Current Affairs: Economic Survey – Part 2
Hello students, welcome to BYJU’s classes! In this session we will be seeing Economic Survey again. So in the first session of Economic Survey we’d seen the TPP, RCEP and other stuff and I had told that that’s the end of the first chapter almost. There is only one topic left in first chapter which is important from mains point of view. That is, if you open page 40 as I have told you for those who are seeing for the first time. So please ensure that you have Economic Survey book in front of you and have two sheets, one prelims and mains, and whenever I say you get a mains based question just try to write the page number there and try to read or revise it after prelims and whichever is prelims oriented and whenever I say that just ensure that you write it and revise it before prelims.
So please open page number 40, where you actually have discussion on the sex ratio and in this if you see the first line if you see the first line talks about the November 2014 tragedy. What was that? If you have read newspapers, you would come to know that in November 2014, in Bilaspur, Chhattisgarh, there was a mass family planning operation which was done by the state Government. In that due to some sterilization issues lot of women actually were killed. So what was the problem when this actually happened, most of the people started questioning the way family planning is occurring in India. If you take the scenario, most of the people who died were women and they told that why women are being sterilized more. If you take the case of sterilization, male sterilization is much more easier but still women sterilization is more in this country. So population if you are considering population control programs and all, though it is equal for both male and women there is discrimination is actually happening against female was the discussion. From that point of view you may get a question on changes in the mindset required in the family planning, or what are the modifications that are required for family planning. Here you say that the government is giving some incentive to the poor families to go for sterilization activities. But, within the poor families, it is women who are being forced. Government says it is persuasion that is the, if you talk to the workers and all who are involved in sterilization programs, they say that it is persuasion, we are persuading them to come on their own and do but we cannot say what is persuasion and what is forced. You they may be facing a force in the families. So here comes the question, whether women has the right of choice to go for these operations or not. So if you anything of this comes it may come in social issues paper as well. So if it comes in social issues or population in geography, just ensure that the answer for this has to be written and the argument what is given in Economic Survey holds good for this. So if you see this in 40, you’ve 3 paragraphs and again in 41 they’ve given you 3 points. So this should be the measures government should take Chhattisgarh like incidence doesn’t repeat. So, just you need to remember this during mains. Read it carefully and if a question comes just ensure that you’re putting these government measures effectively. Then let’s take next chapter.
So next we should see the fiscal framework chapter. In fiscal framework chapter, please open page number 50. So in page 50, you’ve one of or new factors. See you’re all aware in the beginning I was talking about macro-vulnerability index. When I talked about macro-vulnerability index I was talking about current account deficit, fiscal deficit and inflation, right? So when we are actually talking about fiscal deficit and all it is important for the state to maintain fiscal framework, i.e. whatever you earn and whatever you spend, revenues minus expenditure should be actually minimized. So if you see for the present government has taken several measures to ensure that fiscal deficit is minimized. But there are some challenges to it. So these challenges are actually given here. One thing is that the 14th Finance Commission is actually covered in the previous topic on current affairs, 14th Finance Commission itself. So there you actually get to know how is this devolution being actually made, i.e. the 14 Finance Commission has recommended that from the central pool, 42% has to be given to the state. Earlier it was 32% and there is a hike of 10%. So government will be having 10% less money when compared to the previous time. So going for fiscal consolidation with this will be a difficult task for the government. And if you take the second thing, i.e. regarding the GST, right? Even about GST we had a session, so in GST if you see, what is the biggest problem? States are telling no for GST because they will lose their central sales tax, isn’t it? So central state tax, if the states have to agree for GST then they have told that we’ll agree only in the case when the money is paid to us. Whatever we’ll be losing, that money has to be paid by the central government to us. This is the argument of this particular chapter. It argues that you want to go for fiscal framework where you need to consolidate and you need to reduce the deficit but at the end of the day the biggest problem with fiscal framework this year is, one, 14th Finance Commission recommendation, 2nd is the central state tax, without which GST will be difficult to be implemented. So these two needs to be taken care of.
