Tag: Economics

Code on Wages, 2019

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Comprehensive Study Material on the Code on Wages, 2019 Introduction The Code on Wages, 2019 (CoW 2019) is a landmark legislation in India’s labour reform agenda, enacted on August 8, 2019, to consolidate and amend four existing central laws: the Payment of Wages Act, 1936; the Minimum Wages Act, 1948; the Payment of Bonus Act,…
Inflation: Comprehensive Study Material

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Inflation Introduction to Inflation Inflation refers to a sustained increase in the general price level of goods and services in an economy over time, which erodes the purchasing power of money. It is typically measured as an annual percentage increase using indices like the Consumer Price Index (CPI). Moderate inflation (around 2-3%) is often seen…
Detailed Study Materials: Poverty Alleviation and Employment for UPSC EPFO Exam

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1. Types of Poverty Conceptual Framework Poverty refers to the inability to meet basic needs — food, shelter, clothing, healthcare, and education — due to insufficient resources. It is multidimensional, encompassing social exclusion, lack of opportunities, and deprivation of dignity. Poverty alleviation policies aim to break the cycle of deprivation, often linked with employment generation,…
UPSC EPFO Style Objective Review Questions: Measurement of Growth

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Measurement of Growth in Economics Measurement of growth refers to the ways economists quantify the expansion of an economy’s productive capacity and output over time. Key concepts include the circular flow of income, Gross Domestic Product (GDP), macroeconomic identities, distinctions between growth, welfare, and development, and market structures that influence economic behavior. These elements help…
Study Materials: Elasticity of Demand

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1. Concept of Elasticity of Demand Overview Elasticity of demand is a measure of how sensitive the quantity demanded of a good or service is to a change in one of its determinants, such as price, income, or the price of related goods. It quantifies the percentage change in quantity demanded relative to a percentage…
Study Materials: Introduction to Demand and Supply

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1. Microeconomics vs. Macroeconomics Overview Economics is broadly divided into two main branches: microeconomics and macroeconomics. These branches help us analyze economic phenomena at different scales. Demand and supply are core concepts primarily studied in microeconomics, but they have implications for macroeconomic issues like inflation and unemployment. Key Differences Use the table below to compare…
Indian Labour Laws – UPSC Level MCQs EPFO APFC

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Factories Act, 1948 Minimum Wages Act, 1948 Payment of Wages Act, 1936 Equal Remuneration Act, 1976 Employees’ State Insurance Act, 1948 Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 Payment of Bonus Act, 1965 Payment of Gratuity Act, 1972 Employees’ Compensation Act, 1923 Contract Labour (Regulation & Abolition) Act, 1970 Maternity Benefit Act, 1961 Child…
Economic Survey 2024-25: Key Highlights and India’s Growth Outlook

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India’s Economic Survey 2024-25, tabled by Union Finance Minister Smt. Nirmala Sitharaman on January 31, 2025, paints a robust picture of India’s economic resilience and growth potential. With real GDP growth projected at 6.4% in FY25 and expected to range between 6.3% and 6.8% in FY26, India continues to outperform global averages despite global uncertainties.…