Basics

Income of an economy, i.e., value of its total produced goods and services may be calculated at either
the ‘factor cost’ or the ‘market cost’. What is the diference between them? Basically, ‘factor cost’ is
the ‘input cost’ the producer has to incur in the process of producing something (such as cost of
capital, i.e., interest on loans, raw materials, labour, rent, power, etc.). Tis is also termed as ‘factory
price’ or ‘production cost/price’.
2015 changes in calculating national income
Te ‘Base Year’ together with the ‘Methodology’ for calculating the National Accounts were revised by
the Central Statistics Office (CSO) in January 2015
GDP is calculated at market price
GVA is calculated at basic price
The Base Year was revised from 2004–05 to 2011–12. This was done in accordance with the
recommendation of the National Statistical Commission (NSC), which had advised to revise the base
year of all economic indices every five years. This time, the methodology of calculating the
National Accounts has also been revised in line with the requirements of the System of National
Accounts (SNA)-2008, an internationally accepted standard.
Comprehensive coverage of the corporate sector both in manufacturing and services by
incorporation of annual accounts of companies as fled with the Ministry of Corporate Afairs (MCA)
under their e-governance initiative, MCA21.
Why India calculates its national income at constant prices?
India calculates its national income at constant prices to eliminate the effect of inflation and
provide a more accurate measure of the economy's real growth.
Also, to measure the real impact of its poverty alleviation programmes
-------- about NSO --------------
The order dated 23rd May 2019 has cleared formation of an overarching body - National Statistical
Office (NSO) through the merger of the NSSO and the CSO (Central Statistical Office) under the
Ministry of Statistics and Programme Implementation (MoSPI).
 The order states that the proposed NSO would be headed by Secretary (Statistics and
Programme Implementation), but skips any mention of National Statistical Commission
(NSC), which has been the overseeing body for all the statistical work done in the country.

So currently, The Ministry of Statistics and Programme Implementation has two wings, one
relating to Statistics and the other Programme Implementation.
The Statistics Wing called the National Statistical Office(NSO) consists of the Central
Statistical Office (CSO), the Computer center and the National Sample Survey Office
(NSSO).
The Programme Implementation Wing has three Divisions, namely,
(i) Twenty Point Programme
(ii) Infrastructure Monitoring and Project Monitoring and
 (iii) Member of Parliament Local Area Development Scheme.
Besides these two wings, there is National Statistical Commission created through a
Resolution of Government of India (MOSPI) and
one autonomous Institute, viz., Indian Statistical Institute declared as an institute of
National importance by an Act of Parliament.

Income
Income of a person has three forms—the first form is nominal income
Nominal income - the wage someone gets in hand per day or per month),
real income (this is nominal income minus the present day rate of inflation adjusted in percentage
form),
disposable income (the net part of wage one is free to use which is derived after deducting the direct
taxes from the real/nominal income, depending upon the need of data)

HDI
The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for
assessing the development of a country, not economic growth alone.
Dimensions: Health, Education, Standard of Living
Health is measured by life expectancy at birth: Average expected length of life of a person at the
time of birth
Education is measured by mean of years of schooling for adults aged 25 years and more and
expected years of schooling for children of school entering age.
Standard of living: measured by gross national income per capita.
Te scores for the three HDI dimension indices are then aggregated into a composite index using
geometric mean.
Sri Lanka - 78, China - 75, both categorised under the High Human Development category.
Bhutan - 125 and Bangladesh – 129, India - 134
Nepal (146) and Pakistan (164) have been ranked lower than India.

Basically, the UNDP designed HDR was used by the World Bank since the 1990s to quantify the
developmental efforts of the member countries and cheap developmental funds were allocated in
accordance.

For many years, experts and scholars came up with their own versions of defining development.