So next we’ll go to the 3rd chapter, i.e. ‘Wiping every tear from every eye’. If you see this particular heading, what do you remember? If you see the theme of Economic Survey, it actually talks about creating opportunities and reducing vulnerabilities so ‘Wiping every tear from every eye’ is actually reducing vulnerability that actually is present. So if you see what is the vulnerability that they want to reduce and we’re going to see the solution, i.e. JAM Number Trinity Solution? In the Jan Yojana class we’d discussed about JAM Number Trinity but I am going to just show here what needs to be added. What answer can be written from this book. So if you see, the first thing it talks is subsidies. So we’ll are aware that we need to give subsidies in India because 80% of its population is depending upon the state. They’re in poverty and they’re somehow directly or indirectly dependent upon the subsidies given by the state. But the book argues that whenever we listen to the term subsidies people usually go by the term subsidy and we think we should give it to the poor. Even government says that they’re not against giving subsidies to poor. But they say the procedure which we have actually established, and the way we’re giving subsidies is actually hurting the poor more rather than helping them. For example, if you see, so for example, if you see the case of LPG, so you’re all aware that now you have a program where Prime Minister is asking everyone to give up the subsidy on LPG because LPG subsidy is usually given to those who actually have gas connections, but you should actually give gas connections to those who are in the rural areas and who are using coal and fuel wood even today. So subsidies if you’re actually helping the poor, it should be given not to the people who have LPG gases but it should be given to those who’re using the fuel wood. Giving the subsidy on LPG is actually regressive. If you see price subsidies are often regressive. What is the meaning of regressive? If you take taxation in India, the more you earn the more you’re taxed, that is progressive, that is more you earn, more taxation. Regressive means, actually as your income increases your subsidies are more. The subsidy that you get is more when your income increases rather than the subsidy which is given to you. This is opposite which we usually think right. Because wherever you see any program it is aimed at below poverty line. But this book argues that if you take subsidies case, it is actually given to those who are actually far off or better off in economic terms that to people who actually need it. One case is LPG, the second case is, they give the example of electricity. So if you take electricity tariffs, state usually gives some subsidy on the rates, right? But they ask you that there are many places in India, villages in India where electricity is not there at all. Rather than giving subsidy to the homes which have electricity give subsidies to those or utilize the same money to provide electricity to other towns as well, so that that’ll ensure that there is equal distribution of money across. So you are giving electricity subsidy to those houses which has power which means they are well-off, they’re in a position to pay back but not to those people where electricity is not yet reached also. So they argue that this mindset needs to be changed. And they also talk about water subsidy. They say that you’re giving water subsidy to those houses which has water connection. But you’re not giving subsidy or you are not ensuring that the money is being utilized to provide tanks or to provide tax to each and every family. In villages if you take, most of the villages get the water from a tank which is connected. Rather than giving subsidy to the poorest of the poor you’re actually giving to the well-off who has houses, who has electricity and who has good water connection. So if you’re giving subsidies to these people then subsidies are usually regressive. That is, higher the income you’re getting more subsidy rather than the other way around. Though within electricity, though within water tariffs based upon the usage the rates vary, but they argue that it is not actually going to those who do not have access at all. It is going to those who has better access. So that is the difference that this government sees in subsidies. The second issue with subsidies is that, the second issue with subsidies is that price subsidies can distort markets in ways that ultimately hurt the poor. What does it mean? They distort markets. What does this actual term means? Let me take the example of fertilizer subsidies in India. If you take fertilizers, fertilizers subsidies is usually given to producers. Let me take a scenario. A producer is in Punjab and another producer is in Andhra Pradesh. Fine? So now what happens for producing urea, each has, the cost is Rs.100. If he sells at Rs.100 he will get the profit. What government does, government gives Rs.50 subsidy so that it fertilizer is sold at Rs.50. Now tell me, if I give subsidy of Rs.50 and ask him to sell wherever he wants will be interested to sell in Punjab and AP or will he be interested to sell in Bihar and northeast. Obviously he will be interested to sell in Punjab and Andhra Pradesh, or nearby, you know, Haryana, Tamil Nadu and all, rather than going to northeast India or Bihar. The reason being transportation cost will be more if he has to go there. Now what government says? Government says that fine, I’ll give you some freight charges because you’re not willing to go to northeast. So what happens? Now freight charges is given additional subsidy of Rs.20 is given. But still he will not be interested because freight charges are highest in India. If you take, how do you usually transport? Transportation is cheaper if you use trains. But in India, in trains, you have two things which moves. One is freight, when I say freight, goods. Other one is passengers. In India freight charges through trains are highest because we take money from freight charges and give subsidy to passengers because passenger rates have to be low. So what we do? We put more