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.
Total Output is a synonym for Aggregate supply or Initial production.
National Income is the total income value of the goods and services produced by the residents of a country, usually during the period of one year.
National Income is categorized into 6 components. They are :
1. Compensation of Employees (Wages and Benefits)
2. Corporate Profits
3. Rental Income
4. Proprietors Income (Income of unincorporated business)
5. Net Interest
The Largest Component of National Income is Compensation of Employees.
The Largest component of National Income in India is Service Sector.
Basically India's unemployment is structural in nature. It is associated with the inadequacy of the productive capacity to create enough jobs for all those able and willing in india. Not only is the productive capacity (largely capital stock) much below the needed quantity, it is also found to be increasing at a slow rate. As against this, additions to labour force are being made at a fast rate on account of rapidly rising population. Thus, the absolute level of unemployed persons is rising every year.
The central government has said that India has emerged as the 3rd largest aviation market in the world with a passenger traffic of over 10 crore reported for 2016-17. This was stated by minister of state for civil aviation Jayant Sinha at a media event on the achievements of the ministry of civil aviation on the completion of three years of the NDA government.
IDBI Bank has launched 'Project Nishchay' in partnership with The Boston Consulting Group (BCG) to accelerate its turnaround programme and improve financial performance.
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