World Happiness Report

o The WHR is an annual publication of the UN Sustainable Development Solutions Network.
o It is released in partnership by Gallup, the Oxford Wellbeing Research Centre, the UN
Sustainable Development Solutions Network (SDSN), and the World Happiness Report’s
Editorial Board
o It measures three main well-being indicators: life evaluations, positive emotions, and
negative emotions (described in the report as positive and negative affect).
o The report considers six key factors: social support, income, health, freedom, generosity, and
the absence of corruption.
o It was adopted by the UN General Assembly based on a resolution tabled by Bhutan.
o Worldwide: Finland, Denmark, Iceland, Sweden, Israel, Netherlands, Norway, Luxembourg,
Switzerland and Australia.
Turnover:
It is the complete sum of sales made over a given period. Whereas profit measures overall earnings,
turnover measures everything that's actually coming into your business on the top line before
expenses have been deducted
SEBI moots UPI like block mechanism??
The Securities and Exchange Board of India (SEBI) has put forth a proposition requiring qualified
stockbrokers (QSBs) to provide trading facilities in the secondary market through the UPI block
mechanism, a system akin to the Application Supported by Blocked Amount (ASBA) facility.
ASBA allows investors to trade with blocked funds, offering enhanced protection for their assets. The
facility ensures that funds are moved only after the allotment process is completed, thereby providing
increased security for client funds and securities in the secondary market.
Qualified stockbrokers are identified based on parameters such as the scale of operations, number of
active clients, total client assets, end-of-day margins, and trading volume.

Taxes:
A tax imposed on unexpected or extraordinary profits due to external forces in the market.
Unified Lending Interface: RBI
GST
Priority Sector Lending by banks in India constitutes the lending to Agriculture, weaker sections,
MSME, etc.,

Fringe Benefits Tax (FBT)

is a tax owed by an employer on certain benefits provided to employees. These benefits can be in the
form of financial or non-financial rewards and can include things like company cars, private
healthcare, and educational benefits.
 Direct tax

Angel Tax
angel tax refers to the income tax levied by the government on funding raised by unlisted companies,
or startups, if their valuation exceeds the company's fair market value
scrapped the angel tax in a bid to strengthen the startup ecosystem and to support innovation in the
country.

As per the Companies Act 2013 [Section 2 (52)], a listed company is a company with any of its
securities listed on any recognised stock exchange. Such companies must comply with the respective
stock exchanges’ listing requirements.

An unlisted company means a company which does not have any of its securities listed on
any recognised stock exchange. If a public company is not listed on any stock exchange, it is an
unlisted public company. For example, Tata Technologies.
How To Invest in An Unlisted Company?
Some companies offer their employees stock options via Employee Stock Ownership Plan (ESOP),
giving them the chance to have an ownership interest in the company at a nominal rate.
Sometimes companies opt to sell shares to a few selected investors through a private offerings.
Finance Commission
What is divisible pool of taxes?
Article 270 of the Constitution provides for the scheme of distribution of net tax proceeds collected by
the Union government between the Centre and the States.
The taxes that are shared between the Centre and the States include corporation tax, personal income
tax, Central GST, the Centre’s share of the Integrated Goods and Services Tax (IGST) etc.
This division is based on the recommendation of the Finance Commission (FC) that is constituted
every five years as per the terms of Article 280.
Apart from the share of taxes, States are also provided grants-in-aid as per the recommendation of the
FC. The divisible pool, however, does not include cess and surcharge that are levied by the Centre.
How is the Finance Commission constituted?
The FC is constituted every five years and is a body that is exclusively constituted by the Union
Government. It consists of a chairman and four other members who are appointed by the President.
The Finance Commission (Miscellaneous Provisions) Act, 1951, has specified the qualifications for
chairman and other members of the commission. The Union government has notified the constitution
of the 16th Finance Commission under the chairmanship of Dr. Arvind Panagariya for making its
recommendations for the period of 2026-31.
What is the basis for allocation?
The share of States from the divisible pool (vertical devolution) stands at 41% as per the
recommendation of the 15th FC. The distribution among the States (horizontal devolution) is based on
various criteria.

‘Income distance’ is the distance of a State’s income from the State with highest per capita income
which is Haryana. States with lower per capita income would be given a higher share to maintain
equity among States.
‘Forest and ecology’ consider the share of dense forest of each State in the aggregate dense forest of
all the States.
‘The demographic performance’ criterion has been introduced to reward efforts made by States in
controlling their population. States with a lower fertility ratio will be scored higher on this criterion.
‘Tax effort’ as a criterion has been used to reward States with higher tax collection efficiency.
Issues:
cess and surcharge collected by the Union government which does not form part of the divisible pool
and hence not shared with the States.
41% recommended by the 15th FC as state’s share for year 2023-2024. But only 32% shared. Cess
like the GST compensation cess is for the repayment of loans taken to compensate States for the
shortfall in tax collection due to GST implementation for the period 2017-22. Some of these amounts
are also used for centrally sponsored schemes that benefit the States. However, the States have no
control over these components.
Secondly, the amount each State gets back for every rupee they contribute to Central taxes shows
steep variation.

