The 15th Indian National census was conducted in two phases,
houselisting and population enumeration. Houselisting phase began on April 1,
2010 and involved collection of information about all buildings. Information for
National Population Register was also collected in the first phase, which will
be used to issue a 12-digit unique identification number to all registered
Indians by Unique Identification Authority of India. The second population
enumeration phase was conducted between 9 to 28 February 2011. Census has been
conducted in India since 1872 and 2011 marks the first time biometric
information was collected. According to the provisional reports released on
March 31, 2011, the Indian population increased to 1.21 billion with a decadal
growth of 17.64%. Adult literacy rate increased to 74.04% with a decadal growth
Spread across 35 States and Union Territories, the Census
covered 640 districts, 5767 tehsils, 7742 towns and more than 6 lac villages.
2.7 million officials visited households in 7,935 towns and 6,40,867 villages,
classifying the population according to gender, religion, education and
occupation. The cost of the was in the region of INR2,200 crore (US$490.6
million) – this comes to less than $ 0.5 per person, well below the estimated
world average of $4.6 per person. The exercise, conducted every 10 years, faced
big challenges, not least India’s vast area and diversity of cultures and
opposition from the manpower is involved. Information on castes was included in
the census following demands from several ruling coalition leaders including
Lalu Prasad Yadav, Sharad Yadav and Mulayam Singh Yadav supported by opposition
parties Bharatiya Janata Party, Akali Dal, Shiv Sena and Anna Dravida Munnetra
Kazhagam.Information on caste was last collected during the British Raj in 1931.
During the early census, people often exaggerated their caste status to garner
social status and it is expected that people downgrade it now in the expectation
of gaining government benefits.There is only one instance of a caste-count in
post-independence India. It was conducted in Kerala in 1968 by the Communist
government under E. M. S. Namboodiripad to assess the social and economic
backwardness of various lower castes. The census was termed Socio-Economic
Survey of 1968 and the results were published in the Gazetteer of Kerala, 1971.
The census was conducted in two phases. The first houselisting phase began on
April 1, 2010 and involved collection of data about all the buildings and census
houses.Information for National population register was also collected in the
first phase. The second population enumeration phase was conducted from 9 to 28
February 2011 all over the country.
Arbitration : A method for solving disputes, generally of an
industrial nature, between the employer and his employees.
Annuity : A fixed amount paid once a year or at interval of
a stipulated period.
Ante date : To give a date prior to that on which it is
written, to any cheque, bill or any other document.
Appreciation of Money : It is a rise in the value of money
caused by a fall in the general price fall.
Assets : Property of any kin
Balance of Trade (or Payment) : The difference between the
visible exports and visible imports of two countries in trade with each
other is called balance of payment. If the difference is positive the
balance of payment (BOP) is called favourable and if negative it is called
Balance Sheet : It is a statement of accounts, generally of
a business concern, prepared at the end of a year, showing debits and
credits under broad heads, to find out the profit and loss position
Banker’s Cheque : A Cheque by one bank on another.
Bank Rate : It is the rate of interest charged by the
Reserve Bank of India for lending money to commercial banks.
Black Money : It means unaccounted money, concealed income
and undisclosed wealth. In order to evade taxes some people falsify their
account and do not record all transactions in their books. The money which
thus remains unaccounted for is called Black Money.
Barter : To trade by exchanging one commodity for another.
Bear : A speculator in the stock market who believes that
prices will go down.
Bearer : This term on cheques and bills denotes that any
person holding the same has the same right in respect of it, as the person
who issued it.
Bond : A legal agreement to pay a certain sum of money
(called principal) at some future date and carrying a fixed rate of
Bonus : It is in addition to normal payment of divident to
shareholders by a company, on an extra gratuity paid to workers by the
Budget : An estimate of expected revenues and expenditure
for a given period, usually a year, item by item.
Budget deficit : When the expenditure of the government
exceeds the revenue, the balance between the two is the budget deficit.
Bulls : Speculators in the stock markets who buy goods, in
some cases without money to pay with, anticipating that prices will go up.
