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General Awareness-Economics Notes-Indian Economy - Part 1 | TNPSC Question Papers

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GENERAL AWARENESS-ECONOMICS NOTES-INDIAN ECONOMY - PART 1

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General Awareness - Economics - Indian Economy - Five Year Plans Economics Notes for All Competitive Exams - Part I
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Economics Notes
The Gross National Product (GNP) is the money value of all the final goods and
services produced annually in the economy.
The difference between GNP at market prices and GNP at factor cost is equal to

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General Awareness-Economics Notes-Indian Economy - Part 1 | TNPSC Question Papers

net indirect taxes.
The term 'National Income' commonly refers to NNP at factor cost.
National income doesnt include interest on unproductive national debt
The national income of India is estimated mainly through production and income
methods.
The expenditure method is used to estimate the government's final consumption
expenditure, exports & imports of goods and service and change in inventories.
In India, the national income is estimated by the Central Statistical Organisation
(CSO)
The 'Primary Sector' of Indian economy includes agriculture, livestock and allied
activities, forestry, logging, fishing, mining and quarrying.
The 'Secondary Sector' includes manufacturing, Building construction,
electricity, gas and drinking water supply.
The 'tertiary sector' of an economy refers to the service sector.
Indian economy is the ideal model of a 'mixed economy'.
For the mixed economy Hansen used the term 'dual economy' and Lerner
'controlled economy'.
The 1st effort to initiate economic planning in India was made by M. Visvesvarya
in 1934 through his book entitled 'Planned Economy for India'.
The 'garibi hatao (eradicate poverty) slogan was coined during the Fourth Plan.
In 1938, the Indian National Congress set up the National Planning Committee
(NPC) chaired by
Jawaharlal Nehru.
'Gandhian Plan' which was prepared by Sriman Narayan.
The people's plan was formulated by M.N. Roy, almost at the same time.
Planning Commission was set up in 1950 under the Chairmanship of Prime
Minister.
Dadabhai Naoroji wrote the book 'Poverty and Un-British Rule in India.
The Planning Commission of India: An advisory body.
The Prime Minister of India is the Ex-officio Chairman of the Planning
Commission.
First and Second Plan were based on the Harod-Dornar growth model and
Mahalnobis Model respectively.
Agricultural targets in the First Plan.
Second Plan was on the development of basic and heavy industries .
A plan formulated (by Janta Govt.) for the Period (1978-83) was referred to as
the Rolling Plan.
The second plan saw the setting up of the three steel plants at Durgapur, Bhilai
and Rourkela and the expansion of the Chitteranjan Locomotive Works etc.,
Maharashtra Government introduced the Employment Guarantee Scheme
(EGS) in 1972-73.
The scheme was the first of its kind to give recognition to the 'right to work'
enshrined in the constitution.
The food for work programme was launched in 1977 with the objective of
generating employment opportunities, improving the level of income and
consumption and strengthening the rural infrastructure.
National Rural Employment Programme (NREP) from October 1980
The Integrated Rural Development Programme (IRDP) was initiated on October
2nd of 1980.
The Rural Landless Employment Guarantee Programme (RLEGP) was
launched on the 15th August 1983.
Training of Rural Youth for Self-Employment (TRYSEM) was started in 1979.
28th April. 1989 the Jawahar Rozgar Yojana (JRY) was launched by the then
Prime Minister RajivGandhi.
The poverty line has been defined by the Planning Commission on the basis of
an average daily intake of 2400 calories per person in rural areas and 2100
calories in Urban areas.
Inflation is caused by increase in money supply, decrease in production.
The main problem in India is the high level of birth rate coupled with a declining
death rate.
First the Reserve Bank was nationalised in 1949.
Thereafter in 1955 the Imperial Bank of India, a top Commercial Bank of that
time, was nationalised and renamed the State Bank of India.
In 1969 fourteen big commercial banks were nationalised.
The fifth plan was prepared and launched by D.O . Dhar.
The three main harvesting seasons are kharif, rabi and summer.
Agriculture is-the backbone of Indian Economy.
1969. Commercial Banks are broadly classified into nationalised or public sector
banks and private sector banks. The SBI and its associate banks along with
another 20 banks are the public sector banks.
April 15, 1980 six more commercial banks were nationalised.
ICICI - The Industrial Credit & Investment Corporation of India was setup in 1955
as a private sector development bank.

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General Awareness-Economics Notes-Indian Economy - Part 1 | TNPSC Question Papers

The Export Import (EXIM) Bank of India was established on January 1st 1982.
The National Bank for Agricultural and Rural Development (NABARD) was
established in July 1982 to oversee and develop the entire rural credit system
including agricultural credit.
The Life Insurance sector was nationalised in 1956 into Life Insurance
Corporation (LIC); and the non-life sector was nationalised in 1972 as the
General Insurance Corporation (GIC).
The RBI was inaugurated in April 1935 with a share of capital of Rs.5 crore. It
was nationalised in 1949.
SEBI was accorded statutory status by an act of Parliament effective from Mar
31st, 1992.
Inflation in India has been both a demand pull and a cost push type.
GNP - Gross National Product refers to the money value of total output or
production of final goods and services produced by the nationals of a country
during a given period of time.
GDP - Gross Domestic Product is the total money value of all final goods and
services produced within the geographical boundaries of the country during a
given period of time,
NNP: Net National Product. (NNP = GNP Depreciation)
NDP: Net Domestic Product. (NDP = GDP Depreciation)
National Income calculated by National Product at factor cost.
In India combination of production method and income method is used for
estimating national income.
CSO - Central Statistical Organisation.
CSO regularly publishes national income data .
World population has touched the level of 6 billion on day of October 12th 1999.
UNO has declared October 12 as 'Day of 6 billion'.
Inflation is that state in which the prices of goods and service rise on the one
hand and value of money falls on the other.
Demand pull inflation is that inflation when prices rise due to higher demand for
goods and services over the available supply.
Cost push inflation is another type of inflation in which prices rise due to
increased input costs.
Deflation is the state in which the prices of goods and services fall and the value
of money rises.
Deflation takes place when increase in money circulation loss behind the
increase in production.
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1 comments:
Arivu Kadir March 3, 2014 at 10:56 AM
please update the website.. the information which is given is more useful..
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