Macro Economics

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MACRO ECONOMICS
†Kvm© †KvW : BBS 3501
e¨v‡Pji Ae weR‡bm ÷vwWR †cÖvMÖvg

(weweGm †cÖvMÖvg)
mgwóK A_©bxwZ (MGD 3211) Ges

A_©kv‡¯¿i g~jbxwZ-2 (BEC 3302)
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mgwóK A_©bxwZ
MACRO ECONOMICS
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(weweGm †cÖvMÖvg)
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mgwóK A_©bxwZ
weweGm †cÖvMÖvg
MACRO ECONOMICS
BBS PROGRAMME
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A‡±vei-2009, 2016
GwcÖj-2017
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18/26/4, ïKjvj `vm †ivW
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ISBN 984-34-3097-2
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BDwbU-1 t mgwóK A_©bxwZ : aviYv, ¸iæZ¡ I Kvh©kxjZv 1
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cvV-2 t RvZxq Av‡qi PµvKvi cÖevn 14
cvV-3 t RvZxq Av‡qi cwigvc 18
cvV-4 t RvZxq Avq cwigv‡ci myweav I Amyweav 23
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cvV-3 t ¸YK ZË¡ 56
BDwbU-5 t wewb‡qvM ZË¡ 61
cvV-1 t wewb‡qv‡Mi msÁv I cÖvmswMK aviYvmg~n 62
cvV-2 t wewb‡qv‡Mi wm×všÍ 67
cvV-3 t wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZ 74
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cvV-6 t AvšÍR©vwZK A_© ms¯’vmg~n 141
BDwbU-9 t miKvwi A_©eë¯’v 145
cvV-1 t miKvwi A_© eë¯’vi msÁv I cwiwa 146
cvV-2 t evRvi A_©bxwZi e¨_©Zv, miKv‡ii f~wgKv 148
cvV-3 t MY`ªe¨ : aviYv I ZË¡ 151
cvV-4 t Ki eë¯’v 155
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mgwóK A_©bxwZ
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mgwóK A_©bxwZ: aviYv, ¸iæZ¡ I Kvh©kxjZv

Macroeconomics: Concept, Importance and Performance
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Av‡jv‡K A_©bxwZi Kvh©kxjZv Rvb‡Z cvi‡eb|
mgwóK A_©bxwZi msÁv

MÖxK kã `Makros' †_‡K Macroeconomics ev mgwóK A_©bxwZ cwifvlvi DrcwË| `Makros' kãwUi AvwfavwbK A_©
n‡jv e„nr (large)| myZivs DrcwËMZ ev AvwfavwbK A‡_©, mgwóK A_©bxwZ ej‡Z GKwU A_©bxwZi mvgwMÖK cwiw¯’wZi
Aa¨qb ev eY©bv‡K eySvq|
Ab¨ me wel‡qi g‡ZvB GK K_vq mgwóK A_©bxwZi msÁv cÖ`vb Kiv m¤¢e bq| A_©bxwZwe`MY ZvB mgwóK A_©bxwZi
welqe¯Íy D‡jø‡Li gva¨‡g Gi msÁv cÖ`vb K‡i _v‡Kb| e¯ÍyZt Gme Av‡jvP¨ welq (hv cwifvlvq mgwóK PjK bv‡g
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`y'†Uv msÁvi D‡jøL Kie| G `y‡Uv msÁv †_‡K mgwóK A_©bxwZi cÖK„wZ Ges welqe¯Íy m¤c‡K© ¯úó aviYv jvf Kiv hv‡e|
A_©bxwZwe` MvW©bvi GK&wji (Gardner Ackley) g‡Z, ÔAvgiv mgwóK A_©‰bwZK we‡kÐlY‡K H me cÖfve m„wóKvix welq
ev Dcv`v‡bi ch©v‡jvPbv wn‡m‡e mÁvwqZ Ki‡Z cvwi hv GKwU A_©bxwZi mvgwMÖK Drcv`b, wb‡qvM I `vg¯Íi wba©viY K‡i
Ges mg‡qi eëav‡b G‡ì cwieZ©‡bi nvi‡K cÖfvweZ K‡i (We can define macroeconomic analysis as the study
of the forces or factors that determine the levels of aggregate production, employment and prices in an
economy, and their rates of change over time)| A_©bxwZwe` iæwWMvi Wb©eyk (Rudiger Dornbusch) I ó¨vbwj
wdkvi (Stanley Fischer) -Gi g‡Z, mgwóK A_©bxwZi Av‡jvP¨ welq n‡jv mvwe©K A_©bxwZi AvPiY ev MwZ-cÖK„wZ ‡hgb-
A_©‰bwZK DbœwZ I AebwZ, `ªe¨mvgMÖx I †mevi †gvU Drcv`b Ges Gi cÖe„w×, gy`ªvùxwZ I †eKvi‡Z¡i nvi, †jb‡`b
fvimvg¨ I gy`ªvi wewbgq nvi' (Macroeconomics is concerned with the behaviour of the economy as a whole -
with booms and recessions, the economy's total output of goods and services and the growth of output, the
rates of inflation and unemploymecnt, the balance of payments, and exchange rates')|
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mgwóK I e¨wóK A_©bxwZ

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Av‡jvPbv Kivi cÖ‡qvRbxqZv Dcjwä K‡ib| MÖxK kã `Mikros' †_‡K Microeconomics ev e¨wóK A_©bxwZ cwifvlvi
DrcwË| Mikros kãwUi AvwfavwbK A_© n‡jv Ôÿz`ª' (Small or tiny)| myZivs e¨wóK A_©bxwZ ej‡Z A_©bxwZi †mB
kvLv‡K eySvq hv GKwU A_©bxwZi GKwU ÿz`ª Ask wb‡q Av‡jvPbv K‡i ev cÖwZwU A_©‰bwZK mgm¨v‡K c„_K c„_Kfv‡e
we‡kÐlY K‡i| Kv‡RB c„_K c„_Kfv‡e cwievieM©, evRvi, Drcv`b cÖwZôvb cÖf„wZi AvPiY we‡kÐlY e¨wóK A_©bxwZi
welqe¯Íy| D`vniY¯îƒc g‡b Kiæb, Avcwb Rvb‡Z Pvb Kx Kx welq Øviv †c‡Uªv‡ji `vg wba©vwiZ nq, Kxfv‡e GKwU
Drcv`b cÖwZôv†bi fvimvg¨ Drcv`b I `vg wba©vwiZ nq A_ev Kx Kx welq Øviv GKwU cwiev‡ii wPwKrmv-e¨q wba©vwiZ
nq - G‡ÿ‡Î Avcwb wbwðZfv‡eB e¨wóK A_©‰bwZK mgm¨v wb‡q Av‡jvPbv Ki‡Qb| Ab¨w`‡K, mvgwMÖK Drcv`b, `vg¯Íi,
RvZxq Av‡qi Ask wn‡m‡e †gvU wPwKrmv-e¨q cÖf„wZ mgwóK A_©bxwZi welqe¯Íy|
e¨wóK I mgwóK A_©bxwZi cv_©K¨ GKwU mnR Dcgvi mvnv‡h¨ e¨vL¨v Kiv hvq| g‡b Kiæb, Avcwb †nwjKÐv‡i P‡o GKwU
Nb Ai‡bï Dci w`‡q hv‡”Qb| Ai‡bï †h mvwe©K `„k¨ Avcbvi †Pv‡L cÖwZfvZ n‡e Zv mgwóK A_©‰bwZK wP‡Îi mv‡_
Zzjbxq| Ab¨w`‡K, Ai‡bï cÖwZwU e„‡ÿi c„_K c„_K ch©‡eÿY e¨wóK A_©‰bwZK mgm¨vi mv‡_ Zzjbxq|
e¨wóK I mgwóK A_©bxwZi Ab¨Zg cÖavb cv_©K¨ n‡jv GB †h, e¨wóK A_©bxwZ g~jZt Zzjbvg~jK `vg (relative prices)
wb‡q Av‡jvPbv K‡i| g‡b Kiæb, cÖwZ WRb Av‡c‡ji `vg 50 UvKv Ges cÖwZ WRb Kgjvi `vg 25 UvKv| Zzjbvg~jK `vg
ej‡Z cÖwZ WRb Av‡c‡ji cwie‡Z© KZ WRb Kgjv cvIqv hvq Zv‡K eySvq| e¯ÍyZt Zzjbvg~jK `vg e¨wóK A_©‰bwZK
we‡kÐl‡Yi g~j PvwjKv-kw³| mgwóK A_©bxwZ‡Z Zzjbvg~jK `v‡gi mswkÐóZv (relevance) _vK‡jI g~jZt ZvwË¦K
Av‡jvPbvq Zv cwinvi Kiv nq|
Dch©y³ cv_©K¨mg~n †g‡b wb‡qI ejv hvq †h, e¨wóK I mgwóK A_©bxwZi g‡a¨ †Kvb cÖKvi ÿzi-avi cv_©K¨ wbY©q m¤¢e bq|
mvaviY A_©‰bwZK Z‡Ë¦ Gi †h †Kvb GKwU‡K c„_Kfv‡e Av‡jvPbv Kiv AZ¨šÍ `~iæn welq| hwÌ e¨wóK A_©bxwZ GKwU
A_©eë¯’vi Ask we‡kl‡K Avjv`vfv‡e we‡kÐlY K‡i Ges mgwóK A_©bxwZ GKwU A_©bxwZi mvgwMÖK wPÎ e¨vL¨v K‡i
Z_vwc G `y'cÖKvi we‡kÐl‡Yi mvaviY w`K (overlapping) i‡q‡Q| g~jZt A_©bxwZi mvgwMÖK Kvh©µg Gi Askmg~‡ni
Kvh©µ‡gi Dci wbf©ikxj| Kv‡RB Ask c„_Kfv‡e Av‡jvPbv Kiv KwVb| GKwU †`‡ki †gvU Drcv`b kZ-mnmª Drcv`b
cÖwZôv‡bi c„_K c„_K wm×v‡šÍi dmj| Ab¨w`‡K, cÖwZwU Drcv`b cÖwZôvb, cwievi, e¨w³i c„_K c„_K wm×všÍ AskZ cy‡iv
A_©bxwZi Kg©Kv‡Ûi ci wbf©i K‡i| myZivs e¨wóK I mgwóK A_©bxwZ G‡K A‡bï cwic~iK (complentary), weKí
(substitute) bq| Aa¨vcK m¨vgy‡qjm‡bi K_vq, `There is really no opposition between macro and micro
economics. Both are absolutely vital. And you are only half - educated if you understand the one being
ignorant of the other'.
BDwbU-1 c„ôv-3
weweGm †cÖvMÖvg
Abykxjb
e¨wóK A_©bxwZ I mgwóK A_©bxwZi 2 wU K‡i Av‡jvP¨ wel‡qi bvg wjLyb|
mgwóK A_©‰bwZK Kvh©kxjZv (Macroeconomic performance)

