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FEATURES OF ECONOMIC SURVEY 2011-12

THE TELECOM SECTOR continues to grow, with the total number of telephones increasing from 206.8 million on 31 March 2007 to 926.95 million on 31 December 2011. Tele-density has increased from 18.2 per cent in March 2007 to 76.8 per cent in December 2011 4 REASONS FOR INFLATION:The major contributory factors to headline inflation during the current financial year include (a) higher primary articles prices driven by vegetables, eggs, meat, and fish due to changing dietary pattern of consumers; (b) increasing global commodityprices especially metal and chemical prices whichultimately led to higher domestic manufacturedprices; and (c) persistently high international (Brent) crude petroleum prices in the last two years. Indias PDS with a network of 4.78 lakh fair price shops (FPS) is perhaps the largest retail system of its type in the world. In the Union Budget 2011-12, a new fiscal indicator, namely Effective Revenue Deficit was introduced to ascertain the actual deficit in the revenue account after adjusting for expenditure of capital nature. The effective revenue deficit for 2011-12 is projected at 1.8 per cent of GDP as against the revenue deficit estimate of 3.4 per centof GDP. -DETAILS OF DEFICIT HEAD FISCAL DEFICIT 2010-11 IN CRORE 369043 4.8% 1.8% IN% 2011-12 IN CRORE 412817 144831 4.6% 1.6% IN%

PRIMARY DEFICIT 134305

Direct taxes have been accounting for over a half of the total since 2007-08 Direct Taxes account for 56.3% with Corporation Tax 38.6% Of remaining 43.6% of In Direct Taxes, first is Excise, Customs and Service Tax. The introduction of service tax in 1994-95.Now rate is 12% with education cess of 3% on Tax. To operationalize the GST, the Constitution (115th Amendment) Bill has been introduced in the Lok Sabha in March 2011. The Planning Commission constituted the High Level Expert Committee (HLEC) on Efficient Managemen t of Public expenditure under the Chairmanship of Dr C.Rangarajan . The Task Force on An IT strategy for PDS and an implementable solution for the direct transfer of subsidy for food and kerosene was constituted by the Planning Commission under the Chairmanship of Nandan Nilekani , Chairman, UIDAI Thirteenth Finance Commission has worked out a fiscal consolidation road map for states individually requiring them to eliminate revenue deficit and achieve a fiscal deficit of 3 per cent of their respective GSDPs, latest by 2014-15. It has also recommended a combined states debt target of 24.3 per cent of GDP to be reached during this period. Reserve Money (M0) = Currency in Circulation + Bankers' deposits with the RBI + 'Other' deposits with the RBI. Narrow Money (M1) = Currency with the Public + Demand Deposits with the Banking System + 'Other' Deposits with the RBI.

