General Knowledge for SSC Exams (Public Sector Steel Plants)

• All these are managed by SAIL. (At present all important steel plants except TISCO, are under Public Sector
• Steel Authority of India Limited (SAIL) was established in 1974 and was made responsible for the development of the Steel Industry. Bhilai, Durgapur and Rourkela were established during the Second Five Year Plan. Bokaro was established during the Third while the steel plants at Salem; Vijai Nagar
• and Vishakhapatnam were established in the Fourth Five Year Plan. Presently India is the 8th largest steel producing country in the world.

2. Jute Industry

• Jute industry is an important industry for a country like India, because not only does it earn foreign exchange but also provides substantial employment opportunities in agriculture and industrial sectors.
• Its first modernized industrial unit was established at Reshra in West Bengal in 1855.
  The jute industry in the country is traditionally export oriented. India ranks number one in raw jute and jute goods production and number two in export of jute goods in the world.

3. Cotton and Textile Industry

• Oldest industry of India, and employs largest number of workers.
• It is the largest organized and broad-based industry which accounts for about 4 per cent of GDP, 20 percent of manufacturing value added and one-third of total export earnings.
• The first Indian modernized cotton cloth mill was established in 1818 at Fort Gloaster near Kolkata but this mill was not successful. The second mill named ‘Bombay Spinning and Weaving Co.’ was established in 1854 at Bombay by KGN Daber.

4. Sugar Industry

• Sugar industry is the second largest industry after cotton textile industry among agriculture based industries in the country.
• There are more than 500 installed sugar factories in the country. This industry provides not only employment to a substantial number of persons but also holds the potentialities of developing other industries related to its by-products.
• India is now the largest producer and consumer of sugar in the world. Maharas-htra contributes over one-third of the total sugar output, followed closely by UP.

5. Fertilizer Industry

• India is the third largest producer of nitrogenous fertilizers in the world.

6. Paper Industry

• The first mechanized paper mill was set-up in 1812 at Serampur in West Bengal.
• The paper industry in India is ranked among the 15 top global paper industries.

7. Silk Industry

• India is the second largest (first being China) country in the world in producing natural silk. At present, India produces about 16 per cent silk of the world.
• India enjoys the distinction of being the only country producing all the five known commercial varieties of silk, viz., Mulberry, Tropical Tussar, Oak Tussar, Eri and Muga.

8. Petroleum & Natural Gas

• First successful oil well was dug in India in 1889 at Digboi, Assam.
• At present a number of regions having oil reserves have been identified and oil is being extracted in these regions.
• For exploration purpose, Oil and Natural Gas Commission (ONGC) was established in 1956 at Dehradun, Uttaranchal.

Marketing and Distribution of Petroleum Products

1. Indian Oil Corporation (IOC): Established in 1964 by amalgamating Indian Refineries Ltd. and Indian Oil Company Ltd.
2. Bharat Petroleum Corporation Ltd (BPCL): By acquisition of Burmah Shell in 1976.
3. Hindustan Petroleum Corporation Ltd (HPCL): Established in 1974 by acquiring the assets of US Company ESSO Eastern. In 1976, Government acquired Caltex Oil Refining Ltd. and merged it with HPCL.
4. Gas Authority of India Ltd (GAIL): Established in 1984, for handling post-exploration activities relating to natural gas. The company was assigned the priority task of setting up the cross country HBJ (Hazira, Bijapur and Jagdishpur) pipeline. Presently GAIL is the largest company in India for marketing of natural gas.

Navratnas

• In 1997, the Government identified nine leading, well performing and high profit making public enterprises as Navratnas (Nine precious jewels). Later, in the same year, two more were added to the list. In 2007, three more companies were conferred Navratna status. In 2008, many more were conferred this status.

• They have been given special powers including freedom to form new joint ventures, make new investments and authorized to raise money.

• The Navratnas can forge joint ventures both in India and abroad, which can be up to 15 per cent of their net worth or Rs. 1000 crore, whichever is lower, without taking prior permission of the restrictive ministry.

1. Indian Oil Corporation Ltd. (IOC)
2. Bharat Petroleum Corporation Ltd. (BPCL)
3. Hindustan Petroleum Corporation Ltd. (HPCL)
4. Oil & Natural Gas Corporation Ltd. (ONGC)
5. Shipping Corporation of India Ltd. (SCIL)
6. Steel Authority of India Ltd. (SAIL)
7. National Thermal Power Corporation Ltd. (NTPC)
8. Bharat Heavy Electricals Ltd. (BHEL)
9. Rural Electrification Corporation Ltd. (REC)
10. Mahanagar Telephone Nigam Ltd. (MTNL)
11. Gas Authority of India Ltd. (GAIL)
12. Bharat Electronics Ltd. (BEL)
13. Hindustan Aeronautics Ltd. (HAL)
14. Power Finance Corporation (PFC)
15. National Mineral Development Corporation (NMDC)
16. Power Grid Corporation of India Ltd.
17. National Aluminium Corporation Ltd. (NALCO)
18. Coal India Ltd.

Maharatna

In 2009, the Government established the Mahartna Status with the objective to delegate enhanced powers to the Boards of identities Cargo sizes, Navratnas CPSES to facilitate further expansion of their operation, both in domestic as well as global market.

