DAY 18Quick read

There was a rush of foreign capital in India at this time due to-
•prospects of high profits,
•availability of cheap labour,
•cheap and readily available raw material,
•ready market in India and the neighbours,
•diminishing avenues for investments at home,
•Willingness of the administration to provide all the help, and
•Ready markets abroad for some Indian exports such as tea, jute and manganese.

• Indian-owned industries came up in cotton textiles and jute in the nineteenth century and in sugar, cement, etc in the twentieth century.
• The industrial development was characterised by a lopsided pattern—core and heavy industries and power generation were neglected and some regions were favoured more than others causing regional disparities. These regional disparities hampered the process of nation building. 
• In the absence of careful nurturing of technical education, the industry lacked sufficient technical manpower.
• Socially, the rise of an industrial capitalist class and the working class was an important feature of this phase.

The drain theory was put forward by Dadabhai Naoroji in his book Poverty and British Rule in India. The major components of this drain were 

• salaries and pensions of civil and military officials, 
• interests on loans taken by the Indian Government from abroad, 
• profits on foreign investment in India, 
• stores purchased in Britain for civil and military departments,
• payments to be made for shipping, banking and insurance services

Money multiplier depends upon the following reasons 

• Level of income 
• Physical volume of transactions 
• The development level of banking system 
• Banking habit of the people 
• interest rate 
• black money held by the public

• Case for flexible exchange rates 
• Disequilibrium be automatically corrected 
• No need for complicated transactions 
• Effective monetary policy removes problem of international liquidity and promotes international trade

Lorenz Curve is common depict income distribution showing the cumulative percentage of people from the poorest up and their cumulative share of national income

Under perfect competition and monopolistic competition, some similarities are 

• More firms 
• Free/easy entry 
• U shaped cost curve

• The system has been designed in-house by the PMO team with the help of National Informatics Center (NIC). 
• It is aimed at addressing common man’s grievances, and simultaneously monitoring and reviewing important programmes and projects of the Government of India as well as projects flagged by State Governments.

• Navika Sagar Parikrama is the name of expedition for circumnavigation of the globe on indigenously built INSV Tarini by Indian Navy’s Women Naval Officers.
• This is the first ever Indian circumnavigation of the globe by an all-women crew.

• ITU is the United Nations specialized agency for information and communication technologies – ICTs. Founded in 1865 to facilitate international connectivity in communications networks.
• India has been elected as a member of the International Telecommunications Union Council (ITU) for another 4-year term – from 2019 to 2022
• Although the recommendations of the ITU are non-binding, most countries adhere to them in the interest of maintaining an effective international electronic communication environment.