• The Government of India Act 1858 was an Act of the British parliament that transferred the government and territories of the East India Company to the British Crown.

• The company's rule over British territories in India came to an end and it was passed directly to the British government.

• The Gandhi-Irwin Pact was ratified in the Karachi Session of the Congress (1931).

• The Karachi session was presided by Sardar Patel.

• The congress adopted a resolution on Fundamental Rights and Economic Policy which represented the Party's Social, Economic and Political programme

● Kartar Singh Sarabha was executed at Lahore in November 1915 for his role in the Ghadar Conspiracy in February 1915.

● He was one of the most famous and reputed martyrs from Punjab.

● The Ghadar Conspiracy was a plan to initiate a pan-Indian mutiny in the British Indian Army in February 1915 to end the British Rule in India.

• CR formula is also known as Rajaji formula.

• It was a proposal formulated by Chakravarti Rajagopalachari to solve the political deadlock between the All India Muslim League and the Indian National Congress on the independence of British India.

* Din-i-ilahi was an elite eclectic religious movement, formulated by the Mughal emperor Akbar in 1582.

* The idea was to combine Islam and Hinduism into one faith, but also to add aspects of Christianity, Zoroastrianism and Jainism.

* The partition of Bengal separated the largely Muslim eastern areas from the largely Hindu western areas on 16 October 1905 after being announced on 19 July 1905 by the Viceroy of India of that period Lord Curzon.

* Government of India Act, 1919 also known as Montagu-Chelmsford Reforms which came into force in 1921.

* The Anarchical and Revolutionary Crimes Act of 1919, popularly known as the Rowlatt Act or Black Act, was a legislative council act passed by the Imperial Legislative Council in Delhi on 21 March 1919.

* The Jallianwala Bagh massacre, also known as the Amritsar massacre, took place on 13 April 1919

• The Brahmani is a major seasonal river in the Odisha. The Brahmani is formed by the confluence of the Sankh and South Koel rivers. It flow generally south-southeast direction and then turns east to join northern branches of the Mahanadi River, which then empties into the Bay of Bengal.

• Sharavati is a river which originates and flows entirely within the state of Karnataka in India. It is one of the westward flowing rivers of India.

• The Sabarmati river is one of the major west-flowing rivers in India. It originates in the Aravalli Range of the Udaipur District of Rajasthan...

• Mahi River originates from Vindhyachal Hills It is one of the west-flowing rivers in India,.

● Sudarshan Lake is located in the middle of a hill called Girnaar in Saurashtra.

● This lake was constructed by Pushyagupta Vaishya, who was the governor of Chandragupta Maurya,on the order of his king.

● Chandragupta Maurya was the founder of Maurya dynasty.

• According to data available as of 2019, there are 104 national parks encompasses an area of 40,501.13 km^2.

• National parks in India are IUCN category II protected areas.

• There are two equinoxes every year, in March and September, when the Sun shines directly on the equator, and the length of night and day are nearly equal.

● Kandhamal Haldi, a variety of turmeric indigenous to Odisha earned the GI tag from Intellectual Property (India) in April, 2019.

● It is famous for its healing properties and also used for cosmetic and medicinal purposes.

● GI tag is the name or sign used on certain products which correspond to specific geographical location or origin.

● The spice, cinnamon, is native to Sri Lanka.

● Cinnamon is a spice obtained from the inner bark of several tree species from the genus Cinnamomum.

● Sri Lanka is also famous for its sapphires and moonstones.

● The Jaugada Rock Edict of Asoka is located in Odisha.

● The Major Rock Edicts of Ashoka were inscribed circa 250 BCE.

● They are inscribed in the Prakrit language.

• Mixing of freshwater streams and rivers with salty ocean tides in a partly enclosed body of water—natural scientists call it an estuary.

• It is one of the most productive ecosystems on Earth, and also some of the most vulnerable.

• The Legislative Assembly of Arunachal Pradesh adopted a new logo on the 9^th January 2020.

• This new logo reflects the distinct identity and culture of the state.

• The new logo consists of the national emblem and the state flower foxtail orchid, Rhynchostylis Retusa.

• Armed Forces Special Powers Act (AFSPA), 1958 is an act of the Parliament of India.

• It grants special powers to the Indian Armed Forces the power to maintain public order in "disturbed areas".

Under Article 140, Parliament may, by law, confer such supplementary powers on the Supreme Court as may appear to be necessary to enable it to perform effectively the functions placed upon it under the Constitution but such supplementary powers should not be inconsistent with any of the provisions of the Constitution.

• The CAG is mentioned in the Constitution of India under Article 148 – 151.

• The CAG is ranked 9th and enjoys the same status as a judge of the Supreme Court of India in Indian order of precedence.

• India till now had not independently launched a human into space.
• India’s human spaceflight mission “Gaganyaan”, is an indigenous mission that would take Indian astronauts to space is planned for 2022.
• ISRO's GSLV Mk III, a three-stage heavy-lift launch vehicle, will be used to launch Gaganyaan.

* D stands for Dioptre.

* It is a unit of refractive power.

* It is equal to the reciprocal of the focal length of a given lens.

• Galinstan is used as a substitute of mercury in thermometers.

• It is used due to its nontoxic properties.

• The inner tube surface of thermometer is coated with gallium oxide to prevent the alloy from wetting the glass surface.

• Eli Whitney invented the Cotton Gin.

• He invented it in 1793 and patented in 1794.

• It is a machine that quickly and easily separates cotton fibers from their seeds.

