology.

With the increase in the size of the firm, the economies of scale also increase and as a result the cost of per unit production comes down. There is a positive relation between the cost and the output, as the output increases the cost also increases and vice-versa. Likewise, the price of inputs is directly related to the price, as the input price increases the cost of production also increases. But however, the technology is inversely related to the cost, i.e. with an improved technology the cost of production decreases.

Thus, the cost analysis is pivotal in business decision-making as the cost incurred in the input and output is to be carefully understood before planning the production capacity of the firm. Open / Comment

2021-07-15 12:12:03 भारत रत्न पुरस्कार विजेता व वर्ष


⌾ डॉ. चन्द्रशेखर वेंकटरमण ➾ 1954

⌾ चक्रवर्ती राजगोपालाचारी ➾ 1954

⌾ डॉ. सर्वपल्ली राधाकृष्णन ➾ 1954

⌾ सर मोक्षगुंडम विश्वेश्वरैया ➾ 1955

⌾ डॉ. भगवान दास ➾ 1955

⌾ जवाहर लाल नेहरू ➾ 1955

⌾ गोविन्द वल्लभ पंत ➾ 1957

⌾ महर्षि डॉ॰ धोंडो केशव कर्वे ➾ 1958

⌾ राजर्षि पुरुषोत्तम दास टंडन ➾ 1961

⌾ डॉ॰ बिधान चंद्र राय ➾ 1961

⌾ डॉ. राजेन्द्र प्रसाद ➾ 1962

⌾ डॉ. जाकिर हुसैन ➾ 1963

⌾ डॉ. पांडुरंग वामन काणे ➾ 1963

⌾ लाल बहादुर शास्त्री (मरणोपरांत) ➾ 1966

⌾ इंदिरा गांधी ➾ 1971

⌾ वराहगिरी वेंकट गिरी ➾ 1975

⌾ कुमारस्वामी कामराज (मरणोपरांत) ➾ 1976

⌾ मदर टेरेसा ➾ 1980

⌾आचार्य विनोबा भावे (मरणोपरांत) ➾ 1983

⌾ खान अब्दुल गफ्फार खान ➾ 1987

⌾ मरुथुर गोपालन रामचंद्रन (मरणोपरांत) ➾ 1988

⌾ डॉ. भीमराव अम्बेडकर (मरणोपरांत) ➾ 1990

⌾ नेल्सन मंडेला ➾ 1990

⌾ सरदार वल्लभ भाई पटेल (मरणोपरांत) ➾ 1991

⌾ मोरार जी देसाई ➾ 1991

⌾ राजीव गांधी (मरणोपरांत) ➾ 1991

⌾ मौलाना अबुल कलाम आजाद (मरणोपरांत) ➾ 1992

⌾ जे. आर. डी. टाटा ➾ 1992

⌾ सत्यजीत रे ➾ 1992

⌾ डॉ. एपीजे अब्दुल कलाम ➾ 1997

⌾ अरुणा आसफ अली (मरणोपरांत) ➾ 1997

⌾ गुलज़ारी लाल नंदा (मरणोपरांत) ➾ 1997

⌾ एम. एस. सुब्बुलक्ष्मी ➾ 1998

⌾ चिदम्बरम् सुब्रह्मण्यम् ➾ 1998

⌾ जयप्रकाश नारायण (मरणोपरांत) ➾ 1998

⌾ पंडित रविशंकर ➾ 1999

⌾ प्रोफेसर अमर्त्य सेन ➾ 1999

⌾ गोपीनाथ बोरदोलोई (मरणोपरांत) ➾ 1999

⌾ उस्ताद बिस्मिल्लाह खां ➾ 2001

⌾ लता मंगेशकर ➾ 2001

⌾ भीमसेन जोशी ➾ 2008

⌾ चिंतामणि नागेश रामचंद्र राव ➾ 2014

⌾ सचिन तेंडुलकर ➾ 2014

⌾ अटल बिहारी वाजपेयी ➾ 2015

⌾ मदन मोहन मालवीय ➾ 2015

⌾ नानाजी देशमुख (मरणोपरांत) ➾ 2019

⌾ प्रणब मुखर्जी ➾ 2019

⌾ भूपेन हजारिका (मरणोपरांत) ➾ 2019 Open / Comment

2021-07-15 03:41:01 About DigiLocker

DigiLocker is an Indian digitization online service provided by Ministry of Electronics and Information Technology (MeitY), Government of India under its Digital India initiative. DigiLocker provides an account in cloud to every Aadhaar holder to access authentic documents/certificates such as driving license, vehicle registration, academic mark sheet in digital format from the original issuers of these certificates. It also provides 1GB storage space to each account to upload scanned copies of legacy documents.