mgwóK A_©‰bwZK Kvh©kxjZv ej‡Z GKwU †`‡ki mgwóK A_©‰bwZK PjKmg~‡ni mgq-eëav‡b DVwZ-cowZ ev DbœwZ-
AebwZ‡K eySvq| we‡kŸi cÖwZwU †`k KZ¸‡jv †gŠwjK D‡Ïk¨‡K mvg‡b †i‡L cÖwZwbqZ Kg© cÖ‡Póv Pvwj‡q hv‡”Q Ges G
mKj D‡Ïk¨ ev¯Íevq‡bi Rb¨ wewfbœ nvwZqvi (instruments) †hgb- ivR¯^bxwZ, Avw_©KbxwZ, evwYR¨-bxwZ cÖf„wZ‡Z
cÖ‡qvRbxq cwieZ©b Avbqb Ki‡Q| mg‡qi eëav‡b KvswLZ D‡Ïk¨mg~‡ni mwVK ev¯Íevqb ev e¨_©ZvB GKwU †`‡ki
mgwóK A_©‰bwZK Kvh©kxjZvi cwigvcK| mgwóK A_©‰bwZK Kvh©kxjZvi cwigvcK welqmg~n Z_v †h mKj D‡Ïk¨‡K
mvg‡b †i‡L GKwU †`‡ki mvgwMÖK bxwZgvjv cÖYxZ nq †m¸‡jv n‡jv h_vµ‡g- Drcv`b, wb‡qvM¯Íi, `vg¯Í‡ii w¯’wZkxjZv,
Ges ê‡`wkK evwY‡Rï w¯’wZ| GLb Avgiv ch©vqµ‡g G welq¸‡jv Av‡jvPbv Kie|
Drcv`b: cÖvZ¨wnK Rxe‡b gvby‡li wewfbœ cÖKvi `ªe¨mvgMÖx I †mev eënv‡ii cÖ‡qvRb nq| G mKj `ªe¨ I †mev‡K Lv`¨,
e¯¿, evm¯’vb, wkÿv, wPwKrmv, we‡bv`b cÖf„wZ cÖavb †kÖYx‡Z wef³ Kiv hvq| GKwU †`k GKwU wbw`©ó mg‡q G mKj
`ªe¨mvgMÖx I †mevi hZUzKz †hvMvb w`‡Z cv‡i Zv A_©bxwZ‡Z †gvU RvZxq Drcv`b bv‡g cwiwPZ| AwaK RvZxq Drcv`b
†gvU Rb‡Mvôxi `ªe¨mvgMÖx I †mevi AwaK cÖvc¨Zv wb‡`©k K‡i| myZivs GKwU †`‡ki mgwóK A_©‰bwZK Kvh©kxjZv wePvi
Kivi Rb¨ †gvU RvZxq Drcv`b GKwU ¸iæZ¡c~Y© cwigvcK|
†gvU RvZxq Drcv`b‡K PjwZ evRvig~j¨ A_ev cÖK„Z evRvig~‡j¨ cwigvc Kiv n‡Z cv‡i| PjwZ evRvig~‡j¨ cÖKvwkZ †gvU
RvZxq Drcv`b‡K Avw_©K RvZxq Drcv`b Ges cÖK„Z evRvig~j¨ Z_v c~e©eZ©x †Kvb w¯’wZkxj (ivR‰bwZK, cÖvK„wZK cÖf„wZ
w`K ‡_‡K) eQ‡ii evRvig~‡j¨ cÖKvwkZ RvZxq Avq‡K cÖK„Z RvZxq Drcv`b e‡j| Ab¨fv‡e ejv hvq, cÖ_‡gv³ †ÿ‡Î
gy`ªvùxwZ AšÍfy©³ Ges wØZxq †ÿ‡Î gy`ªvùxwZ AšÍfy©³ bq| GKwU A_©bxwZi mvgwMÖK Kvh©kxjZv e¨vL¨v Ki‡Z ZvB cÖK„Z
RvZxq Drcv`b Ges mgq eëav‡b Gi cwieZ©b AwaKZi MÖnY‡hvM¨ GKwU aviYv|
†gvU Drcv`b we‡kÐl‡Y GKwU cÖ‡qvRbxq aviYv n‡”Q cÖ”Qbœ †gvU RvZxq Drcv`b (Potential Gross National
Product)| cÖ”Qbœ RvZxq Drcv`b ej‡Z Drcv`‡bi DcKiYmg~‡ni c~Y©wb‡qvM Ae¯’vq cÖK„Z RvZxq Drcv`‡bi m¤¢ve¨
cwigvY‡K eySvq| cÖ”Qbœ †gvU RvZxq Drcv`b GKwU †`‡ki Drcvw`Kv kw³i wb‡`©kK| cÖK„Z Drcv`b cÖ”Qbœ Drcv`b
A‡cÿv Kg nIqvi A_© n‡”Q Drcvw`Kv kw³i Ac~Y© eënvi| myZivs cÖK„Z Drcv`b I cÖ”Qbœ Drcv`‡bi Zzjbv K‡i GKwU
†`‡ki mgwóK A_©‰bwZK Kvh©kxjZv e¨vL¨v Kiv hvq|
cÖe„w× I wb‡qvM¯Íi: D”P wb‡qvM¯Íi Ges cÖK„Z RvZxq Drcv`‡bi D”P cÖe„w×i nvi GKwU †`‡ki ÿgZv ev mvg‡_©ï DËg
wb‡`©kK| Ab¨w`‡K, wbæ wb‡qvM¯Íi Z_v D”P †eKviZ¡ Ges wbæ cÖe„w×i nvi GKwU A_©bxwZi AÿgZv‡K Zz‡j a‡i| ea©gvb
RbmsL¨vi GKwU †`‡k Rbmvavi‡Yi eënv‡ii Rb¨ cÖwZeQi AwaK cwigvY `ªe¨mvgMÖx I †mev Drcv`‡bi cÖ‡qvRb nq|
ZvQvov RbmsL¨v evovi mv‡_ mv‡_ kÖgkw³I ev‡o| GKB nv‡i AwZwi³ Kg©ms¯’v‡bi eë¯’v bv n‡j †m †`‡k †eKviZ¡
evo‡e| GLv‡b D‡jøL¨ †h, D”P cÖe„w×i nvi Ges D”P wb‡qvM¯Íi AsMvAswMfv‡e RwoZ| GKwU AciwU‡K wba©viY K‡i|
myZivs GKwU †`‡ki cÖe„w×i nvi ev wb‡qvM¯Í‡ii DVvbvgv †`kwUi mgwóK A_©‰bwZK Kvh©kxjZvi Ab¨Zg cwigvcK|
`vg¯Í‡ii w¯’wZkxjZv: A_©‰bwZK w¯’wZkxjZv AR©b Ges eRvq ivLvi Rb¨ `vg¯Í‡ii w¯’wZkxjZv GKwU Acwinvh© kZ©|
cÖ_gZt `vg¯Íi Ggb GKwU gvcKvwV hv Øviv Ab¨vb¨ A_©‰bwZK PjKmg~‡ni gvb wba©vwiZ nq| myZivs `vg¯Í‡ii cwieZ©b
A_©‰bwZK PjKmg~‡ni gvb wba©vi‡Yi gvcKvwVi cwieZ©b eySvq| wØZxqZt `vg¯Í‡ii cwieZ©‡bi mv‡_ RbM‡Yi µqÿgZv
wecixZfv‡e m¤c©wK©Z| `vg¯Íi e„w× †c‡j µqÿgZv K‡g Ges `vg¯Íi nªvm †c‡j µqÿgZv ev‡o| `vg¯Í‡ii µgvMZ
e„w×‡K gy`ªvùxwZ ejv nq| HwZnvwmKfv‡e, gy`ªvùxwZ GKwU ÿwZKi welq e‡j cÖgvwbZ n‡q‡Q| Dch©y³ KviYmg~‡ni
Av‡jv‡K `vg¯Í‡ii w¯’wZkxjZv eRvq ivLv GKwU A_©bxwZi Ab¨Zg cÖavb D‡Ïk¨ wn‡m‡e we‡ewPZ|
ê‡`wkK evwY‡Rï w¯’wZ: eZ©gvb we‡kŸi †Kvb †`kB ¯^qsm¤c~Y© bq| cÖwZwU †`k wKQy `ªe¨ I †mev Avg`vwb K‡i Ges wKQy
`ªe¨ I †mev ißvwb K‡i| Avg`vwb - ißvwb hwÌ GKwU mve©Rbxb Ges Awew”Qbœ cÖwµqv Z_vwc cÖwZwU †`‡ki jÿ¨ _v‡K
Avg`vwb-e¨q I ißvwb-Av‡qi mgZv AR©b| Gi `y‡Uv KviY i‡q‡Q| cÖ_gZt Avg`vwb e¨q ißvwb Avq A‡cÿv †ekx n‡j
A_©vr ê‡`wkK evwY‡R¨ NvUwZ _vK‡j F‡Yi mvnv‡h¨ Zv c~iY Ki‡Z nq| wØZxqZt ißvwb Avq Avg`vwb e¨q A‡cÿv †ekx
n‡j †`‡ki Af¨šÍ‡i gy`ªvùxwZ ev‡o|
BDwbU-1 c„ôv-4
mgwóK A_©bxwZ
ê‡`wkK evwY‡R¨ w¯’wZ AR©‡bi cvkvcvwk GKwU †`k gy`ªvi wewbgq nv‡i w¯’wZkxjZv AR©b Ki‡Z Pvq| gy`ªvi wewbgq nvi
evo‡j ißvwb `ª‡eï `vg ev‡o| d‡j †`kwUi ißvwb Avq K‡g| Ab¨w`‡K, gy`ªvi wewbgq nvi Kg‡j Avg`vwb-e¨q ev‡o hvi
d‡j Avg`vbx K‡g|
Abykxjb
A_©‰bwZK cÖe„w×, gy`ªvùxwZi nvi, ê‡`wkK evwY‡Rï w¯’wZi Av‡jv‡K evsjv‡`‡ki A_©bxwZi Kvh©kxjZv m¤c‡K© wPšÍv
Kiæb I wjLyb|
• cv‡VvËi g~j¨vqb
mZ¨-wg_¨v
1. gy`ªvi wewbgq nvi mgwóK A_©bxwZi Av‡jvP¨ welq - mZ¨/wg_¨v
2. e¨wóK A_©bxwZ g~jZt Av‡cwÿK `vg wb‡q Av‡jvPbv K‡i - mZ¨/wg_¨v
3. e¨wóK I mgwóK A_©bxwZ G‡K Ac‡ii weKí - mZ¨/wg_¨v
4. cÖK„Z RvZxq Av‡q gy`ªvùxwZ AšÍf©y³ - mZ¨/wg_¨v
5. gy`ªvi wewbgq nvi Kg‡j Avg`vbx ev‡o - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. mgwóK A_©bxwZi msÁv w`b Ges mgwóK A_©bxwZi Av‡jvP¨ welqmg~‡ni D‡jøL Kiæb|
2. mgwóK I e¨wóK A_©bxwZi g‡a¨ cv_©K¨ wbY©q Kiæb|
3. mgwóK A_©‰bwZK Kvh©kxjZv ej‡Z Kx eySvq? Kx Kx welq Øviv mgwóK A_©‰bwZK Kvh©kxjZv wePvi Kiv hvq?
ms‡ÿ‡c G welq¸‡jvi e¨vL¨v cÖ`vb Kiæb|
ˆbe©¨w³K cÖkœ
1. mgwóK A_©bxwZ kãwUi DrcwË
K. Mikros kã †_‡K
L. Makros kã †_‡K
M. Mark-up kã †_‡K
N. Dc‡ii †KvbwUB bq|
2. Mikros n‡”Q GKwU
K. j¨vwUb kã
L. Bs‡iRx kã
M. MÖxK kã
3. wb‡Pi †Kvb&wU mgwóK A_©bxwZi Av‡jvP¨ welq
K. `vg
L. gRyix
M. gy`ªv®dxwZ
4. mgwóK I e¨wóK A_©bxwZ G‡K Ac‡ii
K. cwic~iK
L. weKí
M. wecixZ
5. GKwU †`‡ki DËg Kvh©kxjZvi wb‡`©kK n‡”Q
K. gy`ªvùxwZi D”P nvi
L. †eKvi‡Z¡i D”P nvi
M. D”P cÖe„w× nvi
BDwbU-1 c„ôv-5
weweGm †cÖvMÖvg
mgm¨v
aiæb K I L `y‡Uv †`k| G‡ì cÖK„Z Drcv`K, cÖe„w×, wb‡qvM¯Íi, gy`ªvùxwZi nvi, ê‡`wkK evwY‡Rï w¯’wZ wbæiƒc:
K †`k L †`k
gv_vwcQy cÖK„Z RvZxq Avq (UvKv) 20.00 1,000
cÖe„w×i nvi 4.7% 8.5%
†eKvi‡Z¡i nvi 10% 6.5%
gy`ªvùxwZi nvi 8% 2%
ê‡`wkK evwY‡Rï w¯’wZ (UvKv) -10 jÿ +5 jÿ
Dc‡ii Z_¨mg~‡ni wfwË‡Z †`k `y‡Uvi A_©‰bwZK Kvh©kxjZv ev cvidi‡gÝ m¤c‡K© gšÍe¨ Kiæb| †Kvb& †`‡ki A_©‰bwZK
m¤¢vebv †ekx D¾¦j? e¨vL¨v Kiæb|
DËigvjv
cvV-1
mZ¨-wg_¨v
1. mZ¨,
2. mZ¨,
3. wg_¨v,
4. mZ¨,
5. wg_¨v
ˆbe©¨w³K cÖkœ
1. K, 2. M, 3. M, 4. K, 5. M
BDwbU-1 c„ôv-6
mgwóK A_©bxwZ
BDwbU
2
RvZxq Avq
National Income
mgwóK A_©‰bwZK we‡køl‡Y ÔRvZxq Avq' GKwU ¸iæZ¡c~Y© aviYv| A_©bxwZi performance ev Kvh©kxjZv m¤c‡K© aviYv
jvf Ki‡Z n‡j cÖ_‡gB RvZxq Av‡qi wewfbœ aviYvi mv‡_ cwiwPZ n‡Z n‡e| G BDwb‡U RvZxq Avq m¤c‡K© we¯ÍvwiZ
eY©bv i‡q‡Q| cvV-1 G RvZxq Av‡qi wewfbœ aviYv, cvV-2 G i‡q‡Q RvZxq Av‡qi PµvKvi cÖevn, cvV-3 G RvZxq Avq
cwigv‡ci c×wZmg~n Ges cvV-4 G RvZxq Avq cwigv‡ci myweav I Amyweavmg~n eY©bv Kiv n‡q‡Q|
BDwbU-2 c„ôv-7
weweGm †cÖvMÖvg
BDwbU-2
cvV-1 RvZxq Av‡qi wewfbœ aviYv (Different Concepts of National Income)
D‡Ïk¨
GB cvV †kl Ki‡j Avcwb
♦ RvZxq Av‡qi msÁv eY©bv Ki‡Z cvi‡eb
♦ RvZxq Av‡qi wewfbœ aviYvi g‡a¨ cv_©K¨ wbY©q Ki‡Z cvi‡eb
♦ RvZxq Avq aviYvi ¸iæZ¡ e¨vL¨v Ki‡Z cvi‡eb|
f~wgKv
GKwU †`‡ki A_©bxwZ‡Z RvZxq Av‡qi ¸iæZ¡ Acwimxg| Drcvw`Z `ªe¨mvgMÖx I †mevi ‡gvU cwigvY Ges RbM‡Yi evwl©K
gv_vwcQy Avq †Kvb †`‡ki A_©‰bxwZK AMÖMwZi Ab¨Zg gvcKvwV| GKB mv‡_, †gvU RvZxq Avq I gv_vwcQy Av‡qi gva¨‡g
Avgiv wewfbœ †`‡ki A_©‰bwZK Dbœq‡bi gvÎv I Rbmvavi‡Yi RxebhvÎvi gv‡bi GKwU Zzjbvg~jK wPÎ AsKb Ki‡Z
cvwi| Kv‡RB RvZxq Av‡qi wewfbœ aviYv m¤c‡K© mg¨K Ávb AR©b Ges Gi nªvm-e„w×i djvdj m¤c‡K© AewnZ nIqv
AZ¨šÍ cÖ‡qvRb| m‡e©vcwi ZvwË¦K w`K †_‡KI RvZxq Av‡qi we‡kÐlY A_©bxwZ‡Z LyeB ¸iæZ¡c~Y© GKwU welq|
†Mvov‡ZB e‡j †bqv fvj †h, RvZxq Av‡qi me©RbMÖvn¨ GKK (Unique) †Kvb msÁv †Ìqv Kómva¨| ÔRvZxq Avq' e¨vL¨v
Kivi Rb¨ A_©bxwZwe`MY wewfbœ aviYvi eënvi K‡i _v‡Kb †hgb- †gvU RvZxq Drcv`b, bxU RvZxq Drcv`b BZ¨vw`|
Dch©y³ aviYvmg~‡ni cÖ‡Z¨KwUi wbR¯^ ¸iæZ¡ I AwfbeZ¡ i‡q‡Q Ges c„_K c„_Kfv‡e cÖwZwUi e¨vL¨v I we‡kÐlY ÔRvZxq
Avq' bvgK ÔmgwóK' (Macro) aviYvwU Dcjwä Ges we‡kÐl‡Yi Rb¨ LyeB cÖ‡qvRb| Pjyb Avgiv ch©vqµ‡g G aviYv¸‡jv
m¤c‡K© fvjfv‡e †R‡b wbB|
†gvU RvZxq Drcv`b (Gross National Product, GNP)

ms‡ÿ‡c ejv hvq, GKwU wbw`©ó mg‡q (mvaviYZt GK eQi) GKwU ‡`‡ki RbmvaviY KZ„©K Drcvw`Z (†`‡ki wfZ‡i I
evB‡i) P‚ovšÍ `ªe¨mvgMÖx I †mevi evRvi g~‡jï mgwó n‡”Q H †`‡ki †gvU RvZxq Drcv`b| GLv‡b ÔRbmvaviY' Ges
ÔP‚ovšÍ' kã `y‡Uvi GKUz e¨L¨v †Ìqv cÖ‡qvRb| cÖ_gZt ÔRbmvaviY' ej‡Z GKwU †`‡ki bvMwiK‡ì eySv‡bv n‡q‡Q|
A_©vr †`‡ki Af¨šÍ‡i Ges we‡`‡k Ae¯’vbiZ ïaygvÎ †`kxq bvMwiK‡ì Drcvw`Z `ªe¨mvgMÖx I †mevi evRvi g~j¨B
GLv‡b we‡eP¨| G msÁv Abyhvqx, evsjv‡`‡k Ae¯’vbiZ we‡`kx bvMwiKMYKZ„©K AwR©Z Avq evsjv‡`‡ki RvZxq Av‡qi
AšÍf©y³ n‡e bv| Ab¨w`‡K, we‡`‡k Ae¯’vbiZ GKRb evsjv‡`kxKZ„©K AwR©Z Avq evsjv‡`‡ki RvZxq Av‡qi AšÍf©y³
n‡e| wØZxqZt ÔP‚ovšÍ' `ªe¨ ej‡Z H mKj `ªe¨mvgMÖx‡K eySv‡bv n‡q‡Q †h mKj `ªe¨mvgMÖx P‚ovšÍfv‡e eënv‡ii Rb¨ µxZ
nq Ges †h¸‡jv cwieZ©b‡hvM¨ I cybtweµq‡hvM¨ bq A_©vr Gme `ªe¨ ïaygvÎ †fvM Kiv nq, bZzb `ªe¨ Drcv`‡b G¸‡jv
eënvi Kiv nq bv| Ab¨w`‡K, bZzb `ª‡e¨ iƒcvšÍi‡hvM¨ Ges cybtweµq‡hvM¨ `ªe¨mvgMÖx Ôgva¨wgK' `ªe¨ bv‡g cwiwPZ|
D`vniY¯îƒc, †eKvix‡Z gq`v †_‡K cvDiæwU ˆZwi nq| G‡ÿ‡Î, ÔcvDiæwU' n‡”Q P‚ovšÍ `ªe¨ Ges gq`v n‡”Q gva¨wgK
`ªe¨| Z‡e Avcwb hw` N‡i iæwU ˆZwi Kivi Rb¨ gq`v †K‡bb, †m‡ÿ‡Î gq`v GKwU P‚ovšÍ `ªe¨|
Abykxjb
wb‡Pi `ªe¨¸‡jvi g‡a¨ †Kvb&¸‡jv P‚ovšÍ `ªe¨, †Kvb&¸‡jv gva¨wgK `ªe¨ Ges †Kvb&¸‡jv P‚ovšÍ I gva¨wgK Dfq ai‡bi `ªe¨
wn‡m‡e eënƒZ nq wjLyb: myZv, Kvco, Pvj, gywo, kvU©, Zzjv, avb, cvU, wPwb, ˆZj|
bxU RvZxq Drcv`b (Net National Product, NNP)

