Air pollution, water contamination, soil erosion, deforestation and wild life extinction are some of the most pressing environmental concerns for India. But the priority issues include global warming, land degradation, ozone depletion and management of fresh water.

The main principles of India’s stand on environmental issues are as mentioned below :
(i) India signed and ratified the 1997 Kyoto Protocol in August 2002.
(ii) At the G-8 meeting in June 2005, India pointed out that the per capita emission rates of the developing countries are a tiny fraction of those in the developed world.
(iii) India believes in the principle of common but differentiated responsibilities and therefore is of the view that the major responsibility of curbing emission rest with the developed countries, which have accumulated emissions over a long period of time.
(iv)India's international negotiation position relies heavily on principles of historical responsibility, as enshrined in UNFCCC.
(v) India has initiated different programmes and policies such as National Auto-fuel Policy, the Energy Conservation Act 2001, Electricity Act 2003 to improve environment.

Standard of deferred payment is the secondary function of money. Standard of deferred payments means that money can be used to make future payments.  This implies that wealth in the form of money can be stored easily as a medium of exchange for future use.  

Major environmental issues of India today are forest and agricultural degradation of land, resource depletion (such as water, mineral, forest, sand, and rocks), public health, loss of biodiversity, loss of resilience in ecosystems, livelihood security for the poor and air pollution with special reference to vehicular pollution in urban cities.

The sale or purchase of government securities by the Central Bank in open market is termed as open market operations.
To reduce credit, the government securities are sold by the Central Bank. It reduces the supply of money in the hands of commercial banks and common public. On the other hand, to increase the credit, the Central Bank purchases the securities from public which releases money in the market. In this way, the Central Bank uses open market operations as a method of credit control.

National income accounting is a bookkeeping system that a government uses to measure the level of the country's economic activity in a given time period. The main objective of national accounts is to provide comprehensive data, which can be used for analysis and evaluation of the performance of an economy, mainly about the major economic flows such as production, household consumption and capital formation.

Infrastructure refers to all such services and facilities, which are needed to provide different kinds of services in an economy and which are essential in raising the place of economic growth of a country.

It contributes to economic development of a country both by raising the productivity of factors of production and improving the quality of life of its people.

The Great Depression was an economic crisis started in 1929 and continued for next several next years. It began in the United States of America after the stock market crash. The main cause behind it was the fall of aggregate demand due to under consumption and over investment. The output and employment levels in the countries of Europe and North America fall by huge amounts. It affected the whole world. The demand of the goods in the market during this period was very low so production was also lowered which lead to unemployment. In USA, from 1929 to 1933, unemployment rate rose from 3 per cent to 25 per cent.

Low rate of economic development leads to poverty: Physical and natural resources are underutilised because of lack of technology, capital and entrepreneurial ability. Therefore, the productive capacity and gross domestic product of the economy are low. Primitive technology of production occurs in the agricultural sector. They lack irrigation facilities, fertilisers and high-yielding variety of seeds. This backwardness in agriculture has given rise to rural poverty. 

Liberalisation
Liberalisation means removing all unnecessary control and restrictions like permits licences, protectionist duties quotas etc. In other words, It may defined as loosening of govt. regulation in a country to allow for private sector companies to operate business transactions with fewer restrictions.

Objectives of liberalisation :- 
1. To decrease debt burden of the country
2. To expand size of the market
3. To increase competition among domestic industries
4. To encourage export and import of goods and services.

The British introduced different land revenue systems in different parts of the country. For instance, Permanent Settlement was introduced in Bengal and Ryotwari system was mainly introduced in South India. The Mahalwari system of land revenue was introduced in the Central provinces, North West Frontier Provinces, Agra, Punjab and the Gangetic valley.

In all these land revenue systems, the revenue was fixed at a very high rate. In Permanent settlement, the Company fixed the revenue so high that it became difficult for zamindars to pay revenues to the Company.  The settlement was oppressive for villagers as they had to pay high rent to the zamindars. Their rights on the land were maintained till they paid the revenues. To pay the high land revenues, they had to take loans from moneylenders at high interest rates.Cultivators failed to pay the high rent and thus were evicted from their lands which they had been cultivating since generations. In other land revenue systems too, most of the peasants were not able to pay teh revenues and hence lost their lands. 