Users need to possess an Aadhaar number to use DigiLocker. For sign-up, the Aadhaar number and the one-time password sent to the Aadhaar-registered mobile number, need to be entered.
The beta version of the service was rolled out in February 2015, and launched by Prime Minister Narendra Modi on 1 July 2015. The storage space provided was 100 MB initially, and was later increased to 1 GB. The individual file size for upload cannot exceed 10 MB.

There is also an associated facility for e-signing documents. The service is intended to minimise the use of physical documents, reduce administrative expenses, provide authenticity of the e-documents, provide secure access to government-issued documents and to make it easy for the residents to receive services.

➨ Structure of DigiLocker
Each user's digital locker has the following sections.

My Certificates: This section has two subsections:
Digital Documents: This contains the URI's of the documents issued to the user by government departments or other agencies.
Uploaded Documents: This subsection lists all the documents which are uploaded by the user. Each file to be uploaded should not be more than 10MB in size. Only pdf, jpg, jpeg, png, bmp and gif file types can be uploaded.
My Profile: This section displays the complete profile of the user as available in the UIDAI database.
My Issuer: This section displays the issuers' names and the number of documents issued to the user by the issuer.
My Requester: This section displays the requesters' names and the number of documents requested from the user by the requesters.
Directories: This section displays the complete list of registered issuers and requesters along with their URLs.


➨ Amendments to IT Act for Digital Locker
Digital Locker is not merely a technical platform. Ministry of Electronics and IT, Government of India also notified for Digital Locker. Amendments made to these rules in February 2017 state that the issued documents provided and shared through Digital Locker are at par with the corresponding physical certificates.

According to this Rule, – (1) Issuers may start issuing and Requesters may start accepting digitally (or electronically) signed certificates or documents shared from subscribers’ Digital Locker accounts at par with the physical documents in accordance with the provisions of the Act and rules made thereunder. (2) When such certificate or document mentioned in sub-rule (1) has been issued or pushed in the Digital Locker System by an issuer and subsequently accessed or accepted by a requester through the URI, it shall be deemed to have been shared by the issuer directly in electronic form. Open / Comment

2021-07-14 04:12:47 UPSC EPFO EXAM DATE

Recruitment Test for EO/AO, EPFO, 2020 has been rescheduled on 05.09.2021. Open / Comment

2021-07-14 03:41:01 Important One Liners on Economics - Composition & Structure of Indian Economy


People engaged in primary activities are called red-collar workers due to the outdoor nature of their work.

Eight Core Industries are Electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilizers. The Index of Eight Core Industries is a monthly production index, which is also considered as a lead indicator of the monthly industrial performance.

Sunrise Industry is a term used for a sector that is just in its infancy but shows promise of a rapid boom. The industry is typically characterized by high growth rates, high degree of innovation and generally has plenty of public awareness about the sector and investors get attracted to its long-term growth prospects.

In PPP model, there is a well defined allocation of risk between the private sector and the public entity.

A monopsony is a market condition in which there is only one buyer, the monopsonist. It is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers.

An oligopoly is a market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated.

A monopoly contains a single firm that produces goods with no close substitute.

The Financial Stability Reports, published by Reserve Bank of India, after approved by Financial Stability and Development Council (FSDC) Sub-Committee since its inception, taking inputs from financial sector regulators i.e. RBI, SEBI, PFRDA, IRDAI including Ministry of Finance, are periodic exercise for reviewing the nature, magnitude and implications of risks that may have a bearing on the macroeconomic environment, financial institutions, markets and infrastructure.

The Economic Census is being conducted by Ministry of Statistics and Programme Implementation (MoSPI) to provide disaggregated information on various operational and structural aspects of all establishments in the country.

The Code on Social Security, 2020 has defined “gig worker” as a person who performs work or participates in a work arrangement and earns from such activities outside of traditional employer-employee relationship. Open / Comment

2021-07-13 12:05:27 Advocate General of State
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The Governor of each State appoints a person who is qualified to be appointed as a Judge of a High Court to be the Advocate General of the State.
The Advocate General of State holds office during the pleasure of the Governor.

Powers, privileges and functions:
It is the duty of the Advocate General to give advice to the Government of the State upon such legal matters and to perform such other duties of legal character, as may, from time to time be referred or assigned to him by the Governor.
Advocate General should discharge the functions conferred on him by or under the Constitution or any other law for the time being in force.
Advocate General has the right to speak in, and otherwise to take part in the proceedings of the Legislative Assembly of the State or in the case of a State having a Legislative Coucil, both Houses, and to speak in and otherwise to take part in the proceedings of the Committee to the Legislature of which may be named a member but is not entitledd to vote. Open / Comment

2021-07-13 03:41:02 What is a Bad Bank? Know its significance, role and benefits

What is a Bad Bank?
Banks drive the nation’s economy, however many times the borrowers find it difficult to service their loans. It requires the lenders to set aside the capital to cover the losses. This is when the bad bank comes into the picture to help them free up to start lending. A bad bank is an Asset Reconstruction Company in other words.