ÔRvZxq Avq' we‡kÐl‡Yi Rb¨ Ô†gvU RvZxq Drcv`b' me‡P‡q kw³kvjx Ges e¨vcKfv‡e eënƒZ GKwU aviYv| wKš‘ RvZxq
Avq we‡kÐl‡Y G aviYv eënv‡ii †ÿ‡Î GKwU eo ai‡bi Amyweav i‡q‡Q| Drcv`‡bi GKwU ¸iæZ¡c~Y© Dcv`vb n‡jv
g~jab (KviLvbvi hš¿cvwZ, miÄvg cÖf„wZ)| cÖwZw`‡bi eënv‡i g~jabmvgMÖx ÿqcÖvß nq A_ev GKch©v‡q eënv‡ii
Abyc‡hvMx n‡q c‡o| Kv‡RB Drcv`b cÖwµqv Aÿzbœ ivLvi Rb¨ cÖwZeQi cyivZb hš¿cvwZ I miÄvg †givgZ A_ev
cÖwZ¯’vc‡b A_© e¨q nq, A_©bxwZ‡Z G ai‡bi e¨q ÔAePq' (Depreciation) A_ev Ôg~ja‡bi eënviRwbZ e¨q' (Capital
Consumption Allowance, CCA) bv‡g cwiwPZ| GB e¨q ïaygvÎ c~‡e©i Drcv`b cÖwµqv‡K Aÿzbœ ivLvi Rb¨ Kiv nq|
we`¨gvb Drcv`‡bi cwigv‡Yi cwieZ©‡b GB e¨‡qi †Kvb f~wgKv †bB| wKš‘ †gvU RvZxq Av‡qi wn‡m‡e GB e¨q‡KI
AšÍf©y³ Kiv nq| †Kbbv †gvU RvZxq Drcv`‡b GKwU wbw`©ó eQ‡i GKwU †`‡ki RbMYKZ„©K Drcvw`Z mKj g~jabmvgMÖxi
BDwbU-2 c„ôv-8
mgwóK A_©bxwZ
evRvi g~j¨‡K we‡ePbv Kiv nq| Kv‡RB †`Lv hv‡”Q †h, †gvU RvZxq Drcv`b aviYvwUi mvnv‡h¨ GKwU †`‡ki bxU Drcv`b
m¤c‡K© gšÍe¨ Kiv RwUj welq| †gvU RvZxq Drcv`b aviYvi AšÍwb©wnZ G `~e©jZvi Rb¨ A_©bxwZwe`MY bxU RvZxq
Drcv`b aviYvwUi cÖeZ©b K‡ib hv g~ja‡bi eënviRwbZ e¨‡qi ¸iæZ¡ ¯^xKvi K‡i Ges hv GKwU †`‡ki evwl©K RvZxq
Drcv`‡bi bxU e„w×i †kÖqZi cwigvcK| ms‡ÿ‡c wb‡¤œv³fv‡e bxU RvZxq Drcv`‡bi msÁv cÖ`vb Kiv hvq:
GKwU †`‡ki RbMYKZ„©K GKwU wbw`©ó mg‡q Drcvw`Z mKj `ªe¨mvgMÖx I †mevK‡g©i evRvig~j¨ †_‡K g~ja‡bi
eënviRwbZ e¨q ev` w`‡j hv Aewkó _v‡K Zv-B †m ‡`‡ki bxU RvZxq Drcv`b|
Ab¨fv‡e ejv hvq,
e£V S¡a£u Evf¡ce = −j¡V S¡a£u Evf¡ce - j§md−el hÉhq¡lS¢ea hÉu
NNP = GNP - CCA

Abykxjb
MZ A_©eQ‡i evsjv‡`‡ki GNP (PjwZ evRvi g~‡j¨) Ges NNP (PjwZ evRvi g~‡j¨) KZ wQj| D‡jøwLZ A_©eQ‡i
evsjv‡`‡k g~ja‡bi AePqRwbZ e¨q KZ n‡qwQj? wjLyb|
†gvU †`kR Drcv`b (Gross Domestic Product, GDP)

GKwU †`‡ki Af¨šÍ‡i (‡fŠMwjK mxgvbvi wfZ‡i) GKwU wbw`©ó mg‡q (mvaviYZt GK eQi) †m ‡`‡ki bvMwiKe„›` Ges
we‡`kx e¨w³eM©KZ„©K Drcvw`Z P‚ovšÍ `ªe¨mvgMÖx I †mevK‡g©i Avw_©K ev evRvi g~‡jï mgwó‡K Av‡jvP¨ †`‡ki †gvU †`kR
ev †gvU Af¨šÍixY Drcv`b ejv nq| msÁvMZfv‡e, †gvU RvZxq Drcv`‡bi mv‡_ †gvU †`kR Drcv`‡bi my¯úó cv_©K¨
i‡q‡Q| ‡gvU RvZxq Drcv`‡b ïaygvÎ †`kxq bvMwiK‡ì (†`‡k A_ev we‡`‡k Ae¯’vbiZ) Avq‡K AšÍfy©³ Kiv nq|
Ab¨w`‡K, †gvU †`kR Drcv`‡b †`‡k Ae¯’vbKvix we‡`kx‡ì AvqI AšÍfy©³| wKš‘ we‡`‡k Ae¯’vbiZ †`kxq bvMwiK‡ì
Avq ‡gvU ‡`kR Drcv`‡b AšÍfy©³ bq hwÌ we‡`‡k Ae¯’vbiZ †`kxq bvMwiK‡ì Avq ‡gvU RvZxq Drcv`‡b AšÍf©y³|
GLv‡b jÿ¨bxq welq n‡”Q, †gvU ‡`kR Drcv`b cwigv‡ci †ÿ‡Î ¸iæZ¡ †Ìqv nq †`‡ki †fŠMwjK mxgvbv‡K, A_©vr
†`‡ki †fŠMwjK mxgvbvi wfZ‡i hv Drcvw`Z n‡”Q (†`‡ki RbMY Ges we‡`kx e¨w³KZ„©K) Zv‡ì †gvU g~j¨ n‡”Q GDP|
cÿvšÍ‡i, †`‡ki RbMY hv Drcv`b Ki‡Q (†`‡ki wfZ‡i ev evB‡i) Zv‡ì †gvU g~j¨ n‡”Q GNP| cwigv‡ci w`K †_‡K,
†gvU RvZxq Drcv`b I †gvU †`kR Drcv`‡bi m¤cK© wb‡æv³fv‡e cÖKvk Kiv hvq:
®j¡V S¡a£u ®j¡V ®cnS −c−n AhÙÛ¡eL¡l£ ¢h−c−n AhÙÛ¡eL¡l£
Evf¡ce = - ¢h−cn£−cl Bu +
Evf¡ce −cn£u e¡N¢lL−cl Bu
Abh¡
®j¡V −cnS ®j¡V S¡a£u −c−n AhÙÛ¡eL¡l£ ¢h−c−n AhÙÛ¡eL¡l£
= + -
Evf¡ce Evf¡ce ¢h−cn£−cl Bu −cn£u e¡N¢lL−cl Bu
Dc‡iv‡jøwLZ m¤cK© †_‡K GUv ¯úó †h, we‡`‡k Ae¯’vbKvix †`kxq bvMwiK‡ì Avq hw` †`‡k Ae¯’vbKvix we‡`kx‡ì
Av‡qi mgvb nq Z‡e, †gvU RvZxq Drcv`b I †gvU †`kR Drcv`b ci¯úi mgvb n‡e|
Abykxjb
Rbve wKewiqv evsjv‡`‡k Aew¯’Z GKwU we‡`kx Jla †Kv¤cvbx‡Z PvKzix K‡ib| Zvui em& n‡”Qb GKRb Rvg©vbx f`ª‡jvK|
bvg wg. †WwfW| Rvg©vbx‡ZI H †Kv¤cvbxwUi GKwU kvLv Av‡Q| †mLv‡b Rbve wKewiqvi fvB wiqvR Avn‡g` PvKzix
Ki‡Qb| GLb ejyb, GLv‡b KZRb e¨w³i K_v ejv n‡q‡Q? Kuv‡ì Avq evsjv‡`‡ki GNP -i Ask? Kuv‡ì Avq
evsjv‡`‡ki GDP -i Ask? Kuvi Avq Rvg©vbxi GNP -i Ask?
Avw_©K I cÖK„Z RvZxq Avq

(Nominal and Real National Income)
Dc‡ii Av‡jvPbv †_‡K Avgiv ‡R‡bwQ †h, †gvU RvZxq Drcv`b Z_v RvZxq Av‡qi `y‡Uv Dcv`vb (component) i‡q‡Q -
e¯ÍyMZ `ªe¨mvgMÖx I †mev| G‡ì cwigvY cwiewZ©Z n‡Z cv‡i| ZvQvov G‡ì evRvi g~j¨ cwiewZ©Z n‡Z cv‡i| `ªe¨mvgMÖx
I †mevi cwigvY ev evRvi g~‡jï nªvm-e„w×i d‡j RvZxq Av‡qiI nªvm-e„w× N‡U| †KejgvÎ RvZxq Av‡qi nªvm-e„w× †_‡K
GKwU †`‡ki A_©‰bwZK Kg©KvÛ m¤c‡K© mwVK aviYv jvf Kiv m¤¢e bq| KviY RvZxq Av‡qi cwieZ©b ïaygvÎ evRvi
BDwbU-2 c„ôv-9
weweGm †cÖvMÖvg
g~‡jï cwieZ©‡bi d‡jI n‡Z cv‡i| G‡ÿ‡Î Avw_©K I cÖK„Z RvZxq Av‡qi aviYv `y‡Uv AZ¨šÍ ¸iæZ¡c~Y©| Avw_©K RvZxq
Avq ej‡Z P‚ovšÍ `ªe¨mvgMÖx I †mevi PjwZ evRvi g~j¨‡K eySvq| Ab¨w`‡K, cÖK„Z RvZxq Avq n‡jv w¯’i evRvi g~‡j¨
cÖKvwkZ `ªe¨mvgMÖx I †mevi cwigvY| PjwZ evRvig~j¨ ej‡Z eZ©gv‡b `ªe¨mvgMÖx I †mev †h g~‡j¨ wewµ n‡”Q Zv‡K eySvq|
Ab¨w`‡K, w¯’i evRvi g~j¨ ej‡Z c~‡e©i †Kvb GKwU ¯^vfvweK eQ‡i (†h eQ‡i Lov, eb¨v, hy×weMÖn, ivR‰bwZK
Aw¯’wZkxjZv Gm‡ei cÖPÛZv Zzjbvg~jKfv‡e Kg wQj) `ªe¨mvgMÖx I †mev †h g~‡j¨ wewµ nZ Zv‡K eySvq| GKwU
D`vni‡Yi mvnv‡h¨ welqwU Av‡iv mnRfv‡e eySv‡bv hvq| g‡b Kwi, †Kvb †`k GKwUgvÎ `ªe¨, †hgb- wPwb, Drcv`b K‡i|
aiæb, 1990 mv‡j Drcvw`Z wPwbi cwigvY wQj 500 wK‡jvMÖvg Ges cÖwZ wK‡jvMÖvg wPwbi evRvi `vg wQj 20 UvKv|
myZivs 1990 mv‡j †`kwUi Avw_©K RvZxq Avq wQj = (500*20) = 10,000 UvKv| Abyiƒcfv‡e g‡b Kiæb, 1995 mv‡j
wPwbi †gvU Drcv`b wQj 600 wK‡jvMÖvg Ges cÖwZ wK‡jvMÖvg wPwbi evRvi `vg wQj 30 UvKv| Kv‡RB 1995 mv‡j †`kwUi
Avw_©K RvZxq Avq wQj (600*30) = 18,000 UvKv hv 1990 mv‡ji Avw_©K RvZxq Avq A‡cÿv 8,000 UvKv A_©vr
80% †ekx|
GLb g‡b Kiæb, 1995 mv‡j wPwbi `v‡gi †Kvb cwieZ©b nqwb| A_©vr 1995 mv‡jI cÖwZ wK‡jvMÖvg wPwbi evRvi `vg wQj
20 UvKv| Ab¨ K_vq, Avgiv 1990 mv‡ji evRvi `v‡g 1995 mv‡ji RvZxq Avq cwigvc Ki‡Z PvB| 1990 mv‡ji
evRvi `v‡g 1995 mv‡ji RvZxq Avq n‡e (600*20) = 12,000 UvKv| myZivs 1995 mv‡ji cÖK„Z RvZxq Avq 12,000
UvKv hv 1990 mv‡ji †P‡q 2,000 UvKv ev 20% †ekx| jÿ¨ Kiæb, 1990 mv‡ji Zzjbvq 1995 mv‡j wPwbi cÖK„Z
Drcv`b †e‡o‡Q (600-500) = 100 wK‡jvMÖvg ev 20%|
Dc‡ii Av‡jvPbv †_‡K Avgiv ej‡Z cvwi †h, e¯ÍyMZ Drcv`b Ges `ªe¨g~‡jï †h †Kvb GKwU w¯’i †_‡K AciwU evo‡j
A_ev `y‡Uv GKB mv‡_ evo‡j Avw_©K RvZxq Avq evo‡e| Ab¨w`‡K, cÖK„Z RvZxq Avq evo‡e ïaygvÎ e¯ÍyMZ Drcv`b e„w×
‡c‡j|
g~j¨ m~PK ev RvZxq Avq wW‡d¬Ui (Price Index or GNP Deflator)

Avw_©K RvZxq Avq †_‡K cÖK„Z RvZxq Avq cwigv‡ci †ÿ‡Î g~j¨ m~PK ev RvZxq Avq wW‡d¬Ui eënvi Kiv nq| G‡ÿ‡Î
†h ‡Kvb GKwU eQi‡K (†h eQiwU Lov, eb¨v, Ab¨vb¨ cÖvK„wZK `y‡h©v‡M I ivR‰bwZKfv‡e w¯’wZkxj wQj) wfwË a‡i H
eQ‡ii Zzjbvq Ab¨vb¨ eQ‡ii `vg¯Íi‡K kZvsk wn‡m‡e †`Lv‡bv nq| Dc‡ii D`vni‡Y g‡b Kiæb, 1990 mv‡j wPwbi `vg
 30 
wK‡jvMÖvg cÖwZ 100 UvKv wQj| myZivs 1995 mv‡ji wPwbi g~j¨ m~PK n‡e  ×100 = 150 | Avw_©K RvZxq Avq I
 20 
cÖK„Z RvZxq Av‡qi AbycvZ †_‡KI g~j¨ m~PK †ei Kiv hvq| G c×wZ‡Z g~j¨ m~PK wn‡m‡ei m~ÎwU n‡”Q -
B¢bÑL S¡a£u Bu
g~j¨ m~PK = * 100
fÐLªa S¡a£u Bu
Kv‡RB, 1995 mv‡j Avw_©K RvZxq Avq = 18,000 UvKv I cÖK„Z RvZxq Avq = 12,000 UvKv n‡j 1995 mv‡ji g~j¨
m~PK = (18,000 / 12,000)*100 = 150|
Avw_©K RvZxq Avq I cÖK„Z RvZxq Av‡qi AbycvZ‡K RvZxq Avq wW‡d¬UiI ejv nq|
RvZxq Avq wW‡d¬Ui ev g~j¨ m~PK †Kb cÖ‡qvRb?

