<<–2/”>a >h5 style=”text-align: center;”>Basic Features of Indian economy
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(I) NATIONAL INCOME ; Elementary concepts of national Income and methods of its calculation e-g,GDP, GNP, NDP, NNP, CSDP. NSDP, DDP at constant and current prices, at Factor Cost etc;
(II) Inflation : Concept control of inflation : monetary, fiscal and direct measures.
(III)Demographic features : Work force composition, Demographic dividend with special reference to census of 2011; National Population Policy
(IV) agriculture and Rural Economy : Importance of agriculture in national economy; agricultural Growth in India-production & productivity; causes of low productivity and measures taken by government to improve agricultural production; Green Revolution, Ever Green Revolution and Rainbow revolution; WTO and agriculture.Marketing
and pricing of agricultural inputs and outputs.
(V) Industrial Economy: Policy Initiative & charges
(VI) PUBLIC FINANCE : nature, importance and scope of public finance; Taxation-direct-indirect-progressive-and-proportional/”>Public Revenue-Principles and types of taxation; direct, indirect, progressive and proportional, concept of VAT.
(VII) Public Expenditure : Theories of public expenditure; causes of growth of public expenditure and its impact on economy; internal and external borrowings.
(VIII) Budget : Principles of BUDGETING; types of budgettng-pprfnrmanrp- based.Zeroised; FRMD
(IX) Fiscal Policy : Concept and role of fiscal policy in achieving EMPLOYMENT, stability and Economic Development.
(X) Centre-State fiscal relationship,role of Finance Commission; Financial aspects of 73rd and 74th Constitutional amendments.
(XI) Structure of Indian monetary and Banking system in India.
(XI)(A) Composition and direction of India’s trade; Balance of Payment problem
Sustainable Development, Economic Issues and Indian Development Strategy
(XII) Meaning and Measurement of Economic Development; Characteristics of Under Development.
(XIII) Indicators of development: HD1, GDI,GEM; India’s HDI progress .
(XIV) Rote of Foreign capital & technology in growth of economy.
(XV) Sustainable development : concept and indicators of sustainable development; economic,social and environmental sustainability; concept of Green GDP; Strategy and policy for sustainable development in India
(XVJ) Meaning of Inclusive Growth and development policy and strategy during 11th and 12th Five Year Plans.
(XVII) Development status and Issues pertaining to socially and economically marginalised sections, like STs, SCs, religious minorities,backward castes and Women; schemes launched for their development by Central/State Governments, including TSP, SCSP and minorities
(XVIII)POVERTY and UN-employment:Measurements arid trends; identification of DPI families, HPt, MultiDimensional Indian poverty index.
(XIX)Food and Nutritional Security : Trends in Food production and consumption in India; Problem of Food Security : Problems and issues of storage,procurement distribution,import and export: Government policies,schemes and programmes such as, PDS, ICDS and Mid-day Meal etc.
(XX) Governmental policies for food and nutritional security.
(XXI)Planning Strategy : Objectives and strategy of Indian Five Year Plans; Functions and Role of NOG, Planning Commission.
(XXII) Decentralized planning : Meaning and importance; and decentralised planning; major initiatives in India-
Economic Reforms, Nature and Impact on Indian Economy
(XXI1J) New economic Reforms-Liberalization-2/”>Liberalization, Privatization and Globalization/”>Globalization-3/”>Globalization, rationale and need for reforms, International financial institutions IMF, World Bank. WTO, their role and impact on Indian economy
(XXIV)Financial and Banking sector reforms, economic reforms and NABARD-rrbs/”>rural banking impact on rural credit:sources and problems of rural credit, institutional credit,SHG, micro finance, NABARD, RRBs, Scheduled Commercial Banks, rural co-operatives, Financial Inclusion
(XXV) Globalization of Indian economy ; its positive and negative impacts on different sectors, issues of FD1 and Fll in India.
(XXVI)Agricultural sector reforms and its impact on growth; issues of subsidies and public Investment on agriculture, reforms and agrarian iris is,
(XXVII)lndustrial development and Economic Reforms In India : Major changes in Industrial Policy, its impact on industrial growth and Problems of SMEs; role of’ Public Sector enterprises in India’s industrialization in post reforms period; Disinvestment and Privatisation of Pubiic Enterprises,
Economics is the study of how people make choices under conditions of scarcity. It is a social science that seeks to understand the production, distribution, and consumption of goods and Services. Economics is a broad field that encompasses a wide range of topics, including economic theory, economic history, and economic policy.