M2=M1 + Savings Deposits of Post-office Savings Banks. Broad Money (M3 ) = M1 + Time Deposits with the Banking System. M4 = M3 + All deposits with Post Office Savings Banks (excluding National Savings Certificates). Effective 3 May 2011, based on the recommendations of the Working Group on Operating Procedure of Monetary Policy, the operating framework of monetary policy has been refined. The repo rate has been made the only independently varying policy rate. A new marginal standing facility (MSF) has been instituted, under which SCBs have been allowed to borrow overnight at their discretion, up to 1 per cent of their respective NDTL, at 100 bps above the repo rate. The revised MSF reverse repo corridor has been defined with a fixed width of 200 bps with the repo rate placed in the middle of the corridor. The reverse repo rate has been placed 100 bps below and the MSF rate 100 bps above the repo rate. PRIORITY SECTOR:A target of 40 per cent of adjusted net bank credit (ANBC) or credit-equivalent amount of of balance sheet exposures (OBE), whichever is higher as on 31 March of the previous year, has been stipulated for lending to the priority sector by domestic SCBs in the public and private sectors. Within this, sub-targets of 18 per cent and 10 per cent of ANBC or credit-equivalent amount of OBE, whichever is higher, have been stipulated for lending to agriculture and the weaker sections respectively. A target of 32 per cent of ANBC or creditequivalent amount of OBE, whichever is higher, has been stipulated for lending to the priority sector by foreign banks having offices in India. The RBI set up a committe to study issues and concerns in the micro-finance sector (Chairman: Shri Y. H. Mal egam) NABARD is the nodal agency for implementing the Agriculture Debt Waiver and Debt Relief (ADWDR) Scheme 2008 in respect of Co-operative Credit Institutions and Regional Rural Banks BoP comprises current account, capital account, errors and omissions, and change in foreign exchange reserves. Under current account of the BoP, transactions are classified into merchandise (exports and imports) and invisibles. Invisible transactions are further classified into three categories. The first component is Services comprising travel, transportation, insurance, government not included elsewhere (GNIE), and miscellaneous. Miscellaneous services include communication, construction, financial, software, news agency, royalties, management, and business services. The second component of invisibles is income. Transfers (grants, gifts, remittances, etc.) which do not have any quid pro quo form the third category of invisibles. Under capital account , capital inflows can be classified by instrument (debt or equity) and maturity (short- or long-term). The main components of capital account include foreign investment, loans,and banking capital. Foreign investment comprising foreign direct investment (FDI) and portfolio investment consisting of foreign institutional investor (FIIs) investment and American depository receipts /global depository receipts (ADRs/GDRs) represents non-debt liabilities. Loans (external assistance, external commercial borrowings [ECB) and trade credit) and banking capital including nonresident Indian (NRI) deposits are debt liabilities Indias foreign exchange reserves comprise foreign currency assets (FCA), gold, special drawing rights (SDRs), and reserve tranche position (RTP) in the International Monetary Fund (IMF) India was the fifth most indebted country , after the China, the Russian Federation, Brazil, and Turkey in 2010 in terms of stock of external debt Indias share in world merchandise exports which had started rising fast since 2004, reached 1.3 per cent in 2009 and 1.5 per cent in 2010. It increased to 1.9 per cent in the first half of 2011. Two States, namely Gujarat and Maharashtra, account for 46 per cent of exports from India as per the data on state of origin of exports of goods. If Tamil Nadu, Karnataka, and Andhra Pradesh, the next three states with more than 5 per cent share, are added to the top two, the share of the top five states would be 65.7%

COFFEE-India is the sixth largest producer of coffee after Brazil, Vietnam, Colombia, Indonesia, and Ethiopia. With 2 per cent share in global area under coffee, India contributes about 4 per cent to world coffee production as well as international trade. Coffee is cultivated in an area about 4.0 lakh has primarily in the southern states of Karnataka, Kerala, and Tamil Nadu. India produces about 3 lakh tonnes of coffee comprising both Arabica (32 per cent) and Robusta (68%)Over the past two decades, coffee cultivation has been promoted in the tribal regions of Andhra Pradesh, Orissa, and the north-eastern states primarily with the objective of tribal development and afforestation. Indian coffee is primarily an export oriented commodity with about 70 per cent of production being exported. TEA: India is the largest producer and consumer of black tea in the world. Tea is grown in 16 states in India. Assam, West Bengal, Tamil Nadu, and Kerala account for about 95 per cent of total tea production MINIMUM SUPPORT PRICE- Paddy Rs 1000 Cotton-2500 WheatRs 1120 Kharif Crops:Paddy Jowar Bajra Maize Ragi Arhar (tur) Moong Urad Groundnut in shell Sunflower Soyabean (blackSoyabean (yellow) Sesamum Nigerseed RABI CROPS:Wheat,Barley,Gram,Masur Rapeseed,Safflower. Commission for Agricultural Costs and Prices (CACP), recommends MSP> Integrated Scheme of Oilseeds, Pulses, Oil Palm, and Maize (ISOPOM) The centrally sponsored ISOPOM have been under implementation during the Eleventh Plan in 14 states for oilseeds and pulses, 15 for maize, and 9 for oil palm. The pulses component has been merged with the NFSM with effect from 1 April 2010. DAIRY SECTOR; India ranks first in the world in milk production, which went up from 17 million tonnes in 195051 to 121.84 million tonnes in 2010-11. The per capita availability of milk has also increased from 112 grams per day in 1968-69 to 281 grams in 2010-11. However, world average per capita availability was 284 grams per day in 2009-10 compared to 273 grams per day for India. POULTRY:The per capita availability is around 53 eggs per year in the year 2010-11. Four regional Central Poultry Development Organizations located at Chandigarh, Bhubaneswar, Mumbai, and Hessarghatta. Poultry Venture Capital Fund Scheme is also being implemented on capital subsidy mode since 1 April 2011. National Food Security Bill As per the provisions of the Bill, it is proposed to provide 7 kg. of foodgrains per person per month belonging to priority households at prices not exceeding ` 3 per kg of rice, ` 2 per kg of wheat, and ` 1 per kg of coarse grains and to general households not less than 3 kg of foodgrains per person per month at prices not exceeding 50 per cent of the MSP for wheat and coarse grains and derived MSP for rice. It will benefit up to 75 per cent of rural population Pregnant and lactating women will also be entitled to maternity benefit of ` 1,000/per month for six months FDI Circular 1 of 2011, effective from 1.4.2011 contained a number of significant policy changes, including: (i) pricing of convertible instruments upfront, on the basis of a conversion formula, instead of price (ii) inclusion of fresh items for issue of shares against non-cash considerations, including import of capital goods/ machinery/ equipment and preoperative/ pre-incorporation expenses (iii) removal of the condition of prior approval in case of existing joint ventures/technical collaborations in the same field (iv) simplification and rationalization of guidelines relating to down-stream investments and (v) development and production of seeds and planting material, without the stipulation of having to do so under controlled conditions. Circular 2 of 2011, effective from 1.10.2011, further simplified FDI The major water-polluting industries include fertilizers, refineries, pulp and paper, leather, metal plating, and other chemical industries. It has also been estimated that 75 per cent of the water pollution is on account of disposal of untreated/partially treated sewage by local bodies.

