Economic Survey Important Terms Part 2

By Anirudh Aggarwal|Updated : March 14th, 2018
  1. Gross Fixed Capital Formation (GFCF):

It refers to the net increase in physical assets (investment minus disposals) within the measurement period. GFCF is called “gross” because the measure does not make any adjustments to deduct the consumption of fixed capital (depreciation of fixed assets) from the investment figures. GFCF is not a measure of total investment, because only the value of net additions to fixed assets is measured. It also does not include land purchases. It is a component of expenditure approach to calculating GDP.

  1. Global Innovation Index (GII):

The Global Innovation Index (GII) is an annual ranking of countries by their capacity and success in innovation. It is published by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO), in partnership with other organisations and institutions. The GII is commonly used by corporate and government officials to compare countries by their level of innovation. India improved its position from 66 (2016) to 60 (2017) out of 127 countries.

  1. Gender Parity Index (GPI):

It is a socio-economic index usually designed to measure the relative access to education of males and females. This index is released by UNESCO. In its simplest form, it is calculated as the quotient of the number of females by the number of males enrolled in a given stage of education (primary, secondary, etc.). GPI equal to 1 indicates parity between females and males.

  1. Goods and Services Tax (GST):

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. France was the first country to implement the GST in 1954.

  1. Cultivated Biological Resources (CBR):

CBR refers to livestock for breeding, dairy, draught, etc. and vineyards, orchards and other plantations of trees yielding repeat products that are under the direct control, responsibility and management of institutional units.

 

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