RvZxq Avq wW‡d¬Ui Rvbv _vK‡j Avw_©K RvZxq Avq †_‡K AwZ mn‡R cÖK„Z RvZxq Avq cvIqv hvq| wVK †Zgwb, cÖK„Z
RvZxq Avq Rvbv _vKv‡jI Avw_©K RvZxq Avq †ei Kiv hvq| Dc‡ii D`vni‡Y, 1995 mv‡ji PjwZ `v‡g (Current
Price) Avw_©K RvZxq Avq wQj 18,000 UvKv| g~j¨ m~PK eënvi K‡i Avgiv cÖK„Z RvZxq Avq cvB -
18,000 
 × 100  = 12,000 UvKv|
 150 
gv_vwcQy RvZxq Avq (Per Capita National Income)

GKwU †`‡ki Rbmvavi‡Yi RbcÖwZ Mo RvZxq Avq‡K gv_vwcQy RvZxq Avq e‡j| †gvU RvZxq Avq‡K †gvU RbmsL¨v Øviv
fvM w`‡j gv_vwcQy RvZxq Avq cvIqv hvq A_©vr
®j¡V S¡a£u Bu
gv_vwcQy RvZxq Avq = ®j¡V SepwMÉ¡
BDwbU-2 c„ôv-10
mgwóK A_©bxwZ
GLv‡b D‡jøL¨ †h, gv_vwcQy RvZxq Avq GKwU †`‡ki RbM‡Yi †KejgvÎ RbcÖwZ cÖvc¨Zv (availability) wb‡`©k K‡i|
GUv KLbB wb‡`©k K‡i bv †h, †`‡ki cÖwZwU gvbyl GKB cwigvY Avq DcvR©b Ki‡Q| Ab¨fv‡e ejv hvq, gv_vwcQy RvZxq
Avq †Kvb †`‡ki RvZxq Av‡qi e›Ub m¤c‡K© †Kvb cÖKvi aviYv w`‡Z cv‡i bv|
Abykxjb
evsjv‡`‡ki MZ eQ‡ii cÖKvwkZ cwimsL¨vb el©cÄx, wU nv‡Zi Kv‡Q wbb| MZ `yBwU A_©eQ‡ii Avw_©K I cÖK„Z RvZxq
Avq †ei Kiæb| MZ A_©eQ‡ii cÖK„Z RvZxq Avq Gi c~e©eZ©x A_©eQ‡ii cÖK„Z RvZxq Avq †_‡K KZ UvKv †ekx? MZ
A_©eQ‡ii RvZxq Avq wW‡d¬Ui I gv_vwcQy RvZxq Avq KZ?
e¨w³MZ Avq I e¨w³MZ eënvi‡hvM¨ Avq

(Personal Income and Personal Disposable Income)
e¨w³ ev cwievieM© wewfbœ A_©‰bwZK Kg©Kv‡Û wb‡qvwRZ †_‡K A_ev n¯ÍvšÍi cvIbv wn‡m‡e †h Avq AR©b K‡i Zv e¨w³MZ
Avq wn‡m‡e cwiwPZ| e¨w³eM© Zv‡ì DcvR©‡bi m¤c~Y© Ask e¨q Ki‡Z cv‡i bv| iv‡óÌi cÖPwjZ bxwZgvjv Abyhvqx,
Av‡qi GKwU Ask e¨w³MZ Ki wn‡m‡e cÖ`vb Ki‡Z nq| Ki cÖ`v‡bi ci Av‡qi †h Ask e¨w³eM© †fvM I mÂq A_ev
wewb‡qv‡M eënvi Ki‡Z cv‡i Zv‡K e¨w³MZ eënvi‡hvM¨ Avq e‡j A_©vr e¨w³MZ eënvi‡hvM¨ Avq = e¨w³MZ Avq -
e¨w³MZ Ki|
Abykxjb
wg‡mm jvfjx GKRb ¯‹yj wkwÿKv| wZwb gvwmK 5,500.00 UvKv †eZb cvb| Zuvi ¯^vgx GKRb knx` gyw³‡hv×v| knx`
gyw³‡hv×vi ¯¿x wn‡m‡e wZwb gyw³‡hv×v Kj¨vY Uªvó n‡Z cÖwZ gv‡m 1000 UvKv cv‡”Qb| Ab¨w`‡K, †cŠiKi I mvgvwRK
wbivcËvi exgv wn‡m‡e Zuv‡K cÖwZ gv‡m h_vµ‡g 500 UvKv I 300 UvKv w`‡Z nq| GLb ejyb †`wL, wg‡mm jvfjxi
e¨w³MZ Avq KZ? Zuvi e¨w³MZ eënvi‡hvM¨ Avq KZ? hw` †cŠiKi e„w× cvq Zvn‡j Zuvi e¨w³MZ Avq wK cÖfvweZ n‡e?
RvZxq Av‡qi wewfbœ aviYvi m¤cK©

†gvU RvZxq Drcv`b
(-) g~ja‡bi eënvi RwbZ e¨q
= bxU RvZxq Drcv`b
(-) c‡ivÿ eëmv-Ki
(-) eëmv cÖwZôv‡bi n¯ÍvšÍi e¨q
(-) miKvix Drcv`b cÖwZôvbmg~‡ni PjwZ DØ„Ë
+ miKvix fZz©wK
= RvZxq Avq ev DcKiY g~‡j¨ RvZxq Avq
(-) K‡c©‡ik‡bi Aewkó gybvdv
(-) gybvdv ev K‡c©v‡iU Ki
(-) mvgvwRK exgvi Rb¨ e¨q
+ miKvix n¯ÍvšÍi e¨q
+ eëmv cÖwZôv‡bi n¯ÍvšÍi e¨q
+ miKviKZ„©K cÖ`Ë bxU my`
+ †fv³v‡ì cÖ`Ë my`
= e¨w³MZ Avq
(-) e¨w³MZ Ki
= e¨w³MZ eënvi‡hvM¨ Avq
(-) e¨w³MZ mÂq
= e¨w³MZ †fvMe¨q|
BDwbU-2 c„ôv-11
weweGm †cÖvMÖvg
mZ¨-wg_¨v
1. †gvU RvZxq Drcv`b ej‡Z GKwU †`‡ki bvMwiK‡ì Drcvw`Z P‚ovšÍ I gva¨wgK `ªe¨mvgMÖx I †mevi evRvi g~j¨‡K
eySvq - mZ¨/wg_¨v
2 evsjv‡`‡ki A_©‰bwZK Kg©Kv‡Û wb‡qvwRZ GKRb †bcvjxi AwR©Z Avq evsjv‡`‡ki RvZxq Av‡qi AšÍfy©³ n‡e -
mZ¨/wg_¨v
3. evsjv‡`‡k Ae¯’vbKvix GKRb Rvcvbxi Avq evsjv‡`‡ki †`kR Av‡qi AšÍf©y³ n‡e - mZ¨/wg_¨v
4. †gvU RvZxq Drcv`b I †gvU †`kR Drcv`b ci¯úi mgvb n‡Z cv‡i - mZ¨/wg_¨v
5. cÖK„Z RvZxq Avq n‡jv PjwZ evRvi g~‡j¨ cÖKvwkZ P‚ovšÍ `ªe¨mvgMÖx I †mevi cwigvY - mZ¨/wg_¨v
6. Avw_©K RvZxq Avq evo‡j cÖK„Z RvZxq AvqI evo‡e - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. bxU RvZxq Drcv`b we‡kÐl‡Yi cÖ‡qvRbxqZv we‡kÐlY Kiæb|
2. †gvU RvZxq Drcv`b I †gvU †`kR Drcv`‡bi cv_©K¨ e¨vL¨v Kiæb|
3. gv_vwcQy RvZxq Avq ej‡Z Kx eySvq?
4. e¨w³MZ eënvi‡hvM¨ Av‡qi msÁv w`b|
5. RvZxq Avq wW‡d¬Ui wK? GUv †Kb cÖ‡qvRbxq?
ˆbe©¨w³K cÖkœ
1. Avw_©K RvZxq Avq ev‡o hw`
K) e¯ÍyMZ `ªe¨mvgMÖx I †mevi Drcv`b ev‡o
L) `ªe¨mvgMÖx I †mevi evRvi g~j¨ ev‡o
M) Dc‡ii `y‡Uv e³e¨B mZ¨
N) mywbw`©ófv‡e ejv m¤¢e bq|
2. cÖK„Z RvZxq Avq ev‡o hw`
K) e¯ÍyMZ `ªe¨mvgMÖx I †mevi Drcv`b ev‡o
L) `ªe¨mvgMÖx I †mevi evRvi `vg ev‡o
M) Dc‡ii `y‡Uv e³e¨B mZ¨|
3. e¨w³MZ eënvi‡hvM¨ Av‡q AšÍfy©³ _v‡K
K. e¨w³MZ Ki
L. mvgvwRK wbivcËv exgvi Rb¨ e¨q
M. gybvdv ev K‡c©v‡iU Ki
4. g~ja‡bi eënviRwbZ e¨q AšÍ©fy³ _v‡K
K. †gvU RvZxq Av‡q
L. bxU RvZxq Av‡q
M. bxU Af¨šÍixY Av‡q
N. Dc‡ii †KvbwUB mwVK bq|
5. Avw_©K I cÖK„Z RvZxq Av‡qi AbycvZ‡K ejv nq
K. RvZxq Avq wW‡d¬Ui
L. g~`ªvùxwZ
M. K I L DfqB
BDwbU-2 c„ôv-12
mgwóK A_©bxwZ
6. miKvix fZ©ywK AšÍfy©³ _v‡K

K. †gvU RvZxq Av‡q
L. bxU RvZxq Av‡q
M. e¨w³MZ Av‡q
mgm¨v
aiæb, GKwU ‡`‡k ïaygvÎ `y‡Uv dvg© i‡q‡Q - GKwU myZv ˆZwi Ki‡Q Ges Ab¨wU Kvco ˆZwi Ki‡Q| D‡jøL¨ †h, myZv n‡”Q
gva¨wgK `ªe¨ I Kvco n‡”Q P‚ovšÍ `ªe¨| `y‡Uv dv‡g©i Avq -e¨q weeiYx wbæiƒc -
myZvi dvg© Kvc‡oi dvg©

(nvRvi UvKvq)
myZv weµq 600 Kvco weµq 1000
gRyix 300 gRyix 325
my` 50 my` 20
LvRbv 75 LvRbv 20
AePq RwbZ e¨q 25 AePq RwbZ e¨q 25
c‡ivÿ Ki 50 c‡ivÿ Ki 10
gybvdv - myZv 600
gybvdv -
K. cÖwZwU dv‡g©i gybvdv KZ †ei Kiæb?

L. Dc‡ii D`vni‡Y GNP KZ?
M. myZvi dv‡g© KZ UvKv g~j¨ ms‡hvwRZ n‡q‡Q?
N. Kvc‡oi dv‡g© KZ UvKv g~j¨ms‡hvRb n‡q‡Q?
O. Dc‡ii D`vni‡Y NNP KZ?
BDwbU-2 c„ôv-13
weweGm †cÖvMÖvg
cvV-2 RvZxq Av‡qi PµvKvi cÖevn (Circular Flow of National Income)

D‡Ïk¨
GB cvV †kl Ki‡j Avcwb
♦ `ªe¨ I Dcv`vb evRv‡ii msÁv eY©bv Ki‡Z cvi‡eb
♦ A_©bxwZi wewfbœ Lv‡Zi MVb Ges Kvh©cÖYvjx e¨vL¨v Ki‡Z cvi‡eb
♦ RvZxq Av‡qi mij PµvKvi cÖevn we‡kÐlY Ki‡Z cvi‡eb
♦ `ªe¨mvgMÖx I †mevi Avw_©K Ges cÖK„Z cÖevn we‡kÐlY Ki‡Z cvi‡eb
♦ RvZxq Av‡qi cwigvc m¤c‡K© ej‡Z cvi‡eb|
f~wgKv
RvZxq Av‡qi PµvKvi cÖev‡ni aviYvwU mgwóK A_©‰bwZK Av‡jvPbvq GKwU AZ¨šÍ ¸iæZ¡c~Y© welq| GKwU RvZxq A_©bxwZ
Kxfv‡e KvR K‡i Zvi GKwU wPÎ RvZxq Av‡qi PµvKvi cÖevn aviYvwU we‡kÐl‡Yi gva¨‡g cvIqv hvq| G cv‡V Avgiv
RvZxq Av‡qi mij PµvKvi cÖevn Av‡jvPbv Kie|
RvZxq Av‡qi PµvKvi cÖevn

GKwU A_©bxwZi PviwU cÖavb cÿ i‡q‡Q| G¸‡jv n‡jv - cwievieM©, eëmvq cÖwZôvbmg~n, miKvi Ges ewnwe©kŸ| GKwU
mij (Simple) PµvKvi cÖevn cwievieM© Ges eëmvq cÖwZôvbmg~‡ni g‡a¨ Drcv`‡bi DcKiYmg~n (f~wg, kÖg, g~jab
Ges msMVb) Ges `ªe¨mvgMÖx I †mev wewbg‡qi cÖwµqv e¨vL¨v K‡i| G‡ÿ‡Î miKvi I ewn©wekŸ LvZ `y‡Uv‡K Av‡jvPbvq
AšÍf©y³ Kiv nq bv| miKvi Ges ewnwe©kŸ cÿ `y‡Uvi AšÍf©yw³ PµvKvi cÖev‡n AvMgb/cÖweóKiY (Injections) Ges/A_ev
wbM©gb (leakages) wb‡`©k K‡i hv fvimvg¨ RvZxq Avq we‡kÐl‡Y AZ¨šÍ ¸iæZ¡c~Y©| ZvB eZ©gvb Av‡jvPbvq Avgiv mij
PµvKvi cÖevnwU we‡kÐlY Kivi mgq cÖvmswMKfv‡e AvMgb Ges wbM©gb cÖwµqvi D‡jøL Kie| GLb Pjyb RvZxq Av‡qi
PµvKvi cÖevn we‡kÐl‡Yi c~‡e© wKQy cÖ‡qvRbxq aviYvi mv‡_ cwiwPZ n‡q wbB|
`ªe¨ evRvi (Product Market): `ªe¨ evRvi ej‡Z Ggb evRvi‡K eySvq hv P‚ovšÍ `ªe¨mvgMÖx I †mevi wewbgq m¤cbœ
K‡i|
Dcv`vb evRvi (Factor Market): Drcv`‡bi DcKiYmg~‡ni †mevi (services) wewbgq eySv‡Z Dcv`vb evRvi aviYvwU
eënvi Kiv nq|
cvwievieM© LvZ (Household Sector): GKwU A_©bxwZi mKj cwievi wb‡q cwievieM© LvZ MwVZ| cwievieM© Drcv`‡bi
Dcv`vbmg~‡ni †hvMv‡bi Drm Ges eëmvq cÖwZôvbmg~nKZ„©K Drcvw`Z `ªe¨mvgMÖx I †mevi Ab¨Zg †µZv|
eëmvwqK LvZ (Business Sector): e¨w³ gvwjKvbvq cÖwZwôZ mKj Drcv`b cÖwZôvb wb‡q G LvZ MwVZ| G Lv‡Zi
cÖavb D‡Ïk¨ n‡jv `ªe¨mvgMÖx I †mevi Drcv`b Ges weµq| eëmvwqK LvZ Drcv`‡bi DcKiYmg~‡ni cÖavb wb‡qvMKvix
cÖwZôvb|
Abykxjb
evsjv‡`‡ki cÖavb cÖavb `ªe¨ evRvi I DcKiY evRvi¸‡jvi bvg wjLyb|
RvZxq Av‡qi mij PµvKvi cÖev‡ni we‡kÐlY

