DAY 16Quick read

Officials felt that agriculture, trade and the revenue resources of the state could all be developed by encouraging investment in agriculture. This could be done by securing the rights of property and permanently fixing the rates of revenue demand.

If the revenue demand of the state was permanently fixed, then the Company could look forward to a regular flow of revenue, while entrepreneurs could feel sure of earning a profit from their investment, since the state would not siphon it off by increasing its claim.

According to the Sunset Law, if payment did not come in by sunset of the specified date, the zamindari was liable to be auctioned.

Subsidiary Alliance was a system devised by Lord Wellesley in 1798. All those who entered into such an alliance with the British had to accept certain terms and conditions:

• The British would be responsible for protecting their ally from external and internal threats to their power.
• In the territory of the ally, a British armed contingent would be stationed.
• The ally would have to provide the resources for maintaining this contingent.
• The ally could enter into agreements with other rulers or engage in warfare only with the permission of the British.

• Panipat had a strategic location. One of the parties of the war generally came from the north/northwest through the Khyber Pass to get hold over Delhi, the political capital of northern India.
• Its proximity to Delhi made it easier for the Indian rulers to transport weapons, military and food supplies etc
• Panipat’s surrounding region has a flat ground which was suitable for cavalry movement—the main mode of warfare at the time.
• After the construction of the Grand Trunk Road by Sher Shah Suri (1540-45), Panipat was on this route. It became easier for conquerors to find their way there.
• The duration of monsoon rainfall in the region is short in comparison to other areas making it easier to fight.

Given the total amount of resources, it is possible to allocate the resources in many different ways and, thereby achieving different mixes of all possible goods and services. The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called the production possibility set of the economy.

When scarce resources are used in the production of one good, less resources are available for the production of other goods and vice versa. Therefore, if we want to have more of one of the goods, we will have less of the other good. Thus, there is always a cost of having a little more of one good in terms of the amount of the other good that has to be forgone. This is known as the opportunity cost.

The law of demand states that other factors being constant, price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.

Macroeconomics, as a separate branch of economics, emerged after the British economist John Maynard Keynes published his celebrated book The General Theory of Employment, Interest and Money in 1936.

• The Archaeological Survey of India is an Indian government agency attached to the Ministry of Culture that is responsible for archaeological research and the conservation and preservation of cultural monuments in the country. 
• It was founded in 1861 by Alexander Cunningham who also became its first Director-General.
• Recently ASI discovered a hoard of 254 Copper Coins in the premises of Khirki Mosque during the course of conservation of the monument. This mosque lies on the southern periphery of the village Khirki. The mosque was built by Khan-i-Jahan Junan Shah, the Prime Minister of Firoz Shah Tughluq (1351-88), and is believed to be one of the seven mosques built by him.

• Mizoram- Chapchar Kut Festival
• Nagaland- Moatsu festival
• Sikkim- Saga Dawa
• Tripura- Kharchi Puja