Gross fixed capital formation (GFCF) is a macroeconomic concept used in official national accounts such as the United Nations System of National Accounts (UNSNA), National Income and Product Accounts (NIPA) and the European System of Accounts (ESA).
Statistically it measures the value of acquisitions of new or existing fixed assets by the business sector, governments and "pure" households (excluding their unincorporated enterprises) less disposals of fixed assets.
GFCF is a component of the expenditure on gross domestic product (GDP), and thus shows something about how much of the new value added in the economy is invested rather than consumed.
Section-1: Indian-Economy Question - 27
When did the currency convertibility concept originally originate from?
Bretton Woods Agreement' A landmark system for monetary and exchange rate management established in 1944. The Bretton Woods Agreement was developed at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire, from July 1 to July 22, 1944.
Section-1: Indian-Economy Question - 28
The State Financial Corporations of India have given assistance mainly to develop:
Essar Oil Limited (EOL) signed a Production Sharing Contract with the Government of Myanmar for exploration of oil exploration in two Blocks - one each for onshore and offshore blocks.
The contracts were signed by U.San Lwin-Managing Director of Myanmar Oil & Gas Enterprise, on behalf of the Government of Myanmar. The Minister for Energy, Brigadier General Lun Thi was also present. Mr. A. N. Sinha signed the contracts on behalf of Essar Oil Limited.
An excise or excise tax (sometimes called a special excise duty) is an inland tax on the sale, or production for sale, of specific goods or a tax on a good produced for sale, or sold, within a country or licenses for specific activities.
Excises are distinguished from customs duties, which are taxes on importation