charges on goods and we transfer the subsidy or money that is earned to passengers. If you’re actually increasing the freight charges and giving it to passengers, freight charges increased. Then the subsidies given here, i.e. for the producers to transport goods will be of no use because freight charges will exceed. It will be usually Rs.40, if you have to travel through train. So he will not prefer to go through train. Then he has to use road and other stuff which is also costly. Then even subsidy given for freight charges will be of no use. That is what the book actually argues. That the prices subsidies that you’re usually giving is distorting the market. First you have it producers. As you gave it to producers they’re not willing to sell it to these places. And if you have to sell it, you have to give freight subsidy also. If you’re giving freight subsidy then again what happens? Then still they’re not willing to go because if you go for freight through train, the charges are heavy. The reason for charges being heavy is subsidy is given to passenger movement. So this complex cycle is actually creating trouble. So what government is planning is let me give, go for direct benefit transfer, i.e. I will give money to the farmers directly. I’ll give Rs.100 to Punjab farmer, I’ll give Rs.100 to Bihar farmer. Maybe the rates will vary based upon the freight movements and all if I give money directly in the hands of the farmer, then what happens, the market for these produces are the same at both the places, i.e. they’ll feel if I sell in Bihar there is a big market for me and I’ll be benefited if I actually sell to farmers in Bihar rather than selling only in Punjab. So this can actually bridge the divide. So the book actually argues that subsidies, if at all you’re going, ensure that the subsidies are targeted properly and it reaches properly rather than distorting. So, ensure that these questions can come. Subsidy is a specific topic in Indian economy mains section. At that point of time you should ensure that these answers are given. So if the question is on subsidies, first thing you should write: subsidies in India are regressive. Second thing is they distort and actually affect the poor rather than helping them.
Other issue with subsidy I hope most of you’ll be knowing, is regarding leakage in subsidies. See, please see page number 56. In page number 56 you see leakages seriously undermine the effectiveness of product subsidies. Leakages you are all aware that corruption and other stuff actually affects. But subsidies most of us will talk only about leakages, but the book is talking about distorting as well. So please ensure that those terms are included, whether you write an essay or in mains economy subsidy topic you should use these terms specifically. To control subsidies what needs to be done? The solution is actually discussed in page number 44. So please open page number 44. That is the last page of the chapter which actually discusses about the possibilities offered by cash transfers, one, what are all the advantages to go for cash transfers. If you see, I’ve discussed in Jan Dhan Yojana that we need for direct benefit transfer. The benefit is to give Re.1, Re.1 to a poor government is spending 3.65, so through Jan Dhan Yojana, Aadhar and mobile number trinity, we are trying to bridge all the defects which are there and we’re going to address the problem of subsidy leakages and also any corruption involved in the lower rungs. So, this has been explained in page number 64 which talks about possibilities offered by cash transfers and the JAM Number Trinity Solution as well.
So the next chapter which we need to see is “The Investment Climate: Stalled Projects, Debt Overhang and the Equity Puzzle”. So here what we are actually focusing in this chapter and what is important for us is investment climate, especially, the stalled projects. Why have the projects actually stalled? There are many reasons for different projects to be stalled in India, maybe because, like you know, if you have a thermal power plant. Coal blocks were not available till now, till the recent judgement came out. So when coal blocks or coal was not available, thermal power plants were not functioning. When thermal power plants are not functioning, electricity was not produced and they were not distributed to most of it. There were problems in environmental clearances as well. You’ve environmental impact assessment that needs to be done, which had actually delayed most of the projects. So due to this, what had happened, people were not interested in investing in India. The reason being if I go and invest in India there will be one or the other issue and these issues are actually threatening my work. So that had led people not to invest in India. So in this chapter we have to see what are the main reasons for this happening. So in page 69 if you see, you’ve table 4.2. In table 4.2 there is characteristics of stalled projects. Just see what is the dimension and components. So this will be important. Just see not much questions is expected from this but if you can read this then it is easy for you to understand the question, the question that is top reasons for stalling across industries. So you need to go through table 4.4 where it talks about top reasons of stalling across industries. If you see here, they’ve given industries and the reasons for it. This can come in ‘Match the following’ for you. So it is prelims based topic. Just try to ensure that you have an idea why manufacturing was in trouble. Why mining was in trouble. Why electricity was in trouble. So these needs to be seen. And at the end of the page you have table 4.5 which actually talks about states with stalling rate which is greater than 10%. So which are the states? If you see, West Bengal is the highest. So this needs to be analyzed. If they give you in which states you have hierarchy or in which states you saw maximum stalled projects, if these kind of questions usually come they are prelims based and you usually get it from Economic Survey. Just ensure that you know at least 2-3 states name. That is more than enough. Yup.