(i) Unemployment is said to exist when people who are willing to work at the going wages, cannot find jobs. So, unemployment leads to wastage of manpower resource.
(ii) People who are an asset for the economy, turn into a liability.
(iii) There is a feeling of hopelessness and despair among the youth.
(iv) People do not have enough money to support their family. Inability of educated people who are willing to work to find gainful employment implies a great social waste.
(v) Unemployment tends to increase economic overload. The dependence of the unemployed on the working population increases. The quality of life of an individual as well as of society is adversely affected.

Recovery of loans is treated as a capital receipt because it reduces assets of the government .

NCERT solutions for class 12 Economics includes all the questions provided in NCERT text book which is prescribed for class 12 in schools. NCERT text book questions and answers help you to get thorough understanding of the concepts. It is always recommended to study NCERT books as it covers the whole syllabus. These questions with detailed explanation are now available in myCBSEguide for free to view and download.

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From the following data about firm 'A', calculate net value added at market price by it. 
                                                                            (र in thousands)
(i)  Sales                                                                        700
(ii) Change in stock                                                         40
(iii) Depreciation                                                             80
(iv) Net indirect taxes                                                     100
(v) Purchase of machinery                                             250
(vi) Purchase of intermediate products                          400 

NVA at MP = (700 + 40) - 400 - 80 = 260 thousands.
Note: Purchase of machinery is not included as it is a durable asset to be used in future production.

Human capital formation refers to the process of adding to the stock of human capital over time. It is the process of acquiring and increasing the number of skilled and experienced people. It is essential for the development of an economy.

Main problems of human capital formation in India are:

• Rising Population. Rapidly rising population adversely affects the quality of human capital formation in developing countries. ...
• Long Term Process. ...
• High Regional and Gender Inequality. ...
• Brain Drain. ...
• Insufficient on-the-job-training in agriculture. ...
• High Poverty Levels.

Economic reforms 1991

The year 1991 has a special significance in the Indian economy. Many economic measures were introduced to achieve the objectives of new economic policies of the government. The economic reforms aimed at rapid industrialization. For this, the abolition of industrial licensing, allowing foreign investment, encouragement to the private sector and coexistence of public sector and private sector were taken by the government.

The main aspects of economic reforms are as follows 

(1) Liberalisation - Liberalisation means movement towards a free market system. Liberalisation otherwise known as withdrawal of regulation and

restrictions for private sectors.Private sectors are encouraged to enter into core industries which are reserved for the public sector

(2) Privatisation  - Privatisation generally means transforming all economic activities from public sector to private sector. It also refers to the setting up of private units in public utility services.

(3) Globalisation -Globalisation refers to where a country draws raw materials from any source of the world and manufacture goods and services. The finished goods also find a place in the global market. Thus globalisation is the linkage of nation's markets with global markets.

Human capital refers to the stock of skill, ability, expertie, education and knowledge in a nation at a point of time

Human capital formation is the process of adding to the stock of human capital over a period of time.

Sources of human capital formation.
(i) Expenditure on education.
(ii) Expenditure on health.
(iii) On the job training.
(iv) Study programmes for adults.
(v) Migration and expenditure on information.

These are the effects of new economic reforms... 1991

Decline of cottage industry:
Throughout, India has been proud of her rural cottage industries. The silk produced by the village-weavers had been a source of attraction all over the world. With the advent of heavy mechanical industriesbegan the chapter of the decline of our village cottage industries.

Mass migration from rural areas:
Another attackis that with the creation of heavy mechanized industries in the urban areas, the rural population would start mass-migration into town and cities, thereby making the unemployment problem more acute and complex.

Depletion of natural resources:
Due to industrialization, there is constant depletion of natural resources. Many industries are poweredby thermal power plants that consumes coal. Since, large industries are spread over many acres of land, agricultural lands and forests are often cleared to make available the required land.

Pollution:Large industries emits many harmful gases into the environment. The introduction of harmful chemicals into air leads to air-pollution. The noises that it produces leads to noise-pollution.Increase of war-like situation: Out of the degenerating effects of heavy industries is borncontention. In developed nations, most of theseHeavy industries are engaged in the production of war materials. With a lot of war weapons in hands, there has been an increase in war-like situation among countries.