The growth rate of HDI (1980 – 2012) India – 1.3% China – 1.7% Europe – 0.5 % World – 0.7 Types of Human Development Indicators Very high Human Development High Human Development Medium Human Development Low Human Development As per UNDP developed countries have the very high human development index, till now we have …
Economy Basic Concepts Part – 4 Human Development Index Read More »
Market Equilibrium A situation in which the supply of an item is exactly equal to its demand. Since there is neither surplus nor shortage in the market, price tends to remain stable in this situation. Economy Basic Concepts Part 1 – Market Equilibrium How is equilibrium established? Graphically, we say that demand contracts inwards along …
Economy Basic Concepts Part 1 – Market Equilibrium Read More »
(1) MR = MC When one more unit of output is produced, MR is the gain and MC is the cost to the producer, so as long as the benefit is greater than the cost or MR is greater than MC. It is profitable to produce more. The producer is not in equilibrium when MR …
Economy Basic Concepts Part 2 – Gross domestic product (GDP) Read More »
The concept of National Income and related aggregates Gross vs. Net Net Value = Gross – Depreciation (consumption of fixed capital) Depreciation – Reduction in the value of capital goods due to wear and tear lapse of time Net National Product (NNP) = Gross National Product (GNP) – Depreciation National vs. Domestic National = Domestic …
Economy Basic Concepts Part 3 – National Income and related aggregates Read More »
Tax Reforms Tax reforms are concerned with the reforms in government’s taxation and public expenditure policies which are collectively known as its fiscal policy. There are two types of taxes: direct and indirect Since 1991, there has been a continuous reduction in the taxes on individual incomes as it was felt that high rates of …
Indian Economy Part 8 – LIBERALISATION, PRIVATISATION AND GLOBALISATION Read More »
LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL Introduction and Background Since independence, India followed the mixed economy framework by combining the advantages of the market economic system with those of the planned economic system. Over the years, this policy resulted in the establishment of a variety of rules and laws which were aimed at controlling and …
Indian Economy Part – 7 LIBERALISATION, PRIVATISATION AND GLOBALISATION Read More »
The Debate over Subsidies The economic justification of subsidies in agriculture is, at present, a hotly debated question. It is generally agreed that it was necessary to use subsidies to provide an incentive for the adoption of the new HYV technology by farmers in general and small farmers in particular. Any new technology will be …
Indian Economy Part 6 – The Debate over Subsidies Read More »
Medieval period Lies between the 8th and the 18th century A.D The Early Medieval period (8th-12th-century A.D.) Later Medieval period (12th-18th century) Rajputs who belonged to the early medieval period The Rajput Period (647A.D- 1200 A.D.) The Ancient Indian history came to an end with the rule of Harsha and Pulakesin II From the death of Harsha …
AGRICULTURE During the colonial rule, there was neither growth nor equity in the agricultural sector. The policy makers of independent India had to address these issues which they did through land reforms Promoting the use of ‘miracle seeds’ which ushered in a revolution in Indian agriculture. Land Reforms At the time of independence, the land …
Indian Economy Part 5 – The Goals of Five Year Plans 2 Read More »
Indian Economy – 1950 – 1990 Introduction With independent our leaders were concerned for a system which would promote the welfare of all rather than a few. Socialism appealed to Jawaharlal Nehru the most, he was not in favour of the kind of socialism established in the former Soviet Union Where all the means …
Indian Economy Part 4 – The Goals of five year plan Read More »