Please see page number 75. In page number 75 you’ve a box, 4.1. “Restructuring the Framework for Public-Private Partnerships”. There is a topic in mains, public-private partnership, PPPs. You would have read even in your economy classes regarding PPPs. So just ensure that you’re going to revise it carefully and after revising your notes on PPP I would suggest you please see this box. This box actually talks about flaws in existing design. So, if a question is what are the problems of PPPs in the present format, then you need to talk about this and when you’re actually talking about this you need to see “Restructuring of the existing contracts”. That is, what solutions you actually offer to ensure that PPPs are going properly. So, this too, 75-76 page box is usually for mains. So just ensure that when you’re reading mains PPPs topic you read this as well. In that page, or if possible in your economy plan when you are actually making whenever you’re reading economics for mains just ensure that these topics are read and whenever you’re reading these topics at the same time you should open that particular page and go through it once carefully.
Next chapter is “Credit, Structure and Double Financial Repression: A Diagnosis of the Banking Sector”. So this chapter specifically talks about banking sector in detail. So this chapter is important for several reasons. You would have seen that RBI functioning whenever it is happening it is actually talking about non-performing assets. Non-performing assets has been divided into three groups. You know that what is a non-performing asset? If something is not paid beyond 90 days you call it to be a non-performing asset. So this non-performing asset is divided into three, that is, 0 to 30 days, 30 to 60 days and 60 to 90 days. This division has been made only to ensure that whenever these divisions is there so if someone did not pay in the first month, rather than waiting till 90 days to call it a non-performing asset, measure should be taken. So one question from banking sector which you can expect is on non-performing asset. So this chapter actually talks about different problems in the banking sector. So if you take the table which is present in the chapter, or page 77, you can see that figure 5.1, it actually focuses on non-performing assets, SLR and PSL on the assets’ side. What do you mean by assets? Assets means in banking terms we usually use assets and liabilities. Assets, what is a benefit or what is a income that I have. Liability, what I should actually pay back. Let me take a scenario. The deposit is an asset for your and it is a liability for me because I have to pay back to you later. Now what happens, the money that you’ve given to me, I’ll give that same money as loan for other person. So that will be a liability for him, i.e. he as to pay me back. On the other hand, asset for me because I’ll be earning interest from him. So deposits for bank is liability and loans given by bank is asset. These terms should be clear. They may give you, loans or asset to whom. So if you take assets, i.e. the deposits whichever is there with me. What are the problems that I face while giving these to others that is if I give loans to others what are the problems that I actually face? One is, you all know, non-performing asset, i.e. if they don’t repay me I’ll be in trouble. The second thing is regarding SLR, Statutory Liquidity Ratio. You are all aware that in banking terms what is Statutory Liquidity Ratio? You should keep some portion of money in the liquid cash so that if there is any emergency you should actually give back. But this portion is actually 25%. You have CRR of 9%, you have SRL of 25%. So banks cannot actually give the money which you have deposited, i.e. you have deposited with me 30% or 34% of the money which you have actually given to me, I cannot give it back to anyone. The reason being, the SLR and CRR actually curbs me. Than CRR, SLR is the biggest trouble because 25% so the book argues that the SLR has to be reduced so that more money can be actually given by the banks to outsiders. This is important in Indian context. The reason being, if you see the foreign countries, most of the money for investments, i.e. if I have to open a business then usually I take money in the form of loan from the banks. If you go to other countries usually what happens it is through share markets that is the companies usually give their shares and people invest in their shares and that actually forms the core money for starting any institution or starting any business in foreign countries, but in India you have to go for banks to open any business. So, as this is the scenario, from where does the banks get money? Banks get money from deposits and in these deposits if 25% is stacked like this then the money banks cannot give for investment purposes. That will actually reduce the growth rate of the country. So the book actually argues that SRL has to be reduced so that banks’ lending capacity is increased. The third important aspect is regarding priority sector lending. Even in the money that I have, a part of it has to be given for priority sectors. So the book argues that priority sectors are also like reservations today. So it argues that the best thing to go forward with priority sector lending is you cannot remove priority sector lending because just think tomorrow Modi Government announces that priority sectors, that is lending for farmers will be reduced. Then it will be seen as anti-farmer government. No government will ever take any step in reducing