Avgiv Av‡MB D‡jøL K‡iwQ †h, mij PµvKvi cÖevn we‡kÐl‡Y ïaygvÎ Drcv`b cÖwZôvbmg~n Ges cwievieM© -G `y‡Uv
Lv‡Zi cvi¯úwiK Kvh©µg e¨vL¨v Kiv nq A_©vr G‡ÿ‡Î miKvi I ewnwe©kŸ-LvZ `y‡Uv m¤c~Y© Abycw¯’Z| Av‡jvPbvi
myweav‡_© aiv hvK&
• Drcv`b cÖwZôvbmg~n (Firms) ïaygvÎ †fvM¨`ªe¨ I †mev Drcv`b K‡i
• cwievie‡M©i Pvwn`v Drcv`b cÖwZôvbmg~nKZ„©K Drcvw`Z †fvM¨`ªe¨ I †mevi mgvb| A_©vr cwievieM© Zv‡ì Av‡qi
m¤c~Y© Ask †fvM¨mvgMÖx µ‡q e¨q K‡i| Ab¨fv‡e ejv hvq, cwievie‡M©i mÂ‡qi cwigvY k~b¨|
DcwiD³ AbywgwZmg~‡ni (assumptions) Av‡jv‡K RvZxq Av‡qi PµvKvi cÖev‡ni aviYvwU wb‡Pi wP‡Îi mvnv‡h¨ e¨vL¨v
Kiv n‡jv| wP‡Îi evgw`‡K Drcv`b cÖwZôvbmg~n Ges Wvbw`‡K cwievieM© †`Lv‡bv n‡q‡Q| PviwU wfbœ wfbœ cÖev‡ni
gva¨‡g G`y‡Uv LvZ ci®ci m¤cK©hy³| GLb Avgiv Avjv`v Avjv`vfv‡e G PviwU cÖevn we‡kÐlY Kie|
BDwbU-2 c„ôv-14
mgwóK A_©bxwZ
cÖevn-1: cwievieM© Drcv`‡bi DcKiYmg~n †hgb- f~wg, kÖg, g~jab I msMV‡bi gvwjK| Drcv`b cÖwZôvb ev dvg©mg~n
†fvM¨cY¨ I †mev Drcv`b Kivi Rb¨ cwievieM© †_‡K DcKiY evRv‡ii gva¨‡g DcKiYmg~‡ni †mev µq Ki‡Q|
cÖevn-2: DcKiYmg~n eënv‡ii Rb¨ dvg©mg~n DcKiY evRv‡ii gva¨‡g cwievieM©‡K cvwikªwgK cÖ`vb Ki‡Q (†hgb-
kÖ‡gi Rb¨ gRyix, g~ja‡bi Rb¨ my`, f~wgi Rb¨ LvRbv Ges msMV‡bi Rb¨ gybvdv) hv cwievie‡M©i Avq ev DcvR©b| jÿ¨
Kiæb, dv‡g©i gybvdv‡K cwiev‡ii Avq wn‡m‡e †`Lv‡bv n‡q‡Q| Gi KviY, msMVK ev eëmv cÖwZôv‡bi gvwjK
cwievie‡M©iB Ask|
cÖevn-3: G cÖevn wb‡`©k Ki‡Q †h, dvg©mg~n †_‡K Drcvw`Z †fvM¨`ªe¨ I †mev cwievie‡M©i w`‡K cÖevwnZ n‡”Q| A_©vr
cwievieM© `ªe¨ evRv‡ii gva¨‡g eëmv cÖwZôvb †_‡K †fvM¨`ªe¨ I †mev µq Ki‡Q|
cÖevn-4: cwievieM© `ªe¨ evRv‡ii gva¨‡g Drcv`b cÖwZôvbmg~n‡K †fvM¨`ªe¨ I †mevi g~j¨ cwi‡kva Ki‡Q|
INCOME (WAGES, INTEREST, RENT, PROFITS)

fÐh¡q x 2
Bu (jS¤l£, p¤c, M¡Se¡, j¤e¡g¡)
fÐh¡q x 1
EfLlZ ®ph¡
(FACTOR SERVICES)
Evf¡ce
fÐ¢aù¡epj§q f¢lh¡lhNÑ
(FIRMS) (HOUSEHOLDS)
fÐh¡q x 3
−i¡NÉâhÉ J ®ph¡
(CONSUMER GOODS AND SERVICES)
fÐh¡q x 4
®i¡N hÉu
(CONSUMER SPENDING)
wPÎ 2.1 : GKwU wØLvZ wewkó A_©bxwZi RvZxq Av‡qi PµvKvi cÖevn|
GKUz fvjfv‡e wPÎ 2.1 -Gi w`‡K jÿ¨ Ki‡j †`L‡eb, dvg©mg~‡ni Drcv`b cÖwµqvi gva¨‡g GKw`‡K cwievie‡M©i
(Drcv`‡bi DcKiYmg~‡ni gvwjKMY) Avq (LvRbv, gRyix, my` I gybvdv) m„wó n‡”Q hv cÖevn-2 Gi gva¨‡g cwievie‡M©i
c‡K‡U hv‡”Q, Ab¨w`‡K †fvM¨`ªe¨ I †mev Drcvw`Z nq| cwievieM© Zv‡ì cÖvß Avq Avevi †fvM¨`ªe¨ I †mev µ‡q e¨q
K‡i| d‡j cÖevn-3 Gi gva¨‡g dvg©mg~n †_‡K †fvM¨`ªe¨ I †mev cwievie‡M©i wbKU P‡j Avm‡Q Ges cÖevn-4 Gi gva¨‡g
†fvM¨`ªe¨ I †mevi g~jëve` cwievieM© Zv‡ì Avq dvg©mg~‡n †cÖiY Ki‡Q| Zvn‡j dvg©mg~‡ni Drcv`b cÖwµqvi gva¨‡g
†h Avq cwievieM© cv‡”Q Zv Avevi †fvM¨`ªe¨ I †mevi wewbg‡q dvg©mg~‡ni wbKU P‡j hv‡”Q| Gfv‡e A_©bxwZi Avq
PµvKv‡i cÖevwnZ nq|
Avw_©K cÖevn ebvg cÖK„Z cÖevn (Money Flow vs. Real Flow)
`ªe¨ Ges DcKiY Dfq evRv‡i Avgiv `y'ai‡bi wewbgq jÿ¨ Kwi| GKwU n‡jv e¯ÍyMZ `ªe¨mvgMÖx I †mev Ges Ab¨wU n‡”Q
A_© (money)| D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv hvK&| g‡b Kiæb, wbD gv‡K©U †_‡K Avcwb GKwU wU-kvU© µq
Ki‡jb Ges Gi g~j¨ wn‡m‡e we‡µZv‡K 300 UvKv cÖ`vb Ki‡jb| A_ev g‡b Kiæb, GKRb e¨vsKvi wn‡m‡e cÖ`Ë †mevi
Rb¨ Avcwb cÖwZgv‡m 5000 UvKv †eZb cvb| G `y‡Uv D`vni‡Y, wU-kvU© Ges e¨vswKs †mev n‡jv h_vµ‡g e¯ÍyMZ `ªe¨ I
†mev Ges kv‡U©i g~j¨ I gvwmK †eZb n‡jv Avw_©K aviYv| jÿ¨ Kiæb, Dfq cÖKvi wewbg‡q GKwU K‡i wecixZgyLx cÖwµqv
i‡q‡Q| GLb PµvKvi cÖevn wP‡Î, cÖevn-1 I 3 Ges cÖevn-2 I 4 Gi Zzjbv Kiæb| cÖevn- 1 I 3 cÖK„Z cÖevn Ges
wecixZgyLx (†Kb?) Ges cÖevn-2 I 4 Avw_©K cÖevn Ges wecixZgyLx (†Kb?)|
cÖK„Z cÖevn: `ªe¨mvgMÖx I †mev (†hgb- †fvM¨ `ªe¨ I kÖg cÖf„wZi) cÖevn|
Avw_©K cÖevn: Drcvw`Z `ªe¨ mvgMÖxi g~j¨ Ges DcKiYmg~‡ni cvwikªwg‡Ki cÖevn|
BDwbU-2 c„ôv-15
weweGm †cÖvMÖvg
Av‡qi AvMgb I ewnM©gb (Leakages and Injections)

RvZxq Av‡qi PµvKvi cÖev‡ni we‡kÐlY †_‡K Avgiv †gvU RvZxq Avq Ges fvimvg¨ RvZxq Avq m¤c‡K© GKwU mvaviY
aviYv cvB| miKvi Ges ewnwe©‡kŸi Abycw¯’wZ I cwievieM© Zv‡ì Av‡qi m¤c~Y© Ask e¨q K‡i -G `y‡Uv AbywgwZ
mv‡c‡ÿ cÖevn-2 Ges cÖevn-4 †_‡K RvZxq Av‡qi wn‡me cvB| cÖevn-2 Abyhvqx, RvZxq Avq n‡”Q Drcv`‡bi
DcKiYmg~‡ni cvwikÖwg‡Ki †hvMdj Ges cÖevn-4 Abyhvqx, RvZxq Avq n‡”Q †fvMe¨‡qi mgvb A_©vr
fÐh¡q-2 Ae¤k¡u£: S¡a£u Bu = jS¤l£+p¤c+M¡Se¡+j¤e¡g¡

fÐh¡q-4 Ae¤k¡u£: S¡a£u Bu = ®j¡V ®i¡NhÉu
†fvM¨`ªe¨ I †mevi Avw_©K ev evRvi g~j¨| fvimvg¨ RvZxq Avq ej‡Z A_©bxwZ‡Z `ªe¨mvgMÖx I †mevi mvgwMÖK †hvMvb I
mvgwMÖK Pvwn`vi mgZv eySvq| Av‡jvP¨ PµvKvi cÖevn Abyhvqx, mvgwMÖK †hvMvb n‡”Q dvg©mg~nKZ„©K Drcvw`Z †fvM¨`ªe¨ I
†mev ev Zvi evRvi g~j¨ Ges mvgwMÖK Pvwn`v n‡jv cwievieM© KZ„©K †fvM¨`ªe¨ I †mevi ‡gvU Pvwn`v| †h‡nZz
i¡lp¡jÉ S¡a£u Bu: p¡j¢NËL ®k¡N¡e = p¡j¢NËL Q¡¢qc¡
cwievieM© Zv‡ì m¤c~Y© Avq †fvM¨`ªe¨ I †mev µ‡q e¨q K‡i †m‡nZz G‡ÿ‡Î mvgwMÖK Pvwn`v mvgwMÖK †hvMv‡bi mgvb|
PµvKvi cÖev‡ni mij wPÎwU hwÌ GKwU A_©bxwZi †gŠwjK Kvh©cÖYvjx e¨vL¨v Ki‡Z mÿg, Z_vwc G aviYv †_‡K
A_©bxwZi mvwe©K wPÎ Abyaveb Kiv Kómva¨| g‡b Kiæb, e¨w³eM© Zv‡ì Av‡qi GKUv Ask mÂq K‡i A_ev AvqKi Ges
K‡c©v‡iU Ki (eëmv-cÖwZôv‡bi gybvdvi Dci Awc©Z Ki ) wn‡m‡e miKvi‡K cÖ`vb Ki‡Z nq| ¯úóZtB G‡ÿ‡Î mvgwMÖK
Pvwn`v mvgwMÖK †hvMv‡bi †P‡q Kg n‡e| Gi A_© n‡”Q, Drcv`b cÖwZôvbmg~‡ni Drcvw`Z `ªe¨mvgMÖxi GKwU Ask
AweµxZ †_‡K hv‡e| myZivs mÂq Ges Ki n‡”Q GK ai‡bi
B−ul h¢qÑNje (Leakages): g¡jÑpj§qLaªÑL hÉ¢š²hNÑ−L fÐcš B−ul ®pC Awn k¡

f¢lh¡lh−NÑl hÉ−ul j¡dÉ−j g¡jÑpj§−q ¢g−l B−p e¡z
ewnM©gb ev leakage hv RvZxq Av‡qi fvimvg¨ webó K‡i Ges cieZx© mg‡q RvZxq Avq nªvm cvq| †mŠfvMëkZt Gi
Ab¨w`KI i‡q‡Q| dvg©mg~n ev¯Í‡e ïaygvÎ †fvM¨`ªe¨B Drcv`b K‡i bv, g~jab`ªeÏ Drcv`b K‡i| GKBfv‡e, cwievieM©
Zv‡ì mwÂZ A_© g~jab`ªe¨ µ‡q e¨q Ki‡Z cv‡i| Ab¨w`‡K, Kiv‡iv‡ci gva¨‡g msM„nxZ A_© miKvi dvg©mg~nKZ„©K
Drcvw`Z `ªe¨mvgMÖx µ‡q e¨q Ki‡Z cv‡i| Kv‡RB cwievie‡M©i mwÂZ A_© g~jab `ªe¨ µ‡qi gva¨‡g wewb‡qvM AvKv‡i
Ges miKvi‡K †`q Ki miKvix Li‡Pi AvKv‡i dvg©mg~‡n wd‡i Avm‡Z cv‡i| myZivs, wewb‡qvM Ges miKvix e¨q n‡”Q
GK ai‡bi AvMgb ev injections| injection Gi d‡j RvZxq Avq e„w× cvq| AvMgb ev injections -Gi
Av‡qi AvMgb (Injections): dvg©mg~nKZ©„K cÖ`Ë cwievie‡M©i Av‡qi †mB Ask hv cwievieM© ev miKv‡ii e¨‡qi gva¨‡g
dv‡g© wd‡i Av‡m|
f~wgKv ewnM©gb ev Leakages -Gi wecixZ| †hgb- ißvwb n‡jv injection wKš‘ Avg`vbx n‡jv Leakage|
Abykxjb
wb‡Pi †Kvb&¸‡jv Av‡qi AvMgb I †Kvb&¸‡jv Av‡qi ewnM©gb wb‡`©k K‡i wjLyb: mÂq, Ki, †fvMe¨q, wewb‡qvMe¨q,
miKvix e¨q| evsjv‡`‡k Av‡qi ewn©Mgb †ekx bvwK Av‡qi AvMgb †ekx? wPšÍv Kiæb I wjLyb|
mZ¨-wg_¨v
1. PµvKvi cÖev‡ni aviYv we‡kÐlY K‡i fvimvg¨ RvZxq Avq e¨vL¨v Kiv hvq -mZ¨/wg_¨v
2. `ªe¨mvgMÖxi Avg`vwb PµvKvi cÖev‡n GK ai‡bi AvMgb (injection) wb‡`©k K‡i - mZ¨/wg_¨v
3. mÂq Ges Ki RvZxq Av‡qi e„w× NUvq - mZ¨/wg_¨v
4. mÂq I Ki n‡”Q ewn©Mgb ev leakage - mZ¨/wg_¨v
5. ißvwb GK ai‡bi AvMgb ev injection - mZ¨/wg_¨v
BDwbU-2 c„ôv-16
mgwóK A_©bxwZ
iPbvg~jK cÖkœ
1. wb‡Pi aviYv¸‡jv e¨vL¨v Kiæb -
(K) `ªe¨ evRvi (L) Dcv`vb evRvi (M) cvwievieM© LvZ (N) eëmvwqK LvZ
2. RvZxq Av‡qi mij PµvKvi cÖevnwU we‡kÐlY Kiæb|
3. fvimvg¨ RvZxq Avq ej‡Z Kx eySvq?
4. RvZxq Av‡q cÖweóKiY (AvMgb) I RvZxq Avq †_‡K ewn©Mgb (Leakage) Kxfv‡e fvimvg¨ RvZxqi Avq‡K cÖfvweZ
K‡i?
5. RvZxq Av‡qi PµvKvi cÖev‡n cÖK„Z I Avw_©K cÖevn¸‡jv wK wK?
ˆbe©¨w³K cÖkœ
1. RvZxq Av‡qi mij PµvKvi cÖev‡n
K. miKvi‡K AšÍfy©³ Kiv nq
L. ewnwe©kŸ AšÍf©y³ Kiv nq
M. miKvi I ewnwe©kŸ LvZ‡K AšÍf©y³ Kiv nq bv
N. Dc‡ii †KvbwUB mwVK bq|
2. wb‡Pi †Kvb&wU cÖK„Z PjK
K. †fvM¨`ª‡eï cwigvY
L. kÖwg‡Ki gRyix
M. `ªe¨mvgMÖxi g~j¨
3. †Kvb&wU Av‡qi ewn©Mgb wb‡`©k K‡i
K. mÂq
L. gRyix
M. wewb‡qvM
4. †Kvb&wU Av‡qi AvMgb wb‡`©k K‡i
K. †fvMe¨q
L. mÂq
M. Ki
5. Drcv`‡bi DcKiYmg~‡ni gvwjK n‡”Q
K. miKvi
L. eëmvq cÖwZôvbmg~n
M. cwievieM©
mgm¨v
1. GKwU †`‡ki K‡qKwU mgwóK A_©‰bwZK Z_¨ (wgwjqb UvKvq) wbæiƒc:
kÖwgK‡ì †eZb 2000
f~cwZ‡ì Avq 1000
my` 500
gybvdv 100
mÂq 500
Avq Ki 100
wewb‡qvM 600
miKvix e¨q 300
Avg`vwb e¨q 100
ißvwb Avq 200
†fvM e¨q 2000
K. Dc‡iv³ cÖevn¸‡jv RvZxq Av‡qi PµvKvi cÖev‡ni mvnv‡h¨ †`Lvb|
L. Avq cÖev‡ni †gvU cwigvY KZ?
M. Av‡qi AvMg‡bi †gvU cwigvY KZ?
N. Av‡qi ewn©Mgb KZ?
O. Av‡qi AvMgb I ewnM©g‡bi g‡a¨ Zzjbv Kiæb|
2. gy³evRvi A_©bxwZ (Open Market Economy) Pvjy nIqvi d‡j evsjv‡`‡ki evRvi¸‡jv we‡`kx c‡Y¨ †Q‡q †M‡Q|
ZvQvov Avgv‡ì †`‡ki gvbylR‡biI wfb‡`kx c‡Yï cÖwZ fvjevmv †e‡o †M‡Q| Zviv Zv‡ì Av‡qi GKwU eo Ask
GLb we‡`kx c‡Yï Dci e¨q K‡i| cvkvcvwk we‡`kx evRv‡i Avgv‡ì c‡Yï Pvwn`v †ZgbUv evo‡Q bv| D‡jøwLZ
welq¸‡jv Avgv‡ì RvZxq Avq‡K wKfv‡e cÖfvweZ Ki‡Q Zv RvZxq Av‡qi PµvKvi cÖevn wP‡Îi gva¨‡g e¨vL¨v
Kiæb|
BDwbU-2 c„ôv-17
weweGm †cÖvMÖvg
cvV-3 RvZxq Av‡qi cwigvc (National Income Measurement)

