Double Deflation: A better way to estimate GDP accurately is to deflate input and output prices through separate indices, popularly known as double deflation. When output prices move relatively faster than the input prices, the single deflation method overestimates GDP/GVA and vice versa. In order to ensure accuracy, it is high time to discard the single deflation method to estimate GDP/GVA by using WPI as a deflator.
Democracy Index: Democracy Index is prepared by the Economist Intelligence Unit, provides a snapshot of the state of democracy worldwide in 165 independent states and two territories. Based on five categories: Civil liberties, Electoral process and pluralism; Functioning of government; Political participation; and Political culture. The countries are scored on a scale of 0 to 10 on 60 indicators within the above categories. Based on their scores, each country is classified as one of four types of regimes: Full democracy (scores greater than 8); Flawed democracy (greater than 6 and up to 8); Hybrid regime (greater than 4 and up to 6); and Authoritarian regime (less than or equal to 4).
World Press Freedom Index: It has been published every year since 2002 by Reporters Sans Frontieres (RSF) or Reporters Without Borders. The Index ranks countries and regions according to the level of freedom available to journalists. However, it is not an indicator on the quality of journalism. The parameters include pluralism, media independence, media environment and self-censorship, legislative framework, transparency, and the quality of the infrastructure that supports the production of news and information. India has ranked 142nd yet again out of 180 nations in the recently unveiled World Press Freedom Index.
CSR: The term “Corporate Social Responsibility” in general can be referred to as a corporate initiative to assess and take responsibility for the company’s effects on the environment and impact on social welfare. In India, the concept of CSR is governed by clause 135 of the Companies Act, 2013. India is the first country in the world to mandate CSR spending along with a framework to identify potential CSR activities. The CSR provisions within the Act are applicable to companies with an annual turnover of 1,000 crores and more, or a net worth of Rs. 500 crore and more, or a net profit of Rs. 5 crores and more.
Manufacturing PMI: is an economic indicator derived from the monthly survey of the private sector companies. PMI aims in providing information regarding the current and future conditions of a business to the decision-makers, analysts, and investors of the company. Purchasing Manager’s Index (PMI) is released and compiled by Institute for Supply Management every month. The PMI value is based on the survey that is conducted monthly and is sent to the senior executives of over 400 companies under 19 primary industries that are weighted by their contribution to U.S. GDP.