Industrially developed States received much less than a rupee for every rupee they contributed as
against States like Uttar Pradesh and Bihar.
 This is partly due to the fact that many corporations are headquartered in these State capitals
where they would remit their direct taxes.
 However, this variation can also be attributed to the difference in GST collection among
various States.

Third, the percentage share in the divisible pool of taxes has been reducing for southern States over
the last six FCs
This is attributable to the higher weightage being given for equity (income gap) and needs
(population, area and forest) than efficiency (demographic performance and tax effort). Finally,
grants-in-aid as per the recommendation of the FC varies among various States.
As per the 15th FC, there are revenue deficit, sector-specific and State-specific grants given to various
States as well as grants to local bodies that are given based on population and area of States.
What can be the way forward?
It must be noted that States generate around 40% of the revenue and bear around 60% of the
expenditure. The FC and its recommendations are meant to assess this imbalance and propose a fair
sharing mechanism.
It is the responsibility of all States to contribute towards the more equitable development of our
country. However, there are three important reforms that may be considered for maintaining the
balance between equity and federalism while sharing revenue.

Firstly, the divisible pool can be enlarged by including some portion of cess and surcharge in it. The
Centre should also gradually discontinue various cesses and surcharges it imposes by suitably
rationalising the tax slabs.
Secondly, the weightage for efficiency criteria in horizontal devolution should be increased.
GST being a consumption-based destination tax that is equally divided between the Union and the
State means that State GST accrual (inclusive of Integrated GST settlement on inter-state sales)
should be the same as the Central GST accrual from a State. Hence, relative GST contribution from
States can be included as a criterion by providing suitable weightage in future FCs.
Finally, like the GST council, a more formal arrangement for the participation of States in the
constitution and the working of the FC should be considered.

These are measures that need to be implemented by the Centre after discussion with all the States. It is
also imperative that the States uphold principles of fiscal federalism by devolving adequate resources
to local bodies for vibrant and accountable development.

RBI’s stances
1. Accommodative stance indicates that RBI is willing to cut the interest rates.
2. Neutral stance suggests that the central bank can either cut rate or increase rate.
3. Hawkish stance (Tight monetary policy) indicates that the central bank’s top priority is to
keep the inflation low. During such a phase, the central bank is willing to hike interest
rates.
4. Calibrated tightening indicates that the rate hike will happen in a calibrated manner.
1. This means the central bank may not go for a rate increase in every policy meeting
but the overall policy stance is tilted towards a rate hike.
2. A cut in the repo rate is off the table.
Monetary Policy Committee (MPC)
Background
 RBI set up an Expert Committee under Urijit Patel in 2013 to revise the monetary policy
framework, and it came up with its report in January 2014.
 Expert committee suggested that RBI should abandon the ‘multiple indicator’ approach
and make inflation targeting the primary objective of its monetary policy.
 A new “Monetary Policy Framework” Agreement was signed between the GoI and RBI in
Feb 2015.
 It also mooted having an MPC so that these decisions could be made through majority vote.
 In 2016, the GoI amended the RBI Act to hand over the job of monetary policy-making
to MPC.
Monetary Policy Committee
 It is a six membered committee headed by RBI Governor.
 Three members from the RBI:
1. The Governor of RBI — (Chairperson), ex officio;
2. Deputy Governor of RBI, in charge of Monetary Policy — ex officio;
 3. One officer of RBI to be nominated by the Central Board of RBI — ex officio.
 Three independent members to be selected by the Government.
o They shall hold office for a period of four years and shall not be eligible for re-
appointment.
 MPC decides the benchmark policy rate (repo rate) required to contain inflation within
the specified target level set by RBI.
MPC Meetings
 As per the RBI Act (RBI), 1934, MPC is required to meet at least four times each year.
 Currently, the MPC meets six times in a financial year, which is every two months.
 The schedule of the MPC meetings for the entire financial year is announced in advance.
 The MPC also conduct an off-cycle meeting in times of emergency.
Report to Government
 In case the RBI fails to meet the inflation target, it has to present a report to the government
 Explaining the reasons for the failure.
 The remedial actions it proposes to take.
 An estimated time within which the inflation target will be achieved following the
timely implementation of the proposed remedial actions.

Coal powerplant
Recently, Britain closed it’s last coal power plant. It had started phasing out since Great Smog of
London of 1952. Discovery of natural gas in the North Sea in 1965 and the desire to move away from
coal imports from the Soviet Union at the height of the Cold War, as depleting domestic reserves
made mining uneconomical, thereby jacking up costs of coal-fired energy production, collectively
hastened the transition away from coal, which began almost 60 years ago.
Britain made forced closures of about 20 mines in the mid-1980s despite yearlong miners protest
which led to inter-generational poverty.

