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According to the Economic Survey 2021-22, Advance Estimates suggest that the Indian economy is expected to witness real GDP expansion of 9.2 % in 2021-22 after contracting in 2020-21. This implies that overall economic activity has recovered p
Economy: It is the state of a country or region in terms of the production and consumption of goods and service and the supply of money. Types of Economy Depending upon the dominant view of the time in a particular country, different form
Main characteristics and various aspects of India Economy are: 1. Agrarian Economy: Even after seven-decades of independence, agriculture plays a vital role in India’s economy. 54.6% of the population is engaged in agriculture a
Agriculture and Food Management The agriculture sector, which is the largest employer of workforce, accounted for a sizeable 18.8 % (2021- 22) in Gross Value Added (GVA) of the country registering a growth of 3.6 % in 2020-21 and 3.9 % in 2021-
National income is the measurement of flow of services and goods in economic system. Comparison between National income with National wealth: The national wealth is the measurement of present assets available on a given time, while the National
Economic Planning is the process in which the limited natural resources are used skillfully so as to achieve the desired goals. The concept of Economic Planning in India, is derived from Russia (the then USSR). Planning' in India derives its
In common parlance anybody who is not gainfully employed in any productive activity is called unemployed. However, it can be of two kinds- 1. voluntary unemployed and 2. involuntary unemployed. Here we are concerned with the second category of une
Indian Trade was extremely developed during ancient time. After the British East India Company was established in 1600, the trade between India and Britain was in India's favour till 1757. At that time East India Company used to purchase clo
New Economic Policy is related to economic reforms. Its aim is to bring about reforms in production pattern, to obtain new technology and to use full capacity expeditiously and in toto. The New Economic Policy was devised and implemented, for th
Indian Financial System is a system in which People, Financial Institutions, Banks, Industrial Companies and the Government demand for fund and the same is supplied to them. There are two parts of Indian Financial System-first demand side and se
Fiscal System: It refers to the management of revenue and capital expenditure finances by the state. Hence, fiscal system includes budgetary activities of the government that is revenue raising, borrowing and spending activities. Fiscal Policy:
The Reserve Bank of India was established on 1st April, 1935 and it was nationalized on 1st January, 1949. The Finance Ministry issues Currency Notes and Coins of rupee one, all other Currency Notes are issued by the Reserve Bank of India. The
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
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
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
Before independence, the foreign trade of India was being operated on the principles of colonialism. But after independence, there have been huge changes in its state and direction. After independence, inward looking foreign trade policies were
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
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'
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