----Economy ------

ANNUAL   BUDGET  vs   VOTE   ON ACCOUNT

The 'Annual Financial Statement', laid before both the Houses of Parliament constitutes the Budget of the Union Government. This statement takes into account a period of one financial year. The financial year commences in India on 1^st April each year. The statement embodies the estimated receipts and expenditure of the Government of India for the financial year.

Vote-on-account literally means a vote on the accounts of the government. Usually, the annual budget is presented by the end of February after which it is discussed — details of the budget are scrutinized by a Parliamentary committee and it is finally passed by mid-May.

FISCAL DEFICIT

The fiscal deficit is the difference between the government's total expenditure and its total receipts (excluding borrowing). The elements of the fiscal deficit are (a) the revenue deficit, which is the difference between the government's current (or revenue) expenditure and total current receipts (that is, excluding borrowing) and (b) capital expenditure.

The fiscal deficit can be financed by borrowing from the Reserve Bank of India (which is also called deficit financing or money creation) and market borrowing (from the money market, that is mainly from banks).

GEOGRAPHICAL INDICATION

A geographical indication is a sign used on goods that have a specific geographical origin and possess qualities, reputation or characteristics that are essentially attributable to that place of origin. Most commonly, a geographical indication includes the name of the place of origin of the goods.

Agricultural products typically have qualities that derive from their place of production and are influenced by specific local factors, such as climate and soil. Whether a sign is recognized as a geographical indication is a matter of national law. Geographical indications may be used for a wide variety of products, whether natural, agricultural or manufactured.

An appellation of origin is a special kind of geographical indication. It generally consists of a geographical name or a traditional designation used on products which have a specific quality or characteristics that are essentially due to the geographical environment in which they are produced. The concept of a geographical indication encompasses appellations of origin.

XBRL (Extensible  Business   Reporting Language) is a freely available, open, and global standard for exchanging business information. XBRL allows the expression of semantic meaning commonly required in business reporting. The language is XML-based and uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, and Namespaces. One use of XBRL is to define and exchange financial information, such as a financial statement. The XBRL Specification is developed and published by XBRL International, Inc.

XBRL is a standards-based way to communicate and exchange business information between business systems. These communications are defined by metadata set out in XBRL taxonomies, which capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning

P-NOTES

Financial instruments used by investors or hedge funds that are not registered with the Securities and Exchange Board of India to invest in Indian securities. Indian-based brokerages buy India-based securities and then issue participatory notes to foreign investors. Any dividends or capital gains collected from the underlying securities go back to the investors. It is also referred to as "P-Notes".

RURAL BUSINESS HUBS

Scheme of Rural Business Hubs (RBHs) was launched to promote Rural Non-Farming Enterprises (RNFE) which utilise local skills and/or resources and promote rural employment. The Scheme works on a 4P (Public-Private-Panchayat-Partnership) model and is applicable in all the BRGF districts and all the districts in the North Eastern Region. Setting up of RBHs is primarily done through convergence of resources from various ongoing schemes. Assistance under the RBH scheme is available for professional support services, training/skill development and for purchase of minor equipment.

GRADING OF IPOs

IPO grading is the grade assigned by a Credit Rating Agency registered with SEBI, to the initial public offering (IPO) of equity shares or any other security which may be converted into or exchanged with equity shares at a later date. The grade represents a relative assessment of the fundamentals of that issue in relation to the other listed equity securities inIndia. Such grading is generally assigned on a five-point point scale with a higher score indicating stronger fundamentals and vice versa as below.

IPO  grade 1: Poorfundamentals

IPO  grade 2: Below-average fundamentals

IPO  grade 3: Average fundamentals

IPO  grade 4: Above-average fundamentals

IPO  grade 5: Strong fundamentals

IPO grading has been introduced as an endeavor to make additional information available for the investors in order to facilitate their assessment of equity issues offered through an IPO.

INTEGRATED SCHEME OF OILSEEDS, PULSES OIL PALM & MAIZE

In order to provide flexibility to the States in implementation based on regionally differentiated approach, to promote crop diversification and to provide focused approach to the programmes, the schemes of Oilseeds Production Programme, Oil Palm Development Programme, National Pulses Development Project and Accelerated Maize Development Programme of Ninth Plan have been merged into one Centrally Sponsored Integrated Scheme of Oilseeds, Pulses, Oil Palm and Maize (IPOPOM)- External website that opens in a new window during the 10th Five Year Plan which is being implemented with effect from 1st April, 2004.

The ISOPOM has the following special features:

•         Flexibility to the States to utilize the funds for the scheme/crop of their choice.

•         Annual action plan to be formulated by the State Governments for consideration and approval of the Government of India.

•         Flexibility to the States for introducing innovative measures or any special component to the extent of 10 per cent of financial allocation.

Involvement of private sector by the State Governments for the implementation of e programme with a financial cap of 15 per cent.

•      Flexibility for inter component diversion of funds upto 20 per cent for non-seed components only and

RKVY

The RKVY (National Agriculture Development Programme) aims at achieving 4% annual growth in the agriculture sector during the XI Plan period, by ensuring a holistic development of Agriculture and allied sectors.

Objective of the programe:

•      To incentivize the states that increase their investment in Agriculture and allied sectors

•         To provide flexibility and autonomy to the States in planning and executing programmes for agriculture

•         To ensure the preparation of Agriculture Plans for the districts and states

•         To achieve the goal of reducing the yield gaps in important crops

•         To maximize returns to the farmers

•         To address the agriculture and allied sectors in an integrated manner

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