Indian Railways: The “Innovation Challenge” for Start-ups

In the last year budget, the Railway Ministry had promised to set an innovation council called “Kayakalp” which might come up with cost saving innovations in railway functioning. This council was later constituted with Ratan Tata as its head. In ..

SRESTHA & SUTRA: The New Research Wings of Railways

SRESTHA refers to Special Railway Establishment for Strategic Technology & Holistic Advancement. This is a proposed special unit of Indian Railways comprised mostly of scientists and railway experts. Currently, Indian Railway has a research arm called “Research Design and Standards ..

Indian Railways: The contours of Nav Arjan, Nav Manak and Nav Sanrachana

Indian railways, as pointed out by Railway Minister, are faced with two headwinds, entirely beyond its control. Firstly, the tepid growth of core sector in the economy leads to sluggish demand for rail services; and secondly, the looming impact of ..

Savings, Investment and Capital Formation

GDP measures the total output of goods and services for final use occurring within the domestic territory of a given country, regardless of the allocation to domestic and foreign claims.  A part of this is consumed and what left after ..

Concept of Gross Value Added

In January 2015, the MOPSI had released the new series of national accounts, revising the base year from 2004-05 to 2011-12. With this, the GDP at Factor Cost has been replaced by Gross Value Added (GVA). With this change, GDP at market ..

Gross Domestic Product

Economy refers to production, distribution and consumption of goods and services in a geographical region. The inputs to the production process are called factors of production. There are three classical factors of production viz. Land, Labour and Capital. Modern economists ..

Concept of Economic Territory

For the purpose of economic calculations such as GDP, GNP, GVA etc. the concept of economic territory is used in place of political or geographical territory. The Economic territory of India includes the following: Political / geographical boundaries of India ..

Convertibility of Rupee in India

The convertibility of a currency such as Rupee has different meanings in different times. In existing standards, it means that the country’s currency becomes convertible in foreign exchange and vice versa in the market. The definition should be seen in ..

India’s Balance of Payment Position

The account book of the Balance of Payments comprises four accounts viz. Current Account, Capital Account, Errors and Omissions, and Change in Foreign Exchange Reserves. Current Account Under current account of the BoP, transactions are classified into merchandise (exports and ..

Balance of Payment Disequilibrium & Adjustment of BoP

The most important feature of the Balance of Payments Accounts is that it is a double-entry system of accounts: a credit entry in the BOP accounts has a corresponding debit entry elsewhere in the BOP accounts. This implies that for ..