India is the third largest carbon emitter, behind the United States and China. India’s population is 20
times that of UK, but per capita emissions were 2 tonnes which are less than global average 4.6T. till
closure of the last powerplant, UK was the 4th largest emitter.
2021 Glasgow COP, India and China stood out seeking an amendment to the final declaration and
having the phrase ‘phasing down’ and not ‘phasing out’ of coal introduced.
India pledged to achieve net zero emissions by 2070 and meet half its energy needs from renewables
by 2050.

India has exported coal to neighbouring Myanmar and Sri Lanka, it has largely used its reserves for
domestic power production. Of late, it has even been importing coal as power demand has been
steadily rising. India is yet to reach its peak coal production and consumption, which is expected
between the years 2030-35. About 70% of its energy output is currently from coal, accounting for 218
GW of installed capacity. An estimate shows around 1M people will take employment in Mining
sector.
India has set itself a sufficient timeline of 45 more years to attain net zero emissions, there has already
been a steady and impressive growth in renewables capacity. But coal-fired energy use also has risen,
and the country must begin working on fixing timelines on plant decommissioning, regional
redevelopment programmes, and retraining of miners and power plant workforces, bearing in mind
that India’s historically coal-dependent regions are some of the poorest in the country, and have
workers who have largely transitioned from agriculture to mining. Only a holistic, transparent, and
early forward planning approach, would hasten a transition that is inclusive and just.

Textile industry:
India needs schemes that run for at least five years and boost investments. Raw material should be
available for the domestic industry at internationally competitive prices

The middle-income trap refers to the slowdown of growth as economies reach middle-income status,
with only 34 countries successfully transitioning to high-income levels in the last 34 years. Most of
the EU states and only 2 non-European countries- South Korea and Chile ()
Breaking the middle-income trap requires policies focused on investment, infusion of global
technologies, and fostering domestic innovation, supported by flexible and responsive state policies.
India’s challenge is to foster growth through strategic state intervention while preserving democratic
principles and ensuring inclusive participation in the growth process.
World development report published by World Bank.

46% India’s dividend is struck in agriculture sector.

Demographic Dividend
Demographic dividend denotes a country’s economic growth advantages when most of its population
is in the working-age bracket.
our dividend is right now being wasted as people remain stuck in low-productivity agricultural jobs or
remain unemployed while preparing for competitive exams. India has reduced the proportion of its
workforce in low productivity agriculture by a mere 17 percentage points, from 63% to 46%. In
comparison, China agriculture reduced by 32 points.
India’s labour force participation rate (LFPR) in urban areas remains at a dismal 50%. If India
continues on this path, it risks falling into a middle-income trap.
Throughout history, the proven path for economic growth has been the movement of workers from
low-productivity sectors such as agriculture to higher-productivity jobs in manufacturing and services.
While the services sector has grown significantly, manufacturing has stagnated in India. This needs to
be addressed, because manufacturing, particularly in labour-intensive industries, creates far more jobs
than services.
Manufacturers in India face significant challenges:
 World Bank surveys, one in six manufacturers cites business licensing and permits as major
constraints, compared to less than 3% in Vietnam
 access to land and cumbersome customs and trade regulations are major hurdles, with 17% of
manufacturers facing such issues, compared to 3% in Vietnam.
Way Forward
 India must improve its business environment, which is crucial for enabling large-scale job
creation. The Central government should lower tariffs to make inputs cheaper for Indian
manufacturers and boost exports.
 Finalising long-pending free trade agreements with the U.K. and EU should be another
priority to expand market access for Indian products.
 State governments should be bolder with labour reforms, allowing workers to choose flexible
work arrangements, and look into land and building regulations for factories.
With a similar per capita income to India in the 1980s, China transitioned millions from agriculture to
manufacturing. It is time India stops patting itself on the back for the short-lived blessing that is its
‘demographic dividend’ and gets to work on leveraging it.
OpenSAFELY is a platform created by Ben Goldacre and his team at the University of Oxford. It
enables the publication of studies involving data from 20-30 million patients, facilitating important
health research while upholding privacy standards. OpenSAFELY serves as a pioneering model for
balancing health data access and patient privacy in medical research.

