Indian Economy Questions

Income easticity of demand measures the responsiveness of demand for any goods to changes in income. With increase in incomes generally the demand for farm products like rice wheat etc, will not change drastically. With income increase, demand for luxuries such as consumer durables etc will increase. The income elasticity  of demand for farm products is thus low.

India has been ranked 45th, down four notches from last year, in terms of competitiveness in the annual rankings compiled by IMD which saw Hong Kong topping the list. US was “pushed out” of the top three slots while Hong Kong consolidated its dominance of the annual rankings for the second year in the list compiled by the International Institute for Management Development’s (IMD) World Competitiveness Center.

The government on 28th December, 2016 appointed Viral Acharya as the Deputy Governor of the RBI. He will be joining the ranks of NS Vishwanathan, SS Mundra, R Gandhi as one of four Deputy Governors under RBI Governor Urjit Patel. Acharya has been serving as a Professor of Economics at the New York University Stern School of Business since 2008.

At present in 2017, there are only seven NPS fund managers viz. HDFC Pension Fund, ICICI Prudential Pension, Kotak Pension Fund, LIC Pension Fund,  Reliance Capital Pension, SBI Pension Fund and UTI Retirement Solutions.