Financial Inclusion Index (FII)

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  • The annual FII will be released by Department of Financial Services (DFS), Ministry of Finance.
  • It will be measure of access and usage of basket of formal financial products and services that includes savings, remittances, credit, insurance and pension products.
  • The index has three measurement dimensions
    1. Access to financial services
    2. Usage of financial services and
    3. Quality.
  • It will serve as single composite index that will give snap shot of level of financial inclusion which will guide Macro Policy perspective.
  • Significance of index:
    • Its various components will help to measure financial services for use of internal policy making.
    • It can be used directly as composite measure in development indicators.
    • It will also enable to fulfil G20 Financial Inclusion Indicators requirements.
    • It will also facilitate researchers to study the impact of financial inclusion and other macro-economic variables.

Human Development Index 2017

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  • India ranked 130/189 countries
  • India scored 0.64 and was placed in medium human development category.
  • Published by United Nations Development Program (UNDP)
  • Norway is ranked 1
  • India ranks lowest among BRICS nations
  • India related Facts:
    • Between 1990 and 2017, India’s HDI value increased from 0.427 to 0.640, an almost 50 per cent increase, which is an indicator that millions have been lifted out of poverty
  • The HDI is a measure for assessing countries progress in three basic dimensions of human development:
    • a long and healthy life (life expectancy),
    • access to knowledge and
    • access to a decent standard of living.
  • Countries are ranked based on scale ranging between 0 (low) to 1 (high).

E-Government Development Index (EGDI)

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  • India ranked 96/193
  • Denmark is ranked 1.
  • India is ranked 15/193 in E-Participation Index.
  • It measures countries use of information and communications technologies to deliver public services.
  • The index captures the scope and quality of online services, status of telecommunication infrastructure and existing human capacity.
  • The survey is conducted every 2 years by Department of Economic and Social Affairs of the United Nations Secretariat
  • With an EGDI index score of 0.5669, India is just above the world average of 0.55.
  • In the SAARC region, Sri Lanka is ahead of India.

Public Affairs Index (PAI)

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  • The index is released since in 2016 by Bengaluru base Public Affairs Centre (PAC), a not for profit think tank which aims to improve governance in India.
  • It covers wide range of themes such as support to human development, social protection, essential infrastructure, women and children, crime, law and order, delivery of justice, transparency and accountability, environment, fiscal management and economic freedom.
  • In PAI 2018, Kerala tops the list as best-governed state in the country followed by Tamil Nadu.

GDP deflator

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What is GDP deflator?
  • The GDP deflator, also called implicit price deflator, is a measure of inflation.
  • It is the ratio of the value of goods and services an economy produces in a particular year at current prices to that of prices that prevailed during the base year.
  • This ratio helps show the extent to which the increase in gross domestic product has happened on account of higher prices rather than increase in output.
  • GDP price deflator measures the difference between real GDP and nominal GDP. Nominal GDP differs from real GDP as the later doesn’t include inflation, while the former does.
  • As a result, nominal GDP will most often be higher than real GDP in an expanding economy.
  • The formula to find the GDP price deflator:
  • GDP price deflator = (nominal GDP ÷ real GDP) x 100

 

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Why GDP deflator is a better measure of inflation than CPI / WPI?
  • Since the deflator covers the entire range of goods and services produced in the economy — as against the limited commodity baskets for the wholesale or consumer price indices — it is seen as a more comprehensive measure of inflation.
  • A consumer price index (CPI) measures changes over time in the general level of prices of goods and services that households acquire for the purpose of consumption.
  • However, since CPI is based only a basket of select goods and is calculated on prices included in it, it does not capture inflation across the economy as a whole.
  • The wholesale price index basket has no representation of the services sector and all the constituents are only goods whose prices are captured at the wholesale/producer level.
  • Changes in consumption patterns or introduction of goods and services are automatically reflected in the GDP deflator.
  • This allows the GDP deflator to absorb changes to an economy’s consumption or investment patterns. Often, the trends of the GDP deflator will be similar to that of the CPI.
  • Specifically, for the GDP deflator, the ‘basket’ in each year is the set of all goods that were produced domestically, weighted by the market value of the total consumption of each good.
  • Therefore, new expenditure patterns are allowed to show up in the deflator as people respond to changing prices. The theory behind this approach is that the GDP deflator reflects up-to-date expenditure patterns.
  • Drawback: GDP deflator is available only on a quarterly basis along with GDP estimates, whereas CPI and WPI data are released every month.

Purchasing Managers Index

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  • The Purchasing Managers’ Index (PMI) is an indicator of the economic health of the manufacturing and services sector.
  • The PMI is based on five major indicators:
    • New orders,
    • Inventory levels,
    • Production,
    • Supplier deliveries and
    • Employment environment.
  • The purpose of the PMI is to provide information about current business conditions to company decision makers, analysts and purchasing managers.
  • It is a survey-based measure that asks respondents about changes in their perception of some key business variables from last month.
  • It is calculated separately for manufacturing and services sectors and then composite index is constructed.

Eight Core Sectors

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  • Core industry can be defined as the main industry. In most countries, there is a particular industry that seems to be the backbone of all other industries and it qualifies to be the core industry.
  • In India, there are eight core sectors comprising of
    1. Refinery products (28.04%)
    2. Electricity (19.85%)
    3. Steel (17.92%)
    4. Coal (10.33%)
    5. Crude oil (8.98%)
    6. Natural gas (6.88%)
    7. Cement (5.37%)
    8. Fertilisers (2.63%)
  • These eight Core Industries comprise nearly 40.27% of the weight of items included in the Index of Industrial Production (IIP), which measures factory output.
  • Index of Eight Core Industries is released by Ministry of Commerce and Industry.

 

Index of Industrial Production (IIP)

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** Important : IIP series changed in May 2017 **

Main Changes:

  • Base year has been changed from 2004-05 to 2011-12
  • Number of items has been changed (See details below)
  • There will be 407 item groups
  • The new series of IIP will include technology items like smart phones, tablets, LED television etc.
  • A technical review committee has also been established to identify new items by ensuring that the series remains relevant. The committee is slated to meet at least once a year.
  • The revised IIP (2011-12) reflects the changes in industrial sector and also aligns it with base year of other macroeconomic indicators like Wholesale Price Index (WPI) and Gross Domestic Product (GDP).

About IIP

  • IIP is compiled and published by Central Statistics Office(CSO)
  • It is published every month
  • It covers 865 (Older series 682) items comprising :
    • Manufacturing (809 items, Older series 620 items),
    • Mining (55 items, Older Series 61 items) &
    • Electricity (1 item).
  • The weights of the three sectors are :
    • Manufacturing – 77.63%,
    • Mining – 14.37%,
    • Electricity – 7.99%
  • Base year for IIP is 2011-2012 (Earlier 2004-05) i.e. it is calculated on the basis of their share of GDP at factor cost during 2011-12.
  • The eight Core Industries comprise nearly 40.27 % of the weight of items included in IIP. They are :
    1. Coal (10.33%)
    2. Crude oil (8.98%)
    3. Natural gas (6.88%)
    4. Refinery products (28.04%)
    5. Fertilisers (2.63%)
    6. Steel (17.92%)
    7. Cement (5.37%)
    8. Electricity (19.85%)
  • In IIP, the decreasing order of core industries among them is as:

REFINERY PRODUCTS>ELECTRICITY> STEEL> COAL> CRUDE OIL> NATURAL GAS>CEMENT> FERTILIZERS

 
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