Mega food parks (MFPs) Ten MFPs were approved in the first phase Five MFPs were approved in the second phase Proposals have been invited for additional 15 MFPs Each of these MFPs is likely to consist of 30-40 food-producing units in the cluster. Strengthening of institutions as Centres of Excellen ce The following institutions have been strengthened Indian Institute of Crop Processing Technology, Thanjavur National Institute of Food Technology and Entrepreneurship Management, Kundli, Haryana Indian Grape Processing Board National Meat and Poultry Processing Board.

India ranked as the fourth largest producer of crude steel in the world during January-November 2011 after China, Japan, and the USA INTERNATIONAL COMPARISON: While countries like the UK, USA, and France have the highest share of services in GDP at above 78 per cent, Indias share of 57 per cent is much above that of China at 41.8 per cent. NATIONAL COMPARISON: Chandigarh with an 86 per cent share and Delhi with 81.8 per cent top the list. Other than Chhattisgarh (34.8 per cent) and Himachal Pradesh (39.6 per cent), services in all other states individually hold a share of more than 40 per cent in the GSDP Though sports is a state subject under the Seventh Schedule of the Constitution of India, the central government supplements the efforts of states in the task of promotion and development of sports. The government has launched Operation Excellence for London Olympics 2012 (OPEX 2012 RAILWAYS : In order to upgrade passenger amenities, 845 stations have so far been selected for development as Adarsh stations. They have basic facilities such as drinking water, adequate toilets, catering services, waiting rooms and dormitories especially for lady passengers. The computerized passenger reservation system (PRS) of Indian Railways is the largest passenger reservation network in the world, available at 2,829 locations. On an average 4.44 crore passengers per month are booked. The DFC Project envisaging a Western DFC (1,499 km) from Mumbai to Rewari/Dadri to cater largely to the container transport requirement and an Eastern DFC (1,839 km) from Dankuni to Ludhiana, largely to serve coal and steel traffic is being implemented by the Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL), a PSU under the Ministry of Railways. Major portions of Western Corridor are being funded with Japanese assistance and Eastern Corridor with World Bank assistance. Further, preliminary engineering-cumtraffic survey work has been awarded for the four future DFCs, namely North-South Corridor (Delhi- Chennai), East-West Corridor (Kolkata-Mumbai), East Coast Corridor (Kharagpur-Vijayawada), and Southern Corridor (Chennai-Goa About 22 per cent of the total length of National Highways (NHs) is single lane/ intermediate lane, about 53 per cent is two lane standard, and the balance 25 per cent is four lane standard or more. Government has also taken

