Important One Liners on Economics - Composition & Structure of Indian Economy

🌀People engaged in primary activities are called red-collar workers due to the outdoor nature of their work.

🌀Eight Core Industries are Electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilizers. The Index of Eight Core Industries is a monthly production index, which is also considered as a lead indicator of the monthly industrial performance.

🌀Sunrise Industry is a term used for a sector that is just in its infancy but shows promise of a rapid boom. The industry is typically characterized by high growth rates, high degree of innovation and generally has plenty of public awareness about the sector and investors get attracted to its long-term growth prospects.

🌀In PPP model, there is a well defined allocation of risk between the private sector and the public entity.

🌀A monopsony is a market condition in which there is only one buyer, the monopsonist. It is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. 

🌀An oligopoly is a market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated. 

🌀A monopoly contains a single firm that produces goods with no close substitute.

🌀The Financial Stability Reports, published by Reserve Bank of India, after approved by Financial Stability and Development Council (FSDC) Sub-Committee since its inception, taking inputs from financial sector regulators i.e. RBI, SEBI, PFRDA, IRDAI including Ministry of Finance, are periodic exercise for reviewing the nature, magnitude and implications of risks that may have a bearing on the macroeconomic environment, financial institutions, markets and infrastructure.

🌀The Economic Census is being conducted by Ministry of Statistics and Programme Implementation (MoSPI) to provide disaggregated information on various operational and structural aspects of all establishments in the country.

🌀The Code on Social Security, 2020 has defined “gig worker” as a person who performs work or participates in a work arrangement and earns from such activities outside of traditional employer-employee relationship.