the reservation the same way this also happens. The book argues that you give slabs to everyone so that every business comes under one or the other group and they get money from the banks in that format. The thing is make every community an OBC or give reservation to everyone. You fix based on the cast or based on the population proportion and let them compete only with that. One way, either remove reservation completely or you make everyone in one or the other format, let them compete within it, is another way of actually seeing it. So the book argues that bring everyone into priority sector lending in one way or the other way. So the three terms which the book has actually focused and I have told in the beginning that whenever the book argues on any particular topic, any particular term, that term becomes important. So from banking chapter when you’re revising you should revise what is non-performing asset, you should revise Statutory Liquidity Ratio and you should revise priority sector lending properly. On the other hand, if you take the case of liabilities, that is, which you have to pay back for the deposits. The number of deposits have actually reduced with the banks. The reason being as you have inflation what is happening? You had a question also. Whenever inflation increases does it benefit the debtor or creditor? For example, if I give you 9% interest rate in bank and there is other stuff which is actually offering you much more, it is better for you to purchase gold, it is better for you to purchase diamonds, or it is better for you to purchase a property rather than giving or saving it in banks. The reason being if you put it in savings bank you hardly get 4%. Earlier if you put 1 lakh, it used to double in 5 years. Now it takes 8 years, 9 years. So these things have become a big challenge for the people to invest or save in banks. So if people don’t save, what happens? All the assets growth will reduce. Remember, in the west, growth will reduce if people save, because if people save they won’t purchase, when purchasing reduces the economy collapses. But in India if people spend more and if they don’t save more then also it will have impact because banks are the major lenders and banks get money from the savings. So please see page number 78. So in page 78, you actually see “Financial Repression on the Liability Side”. So you may get a question in mains – what are the problems faced by the banking sector on the liability side. And you may also get a question on what are the problems faced by the banks in the assets side, on the assets side. So if these questions come you should actually give the argument that I have given and you can write these page number and read them specifically for mains, not for prelims. Yup. Please open page number 80. In page number 80 you can see a box – “Reducing the Statutory Liquidity Ratio”. Should the RBI go for reducing Statutory Liquidity Ratio then this table actually argues about that in detail. So just ensure that you’re reading this detail for Statutory Liquidity Ratio and banking in mains here.
Next, please open page number 86. Yup. In page number 86, please see box 5.3 which actually talks about “Leverage Ratio”. So this can be prelims based question. What is leverage ratio, what is a definition of leverage ratio that is being given here? You would have read in your traditional books as well so I am not going in detail about it. So what is leverage ratio is given in 86. It may be in prelims or mains. So you can write it as prelims plus mains. You may get question about leverage ratio either in prelims or mains. Just ensure that you’re revising them. Yup.
Next please open page number 88. That is last page where you can see “Policy Implications”. What needs to be done in banks? They give four things – deregulate the bank, differentiate within public-sector banks, diversify within and outside the banking system, and disinter. So these four are what actually recommendation given by the Economic Survey for any changes that need to be brought up in the banking sector. Just ensure that what needs to be done to revive the banking sector. If such questions come these needs to be written. And these are simple and you would have read but it is put in four D’s format. So what are the four D’s to revive banking sector? Deregulate, differentiate, diversify and disinter. Just ensure that this is being read carefully. The reason being, if you see economy that is paper 3, if you see the scores of the students, most of the people have scored very less marks in economy paper. The reason being the questions come directly from the Economic Survey and answers that you usually write is analytical. Rather than doing that just ensure that the answers are given from the Economic Survey, the language has to be from the Economic Survey. Just imagine most of the people are around 80, 66 to 80 in the 3rd paper. If you can increase to 120 it would be beneficial. And that can be done if you use the languages which are present here. So that is the reason why after everything I am asking you to revise from Economic Survey again and again. In page number 96 you have how much boost can vibrant railways provide to the economy? That is if railways improve, what can be the impact of that on the economy. That is being given forward and backward linkages of the railways. How it will be beneficial for the agriculture and all. Please read this particular topic for mains because mains when they talk about infrastructure and all, in infrastructure topic this will be important for you.
