Comprehensive Study Materials for Indian Economy in Competitive Exams

Indian Economy

Indian Economy Report 2024

Highlights of the Indian Economy National Statistical Office (NSO) Report According to the Press Note released by the National Statistical Office (NSO) on 29th February, 2024 Ministry According to the Press Note released by the National t

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Economic Growth & Economics

Economy It is the state of a country or region in terms of the production and consumption of goods and services and the supply of money. Types of Economy Depending upon the dominant view of the time in a particular country, different for

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Characteristics of Indian Economy

Main characteristics and various aspects of the Indian Economy are: Key Features and Aspects of the Indian Economy 1. Agrarian Economy Even after seven decades of independence, agriculture plays a vital role in India’s econom

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Economic Planning and Development (1950–2017)

Introduction Economic Planning is the process by which the limited natural resources are used skillfully to achieve the desired goals. The concept of Economic Planning in India is derived from Russia (the then USSR). Planning in India deriv

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Indian Fiscal System

Fiscal System It refers to the management of revenue and capital expenditure finances by the state. Hence, the fiscal system includes budgetary activities of the government, that is, revenue raising, borrowing, and spendin

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Tax System

A compulsory contribution given by a citizen or organisation to the Government is called Tax, which is used for meeting expenses on welfare work. Tax imposing and Tax collecting is at three levels in India- Central level, State level and Local l

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Industry

India started her quest for industrial development after independence in 1947. The Industrial Policy Resolution of 1948 marked the beginning of the evolution of the Indian Industrial Policy. In the Industrial Policy of 1948, the importance of

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Industrial Performance

The Index of Industrial Production (IIP), measuring industrial performance monitors production in manufacturing, mining and electricity sectors and also in use-based groups such as primary goods, capital, intermediate, infrastructure/construction

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India's Foreign Trade Transformed Since 1947

India’s foreign trade underwent a major transformation after independence. Shifting away from externally controlled patterns, the country began focusing on building its industrial base and reducing reliance on imports. This marked t

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Some Noteworthy Facts

In the production of vegetables, India is on the second* position (after China). India is on the first position in the production of milk. The highest producer of milk in India is Uttar Pradesh* India is the third* largest producer of Tobac

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Some Economic and Financial Terms

Accrued interest: The interest due on a bond since the last interest payment was made. The buyer of the bond pays the market price plus accrued interest. Acquisition: The acquiring of control of one corporation by another. In 'unfriendly'

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Miscellaneous - Indian Economy

The GDP deflator is also called implicit price deflator. Finance Minister Nirmala Sitharaman announced setting up of seven mega textile parks across the country over three years, in her Budget 2021- 2022 speech. The National Rail Plan announce

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Agriculture and Allied Sector Overview

Agriculture The Indiana agriculture sector has been growing at an average annual growth rate of 4.6% during the last six years. It grew by 3.0% in 2021-22 compared to 3.3% in 2020-21. In recent years, India has also rapidly emerged as the

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National Income & Fiscal Developments

National income is the measurement of the flow of services and goods in an economic system. Comparison between National Income and National Wealth The national wealth is the measurement of present assets available at a given time, while the

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Employment & Unemployment in India

Unemployment in India In common parlance, anybody who is not gainfully employed in any productive activity is called unemployed. However, it can be of two kinds: Voluntary unemployed Involuntary unemployed Here, we are

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Union and State Government Schemes

Schemes and Plans of Union and State Governments PAHAL Scheme The PAHAL (DBTL) scheme was launched on 1st June 2013 and covered 291 districts. More than 60% of LPG customers in the country have joined the ambitious PAHAL scheme for receiving ca

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Economic Policy and Reforms in India

Overview New Economic Policy is related to economic reforms. It aims to bring about reforms in production patterns, to obtain new technology, and to use full capacity expeditiously and in toto. History: The New Economic Policy was

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Indian Financial System Overview

Indian Financial System There are two parts of the Indian Financial System: the first demand side, and the second supply side. The representative of the demand side can be Individual investors, Industrial and Business Companies,

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India’s Position in World Indexes 2024

Ranking of India in Different Indexes (As on 03.05.2024) Edelman Trust Barometer-2024 In the Edelman Trust Barometer-2024, China ranked 1st and India second. Transparency International India (TII) - Global Corruption

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Annual Budget of India

The Budget of the Government of India, for any year, gives a complete picture of the estimated receipts and expenditures of the Government for that year based on the budget figures of the two previous years. Figures in Every Budget Every budget

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Finance and Economy Growth

Finance The Ministry of Finance is responsible for the administration of the finances of the government. It is concerned with all economic and financial matters affecting the country as a whole, including the mobilisation of resource

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Finance in India 2024

Gender and Child Budgeting Indian Econom IBE 2023-24, a total budget provision of 8804421 crore has been provided for 100% women-specific programmes and 1.35.175.54 стогe for schemes where at least 30% allocation is made for women-specific

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Fifth Monetary Policy 2023-24

Reserve Bank of India and Banking History Establishment and Nationalization of RBI The Reserve Bank of India was established on 1st April, 1935, and it was nationalized on 1st January, 1949. Currency Issuance The

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Public Sector Banks in India

Introduction Public Sector Banks (PSBs) are a major type of bank in India, where a majority stake (i.e., more than 50%) is held by the government. In April 2019, Vijaya Bank and Dena Bank were merged with Bank of Baroda. On 30 August 201

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Indian Banking System

Scheduled and Non-Scheduled Banks Scheduled Banks The scheduled banks are those that are entered in the second schedule of the RBI Act, 1934. These banks have a paid-up capital and reserves of an aggregate value of not less than Rs. 5

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India and Global Financial Institutions

International Fund for Agricultural Development (IFAD) International Fund for Agricultural Development (IFAD) was set up in 1977 as the 13th specialized agency of the United Nations. It is dedicated to eradicating poverty. 176 countries ar

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Understanding RBI Banking Terms

Important Banking Terminology Bank Rate Bank Rate is the rate at which the central bank of the country (e.g., RBI in India) allows finance to commercial banks. Bank Rate is a tool that the central bank uses for short-term purpose

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Currency and Coinage of India

Currency and Coinage Security Printing and Minting Corporation of India Ltd. (SPMCIL) Security Printing and Minting Corporation of India Ltd. (SPMCIL) is the only PSU under the Department of Economic Affairs. It was formed af

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GST & Tax System in India

Tax System in India Meaning of Tax A compulsory contribution given by a citizen or organisation to the Government is called Tax, which is used for meeting expenses on welfare work. Levels of Tax Imposing and Collecting Tax

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Evolution of Industrial Policy of India

Industrial Development in India Beginning of Industrial Development India started its quest for industrial development after independence in 1947. The Industrial Policy Resolution of 1948 marked the beginning of the evolu

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New Industrial Policy 1991

This new policy deregulates the industrial economy in a substantial manner. Major Features of NIP, 1991 Abolition of Industrial Licensing In a major move to liberalise the economy, the new industrial policy abolished

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