DAY 17Quick read

The jotedars were most powerful in North Bengal, although rich peasants and village headmen were emerging as commanding figures in the countryside in other parts of Bengal as well. In some places they were called haoladars, elsewhere they were known as gantidars or mandals. Their rise inevitably weakened zamindari authority.

• Warren Hastings followed a policy of ring-fence which aimed at creating buffer zones to defend the Company’s frontiers. 
• Broadly speaking, it was the policy of defence of their neighbours’ frontiers for safeguarding their own territories. 
• This policy of Warren Hastings was reflected in his war against the Marathas and Mysore.

Mysore state accepted Subsidiary Alliance in 1799. It is not annexed through the Doctrine of Lapse.

• Anglo-Nepal Relations (Treaty of Sagauli, 1816)
• North-West Frontier Durand Agreement (1893)
• Anglo-Tibetan Relations Treaty of Lhasa (1904)

Price discrimination means when a Company charges different price to different groups of consumers for an identical good.

• Need: demand of a particular good whose absence will cause death e.g. Food / Water / Air. 
• Want / Desire: demand of a good whose absence may not cause death e.g. Shelter, Clothing, Mobile etc.

• A liquidity trap is a situation in which interest rates are low and savings rates are high, rendering monetary policy ineffective. 
• In a liquidity trap, consumers choose to avoid bonds and keep their funds in savings because of the prevailing belief that interest rates will soon rise (which would push bond prices down). 
• Because bonds have an inverse relationship to interest rates, many consumers do not want to hold an asset with a price that is expected to decline.

Public goods 

• collective or joint consumption 
• nonrival consumption 
• non excludability

• RISE scheme was announced in Union Budget 2017-18 under HRD Ministry.
• It aims to lend low-cost funds to government higher educational institutions. Under it, all centrally-funded institutes (CFIs), including central universities, IITs, IIMs, NITs and IISERs can borrow from Rs.100000 Cr. corpus over the next 4 years to expand and build new infrastructure.

• Rashtriya Vayoshri Yojana is scheme for providing Physical Aids and Assisted-living Devices for Senior citizens belonging to BPL category.
• The Scheme is being implemented by the Artificial Limbs Manufacturing Corporation (ALIMCO), a PSU under the Ministry of Social Justice and Empowerment.