  ===28 Sep=== ====Macaulay==== • Brought Indian education system  ====The challenge of skills and jobs==== • A majority of employable Indian population is unskilled, • Majority have not received any formal trainings, most of them acquired hereditary skills or learned on the job • Only 2.2% received any kind of formal vocational training, (Germany – 75%, China – 50%, and Japan – 80%) • Problem is acute in rural areas, lack of any training makes them vulnerable – they are employed in low paying jobs  ====Factors affecting India’s policy rate==== • US fed’s interest rate – US Fed’s rate have been stagnant – They did not increase it – If they had increased it – investors will take their money out of India and go back to US – then to counteract India will have to increase its rate • Currently, Industry is demanding rate cut – since inflation is also low • Other factor – Transmission of already effected rate cuts – Banks have not transferred the complete rate cuts to investors • Current monetary policy framework – makes RBI accountable if inflation ends up above the target – thus RBI will be cautious  ====Phillips curve ==== • Inverse relation between rate of inflation and rate of unemployment • This is only valid in the short run • In long run, rate of unemployment is a vertical line   Binary star  • A star system having two stars revolving around a common center of mass  ====FMC merged with SEBI====  ====Cabinet committee on security ==== • Headed by PM • Members – Finance minister, Defense minister, Home affairs, minister of external affairs • Looks into the matter of defense expenditure, matters of national security ====Space based observatory==== • Limitation of ground based observatory is that it cannot study UV and X-ray wavelengths as these two are blocked by atmosphere