List of Maharatnas–

1. Indian Oil Corporation (IOC)
2. National Thermal Power Corporation (NTPC)
3. Oil and Natural Gas Corporation (ONGC)
4. Steel Authority of India (SAIL)
5. Coal India Limited (CIL)

Miniratnas

• The Government has recognized another 57 profit making public enterprises as Miniratnas and has granted them financial, managerial and operational autonomy.

National Income Of India

A. Relating to the domestic product

• GROSS DOMESTIC PRODUCT at Market Price = Market value of final output of goods and services produced within the country’s domestic economy in a period of one year.
• NET DOMESTIC PRODU
• NET DOMESTIC PRODUCT at Market Price = GDP – Depreciation
• NET DOMESTIC PRODUCT at Factor Cost
  = NDP (MP) – Indirect Taxes + Subsidies

B. Relating to the national product

• GROSS NATIONAL PRODUCT at Market Price = GDP (MP) + Net Factor income from Abroad
• NET NATIONAL PRODUCT at
  Market Price = GNP (MP) – Depreciation
• NET NATIONAL PRODUCT at Factor Cost
  Or
  NATIONAL INCOME = National Product (MP) – Indirect Taxes + Subsidies
• PER CAPITA PRODUCT/INCOME
  = National Income/Population
  Or
  = Net National Product at Factor Cost/Population.

Note

• The Ist estimate of National Income was prepared by Dadabhai Naoroji for the year 1867-68.
• The Ist scientific estimate was made by Prof. V.K.R.V. Rao for the year 1931-32.
• After independence, recognizing the importance of estimate of national income and its various components, the Government of India appointed the National Income Committee in 1949, with P.C. Mahalanobis as the Chairman.
• Following the report of this committee, the task of national income was entrusted to the Central Statistical Organisation (CSO).

Indian Tax Structure

Distribution

•  Some taxes are levied, collected and retained by the Centre. These include customs duty, corporation tax, taxes on capital (other than agricultural land) etc

•  Some taxes are levied and collected by the Centre but shared with the States. These include taxes on income other than agricultural income and union excise duties on goods included in Union List, excepting medicinal and toilet preparations.

• Some taxes are levied and collected by the Centre but the proceeds are to be distributed among States. These include succession and estate duties in respect of property other than agricultural land, terminal tax on goods and passengers, tax on railway fares and freights, taxes on transaction in stock exchanges and future markets and taxes on sale or purchase of newspapers and ads.

• Some taxes are levied by the Centre but collected and appropriated by the States. These include stamp duties other than included in Union List and excise duties on medicinal and toilet preparations.

• Taxes belonging to State exclusively are land revenue, stamp duty, etc.

Structure of Taxes

1. Direct Taxes

• Include taxes on income and property, the important ones being personal income tax, corporate tax, estate duty and wealth tax.

• Income tax is progressive in India, i.e., the rate of tax is not uniform but rises progres-sively with the rise in money income.

• During the last two decades, there has been a continuous reduction in the tax rate because high rates of income tax had merely encouraged tax evasion and growth in black money.

2. Indirect Taxes

• Include Sales Tax, Excise Duties, Customs Duties, etc.

• The Government of India earns maximum from Union Excise Duty.

Currency

• Rupee was first minted in India during the reign of Sher Shah Suri around 1542.

• India became a member of International Monetary Fund (IMF) in 1947, & exchange value of rupee came to be fixed by IMF standards.

• All coins and one rupee notes are issued by Govt. of India. That’s why one rupee note doesn’t bear the signature of Governor of RBI. It bears the signature of Finance Secretary, Government of India.

Demonetization of Currency

• It refers to the withdrawal of currency from circulation which is done to ambush black market.

Mints And Presses

1. Indian Security Press, Nasik, prints postal and judicial stamps, cheques and bonds.

2. Currency Note Press, Nasik, prints notes of Rs. 10 and under denomination.

3. Bank Note Press, Dewas (MP) has 2 units
(a) Bank notes of Rs. 20, 50, 100 and above denominations.
(b) Ink factory for manufacturing security paper.

4. Security Paper Mill, Hoshangabad, manufactures paper for making currency notes and other security paper.

5. Security Printing Press at Hyderabad.

6. Government medals are minted at Kolkata and NOIDA.

Devaluation of Currency

• Refers to reducing value of the Indian rupee in comparison to the leading currencies in the world market.                    

  First Devaluation	• In June 1949 by 30.5%	(Finance Minister : Dr. John Mathai)
  Second Devaluation	• In June 1966 by 57%	(Finance Minister : Sachindra Chaudhry)
  Third Devaluation	• On July 1, 1991 by 9 %	(Finance Minister : Dr. Manmohan Singh)
  Fourth Devaluation	• On July 3, 1991 by 11%	(Finance Minister : Dr. Manmohan Singh)

   

• The basic objective of devaluation is to reduce deficits in balance of trade by making exports relatively cheap & imports costly.

Inflation

• Inflation is that state in which the prices of goods and services rise on the one hand and value of money falls on the other. When money circulation exceeds the production of goods and services, the state of inflation takes place in the economy.

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