D‡Ïk¨
G cvV †k‡l Avcwb
♦ RvZxq Avq cwigv‡ci wewfbœ c×wZ m¤c‡K© ej‡Z cvi‡eb
♦ ‰ØZ MYbv mgm¨v e¨L¨v Ki‡Z cvi‡eb
♦ g~j¨ms‡hvRb c×wZ‡Z RvZxq Avq cwigv‡ci myweav m¤c‡K© ej‡Z cvi‡eb
♦ RvZxq Avq cwigv‡ci ¸iæZ¡ e¨vL¨v Ki‡Z cvi‡eb|
f~wgKv
RvZxq Avq cwigv‡ci GKvwaK c×wZ i‡q‡Q| cÖ‡Z¨K cwigv‡ciB wKQy bv wKQy Amyweav †hgb i‡q‡Q †Zgwb myweavI
i‡q‡Q| G cv‡V Avgiv RvZxq Avq cwigv‡ci wewfbœ c×wZ m¤c‡K© Rvbe| cieZ©x cv‡V wewfbœ c×wZi myweav
Amyweav¸‡jv Av‡jvPbv Kiv n‡e|
RvZxq Avq cwigv‡ci c×wZ

GKwU †`‡ki RvZxq Avq cwigv‡ci Rb¨ wZbwU wfbœ wfbœ c×wZ eënvi Kiv hvq| c×wZ wZbwU n‡jv:
• Drcv`b c×wZ
• Avq c×wZ
• e¨q c×wZ
†hŠw³Kfv‡e wePvi Ki‡j †Kvb †`k G wZbwU c×wZi †h †KvbwU eënvi Ki‡Z cv‡i| KviY wKQyUv mgš^q mvab mv‡c‡ÿ
wZbwU c×wZ GKB djvdj cÖ`vb Ki‡e| Z‡e †Kvb& †`k †Kvb& c×wZ eënvi Ki‡e Zv wbf©i Ki‡e †m †`‡k cÖvß Z_¨
Ges Z‡_ï mZ¨Zv ev wbfy©jZvi Dci| Avjv`v Avjv`vfv‡e cÖwZwU c×wZB ¸iæZ¡c~Y©| KviY, †h †Kvb GKwU c×wZ
c„_Kfv‡e GKwU A_©bxwZi mvwe©K Kvh©cÖYvjx Ges wewfbœ Lv‡Zi Kg©Kv‡Ûi mvgwMÖK wPÎ cÖ`vb Ki‡Z mÿg bq| ZvB me
KqwU c×wZi hyMcr eënvi †hgb A_©bxwZi wewfbœ Lv‡Zi mvwe©K wPÎ Zz‡j a‡i, †Zgwb RvZxq Av‡qi wnmv‡ei wbfy©jZv
Ges mvgÄm¨ cixÿv Ki‡Z mnvqZv K‡i| GLb Avgiv c„_K c„_Kfv‡e c×wZ wZbwUi eënvi cÖYvjx e¨vL¨v Kie|
Drcv`b c×wZ (Product Method)
†gvU RvZxq Dcv`‡bi msÁv we‡kÐlY Ki‡j Avgiv Drcv`b c×wZ m¤c‡K© GKwU mvaviY aviYv cvB| Drcv`b c×wZ‡Z
RvZxq Avq n‡jv GKwU wbw`©ó eQ‡i GKwU A_©bxwZ‡Z Drcvw`Z mKj P‚ovšÍ `ªe¨ I †mevi evRvi g~j¨| Avgiv Rvwb, GKwU
†`k †Kvb wbw`©ó eQ‡i P‚ovšÍ `ªe¨ I †mevi cvkvcvwk wecyj cwigv‡Y gva¨wgK `ªeÏ Drcv`b K‡i _v‡K|
RvZxq Avq cwigvc: GKwU D`vniY
g‡b Kwi, GKwU †`‡k `ywU gvÎ P‚ovšÍ `ªe¨ - iæwU I gvLb Drcvw`Z nq| cÖwZwU iæwUi `vg 20 UvKv Ges cÖwZ †KwR
gvL‡bi `vg 50 UvKv| Av‡iv g‡b Kwi, cÖwZ eQi 100 wU iæwU Ges 20 †KwR gvLb Drcvw`Z nq| G KvíwbK D`vni‡Y,
†`kwUi RvZxq Avq n‡e (100*20) + (20*50) = 3000 UvKv|
myZivs RvZxq Avq cwigv‡ci mgq AZ¨šÍ mZK©Zvi mv‡_ gva¨wgK `ªe¨mvgMÖx†K wn‡me †_‡K ev` w`‡Z n‡e| Ab¨_vq,
GKB `ª‡eï g~j¨ GKvwaKevi wn‡me Kiv n‡Z cv‡i| A_©bxwZ‡Z GUv‡K ˆØZ-MYbvi mgm¨v (problem of Double
Counting) ejv nq| ˆØZ-MYbv A_©vr gva¨wgK I P‚ovšÍ `ªe¨mvgMÖx Avjv`vfv‡e wn‡me Ki‡j RvZxq Avq cÖK„Z ¯Íi
A‡cÿv AwaK cwigvc (overestimating) Kiv n‡e| GKwU D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv hvK&| GKRb
AvmevecÎ cÖ¯ÍyZKvix KuvPvgvj wn‡m‡e KvV (gva¨wgK `ªe¨) eënvi K‡i _v‡K hv †m KivZK‡ji gvwjK †_‡K wK‡b †bq|
Avevi, KivZK‡ji gvwjK MvQ (gva¨wgK `ªe¨) wP‡i KvV ˆZwi K‡i, MvQ †m A‡bï KvQ †_‡K wK‡b †bq| g‡b Kwi, Mv‡Qi
g~j¨ 10 nvRvi UvKv, cÖ¯ÍyZK„Z Kv‡Vi g~j¨ 15 nvRvi UvKv Ges Avmevec‡Îi weµqg~j¨ 20 nvRvi UvKv| Drcv`b c×wZ
Abyhvqx, G‡ÿ‡Î ïaygvÎ Avmevec‡Îi g~j¨ RvZxq Av‡qi AšÍf©y³ n‡e| KviY MvQ I Kv‡Vi g~j¨ Avmevec‡Îi g~‡j¨
AšÍf©y³| GLb hw` MvQ, KvV I Avmevec‡Îi g~j¨ c„_K c„_Kfv‡e wn‡me Kiv nq Zvn‡j cwigvcK„Z RvZxq Avq cÖK„Z
RvZxq Avq A‡cÿv †ekx n‡e| Av‡jvP¨ D`vni‡Y hwÌ cÖK„Z RvZxq Avq 20 nvRvi UvKv, gva¨wgK `ª‡eï AšÍfy©w³i d‡j
cwigvcK„Z RvZxq Avq n‡e (10+15+20) = 45 nvRvi UvKv| ˆØZ MYbvi mgm¨v Gov‡bvi Rb¨ ïaygvÎ P‚ovšÍ `ªe¨ I
†mevi g~j¨ we‡ePbv Kiv nq e‡j G c×wZ‡K P‚ovšÍ Drcv`b c×wZI (Final Product Method) ejv nq|
BDwbU-2 c„ôv-18
mgwóK A_©bxwZ
ˆØZ MYbvi mgm¨v Gov‡bvi wØZxq Kvh©Kix c×wZ n‡”Q g~j¨ ms‡hvRb c×wZ (Value Added Method)| G c×wZ‡Z
Drcv`‡bi cÖwZwU ¯Í‡i eënƒZ e¯ÍyMZ DcKiY (material input) Ges Drc‡bœi (Output) g~‡jï cv_©K¨mg~n †hvM K‡i
RvZxq Avq cwigvc Kiv nq| P‚ovšÍ Drcv`b c×wZ Ges g~j¨ ms‡hvRb c×wZi †h †Kvb GKwU eënvi K‡i RvZxq Avq
cwigvc Kiv hvq| KviY †hŠw³Kfv‡e Dfq c×wZ GKB djvdj cÖ`vb K‡i| Dc‡ii D`vni‡Y, MvQ †_‡K KvV ˆZwi‡Z
g~j¨ ms‡hvRb n‡”Q (15-10) = 5 nvRvi UvKv Ges KvV †_‡K AvmevecÎ ˆZwi‡Z g~j¨ms‡hvRb n‡”Q (20-15) = 5
nvRvi UvKv| Mv‡Qi cÖv_wgK g~j¨ 10 nvRvi UvKv| myZivs g~j¨ms‡hvRb c×wZ‡Z RvZxq Avq = (10+5+5) = 20 nvRvi
UvKv hv P‚ovšÍ `ªe¨ Avmevec‡Îi g~‡jï mgvb| Z‡e g~j¨ms‡hvRb c×wZi AwZwi³ myweav n‡”Q, G c×wZ‡Z A_©bxwZi
wewfbœ Lv‡Zi Ae`vb m¤c‡K© Zzjbvg~jK aviYv jvf Kiv hvq| wb‡P wP‡Îi mvnv‡h¨ g~jms‡hvRb c×wZ †`Lv‡bv nj:
10 j§mÉpw−k¡Se j§mÉpw−k¡Se
N¡R
15 Bph¡h fœ Bph¡h 20 ®œ²a¡
Ll¡aLm L¡W °a¢ll L¡lM¡e¡
5 5 fœ
g~j¨-ms‡hvRb: P‚ovšÍ `ªe¨ wn‡m‡e eënƒZ nevi c~e© ch©šÍ †Kvb †Kvb `ªe¨mvgMÖx GKvwaK Drcv`b ¯Íi AwZµg K‡i Av‡m|
cÖwZwU ¯Í‡i cÖv_wgK e¯ÍyMZ DcKiYwU (material input) kÖg I Ab¨vb¨ DcKi‡Yi mnvqZv I mswgkÖ‡Y wfbœ AvKvi I
AvK„wZcÖvß n‡q Ab¨ GKwU e¯ÍyMZ DcKiY ev P‚ovšÍ `ª‡e¨ iƒcvšÍwiZ nq hv c~‡e©i †P‡q AwaK `vg ev g~j¨ `vex K‡i|
Drcv`‡bi cÖwZwU ¯Í‡i `ª‡eï `vg ev g~‡jï AwZwi³ ms‡hvRb‡K g~j¨-ms‡hvRb e‡j| D`vniY¯îƒc g‡b Kiv hvK&, 1000
UvKvi AvuL †_‡K kÖg I Ab¨vb¨ DcKiY eënvi K‡i 1500 UvKvi wPwb ˆZwi Kiv n‡jv| G‡ÿ‡Î g~j¨-ms‡hvRb n‡jv
(1500-1000) = 500 UvKv|
Abykxjb
evsjv‡`‡ki RvZxq Avq cwigv‡ci mgq †Kvb& †ÿ‡Î mvaviYZ: ˆØZMYbvi mgm¨v †`Lv †`q? wPšÍv Kiæb I wjLyb|
Avq c×wZ (Income Method)