CAG performs following duties under CAG (Duties, Powers & Conditions of Service) act, 1971 as provided under article 149-

• Auditing the accounts –He audits the accounts related to all expenditure drawn from the Consolidated Fund of India, consolidated fund of every state and consolidated fund of every union territory having a Legislative Assembly.

• Auditing of Expenditure- He audits of all expenditure from the Contingency Fund of India and the Public Account of India as well as the contingency funds and the public accounts of each states.

• Auditing the receipts and expenditure-

a) He Audits the receipts and expenditure of the Government of India and each state to ensure that the rules and procedures in that behalf are designed to secure an effective check on the assessment, collection and allocation of revenue.

b) He Audits the receipts and expenditure of the following:

⇐ All bodies and authorities substantially financed from the Central or state revenues.

⇐ Government companies

⇐ Other corporations and bodies when so required by related laws.

• Auditing of department of the Central Government and state governments- He audits of all trading, manufacturing, profit and loss accounts, balance sheets and other subsidiary accounts of any department of the Central Government and state governments.

• Auditing all the transactions of the Central and state governments- He audits all transactions of the Central and state governments related to debt, sinking funds, deposits, advances, suspense accounts and remittance business. He also audits receipts, stock accounts and others, with approval of the President, or when required by the President.

• Auditing the accounts of any other authority when requested by the President or Governor. For example, the audit of local bodies.

• Functions of Comptroller and Auditor-General in the Case of Grants or Loans given to other Authorities or Bodies are specified in Section 15 of The Comptroller and Auditor General’s (Duties, Powers and Conditions of Service) Amendment ACT, 1971.

ii) Under article 150, he advices the President with regard to prescription of the form in which the accounts of the Centre and the states shall be kept.

iii) Under article 151 he Submits his audit reports relating to the accounts of the Central Government to the President, who shall, in turn, place them before both the Houses of Parliament. He also submits his audit reports relating to the accounts of a state government to the Governor, who shall, in turn, place them before the state legislature.

iv) Under article 279 he ascertains and certifies the net proceeds of any tax or duty. This certificate is final. The ‘net proceeds’ means the proceeds of a tax or a duty minus the cost of collection.

v) In respect to the Public Accounts Committee- He acts as a guide of the Public Accounts Committee of the Parliament.

vi) He compiles and maintains the accounts of state governments.

Report of Performance of CAG- He submits following three audit reports to the President which are laid down before both the houses of Parliament:

⇐ Audit Report on Appropriation Accounts

⇐ Audit Report on Finance Accounts

⇐ Audit Report on Public Undertakings

i) Primary functions of a commercial bank –

• Providing Loan and Advances

• Accepting deposit

• Providing Cash Credit

ii) Secondary functions of a commercial –

• Providing Locker Facilities

• Purchasing and Selling of the securities

• Providing Overdraft Facility

• Discounting bills of exchange

• Paying and Gather the Credit

The Finance Commission is required to make recommendations to the President of India on following matters:

• The distribution of the net proceeds of taxes between the Union and the States which are to be divided between them and the allocation between the States of their respective shares.

• The principles that should govern the grants-in-aid to the states out of the Consolidated Fund of India by the Centre.

• On the basis of the recommendations of the Finance Commission of the State, the measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State.

• Any other matter referred by the President to the Commission in the interests of sound finance.

• Monopoly- It is a form of market where there is only one firms producing a commodity. Under monopoly the cross elasticity of demand between the product of the firm and that of other commodity in the market is zero. In Monopoly Market equilibrium, the trader gets Super Normal Profit in the long run (where all factors happen to be variable).

• Oligopoly- It is a form of market where there are more than two firms producing a commodity/commodities.

• Duopoly- It is a form of market where there are only two firms producing a commodity.

• Perfect competition- It is a theoretical market structure where:

⇐ Markets have no influence on prices

⇐ All firms are price takers

⇐ The product is Identical

⇐ Buyers and sellers have perfect information,

⇐ Firms can freely enter or exit the market

⇐ Resources for labours are mobile etc

• Those policies of Central Bank which are used to control money supply, the availability of credit & interest rates in the economy are known as Monetary Policies.

• Various monetary instruments such as Repo rate, Reverse repo rate, SLR, CRR etc are used by Central Bank of India under Monetary Policies.

• The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy of India

• GDP-the total money value of final goods and services produced in the economic territories of a country in a given year.

• GNP- Gross National Product (GNP) is the total value of goods and services produced by the people of a country in a given year.

• NNP (Factor Cost) =NNP (market price) –taxes+ subsidies.

• According to the economic survey published in July 2019 by Govt. of India, GDP is expected to grow at 7% in 2019-20 due to growth of investment & consumption Service exports.

• Net National Product (NNP) or NI (market price) = GNP-depreciation.

• NNP is also called National Income at Market Price.

• National Income is the same as National Income at factor Cost.

• NNP (Factor Cost) =NNP (market price) + subsidies –taxes

• National Income (Factor Cost) = national Income (market price) + subsidies –taxes.

• While measuring the National Income, in order to avoid double counting of value of goods in computing GDP, the Final Goods Approach and the Value Added Method is used .

• The production possibility Curve is a graphical representation of the variations in the amounts that can be produced of two products if both depend upon the same finite resource for their manufacture.

• In other words it can be said as a hypothetical representation of the amount of two different goods that can be obtained by shifting resources from the production of one, to the production of the other.

• It is also known as production possibility Frontier.

• Decrease of resources implies that production possibility curve shifts to left.

• Increase of resources implies that production possibility curve shifts to Right.