loans for financing projects under the NHDP from the World bank (US$ 1,965 million), Asian Development Bank (US$ ,1605 million) and Japan Bank for International Cooperation (32,060 million yen) for NH development. Construction of rural roads under the Pradhan Mantri Gram Sadak Yojna (PMGSY) The PMGSY was launched to provide single all-weather road connectivity to eligible unconnected habitations having population of 500 persons and above in plain areas and 250 persons and above in hill states, tribal (Schedule V) areas, desert (as identified in the Desert Development Programme) areas, and LWE-affected districts as identified by the Ministry of Home Affairs. Jawaharlal Nehru National Urban Renewal Mission (JNNURM ) has been launched by the Ministry of Urban Development for a seven-year period (i.e. up to March 2012) to encourage cities to initiate steps to bring about improvements in a phased manner in existing civic service levels in 65 Cities. Metro Railways Amendment Act 2009 was brought into effect in September 2009, providing an umbrella 'statutory' safety cover for metro rail work in all the metro cities of India. The Act has been extended to the National Capital Region, Bengaluru, Mumbai, Chennai, Hyderabad, and Jaipur metropolitan areas. The government had approved the implementation of the Bangalore Metro Rail Project of 42.3 km length by Bangalore Metro Rail Corporation Ltd. (BMRCL). The project commenced on 20 January 2007 and is targeted for completion by 31March 2013. Government had earlier approved the implementation of the east-west metro corridor of 14.67 km length in Kolkata by Kolkata Metro Rail Corporation Ltd (KMRCL). The project is targeted for completion by 31January 2015. The Chennai Metro Rail Project of 46.5 km length by Chennai Metro Rail Ltd. (CMRL) has also been approved. The project is targeted for completion by 31 March 2015. Recently Phase III of Delhi Metro for 103.5 km at a total cost of ` 35,242 crore has also been approved and is targeted for completion by 2016.

SUSTAINABLE DEVELOPMENT AND CLIMATE CHANGE Five key challenges faced by India, are climate change, food security, water security, energy security, and managing urbanization. In a recent ranking of environmental performance (EPI 2012), India was placed 122 out of 132 countries. Its performance was better on protecting its forests (rank 21) and fisheries (39), and on climate change (55). Poorer ratings were given to air quality (132), agriculture (126), and water resources (122) India has made remarkable gains so far in sustainable development, as measured, for example, in three summary outcome indicators . One is life expectancy, second is forest cover and third is gains in literacy among younger women. World Bank database has CO2 emissions data estimate up to the year 2008. As CO2 is the most predominant GHG, an analysis of CO2 emissions across countries in absolute and per capita terms in 2008 compared to 1992 is worthwhile. The absolute emission level of United States in 1992 was the highest at 4876 million metric tons of CO2. China with 2695 million metric tons of CO2 stood at the second place and was followed by Russia, Japan, Germany and India. Whereas in 2008 China had the highest absolute emission at 7031 million metric tons of CO2 and United States stood second at 5461 million metric tons of CO2. Indias absolute emission levels were at 1742 million metric tons of CO2 which was closely followed by Russia, Japan, Germany and Canada. 12.19 Per capita emissions, which are more important, reflect a different picture. Both in 1992 and 2008, Qatar had the highest per capita CO2 emissions at 54.89 and 49.05 CO2 tons. The Kyoto Protocol set a target for developed countries (individually or jointly) to

reduce overall emissions by an average of 5 per cent below 1990 levels in the first commitment period (2008-2012 Kyoto Protocol offers considerable flexibility through three mechanisms: Clean Development Mechanism (CDM), Joint Implementation (JI), and Emissions Trading (ET). Through the CDM, industrialized countries can finance mitigation projects in developing countries contributing to their sustainable development. Credits received from such projects can be used to meet commitments under the Kyoto Protocol. Through JI, industrialized countries acquire emissions credit by financially supporting projects in other industrialized countries. ET allows countries that expect their emissions to be above target to buy unused quotas from other countries. All major countries except the United States (US) have ratified the Kyoto Protocol. The UNFCCC differentiates countries into Annex I and Non-Annex I. Though it does not explicitly identify developed countries as Annex I and developing as Non-Annex I, broadly in the climate change literature Annex I Parties means industrialized countries that have committed themselves to reducing GHG emissions. Non-Annex I Parties are developing countries as well as Least Developing Countries (LDCs) which do not have any obligation to reduce emissions. Under the Kyoto Protocol, 37 countries committed themselves to a reduction in GHG emissions, If the emission data of 2009 is any indication,it can be seen that except a few, many Parties may miss even the modest Kyoto target for the first commitment period. The emissions of many Parties have actually gone up compared to 1990 levels, which is a very bad news for the global climate. For example Canada, which has a target reduction of 6 per cent, has actually increased emissions by 17 per cent in 2009, which means a deviation of 23 per cent from the Kyoto Target. The most significant achievement of the Durban Conference was to establish a second commitment period of the Kyoto Protocol, which will begin on January 1, 2013 and end either on December 2017 or December 2020. The quantified emission limitation and reduction objectives (QELROs) for developed country Kyoto Protocol Parties will be determined during 2012. Although India ranks among top five countries in terms of GHG emissions, its per capita emissions are much lower than those of the developed countries even if historical emissions are excluded. Its high level of emissions is due to its large population, geographical size, and economy. India has adopted the National Action Plan on Climate Change (NAPCC) in 2008 which has both mitigation and adaptation Measures with the eight National Missions. Funds established under the multilateral climate change regime-Special Climate Change Fund (SCCF) Least Devel oped Countries Fund (LDCF) Adaptation Fund (AF): Green Climate Fund (GCF) Green Climate Fund (GCF): At COP 17 held in Durban, South Africa, the COP established a Green Climate Fund (GCF) under the Convention to support projects, programmes, policies and other activities in developing nations. The Fund will start operating from 2013 where developed nations will provide the fund. Long term finance of $100 billion by 2020 has been decided by the nations and the GCF is expected to manage significant part of this. GCF is expected to be one of the most important sources of international finance. The important distinction of GCF is that it has an independent legal status and personality and nationally designated authorities have a paramount role to play. This has been achieved after many rounds of different negotiations. As on 31 December 2011, 776 out of a total of 3797 projects registered by the CDM Executive Board are from India, which so far is the second highest for any country in the world. China leads with 1790 registered projects and Brazil has 200 projects registered. The DMRC is the worlds first rail network to be registered at the UNFCCC under the CDM scheme. The DMRC has registered two projects till date, namely: a) Emission Reduction by Low GHG Emitting Vehicles (also called Regenerative Braking project) registered on 29.12.2007 and b) Metro Delhi, India (also called Modal Shift Project) registered on 30 June 2011