GKwU A_©bxwZ‡Z `ªe¨mvgMÖx I †mevi Drcv`b n‡”Q Drcv`‡bi wewfbœ DcKi‡Yi Drcv`bkxj Kg©Kv‡Ûi dmj| G
Drcv`bkxj ev A_©‰bwZK Kg©KvÛ A_©bxwZi wewfbœ LvZ I DcLvZ †hgb- K„wl, Kj-KviLvbv, wkÿv cÖwZôvb, e¨vsK, exgv
cÖwZôvb, Lwb cÖf„wZ‡Z we¯Í„Z| wewfbœ A_©‰bwZK Kg©Kv‡Û wb‡qvwRZ Drcv`‡bi DcKiYmg~n Drcv`b cÖwZôvb Z_v
wb‡qvMKvix cÖwZôvbmg~n †_‡K cvwikªwgK †c‡q _v‡K hv DcKiYmg~‡ni Avq wn‡m‡e cwiwPZ| A_©vr Drcv`b cÖwZôv‡bi
Rb¨ hv DcKiY eënv‡ii e¨q, DcKiYmg~‡ni gvwjK wn‡m‡e Zv cwievie‡M©i Avq| Avq c×wZ‡Z ZvB RvZxq Avq n‡”Q
DcKiYmg~‡ni Av‡qi †hvMdj| Avq c×wZ‡Z RvZxq Avq cwigv‡ci welqwU RvZxq Av‡qi PµvKvi cÖevn wPÎ †_‡K
Av‡iv mn‡R eySv hv‡e| wPÎ 2.1 G cÖevn-1 I cÖevn-2 jÿ¨ Kiæb| cÖevn-1 wb‡`©k Ki‡Q †h, cwievieM© dvg©mg~n‡K
Drcv`‡bi DcKiYmg~n †hgb- kÖg, g~jab, f~wg I msMVb mieivn Ki‡Q Ges wewbg‡q h_vµ‡g gRyix, my`, LvRbv I
gybvdv MÖnY Ki‡Q (cÖevn-2)| myZivs gRyix, LvRbv, my` I gybvdvi †hvMdj n‡”Q DcKiY Av‡q RvZxq Avq (National
Income at Factor Earnings)| Ab¨fv‡e, Drcv`b cÖwZôvbmg~‡ni DcKiY e¨‡qi `„wó‡Kvb †_‡K we‡ePbv K‡i GUv‡K
DcKiY e¨‡q RvZxq Avq (National Income at Factor Cost) e‡j|
S¡a£u Bu = jS¤l£ + p¤c + M¡Se¡ + j¤e¡g¡
gybvdv: msMV‡Ki cvwikÖwgK wn‡m‡e Dc‡i DwjøwLZ gybvdv‡K cÖavbZt `y'fv‡M fvM Kiv hvq| h_v e¨w³ gvwjKvbvaxb
eëmv cÖwZôv‡bi gvwj‡Ki Avq (Proprietor's Income) Ges K‡c©v‡iU gybvdv (Corporate Profits)| e¨w³gvwjKvbvaxb
cÖwZôv‡bi Avq ej‡Z GKK Kvievi (Sole Propereitorships), Askx`vix Kvievi (Partnerships) Ges mgev‡qi
(Cooperatives) bxU Avq‡K eySv‡bv nq| Ab¨w`‡K, K‡c©v‡iU gybvdv ej‡Z wbMge× cÖwZôvbmg~‡ni (Corporations) bxU
Avq‡K eySv‡bv nq| K‡c©v‡iU Av‡qi wZbwU Ask - (1) K‡c©v‡ik‡bi Askx`vi‡ì (Stockholders) wWwf‡WÛ
((Dividends), (2) K‡c©v‡ik‡bi Aew›UZ gybvdv (Retained Earnings) Ges (3) wbM©g Ki (Corporate Tax) hv
K‡c©v‡ik‡bi AvqKi wn‡m‡e MY¨|
BDwbU-2 c„ôv-19
weweGm †cÖvMÖvg
Dc‡i we‡kÐwlZ Avq c×wZ‡Z wnmveK„Z RvZxq Avq Ges Drcv`b c×wZ‡Z wnmveK„Z RvZxq Avq ev †gvU RvZxq
Drcv`‡bi g‡a¨ GKUz cv_©K¨ i‡q‡Q| Avq c×wZ‡Z cwigvcK„Z RvZxq Avq n‡”Q GK ai‡bi bxU RvZxq Avq hv ïaygvÎ
DcvR©b ev Av‡qi mv‡_ m¤cwK©Z welq ev `dvmg~n (Income Items) we‡ePbv K‡i| A-DcvR©b ev Avq wn‡m‡e MY¨ bq
Ggb welq ev `dvmg~n (Non-Income Items) Avq c×wZ‡Z we‡eP¨ bq| G ai‡bi `y‡Uv welq n‡”Q g~ja‡bi AePq ev
eënviRwbZ e¨q (Depreciation or Capital Consumption Allowance) Ges eëmv cÖwZôv‡bi c‡ivÿ Ki| g~ja‡bi
eënviRwbZ e¨‡qi aviYvi mv‡_ Avcbviv B‡Zvg‡a¨ cwiwPZ n‡q‡Qb| c‡ivÿ Ki n‡”Q miKviKZ„©K eëmv-cÖwZôv‡bi
Dci Av‡ivwcZ mvaviY weµq Ki (Sales Taxes), AveMvwi Ki (Excise Taxes) Ges Avg`vwb I ißvwb ïé (Customs
Duties)| G¸‡jv c‡ivÿ Ki, KviY eëmvq cÖwZôv‡bi Dci G mKj Ki mivmwi Av‡ivc Kiv nq bv eis cÖ¯ÍyZK„Z
`ªe¨mvgMÖx I †mevi Dci G Ki Av‡ivc Kiv nq| c‡ivÿKimg~n Drcv`b cÖwZôv‡bi Drcv`b LiP wn‡m‡e we‡eP¨|
Kv‡RB †gvU RvZxq Drcv`‡bi (GNP) wn‡me †c‡Z n‡j DcKiYmg~‡ni Av‡qi mv‡_ g~ja‡bi eënviRwbZ e¨q I
c‡ivÿ Ki †hvM Ki‡Z n‡e|
†gvU RvZxq Drcv`b = (gRyix + my` + LvRbv + gybvdv)
+ g~ja‡bi eënvi RwbZ e¨q + c‡ivÿ Ki
= DcKiY e¨‡q RvZxq Avq
+ g~ja‡bi eënviRwbZ e¨q + c‡ivÿ Ki
Abykxjb
MZ eQ‡i GKvwkZ evsjv‡`‡ki cwimsL¨vb el©cÄx wU nv‡Zi Kv‡Q wbb| weMZ 4wU A_© eQ‡ii †gvU RvZxq Avq I
DcKiY e¨‡q RvZxq Avq KZ? wjLyb| AZtci g~ja‡bi eënviRwbZ e¨q I c‡ivÿ Ki †ei Kiæb|
e¨q c×wZ (Expenditure Method)
e¨q c×wZ Abyhvqx, RvZxq Avq n‡”Q †Kvb GKwU mgvRKZ„©K mKj cÖKvi `ªe¨mvgMÖx I †mev µ‡qi Rb¨ e¨q| Avgv‡ì
mij PµvKvi cÖevn wPÎ Abyhvqx, cwievieM© Zv‡ì Av‡qi cy‡iv Ask e¨w³MZ †fvM¨mvgMÖx µ‡q eënvi K‡i| myZivs, G
ai‡bi GKwU mij A_©bxwZ‡Z, RvZxq Avq = †gvU †fvM e¨q| wKš‘ GwU GKwU AwZ mijxK„Z (simplified) e¨vL¨v|
cÖ_gZt ïaygvÎ cwievieM©B Drcvw`Z `ªe¨mvgMÖx µ‡qi GKgvÎ G‡R›U (Agent) bq| GKwU †`‡ki miKvi cÖwZiÿv,
wkÿv, ¯^v¯’¨, BZ¨vw` Lv‡Z cÖPzi A_© e¨q K‡i _v‡K| wØZxqZt GKwU †`k ïaygvÎ P‚ovšÍ `ªe¨mvgMÖx I †mev Drcv`b K‡i
bv, Drcv`b cÖwµqv mej ivLv Ges cÖmvwiZ Kivi Rb¨ cÖPzi cwigv‡Y g~jab Z_v gva¨wgK `ªeÏ Drcv`b K‡i _v‡K|
†emiKvix Ges miKvix Drcv`b cÖwZôvbmg~n G mKj `ª‡eï †µZv| A_©bxwZ‡Z g~jab `ªe¨ µ‡qi cÖwµqv‡K wewb‡qvM
e¨q ejv nq| Z„ZxqZt GKwU †`‡ki cÖ‡qvRbxq †fvM¨`ªe¨ I g~jab `ª‡eï GKwU Ask ewnwe©kŸ †_‡K Avg`vwb Ki‡Z nq|
GKBfv‡e, †`‡k Drcvw`Z †fvM¨`ªe¨ I g~jab mvgMÖxi GKwU Ask we‡`‡k ißvwb nq hv we‡`kx RbMYKZ„©K Avgv‡ì
†`kxq `ª‡eï Rb¨ e¨q wn‡m‡e MY¨| ißvwb Avq (Avgv‡ì †`kxq `ª‡eï Dci ewn©we‡kŸi e¨q) †_‡K Avg`vwb e¨q (we‡`kx
`ª‡eï Dci Avgv‡ì e¨q) ev` w`‡j Avgiv bxU ißvwb (Net Export) cvB hv abvZ¥K (Positive) A_ev FYvZ¥K
(Negative) n‡Z cv‡i|
Dc‡ii we‡kÐl‡Yi Av‡jv‡K Avgiv Pvi ai‡bi e¨q mbv³ Ki‡Z cvwi:
(1) e¨w³MZ †fvM e¨q (Personal Consumption Expenditures) - C
(2) †emiKvix Af¨šÍixY wewb‡qvM (Private Domestic Investment) - I
(3) miKvix e¨q (Government Expenditures) - G
(4) bxU ißvwb (Net Export) - (X-M)
†hLv‡b X = ißvwb (Exports)
Ges M = Avg`vwb (Imports)
GNP = C + I + G + (X-M)
= C + I + G hLb (X-M) = 0 A_©vr ißvwb Avq Avg`vwb e¨‡qi mgvb
GKwU A_©bxwZi mvgwMÖK Kg©Kv‡Ûi Zzjbvq bxU ißvwbi cwigvY LyeB Kg| ZvB ZvwË¦K Av‡jvPbvq A‡bK‡ÿ‡Î bxU ißvwb
ev` c‡o hvq|
BDwbU-2 c„ôv-20
mgwóK A_©bxwZ
Drcv`b c×wZ, Avq c×wZ Ges e¨q c×wZ QvovI Ab¨ GKwU Dcv‡q RvZxq Avq cwigvc Kiv hvq| GUv‡K Av‡qi
eënvi c×wZ (Uses of Income Method) e‡j| G c×wZ‡Z RvZxq Avq n‡jv †fvM e¨q, mÂq (Saving) Ges Ki
Avq (Tax Revenue) -Gi †hvMdj A_©vr GNP = C+S+T| RvZxq Avq wba©viY Z‡Ë¦ C+I+G = C+S+T GKwU
¸iæZ¡c~Y© wfwË wn‡m‡e KvR K‡i|
Abykxjb
evsjv‡`‡ki MZ A_©eQ‡ii †fvMe¨q, †emiKvix Af¨šÍixY wewb‡qvM, miKvix e¨q, bxU ißvwbi cwigvY †gvU mÂq, Ki-
Avq KZ? wjLyb| AZtci Av‡qi eënvi c×wZ‡Z RvZxq Avq wn‡me Kiæb|
mZ¨-wg_¨v
1. GKwU †`‡k ïaygvÎ gva¨wgK `ªe¨ Drcvw`Z nq - mZ¨/wg_¨v
2. RvZxq Avq cwigv‡ci †ÿ‡Î ïaygvÎ P‚ovšÍ `ª‡eï g~j¨ we‡ePbv Ki‡jI ˆØZMYbv mgm¨v †`Lv w`‡Z cv‡i - mZ¨/wg_¨v
3. ˆØZMYbv mgm¨v Gov‡bvi GKgvÎ Dcvq n‡”Q g~j¨ms‡hvRb c×wZ‡Z RvZxq Avq cwigvc - mZ¨/wg_¨v
4. cÖwZôv‡bi g~ja‡bi AePqRwbZ e¨q n‡”Q GK ai‡bi Non-income item - mZ¨/wg_¨v
5. AveMvwi Ki GK ai‡bi c‡ivÿ Ki - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. RvZxq cwigv‡ci c×wZ¸wj Kx Kx?
2. P‚ovšÍ Drcv`b c×wZ I g~j¨ms‡hvRb c×wZ `y‡Uv e¨vL¨v Kiæb|
Dfq c×wZ‡Z wK GKB dj cvIqv hvq?
3. e¨q c×wZwU wek`fv‡e we‡kÐlY Kiæb| Av‡qi eënvi c×wZi mv‡_ e¨q c×wZi Zzjbv Kiæb|
4. ˆØZ MYbvi mgm¨vwU Kx? GUv wKfv‡e `~i Kiv hvq?
5. DcKiYe¨‡q RvZxq Drcv`b I †gvU RvZxq Drcv`‡bi g‡a¨ Zdvr Av‡Q wK? e¨vL¨v Kiæb|
ˆbe©¨w³K cÖkœ
1. wb‡Pi †Kvb& †Kvb& welqmg~n RvZxq Av‡qi AšÍf©y³ n‡e?
(K) `wi`ª‡ì Kj¨v‡Yi Rb¨ e¨q
(L) K‡c©v‡ik‡bi Aew›UZ gybvdv
(M) mvgvwRK wbivcËvi Rb¨ e¨q
(N) eëmv-cÖwZôv‡bi gvwj‡Ki Avq
(O) jUvix‡Z cÖvß A_©
2. ˆØZMYbvi mgm¨v †`Lv †`q
K. Drcv`b c×wZ‡Z RvZxq Avq wnmv‡ei †ÿ‡Î
L. Avq c×wZ‡Z RvZxq Avq wnmv‡ei †ÿ‡Î
M. e¨q c×wZ‡Z RvZxq Avq wnmv‡ei †ÿ‡Î
3. g~j¨ ms‡hvRb c×wZ‡Z RvZxq Avq cwigv‡ci gva¨‡g
K. ïay gva¨wgK `ª‡eï g~j¨ we‡ePbv Kiv nq
L. ïay P‚ovšÍ `ª‡eï g~j¨ we‡ePbv Kiv nq
M. ˆØZ MYbvi mgm¨v `~i Kiv nq
N. Dc‡ii meKqwUB mwVK|
BDwbU-2 c„ôv-21
weweGm †cÖvMÖvg
4. Avq c×wZ‡Z RvZxq Avq wnmv‡ei mgq

K. ïaygvÎ income items we‡ePbv Kiv nq
L. ïaygvÎ Non-income items we‡ePbv Kiv nq
M. K I L DfqB
5. Av‡qi eënvi c×wZ‡Z RvZxq Avq n‡”Q
K. miKvix e¨q, †fvMe¨q I wewb‡qvMe¨‡qi mgwó
L. gRyix, LvRbv, my` I gybvdvi mgwó
M. †fvMe¨q, mÂq I Ki Av‡qi mgwó
mgm¨v
1. wb‡æi Z_¨mg~n (wgwjqb UvKvq) jÿ¨ Kiæb| G¸‡jv GKwU †`‡ki KíwbK mgwóK wnmve|
(K) Kg©Pvix‡ì †eZb I fvZv 100
(L) my` 15
(M) LvRbv 10
(N) c‡ivÿ eëmv Ki 15
(O) K‡c©v‡iU gybvdv 10
(P) n¯ÍvšÍi cÖ`vb 30
(Q) eëmv cÖwZôv‡bi gvwj‡Ki Avq 10
(R) g~ja‡bi eënviRwbZ e¨q 15
1. †`kwUi †gvU RvZxq Avq KZ?
2. †`kwUi bxU RvZxq Avq KZ?
3. DcKiY e¨‡q RvZxq Avq KZ?
BDwbU-2 c„ôv-22
mgwóK A_©bxwZ
cvV 4:
cvV-4 RvZxq Avq cwigv‡ci myweav I Amyweav (Advantages and Disadvantages of
National Income Measurement)
D‡Ïk¨
♦ RvZxq Avq cwigv‡ci m~weavmg~n e¨vL¨v e¨L¨v Ki‡Z cvi‡eb
♦ RvZxh Avq cwigv‡ci cÖavb mgm¨vmg~n eY©bv Ki‡Z cvi‡eb
♦ evsjv‡`‡k RvZxq Avq wn‡m‡ei Amyweavmg~n e¨vL¨v Ki‡Z cvi‡eb|
f~wgKv
GKwU †`‡ki GKwU wbw`©ó eQ‡i mvwe©K e¯ÍyMZ I Ae¯ÍyMZ A_©‰bwZK Kg©Kv‡Ûi mvgwMÖK wn‡me n‡”Q RvZxq Avq| DbœZ
ev AbybœZ †h †Kvb †`‡k cwimsL¨vb AvKv‡i RvZxq Avq m¤cwK©Z wewfbœ Z_¨ eQiIqvix wjwce× _v‡K| PjwZ A_ev w¯’i
†h ai‡bi evRvi g~‡j¨B cÖKvwkZ †nvK bv ‡Kb †`‡ki A_©bxwZwe`, ivRbxwZwe` Z_v bxwZwba©viK‡ì Rb¨ RvZxq Avq
Ges m¤cwK©Z aviYvmg~‡ni (†hgb- gv_vwcQy RvZxq Avq) Z_¨ AZ¨šÍ ¸iæZ¡c~Y©| Z‡e, RvZxq Av‡qi msÁvMZ mgm¨v
Ges Ab¨vb¨ ev¯Íe mgm¨vi Kvi‡Y RvZxq Avq cwigv‡ci †ÿ‡Î †ek wKQy mgm¨v ev Amyweavi m¤gyLxb n‡Z nq| Pjyb
Avgiv mswÿßvKv‡i RvZxq Av‡qi ¸iæZ¡c~Y© myweav I Amyweavmg~n †R‡b wbB|
RvZxq Avq cwigv‡ci myweavmg~n