‘China Plus One’, a strategy where businesses are avoiding investing only in China and are seeking
to diversify investments and supply chains to other countries. As Indian States are also facing the
challenge of youth unemployment, they are trying to attract investments to generate jobs.
As per the Reserve Bank of India, faces a real challenge in balancing the demand of the workers to
form a union and the need for industrial development
Sustainable Development Goals (SDG)

Due to poverty, she often went hungry, leading to a decline in her health. As a result, she was unable
to pursue her education, which exacerbated gender inequality. In her quest for clean water and energy,
she sought decent work and became involved in the industry, which helped reduce her inequality. She
committed to producing goods sustainably and responsibly, which contributed to climate
improvement and enhanced life both on land and in water. This progress fostered peace, and she
found a partner along the way.
The Human Development Index (HDI) developed by the UNDP has three dimensions: long and
healthy life (measured by life expectancy at birth); knowledge (expected years of schooling and mean
years of schooling), and a decent standard of living (income per capita).
All the HDI dimensions are much related to some of the key SDGs: SDG-3 (good health); SDG-4
(quality education); SDG-5 (gender equality); SDG-8 (decent work) and SDG-10 (reduced
inequality).
Gati-Shakti
Launched in 2021, provides multimodal connectivity between different economic zones.

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on
April 8, 2015, for providing loans up to 10 lakh to the non-corporate, non-farm small/micro
enterprises. These loans are classified as MUDRA loans under PMMY.
These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. The
borrower can approach any of the lending institutions mentioned above or can apply online through
this portal www.udyamimitra.in .
Under the aegis of PMMY, MUDRA has created three products namely 'Shishu', 'Kishore' and 'Tarun'
to signify the stage of growth / development
Shishu: < Rs. 50,000
Kishore: Rs. 50,000 < Rs. 5 lacs
Tarun: Rs. 5 lacs < Rs. 10 lacs
Now this Tarun category limit has been increased to 20L only for those who have already borrowed
and repaid. And this loan provided under CGFMU. (Credit Guarantee Fund for Micro Units)
Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGMSE) was launched by the
Government of India to make available collateral-free credit to the micro and small enterprise sector.
It is centre sector scheme. The government provides guarantee on loans if there is a risk for financial
institutions.
o The corpus of CGTMSE is contributed by the GoI and SIDBI in the ratio of 4:1
respectively.

Mudra - Micro Units Development & Refinance Agency Ltd.

Regional Rural Banks (RRBs) Genesis:
Established in 1975 on the recommendations of the Narsimhan Working Group (1975), after
promulgation of an ordinance, which was later replaced by the Regional Rural Banks Act, 1976.
Objectives: To develop the rural economy by providing credit and other facilities particularly to small
and marginal farmers, agricultural labourers, small entrepreneurs etc.
Shareholding: Government of India (50%), State Government (15%), and Sponsor Bank (35%).
They are Scheduled Commercial Banks (Government Banks) regulated by RBI and supervised by
National Bank for Agriculture and Rural Development (NABARD). Created primarily for rural areas,
however, may also set up branches in urban areas.
The proposed merger reduces the number of RRBs from 43 to 28 to make them more efficient.
Consolidation is also derived from vision of One State-One RRB.
RRBs have been consolidated in a phased manner based on recommendations of Dr. Vyas Committee
(2001).
Consolidation began in 2004-05 which resulted in reduction of such institutions from 196 to 43 till
2020-21 through 3 phases of amalgamation.
Significance of consolidation:
Minimised overhead expenses, technology adoption, enhanced capital base and area of
operation, and increased exposure.
Venture capital (VC) is a form of private equity financing provided to startup, early-stage, and
emerging companies, that have been deemed to have high growth potential.

Agriculture
Issues related to subsidies
US, EU, UK and Australia, along with four others, raised concerns over India's input subsidies for
power, irrigation and fertilisers reaching $48 billion in 2022-2023.
The input subsidies, covered in Article 6.2 of the Agreement on Agriculture of the WTO, allow
developing countries additional flexibility in providing domestic support. They are not subjected to
caps as other farm subsidies, such as price and income support, included in aggregate measurement of
support (AMS) which is fixed at 5% of agriculture production for developed countries and 10% for
the developing ones. The AMS are called de minimis entitlements.

