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Indian Oil Corp (IOC) has overtaken Oil and Natural Gas Corp (ONGC) to become India’s most profitable state-owned company. IOC, which has for decades been India’s biggest company by turnover, posted a 70 per cent jump in net profit to Rs 19,106.40 crore in the financial year ended March 31, 2017.

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Under the chairmanship of Ashoka Mehta, the Janata Government appointed a committee on Panchayat Raj system in December 1977. They have made 132 recommendations to revive and strengthen the declining Panchayati Raj system in the country. As a result of this report, the Indian states of Karnataka, Andhra Pradesh, and West Bengal passed new legislation.

SDR means Special Drawing Rights.

SDRs are a measure of a country's reserve assets with IMF and, whereas not 'money' in the strict sense, have several characteristics of money as interest-bearing assets, store of value, and means of settling indebtedness.

International financing instrument created in 1970 by the International Monetary Fund (IMF) to coincide with the disfavor of the US dollar as the principal currency of the world trade. Also called paper gold, an SDR is neither paper nor gold but an accounting entry. It is not backed by any currency or precious metal and is used only among governments and IMF for balance Of payments settlements.