AP (Advanced Placement) Microeconomics Market Failure & Role of Government-Externalities Terms and Persons (Page 1 of 2)

Annual Financial Statement

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Annual Financial Statement is the technical name for the budget. Article 112 stipulates that Government should lay before the Parliament an Annual Financial Statement popularly referred to as ‘Budget’ .

The Annual Financial Statement contains an estimated expenditure and receipt statement for the coming year, a revised estimated for the current year and an actual statement for the past year.

National Policy for Skill Development and Entrepreneurship 2015

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The Ministry of Skill Development and Entrepreneurship (MSD&E) announced the National Policy for Skill Development and Entrepreneurship 2015 (NPSDE) in the context of skill development acquiring macroeconomic importance for the country. NSPDE supersedes the National Skill Development Policy of 2009.

The Policy recognizes a skill gap of 109.73 million people in 24 key sectors by 2022. To fill this gap, there are a group of institutions in the present framework including ITIs, polytechnics etc.

On the supply side, there is the necessity to skill 104.62 new entrants into the workforce. In addition to this, around 298.25 mn people who are part of existing labour force need to be skilled, up skilled or reskilled. Supportive infrastructure system should be development to carry out this mega skill development programme.

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