Buyer’s Market : An area in which the supply of certain
goods exceeds the demands so that purchasers can drive hand bargains.
Carat : Measure or weight of precious stones. 24 carat gold
is the purest gold, thus 22 carat gold means a piece of gold in which 22
parts are pure gold and 2 parts of an alloy, usually copper.
Cartel : It is a combination of business, generally in the
same trade formed with a view to controlling price and enjoying monopoly.
Caution Money : It is the money deposited as security for
the fulfilment of a contract or obligation.
Call Money : Loan made for a very short period. It carries a
low rate of interest.
Credit, Letter of : A letter from a bank or a firm
authorising payment to a third person of a specific sum for which the sender
assumes full responsibility.
Commercial Banks : Financial institutions that create credit
accept deposits, give loans and perform other financial functions. They
create credit by creating deposits on the basis of their cash reserve ratio.
Deflation : It is a state in monetary market when money in
circulation has decreased and is characterised by low prices, unemployment,
Depreciation : Reduction in the value of fixed assets due to
wear and tear.
Depression : A phase of the business cycle in which economic
activity is at a low ebb and there is mass scale unemployment and
underemployment of sources. Prices, profits, consumption, etc are also at a
Devaluation : Official reduction in the foreign value of
domestic currency. It is done to encourage the country’s exports and
Direct Tax : Taxes that are directly borne by the person on
whom it was initially fixed. e.g.: Personal income tax.
Divident : Earning of stock paid to share holders.
Dumping : Sale of a commodity at different prices in
different markets, lower price being charged in a market where demand is
Exchange Rate : The rate at which central banks will
exchange one country’s currency for another.
Excise Duty : Tax imposed on the manufacture, sale and
consumption of various commodities, such as taxes on textiles, cloth,
Fiscal Policy : Government’s expenditure and Tax policy.
Foreign Exchange : Claims on a country by another, held in
the form of currency of that country. Foreign exchange system enables one
currency to be exchanged for another, thus facilitating trade between
Gross Domestic Product (GDP): A measure of the total flow of
goods and services produced by the economy over a specific time period,
normally a year. It is obtained by valuing output of goods and services at
market prices and then aggregating
Indirect Taxes : Taxes levied on goods purchased by
the consumer for which the tax payer’s liabilities varies in proportion to
the quantity of particular good: purchased or sold.
Inflation : A sustained and appreciable increase in the
price level over a considerable period of time
Laissez-faire : The principle of non-intervention of
government in economic affairs.
Mixed Economy : The economy in which there is a unique blend
of public sector and private sector co-exist. The perfect example is India.
National Income : Total of all incomes earned or inputted to
factors of productions, used in economic literature to represent the output
or income of an economy in a simple fashion.
Per Capita Income : Total GNP of a country divided by the
total population. It is often used as an economic indicator of the levels of
living and development. However, it is a biased index because it takes no
account of income distribution.
Patents : It is an exclusive right granted under the Patents
Act to the inventor for a new invention.
Preference Shares : These are the shares entitled to a fixed
divident before any distribution of profits can be made amongst the holders
of ordinary shares or stock.
Public Sector : A term which is generally applied to state
enterprises, i.e., those companies which are nationalised and run by the
Recession : It happens when there is excess of production
Statutory Liquidity Ratio (SLR) : It is the ratio of cash in
hand, exclusive of cash balances maintained by banks to meet required CRR.
Tariff (ad valorem) : A fixed percentage tax on the value of
an imported commodity, levied at the point of entry into the importing
Value Added Tax (VAT) :A tax levied on the values that are
added to goods and services turned out by the producers during stages of
production and distribution.
Zero Based Budgeting (ZBB) : The practice of justifying the
utility in cost benefit terms of each government expenditure on projects.
The ZBB Technique involves a critical review of every scheme before a
budgetary provision is made in its favour. If ZBB is properly implemented it
could help to reverse the trend of large deficits on the revenue account of
the Union Government.