Key Points: Bad Bank
The bad bank does not involve itself in lending and taking deposits, but it helps to make commercial banks clear their balance sheets and resolve bad loans.
The process of taking over bad loans is generally below the book value of the loan
Bad bank tries to recover as much as possible from those bad loans
Mellon Bank based in the USA was the first one in this field. It is referred to as the first bad bank in 1988.
A bad bank aids a bank to segregate its good assets from the bad ones which make it easier to raise capital through equity or debt.

What is the Significance?
The toxic assets separation helps in generating some confidence among potential investors so that they can then clearly examine the financial health of the lender. Sour loans when transferred to a bad bank can help lenders prioritize their financing business and the specialized institution deals with maximizing loan recovery.

The requirement of bad bank :
The lockdown that was imposed due to pandemic to curb covid spread has crimped the earnings of the businesses and individuals. It impaired their ability to repay loans which caused a hike in non-performing assets of banks. The corporate sector has come under the debt of INR 15.52 lakh crore.
Despite the regulatory forbearance as a loan moratorium, borrowers are finding it difficult to service their loans. This then requires lenders to set aside their capital to cover such losses. A bad bank can provide them with the freedom to restart lending.
The RBI in its recent FSR informed that the gross NPAs in the banking sector was expected to shoot up to 13.5% of advances by September 2021, from 7.5% in the previous year.

Challenges of Bad Bank:
The major issue would be of finding buyers in the pandemic hit economy. The government is itself facing fiscal deficits at present
Without governance reforms, the Public sector banks would continue doing business in the same way as in the past. It may also end up piling-up bad debts again.
Union Government has already infused almost 2.6 lakh crore in banks through recapitalisation so now bad banks would do no better as per many economists.
Bad banks can also ease off the banks of their moral responsibility and let them lend without any commitment to clear their NPAs. Open / Comment

2021-07-12 12:14:26 Daily Current Affairs 12 July 2021 (English)

Q.1. Who has estimated that India's GDP is going to be 10% in the financial year 2021?
Ans. Fitch Rating

Q.2. Which ministry has been created by the central government to strengthen cooperatives?
Ans. Ministry of Cooperation

Q.3. On the birthday of which American-Serbian inventor, popularly known as the mad scientist, the day is celebrated on July 10?
Ans. Nikola Tesla Day

Q.4. Defense Research and Development Organization and who has started a regular M.Tech program in Defense Technology?
Ans. All India Council for Technical Education

Q.5. From which state of India has the Geographical Indication certified Madrai jasmine flower been exported to America and Dubai?
Ans. Tamil Nadu

Q.6. Indian golfer Udayan Mane has become which Indian golfer to qualify for Tokyo Olympics 2020?
Ans. Second

Q.7. Payment solutions provider Razorpay and which company have jointly launched MandateHQ payment interface?
Ans. Mastercard

Q.8. Scientists of the Central University of which state have discovered a new species of plants in Antarctica?
Ans. Punjab

Q.9. The chief executive officer of the ICC who has been removed from the global body of cricket with immediate effect?
Ans. Manu Sawhney

Q.10. The central government has approved a package of how many crore rupees for the purpose of strengthening the health infrastructure in the country?
Ans. 23,123 Crores

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2021-07-12 03:38:10 Insurance Regulatory and Development Authority
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The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.

➨Headquarters: Hyderabad
➨Chairman: Subhash Chandra Khuntia
➨Chief General Manager: V Jayanth Kumar


Structure
Section 4 of the IRDAI Act 1999 specifies the authority's composition. It is a ten-member body consisting of a chairman, five full-time and four part-time members appointed by the government of India. At present ( 1 Sept, 2018 ), the authority is chaired by Dr. Subhash C. Khuntia and its full-time members are Mrs T.L.Alamelu, K.Ganesh, Pournima Gupte, Praveen Kutumbe and Sujay Banarji.


The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999, and include:

➨Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations
➨Protecting policyholder interests
➨Specifying qualifications, the code of conduct and training for intermediaries and agents
➨Specifying the code of conduct for surveyors and loss assessors
➨Promoting efficiency in the conduct of insurance businesses
➨Promoting and regulating professional organisations connected with the insurance and re-insurance industry
➨Levying fees and other charges
➨Inspecting and investigating insurers, intermediaries and other relevant organisations
➨Regulating rates, advantages, terms and conditions which may be offered by insurers not covered by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
➨Specifying how books should be kept
➨Regulating company investment of funds
➨Regulating a margin of solvency
➨Adjudicating disputes between insurers and intermediaries or insurance intermediaries
➨Supervising the Tariff Advisory Committee
➨Specifying the percentage of premium income to finance schemes for promoting and regulating professional organisations
➨Specifying the percentage of life- and general insurance business undertaken in the rural or social sector
➨Specifying the form and the manner in which books of accounts shall be maintained, and statement of accounts shall be rendered by insurers and other insurer intermediaries. Open / Comment