Economic Systems are the ways in which societies organize themselves to produce and distribute goods and services. There are four main types of economic systems: traditional, command, market, and mixed.
Traditional economies are based on custom and tradition. In a traditional economy, there is little division of labor and most people are self-sufficient.
Command economies are centrally planned by the government. In a command economy, the government owns and controls all of the means of production.
Market economies are based on the principle of supply and demand. In a market economy, businesses and individuals are free to buy and sell goods and services.
Mixed economies are a combination of market and command economies. In a Mixed Economy, the government plays a role in the economy, but businesses and individuals also have a significant amount of freedom.
Production is the process of creating goods and services. The factors of production are the Resources that are used to produce goods and services. The four factors of production are land, labor, capital, and Entrepreneurship.
Consumption is the act of using goods and services. Consumption is the end goal of production.
Exchange is the process of trading goods and services. Exchange allows people to get the goods and services they want and need.
National Income Accounting is the system of measuring the economic activity of a country. National income accounts measure the production, income, and expenditure of a country.
Money is a medium of exchange, a unit of account, and a store of value. Money allows people to trade goods and services without having to barter. Money also makes it easier to compare the prices of goods and services. Money can also be used to store value over time.
Banking is the business of providing financial services to individuals and businesses. Banks accept deposits, make loans, and provide other financial services.
Public finance is the study of how governments raise and spend money. Public finance includes topics such as taxation, government spending, and the national debt.
International economics is the study of the economic relationships between countries. International economics includes topics such as trade, foreign investment, and exchange rates.
The Indian economy is the seventh largest economy in the world by Nominal GDP and the third largest economy by purchasing power parity. India is a mixed economy with a large public sector. The Indian economy is growing rapidly and is expected to become one of the largest economies in the world in the coming decades.
Economic development is the process of improving the economic well-being of a country or region. Economic development includes increasing the level of income, reducing poverty, and improving the Quality Of Life.
Planning in India is the process of setting goals for the economy and developing policies to achieve those goals. The Indian government has been planning the economy since the 1950s. The planning process has been successful in some areas, such as industrialization, but it has also been criticized for being too bureaucratic and inefficient.
Agriculture is the practice of cultivating Plants and Livestock. Agriculture is the primary source of livelihood for a large proportion of the Indian population. India is the world’s second largest producer of rice and wheat.
Industry is the production of goods on a large scale. India has a diverse Industrial Sector, including manufacturing, mining, and construction. India is the world’s second largest producer of textiles and pharmaceuticals.
The services sector is the part of the economy that provides services to businesses and individuals. The services sector is the largest sector of the Indian economy, accounting for over 50% of GDP.
Foreign Trade is the exchange of goods and services between countries. India is a major player in the global economy. India’s exports are growing rapidly and the country is becoming a major destination for foreign investment.
Monetary Policy is the use of interest rates and other tools to control the Money Supply. The Reserve Bank of India is the central bank of India and is responsible for monetary policy.
Fiscal policy is the use of government spending and taxation to influence the economy. The Indian government uses fiscal policy to promote economic growth, reduce poverty, and control inflation.
Poverty is the state of being poor. Poverty is a major problem in India. Over 20% of the Indian population lives below the Poverty Line.
Inequality is the state of being unequal. Inequality is a major problem in India. The gap between the rich and the poor is growing wider.
Economic reforms are changes to the economic system that are designed to improve economic performance. The Indian government has implemented a number of economic reforms since the 1990s. The reforms have been successful in increasing economic growth and reducing poverty.
Economic Concepts
What is economics?
Economics is the study of how people make choices under conditions of scarcity.What are the three basic economic questions?
The three basic economic questions are:- What goods and services should be produced?
- How should these goods and services be produced?
For whom should these goods and services be produced?
What are the four factors of production?
The four factors of production are:- Land
- Labor
- Capital
Entrepreneurship
What is the difference between microeconomics and macroeconomics?
Microeconomics is the study of the economic behavior of individual units, such as households and firms. Macroeconomics is the study of the economy as a whole.What is the difference between positive economics and normative economics?
Positive economics is the study of what is, while normative economics is the study of what ought to be.What is the law of demand?
The law of demand states that, all other things being equal, the quantity demanded of a good or service will decrease as the price of that good or service increases.What is the law of supply?