The Census projection report shows that the proportion of working age population between 15 and 59 years is likely to increase from approximately 58 per cent in 2001 to more than 64 per cent by 2021In absolute numbers, there will be approximately 63.5 million new entrants to the working age group between 2011 and 2016Such a trend would make India one of the youngest nations in the world. In 2020, the average Indian will be only 29 years old. Comparable figures for China and the US are 37, 45 for West Europe, and 48 for Japan. This demographic dividend provides India great opportunities, but it also poses a great challenge. Human Development Report (HDR) published by the United Nations Development Programme (UNDP) estimates the HDI in terms of three basic capabilities: to live a long and healthy life, to be educated and knowledgeable, and to enjoy a decent economic standard of living. According to HDR 2011, the HDI for India was 0.547 in 2011 with an overall global ranking of 134(out of the 187 countries) compared to 119 (out of 169 countries) as per HDR 2010 Life expectan cy at birth in India was 65.4 years in 2011 as against 81.1 years in Norway, 81.9 years in Australia, 74.9 years in Sri Lanka, 73.5 years in China, and the global average of 69.8 years. However, it has increased by one percentage points from 64.4 in 2010 to 65.4 in 2011. and in 2007-8 as given in NHDR 2011 is extremely high (0.97), which suggests that almost same states have performed well in both the time periods and likewise for the worst performing states. The top five ranks in both the years go to the better performing states of Kerala, Delhi, Himachal Pradesh, Goa, and Punjab. The state- wise estimates of poverty as recomputed by the Tendulkar Committee show that the highest poverty headcount ratios (PHRs) for 2004-5 exist in Odisha (57.2 per cent), followed by Bihar (54.4 per cent) and Chattisgarh (49.4 per cent) against the national average of 37.2 per cent. The unemploymen t rate (per 1000) according to usual status(adjusted) as per the NSS 66th round 2009-10 among the major states is lowest in Rajasthan(4) and highest in Kerala(75) in rural areas and the lowest in Gujarat(18) and highest again in Kerala(73) and Bihar(73) in urban areas. Health-wise, Kerala is the best performer and Madhya Pradesh the worst in terms of life expectancy at birth(both male and female) during 2002-6. IMR in 2010 is also the lowest in Kerala and highest in Madhya Pradesh. Kerala has the lowest and Uttar Pradesh the highest birth rate in 2010, followed by Bihar and Madhya Pradesh. Odisha has the highest and interestingly West Bengal the lowest death rate. In the area of education , Madhya Pradesh has the highest GER (6-13 years) in 2008-9 while Punjab has the lowest. Pupil-teacher ratios in primary and middle/basic schools are the lowest in Himachal Pradesh and high in states like Bihar and Uttar Pradesh. MGNREGA This flagship programme of the Government of India aims at enhancing livelihood security of households in rural areas of the country by providing at least one hundred days of guaranteed wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work. It also mandates 1/3 participation for women. The primary objective of the scheme is to augment wage employment. This is to be done while also focusing on strengthening natural resource management through works that address causes of chronic poverty like drought, deforestation, and soil erosion and thus encourage sustainable