Next, we need to see next chapter that is “Make in India”. Whether we should make manufactures or services. Please open page number 104. In page 104, you actually see 5 points. What are these 5 points? If you remember the lecture on “Make in India” we’d discussed that we should choose either services or industry based on the 5 factors that are given and these 5 factors are explained here. What are these 5 factors? First is high level of productivity. Choose services or industries but ensure that there is low productivity in that. If you choose that particular area, so from low productivity to high productivity it is easy to shift. That is what they ask us to go through. That is, please ensure that you take such causes which move from, or such sectors which has the capacity to move from low productivity to high productivity. Second is unconditional convergence. When I talk about unconditional convergence I have to talk about domestic convergence, i.e. in large countries like India, Brazil and China, inter-region, that is Bihar will have low economic or industrial growth, Gujarat will have high. Why is this disparity? So they ensure that you should take such sectors which actually remove these inequalities and there is scope for growth on all sectors. There is international convergence. When I talk about international convergence between different countries also there should be equal growth. Next, please ensure on expansion, that is, it should not be, if you have opened something in Bangalore, if you have opened something in Delhi, it should not be only in Delhi but it should have the capacity to attract resources in and out of Delhi so that it will be beneficial for other sectors also. It should has the capacity of expansion and it should have the capacity to align with comparative advantage. I’ve told you what is comparative advantage that is whichever is easily or cheaply produced in India. So in India labor is cheaper so goods produced through labor will be usually cheaper. Ensure that you are actually going for giving jobs for unskilled laborers more rather than going for skilled labor jobs. Then tradability. If you take construction, construction has high level of productivity, unconditional convergences there. At the same time it has alignment with comparative advantage. But the problem with tradability is that what is the meaning of tradability here. You cannot trade houses with other countries. Internationally you cannot send construction goods or whatever you have constructed. Roads you have constructed you cannot trade it. Once if a stage reaches where infrastructure across India is managed, everything is good, at that point of time what’ll you usually do? Will you be in a position to enlarge the economy only through construction forever? It is not possible. So that say that go for either manufacturing or services which has tradability factor in it also. So the 5 points which they have discussed here has been already discussed in detail in “Make in India”. If you have not seen please see “Make in India” video as well. But here what I would say from this chapter before mains if you can read this, if there is either essay based, or it is economy based question you will be able to answer.
So if you see page 117, you observe “A National Market for Agricultural Commodities – Some Issues and the Way Forward”. This is actually regarding APMCs. So inflation last year there was a question – why are APMCs are curbing forming a national market and all? These actually came from Economic Survey last time also. This particular chapter is important and you know in your economy book, any economy book you take, basic books or your class notes and all. There is a chapter on agriculture and in agriculture chapter they actually focus on APMCs right? So here you should ensure that these APMCs in detail are revised in this chapter in this book. Both for prelims and mains this will be important. Let me just tell you which topics and how questions come because what is APMC, how it works and all will be covered in the books. I just want to tell you how questions come so that it will be easy for you to revise. So if you take APMCs, the first thing that you need to see is in page 118, “Essential Commodities Act 1995 vs APMC Act”. Even in the India yearbook session we have actually seen that there can be a question expected from Essential Commodities Act. Why Essential Commodities Act is important this time is that inflation was actually controlled because of the Essential Commodities Act, potato or onions and all were actually brought in essential commodities. So what is the difference between Essential Commodities and APMC Act can be an expected question. Then you see page number 119. In page 119, you see model APMC Act. Right? Model APMC Act can be a question. What are the provisions of a Model APMC Act? If you see page 120 you can see Karnataka model which may be a question. You can use it as an example. Rather than that what is more important is inadequacies of model APMC Act which is present in page 120. Inadequacies of model APMC Act, alternative ways of creating national market for agricultural commodities. So these two are the most important topics when you see from this particular chapter. You saw three important topics. One Essential Commodities Act vs APMC. Second model APMC – within that you can talk about Karnataka model. Third what are the problems in model APMC and how it can be overcome? Friends, just ensure that all these topics which I have helped you to mark, if they are already present in your economy classes, if they are in the books then only I have not explained. Else wherever explanation is required, I have tried to explain it. If you take the case of subsidies and all. Other stuff I am just helping you to mark because if keep on explaining each and every stuff then the book takes not less than 10 weeks to cover. So, we are left with chapters in Volume 1 and there is Volume 2 left. Volume 2 I’ll be giving a list of words which can be questions and there are two important chapters from where you get questions for prelims. And the 9th and 10th chapter of this is important. In the next session we’ll be beginning with this. The 14th Finance Commission is actually completed but we’ll be seeing from Economic Survey point of view which needs to be done. If you see, I have just skipped through most of the topics. And I have showed only those areas which are highlighted in the summary and from where questions can be expected. If you want you can actually go through everything and then you will realize that the points which have been highlighted is more important than the other stuff. So, please ensure that by the time we meet again you’ve completed this particular portions. Thank you.