The law of supply states that, all other things being equal, the quantity supplied of a good or service will increase as the price of that good or service increases.What is the difference between a market economy and a command economy?
A market economy is an economy in which the prices of goods and services are determined by supply and demand. A command economy is an economy in which the prices of goods and services are determined by the government.What is the difference between a Capitalist Economy and a Socialist Economy?
A capitalist economy is an economy in which the means of production are privately owned. A socialist economy is an economy in which the means of production are owned by the government.What is the difference between a mixed economy and a centrally planned economy?
A mixed economy is an economy in which the means of production are both privately owned and publicly owned. A centrally planned economy is an economy in which the means of production are all publicly owned.
Indian Economy
What is the Indian economy?
The Indian economy is the seventh largest economy in the world by nominal GDP and the third largest economy by purchasing power parity.What are the major sectors of the Indian economy?
The major sectors of the Indian economy are agriculture, industry, and services.What are the major challenges facing the Indian economy?
The major challenges facing the Indian economy are poverty, Unemployment, and Infrastructure-2/”>INFRASTRUCTURE-development/”>Infrastructure Development.What are the major achievements of the Indian economy?
The major achievements of the Indian economy are economic growth, poverty reduction, and infrastructure development.What are the major policies of the Indian government to promote economic growth?
The major policies of the Indian government to promote economic growth are:- Fiscal policy
- Monetary policy
- Industrial policy
- Trade Policy
Foreign investment policy
What are the major challenges facing the Indian government in promoting economic growth?
The major challenges facing the Indian government in promoting economic growth are:- Corruption
- Infrastructure development
- Labor laws
- Land acquisition
- Environmental regulations
1. Which of the following is not a factor of production?
(A) Land
(B) Labour
(C) Capital
(D) Entrepreneurship
2. Which of the following is not a type of market?
(A) Perfect competition
(B) Monopoly
(C) Oligopoly
(D) Duopoly
3. Which of the following is not a macroeconomic objective?
(A) Economic growth
(B) Full employment
(C) Price stability
(D) Income Equality
4. Which of the following is not a component of the Indian economy?
(A) Agriculture
(B) Industry
(C) Services
(D) Government
5. Which of the following is not a source of government revenue?
(A) Taxes
(B) Borrowing
(C) Selling assets
(D) Printing money
6. Which of the following is not a component of the Indian government budget?
(A) Revenue
(B) Expenditure
(C) Deficit
(D) Surplus
7. Which of the following is not a type of economic development?
(A) Primary
(B) Secondary
(C) Tertiary
(D) Quaternary
8. Which of the following is not a factor of economic growth?
(A) Human Capital
(B) Physical capital
(C) Natural Resources
(D) Technology
9. Which of the following is not a type of economic inequality?
(A) Income inequality
(B) Wealth inequality
(C) Opportunity inequality
(D) Gender inequality
10. Which of the following is not a policy to reduce economic inequality?
(A) Taxation
(B) Transfer Payments
(C) Minimum wage
(D) Price controls
11. Which of the following is not a type of economic development strategy?
(A) Import substitution
(B) Export Promotion
(C) Import liberalization
(D) Export diversification
12. Which of the following is not a type of economic system?
(A) Capitalism
(B) Socialism
(C) Communism
(D) Mercantilism
13. Which of the following is not a characteristic of a market economy?
(A) Private ownership of property
(B) Freedom of choice
(C) Economic efficiency
(D) Economic equality
14. Which of the following is not a characteristic of a command economy?
(A) Public ownership of property
(B) Central planning
(C) Economic efficiency
(D) Economic equality
15. Which of the following is not a characteristic of a mixed economy?
(A) Private ownership of property
(B) Freedom of choice
(C) Economic efficiency
(D) Economic equality
16. Which of the following is not a type of economic crisis?
(A) Recession
(B) Depression
(C) Inflation
(D) Deflation
17. Which of the following is not a cause of economic crisis?
(A) Financial instability
(B) Asset bubbles
(C) Economic shocks
(D) Government policy
18. Which of the following is not a policy to mitigate economic crisis?
(A) Monetary policy
(B) Fiscal policy
(C) Structural reforms
(D) Price controls
19. Which of the following is not a type of economic growth?
(A) Positive growth
(B) Negative growth
(C) Zero growth
(D) Stagnation
20. Which of the following is not a cause of economic growth?
(A) Investment
(B) Innovation
(C) Productivity growth
(D) Government spending