Price Support Scheme (PSS)

The Price Support Scheme (PSS) is being implemented by the Government of India in the state.
Main crops of the state like Bajra, Jowar, Maize, Paddy, Cotton, Tur, Moong, Urad, Groundnut,
Sesamum Wheat, Gram, Mustard, and Sugarcane etc. are covered.
The Department of Agriculture & Cooperation implements the PSS for procurement of oil seeds,
pulses and cotton, through NAFED which is the Central nodal agency, at the MSP declared by the
government.
NAFED undertakes procurement as and when prices fall below the MSP. Procurement under PSS
is continued till prices stabilize at or above the MSP.
Assurance of a remunerative and stable price environment for growers/farmers is very important for
increasing agricultural production and productivity.
soya bean with a moisture content of less than 12% can be procured under the Price Support Scheme
(PSS) during the last kharif season.
Banks
National Asset Reconstruction Company Limited (NARCL)

National Asset Reconstruction Company Limited (NARCL) was incorporated in July 2021 as a ‘bad
bank’ to help dispose of the stressed assets of the commercial banks.
National Asset Reconstruction Company Ltd or NARCL is the name of the asset reconstruction
company incorporated to take over and dispose of the stressed assets of commercial banks.
1. government-backed company for the aggregation and resolution of distressed assets will
further improve liquidity and competition in the market,
2. Stressed assets of commercial banks worth Rs.500 C to Rs 2 lakh crore have been
identified to be taken up in the first phase by the NARCL.
3. NARCL will be starting with a total capital of Rs 6,000 crore.
4. In October 2021, NARCL received the RBI’s license to enable it to commence operations as a
‘bad bank’.
5. Public Sector Banks (PSBs) have a 51% ownership of NARCL.
6. Banks will aggregate and consolidate stressed assets with NARCL for resolution.
NARCL and IDRCL
NARCL will acquire fully provisioned stressed assets by making an offer to the lead bank in a
consortium of lenders; once the offer is accepted, NARCL will engage with India Debt Resolution
Company Ltd. (IDRCL) for management and resolution of the stressed assets.
 IDRCL is an operational entity/service company that would manage the assets and
engage professionals and turnaround experts in the process.
 PSBs and public FIs would hold a maximum of 49% stake in IDRCL while the
remaining 51% will be vested with private lenders.
Stressed assets acquired by NARCL will be managed by IDRCL for price discovery and value
addition.

The stressed assets will be acquired through a 15 percent upfront cash payment and 85 percent in
the form of security receipts. In September 2016, the union cabinet cleared the proposal to provide a
government guarantee worth Rs 30,600 crore to security receipts issued by NARCL.

The government guarantee represents the difference between the assets’ face value and the value
realised out of the sale or liquidation. The guarantee is for five years.

Canara Bank is a sponsor of the National Asset Reconstruction Company Limited (NARCL) because
it has a stake of over 10% in the company.
 Schemes
Atal Innovation Mission (AIM), implemented by NITI Aayog

Intellectual Property Rights

o National Intellectual Property Rights Policy It reiterates India’s commitment to the Doha
Development Agenda and the TRIPS Agreement.
Department of Industrial Policy and Promotion is the nodal agency for regulating intellectual
property rights in India.

CopyRight
o Copyright is a legal right that protects original works of literature, art, music, films, and
computer programs, among others, in India.
o It safeguards expressions of ideas(implementation) rather than the ideas (only thinking)
themselves. The owner of a copyright has exclusive rights to adapt, reproduce, publish,
translate, and communicate the work to the public.
(i) Copyright in which work has been infringed and who is the copyright owner in that work?
while copyright law vests the copyright of a cinematographic product with its producer, not all
copyrights related to a movie necessarily lie with the producer.

If no parts of the original recordings of the movie have been used, the use of the clipping is unlikely to
have violated the producer’s rights vis-à-vis the cinematographic film.

(ii) whether a copyright owner has the right to completely control the use of some copyrighted work?

No absolute right. Section 52(1)(a) of the Copyright Act 1957 is pertinent. The ‘fair dealing; section
allows the people at large to use a copyrighted work for certain purposes as long as the use is
‘fair’.
In determining whether a use was fair, a court may consider factors including the extent of use of
the copyrighted work and the context of use.
Section 2: Deals with various definitions of the work which can be covered under the definition of
copyright.

Effects of liberalisation on the economy

U.S. President Elect Donald Trump’s warning of a 100% tariff on the BRICS economies if they
pursued a new common currency to counter the U.S.

Trading
If a broker receives a large order to buy a company's stock, and then buys shares for themselves
before filling the client's order, that's front-running.
Insider trading occurs when someone with access to non-public information about a company uses
that knowledge to buy or sell the company's stock.
For example, if a CEO sells shares after learning of an impending financial loss before that
information is made public.