development. The MGNREGA was notified in 200 districts in the first phase with effect from 2 February 2006 and then extended to an additional 130 districts in the financial year 2007-8. The remaining districts with rural areas were brought under the Act with effect from 1 April 2008. The Swarnjayanti Gram Swarozgar Yojana (SGSY) is a self-employment programme with the objective of helping poor rural families cross the poverty line by assisting them to take up incomegenerating economic activities through a mix of bank credit and government subsidy. It focuses on vulnerable sections among the rural poor with SCs/STs to account for at least 50 per cent and women 40 per cent of the swarozgaris. Inception in April 1999 SGSY has now been restructured as the National Rural Livelih oods Mission (NRLM). The salient features of the NRLM are: (a) at least one member from each identified rural poor household, preferably a woman, to be brought under the SHG network in a time-bound manner, the ultimate target being100 per cent coverage of BPL families; (b) setting up of strong institutions of the poor such as SHGs for reducing dependence on external agencies; (c) a multipronged approach envisaged for continuous capacity building of the targeted families, SHGs, their federations, government functionaries, bankers, NGOs, and other key stakeholders; (d) subsidy to be available in the form of revolving fund and capital subsidy as an incentive for inculcating the habit of thrift and accumulation of their own funds towards meeting their credit needs in the long run and immediate consumption needs in the short run; (e) to work towards universal financial inclusion. Swarna Jayanti Shahari Rozgar Yojana (SJSRY) was launched by the Government of India on 1 December1997 to provide gainful employment to the urban unemployed and underemployed by encouraging the setting up of self-employment ventures or provision of wage employment. Aam Admi Bima Yojan a (AABY): Under this scheme launched on 2 October 2007, insurance is provided against natural as well as accidental and partial /permanent disability of the head of the family of rural landless households in the country. Under the scheme, the head of the family or an earning member is eligible for receiving the benefit of ` 30,000 in case of natural death, ` 75,000 for accidental death, ` 75,000 for total permanent disability, and ` 37,500 for partial permanent disability. The scheme has provided insurance coverage to 1.97 crore lives in the country up to 31 January 2012 The Janashree Bima Yojana JBY was launched on 10 August 2000 to provide life insurance protection to rural and urban persons living below and marginally above the poverty line. Persons between ages 18 and 59 years and who are the members of the 45 identified occupational groups are eligible for participation in this policy. The scheme provides coverage of ` 30,000 in case of natural death, ` 75,000 in case of death or total permanent disability due to accident, and ` 37,500 in case of partial permanent disability. Rashtriya Swasthya Bima Yojana (RSBY): The RSBY was launched on 01 October 2007 to provide smart card-based cashless health insurance cover of ` 30,000 per family per annum on a family floater basis to BPL families A National Social Security Fund for Unorganized Sector Workers with initial allocation of ` 1000 crore has been set up. This Fund will support schemes for weavers, toddy tappers, rickshaw pullers, bidi workers, etc Bilateral social security agreemen ts have been signed with Belgium, Switzerland, the Netherlands, Denmark, and Norway to protect the interests of expatriate workers and companies on a reciprocal basis Bharat Nirman: This programme, launched in 2005- 6 for building infrastructure and basic amenities in rural areas, has six components, namely rural housing, irrigation potential, drinking water, rural roads, electrification,

and rural telephony. A goal has been set to provide connectivity to all villages with a population of 1000 (500 in hilly or tribal areas) with all-weather roads. Support to Training and Employment Programme for Women (STEP) Scheme : This scheme seeks to provide updated skills and new knowledge to poor women in 10 traditional sectors of agriculture, animal husbandry, dairy, fisheries, handlooms, handicrafts, khadi and village industries, sericulture, social forestry, and wasteland development so as to enhance their productivity and income generation Five communities-Muslims, Christians, Sikhs, Buddhists, and Parsis-notified by the government as minority communities constitute 18.42 per cent of total population as per the 2001 Census The Dodd-Frank Act: The financial crisis of 200710 led to calls for changes in the regulatory system. In June 2009, a proposal for a sweeping overhaul of the financial regulatory system was introduced in the US that culminated in a legislation called The Wall Street Reform and Consumer Protection Act (also called the Dodd-Frank Act) in July 2010. UKVickers Commission report: The Independent Commission on Banking under Sir John Vickers submitted its report to the UK government in September 2011. The report starts with the argument that one of the main reasons for bank failure during the global crisis was that they had too little equity in relation to risk

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