A_©bxwZi wewfbœ Lv‡Zi Ae`v‡bi Zzjbvg~jK we‡kÐlY: cwimsL¨vb el©cÄx‡Z †hfv‡e A_©bxwZi wewfbœ LvZ †hgb - K„wl,
wkí, †mev cÖf„wZi Ae`v‡bi Z_¨ ev cwimsL¨vb mwbœ‡ewkZ _v‡K Zv‡Z RvZxq Av‡q G mg¯Í Lv‡Zi Zzjbvg~jK ¸iæZ¡
we‡kÐlY mnR nq|
e¨‡qi wn‡m‡ei Zzjbvg~jK we‡kÐlY: RvZxq Av‡qi KZ kZvsk †fvMe¨q, wewb‡qvM e¨q, miKvix e¨q A_ev Ki-wn‡m‡e
Av`vq Kiv nq Zv Rvbv LyeB ¸iæZ¡c~Y©| D`vniY¯îƒc, †fvMe¨q I eënvi‡hvM¨ Av‡qi Z_¨ Rvbv _vK‡j Avgiv mg‡qi
eëav‡b eënvi‡hvM¨ Av‡qi cwieZ©b I †fvMe¨‡qi cwieZ©‡bi m¤cK© e¨vL¨v Ki‡Z cvwi| A_ev RvZxq Av‡qi cwieZ©b
I my‡ì nv‡ii cwieZ©‡bi mv‡_ wewb‡qvM e¨‡qi cwieZ©b e¨vL¨v Ki‡Z cvwi|
`ª‡eï Drcv`b I eënvi: RvZxq Av‡qi Z_¨ we‡kÐl‡Y Avgiv Rvb‡Z cvwi GKwU †`‡k Kx Kx `ªe¨ Drcvw`Z n‡”Q Ges
Gme `ªe¨ Kx Kx weKí Kv‡R eënƒZ n‡”Q|
AvšÍR©vwZK Zzjbv: RvZxq Avq n‡jv GKwU A_©bxwZi mgwóK Kg©Kv‡Ûi gvcKvwV| ZvB wewfbœ †`‡ki RvZxq Av‡qi Zzjbv
K‡i GKwU †`‡ki mvgwMÖK A_©‰bwZK Kg©Kv‡Ûi ch©v‡jvPbv Kiv hvq|
A_©‰bwZK Dbœqb I cÖe„w×i DËg wb‡`©kK: RvZxq Avq Ges gv_vwcQy RvZxq Av‡qi cwieZ©‡bi aviv †_‡K GKwU †`‡ki
Dbœqb I cÖe„w×i MwZaviv we‡kÐlY m¤¢e| GKwU MwZkxj A_©bxwZ‡Z RvZxq Avq mg‡qi eëav‡b evo‡e| Ab¨w`‡K,
RvZxq Av‡qi nªvm ev w¯’iZv GKwU †`‡ki A_©‰bwZK ¯’weiZv wb‡`©k K‡i|
‡`kxq bvMwiK I we‡`kx‡ì Ae`vb: †gvU RvZxq Drcv`b (GNP) I †gvU Af¨šÍixY Drcv`‡bi (GDP) Z_¨ we‡kÐlY
K‡i Avgiv †`‡ki Kg©cÖwµqvq †`kxq bvMwiKe„›` I we‡`kx‡ì AskMÖnY Ges Zv‡ì Ae`v‡bi Zzjbv Ki‡Z cvwi|
KvVv‡gvMZ cwieZ©‡bi we‡kÐlY: mg‡qi cwieZ©‡bi mv‡_ mv‡_ †gvU RvZxq Av‡q wewfbœ LvZ Ges `ª‡eï Ae`v‡bi
cwieZ©b N‡U| wkí wecÐ‡ei c~‡e© BD‡iv‡ci wewfbœ †`‡k (we‡kl K‡i hy³iv‡R¨) K„wlB wQj Drcv`b Ges wb‡qv‡Mi
me‡P‡q ¸iæZ¡c~Y© Drm| mg‡qi cÖev‡n wkí K„wli ¯’vb `Lj K‡i‡Q| Avwki `k‡Ki cÖ_gfvM ch©šÍ cvU I cvURvZ `ªe¨,
Pvgov I Pv wQj evsjv‡`‡ki ê‡`wkK gy`ªv AR©‡bi g~j Drm| GLb †m ¯’vb `Lj K‡i‡Q ˆZwi †cvlvK I wPswo| †`‡ki
cwiKíbvwe`‡ì Kv‡Q Gme cwieZ©‡bi ¸iæZ¡ Acwimxg|
A_©‰bwZK c~e©vfvl (Economic Forcasting): cwimsL¨vbMZ Z_¨ eënvi K‡i A_©bxwZi wewfbœ LvZ Ges mvgwMÖK
A_©‰bwZK Kvh©kxjZv (performance) m¤c‡K© fwel¨revYx cÖ`vb AvaywbK hy‡M GKwU mvaviY NUbv| RvZxq Avq I
Ab¨vb¨ mgwóK A_©‰bwZK PjK (Macroeconomic Variables) Ges RvZxq Avq wba©viYx Ab¨vb¨ welqmg~‡ni cwieZ©‡bi
mvnv‡h¨ cwiKíbvwe`MY A_©bxwZi fwel¨r MwZ-cÖK„wZ e¨vL¨v Ki‡Z cv‡ib Ges †m Abyhvqx bxwZ wba©viY Ki‡Z cv‡ib|
Dc‡ii Av‡jvPbv †_‡K GUv cwi®Kvi †h, RvZxq Av‡qi cwigvc Ges m¤cwK©Z aviYvmg~‡ni Z_¨ Rvbv LyeB ¸iæZ¡c~Y©|
RvZxq Av‡qi Z_¨ eënvi K‡i gvbe Kj¨vY e¨vL¨v Kiv hvq bv e‡j Gi weKí wn‡m‡e A_©bxwZwe` William Nordhaus
BDwbU-2 c„ôv-23
weweGm †cÖvMÖvg
I James Tobin1 MEW (Measure of Economic Welfare) aviYvi cÖeZ©b K‡ib| Z‡e c×wZwUi AšÍwb©wnZ RwUjZvi
Rb¨ GwU mve©RbxbZv jvf Ki‡Z cv‡iwb| RvZxq Avq cwigv‡ci ¸iæZ¡ e¨vL¨v Ki‡Z wM‡q A_©bxwZwe` Richard G.
Lipsey2 ZvB e‡jb, æNo matter how refined future measures of economic welfare become, they are unlikely
ever to replace the GNP completely” (A_©‰bwZK Kj¨v‡Yi fwel¨r cwigvcKmg~n hZB cwi‡kvwaZ AvKv‡i Dc¯’vcb
Kiv †nvK bv †Kb, Zviv †gvU RvZxq Drcv`‡bi (GNP) weKí wn‡m‡e KL‡bvB cwic~Y©fv‡e h‡_ó we‡ewPZ n‡e bv)|
Abykxjb
eZ©gv‡b evsjv‡`‡k ê‡`wkK gy`ªv AR©‡bi †ÿ‡Î †Kvb& Lv‡Zi Ae`vb me‡P‡q †ekx? wjLyb|
RvZxq Avq cwigv‡ci Amyweavmg~n

GKwU †`‡ki RvZxq Av‡qi cwigvc GKwU RwUj cÖwµqv| A_©bxwZi wewfbœ LvZ I DcLv‡Zi Drcv`b I Av‡qi
Z_¨mg~‡ni mgš^q mvab Ki‡Z wM‡q cwimsL¨vbwe`‡ì h‡_ó Amyweavi m¤gyLxb n‡Z nq| Z‡e †`k †f‡` Gme mgm¨v ev
Amyweavi gvÎvi ZviZg¨ n‡Z cv‡i| GUv wbf©i K‡i wewfbœ Lv‡Zi Z‡_ï mnRjf¨Zv I wbf©yjZv, A_©‰bwZK Kg©Kv‡Ûi
†kªYxweb¨vm cÖwµqv, `ªe¨ I †mev †jb‡`‡b A‡_©i eënvi, evRv‡ii mg„×Zv cÖf„wZi Dci| wb‡P RvZxq Avq cwigv‡ci
mvaviY Amyweavmg~n ms‡ÿ‡c e¨vL¨v Kiv n‡jv|
†Kvb& †Kvb& `ªe¨ I †mev we‡ePbv Kiv n‡e? Avgiv Rvwb, †gvU RvZxq Drcv`b n‡”Q A_©‰bwZK Kg©Kv‡Ûi gva¨‡g Drcvw`Z
`ªe¨mvgMÖx I †mevi †gvU evRvi g~j¨| A_©‰bwZK Kg©Kv‡Ûi gva¨‡g Drcvw`Z A_©‰bwZK `ªe¨mvgMÖx (Economic Goods)
`„k¨gvb (tangible) A_ev A`„k¨gvb (intangible) n‡Z cv‡i| `„k¨gvb `ªe¨mvgMÖxi wn‡me Kiv mnR| KviY evRvi
cÖwµqvq Gme `ªe¨ I †mevi g~j¨vqb m¤¢e| wKš‘ A`„k¨gvb KvRKg© †hgb- M„wnbxi KvRKg©, mšÍvbmšÍwZ cvjb, wb‡Ri
RvgvKvco wb‡R cwi¯‹vi Kiv, ùvwo KvUv cÖf„wZi g~j¨vqb Kiv LyeB KwVb| ZvB RvZxq Av‡q Gme KvRK‡g©i wn‡me Kiv
AZ¨šÍ KwVb|
P‚ovšÍ I gva¨wgK `ª‡eï cv_©K¨KiY: RvZxq Avq ïaygvÎ P‚ovšÍ `ªe¨ I †mevi g~j¨vqb K‡i| wKš‘ A_©‰bwZK wµqvKv‡Ûi
GK ch©v‡q hv P‚ovšÍ `ªe¨ Zv Ab¨ch©v‡q gva¨wgK `ªe¨ wn‡m‡e we‡ewPZ n‡Z cv‡i| D`vniY¯îƒc, GKRb cvDiæwU we‡µZvi
Rb¨ gq`v GKwU gva¨wgK `ªe¨, wKš‘ GKRb M„wnbxi Rb¨ gq`v GKwU P‚ovšÍ `ªe¨| Kv‡RB GKwU wbw`©ó eQ‡i wewfbœ `ª‡eï
P‚ovšÍ I gva¨wgK eënv‡ii wn‡me †ei Kiv GKwU KwVb KvR| G †ÿ‡Î ˆØZ MYbvi mgm¨v †`Lv w`‡Z cv‡i|
A_©ˆbwZK Kg©KvÛ wb‡`©k K‡i bv Ggb †jb‡`‡bi c„_KxKiY mgm¨v: †h †Kvb A_©bxwZ‡Z Ggb wKQy †jb‡`b N‡U hv
A_©‰bwZK KvR wb‡`©k K‡i bv| ïaygvÎ m¤c` ev Av‡qi n¯ÍvšÍi wb‡`©k K‡i| miKvi Ges eëmv-cÖwZôv‡bi n¯ÍvšÍi cÖ`vb
(Transfer Payments), e¨w³MZ n¯ÍvšÍi cvIbv †hgb- cwiev‡ii m`m¨‡ì mv‡_ Av‡qi fvMvfvwM, wkÿvcÖwZôvbKZ„©K
cÖ`Ë e„wË, g~jab-jvf (Capital Gains), †eAvBbx KvRKg© BZ¨vw` RvZxq Avq cwigv‡ci mgq wn‡me †_‡K ev` w`‡Z nq,
KviY G¸‡jv †Kvb cÖKvi bZzb `ªe¨mvgMÖx m„wó eySvq bv A_©vr Gme Av‡qi Rb¨ †Kvb cÖKvi kÖg cÖ`vb Ki‡Z nq bv|
evRvi ewnf~©Z Kvh©vejx Ges g~j¨ Av‡ivcbRwbZ mgm¨v: GKwU A_©bxwZ‡Z Ggb wKQy A_©‰bwZK KvRKg© msNwUZ nq hv
evRvi cÖwµqvi AvIZvq Av‡m bv| †h‡nZz Gme Kvh©vejx RvZxq Av‡q AšÍfy©³ nevi `vex iv‡L, †m‡nZz Gme Kv‡Ri g~j¨
Av‡ivc (Impute) Ki‡Z nq| GKwU Avw_©KvwqZ (monetised) A_©bxwZ‡Z G mgm¨v Lye cÖKU bq, wKš‘ †h mg¯Í A_©bxwZi
Avw_©Kvq‡bi gvÎv (Degree of monetisation) LyeB Kg †m mKj †`‡ki A_©‰bwZK Kg©Kv‡Ûi GKwU e¨vcK As‡ki
Ae`vb g~j¨ Av‡ivc‡bi gva¨‡g RvZxq Av‡q AšÍf©y³ Kiv nq| Drcv`KKZ„©K `ª‡eï †fvM, M„nKÎ©xq †mev, wbR¯^ evoxi
LvRbv, eëmv cÖwZôvb †_‡K kÖwgKMYKZ„©K A-Avw_©K cvIbv (Fringe-benefits), e¨vsKviKZ„©K g‡°‡ji †mev, cywj‡ki
†mev, `ªe¨ wewbgq cÖf„wZ n‡”Q G ai‡bi A_©‰bwZK KvR K‡g©i D`vniY|
mwVK cwimsL¨v‡bi Afve: RvZxq Avq cwigv‡ci †ÿ‡Î m¤¢eZt me‡P‡q eo mgm¨v n‡”Q cwimsL¨vb Z‡_ï AcÖZzjZv I
wbf©i‡hvM¨Zvi Afve| A‡bK †ÿ‡Î RvZxq Avq m¤cwK©Z Z_¨ Abygvb-wbf©i A_ev AcÖKvwkZ (unreported) _v‡K| d‡j
RvZxq Av‡qi mwVK Ges wbf©i‡hvM¨ cwigvc m¤¢e nq bv|
1
William Nordhaus and James Tobin, ‘Is Growth Obsolete?’ - in Economic Growth, NBER, fifth Anniversary
Colloquium V (New York, 1972).
2
Richard G. Lipsey, An Introduction to Positive Economics, English language Book Society and
Weidenfeld and Nicolson, Fourth Edition, 1975.
BDwbU-2 c„ôv-24
mgwóK A_©bxwZ
Abykxjb
evsjv‡`‡ki 5 wU `„k¨gvb I 5 wU A`„k¨gvb `ª‡eï bvg wjLyb| evsjv‡`‡ki RvZxq Avq cwigv‡ci mgq †Kvb& Lv‡Z
Avw_©Kvq‡bi gvÎv mePvB‡Z Kg? wPšÍv Kiæb I wjLyb|
evsjv‡`‡k RvZxq Avq cwigv‡ci mgm¨vmg~n

Dc‡iv³ mgm¨vmg~‡ni meK'wU evsjv‡`‡ki †ÿ‡Î cÖ‡hvR¨| evsjv‡`‡ki A_©bxwZi GKwU D‡jøL‡hvM¨ Ask ÔAvw_©KvwqZ'
(monetised) bq| MÖvgvÂ‡j †jb‡`‡bi †ÿ‡Î `ªe¨ wewbgq cÖ_v GLbI Kvh©Ki| RbmsL¨vi wmsnfvM AwkwÿZ e‡j
Drcv`b Ges Av‡qi mwVK wn‡me iv‡L bv| m‡e©vcwi, evsjv‡`‡ki cwimsL¨vb msMÖn c×wZ mg„× I mgwš^Z bq| ZvB Z_¨
msMÖnKvix wewfbœ cÖwZôvbKZ„©K cÖKvwkZ Z‡_¨ wfbœZv †`Lv hvq| GgbwK GKB cÖwZôvbKZ„©K cÖKvwkZ Z‡_Ï wewfbœ
eQ‡ii cwimsL¨v‡b Miwgj jÿ¨ Kiv hvq|
mZ¨-wg_¨v
1. RvZxq Av‡q A_©bxwZi mKj Lv‡Zi Ae`vb D‡jøL _v‡K - mZ¨/wg_¨v
2. MwZkxj A_©bxwZ‡Z RvZxq Avq mg‡qi eëav‡b e„w× cvq - mZ¨/wg_¨v
3. RvZxq Av‡qi Z_¨ eënvi K‡i gvbe Kj¨vY cwigvc Kiv hvq - mZ¨/wg_¨v
4. Avw_©KvwqZ A_©bxwZ‡Z Av‡ivcbRwbZ mgm¨v †`Lv †`q bv - mZ¨/wg_¨v
5. evsjv‡`‡ki A_©bxwZi GKwU D‡jøL‡hvM¨ Ask Avw_©KvwqZ - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. RvZxq Avq cwigv‡ci myweavmg~n Av‡jvPbv Kiæb|
2. MwZkxj A_©bxwZ‡Z RvZxq Av‡qi †Kvb& ai‡bi cwieZ©b n‡q _v‡K? RvZxq Av‡qi nªvm ev w¯’iZv GKwU A_©bxwZ
m¤c‡K© Kx BswMZ †`q?
3. Avw_©KvwqZ I A-Avw_©KvwqZ A_©bxwZ ej‡Z wK eySvq? K‡qKwU A-Avw_©KvwqZ Kvh©vejxi bvg wjLyb|
4. Av‡ivcbRwYZ mgm¨v wK? GKwU Avw_©KvwqZ A_©bxwZi RvZxq Avq cwigv‡c Av‡ivcbRwbZ mgm¨v ‡`Lv †`q wK?
5. evsjv‡`‡ki RvZxq cwigv‡ci mgm¨vmg~n wK wK?
ˆbe©¨w³K cÖkœ
1. RvZxq Avq cwigv‡ci gva¨‡g
K. A_©bxwZi Kvh©kxjZv m¤c‡K© aviYv jvf Kiv hvq
L. mvgvwRK Kj¨vY gvcv hvq
M. K I L Gi †KvbwUB bq
N. K I L DfqB|
2. RvZxq Av‡qi w¯’iZv
K. A_©bxwZi cÖe„w× wb‡`©k K‡i
L. A_©bxwZi ¯’weiZv wb‡`©k K‡i
M. A_©bxwZi Dbœqb wb‡`©k K‡i
3. wb‡Pi †Kvb&wU A`„k¨gvb `ªe¨
K. cvDiæwU
L. M„wnbxi KvRKg©
M. wPswo gvQ
BDwbU-2 c„ôv-25
weweGm †cÖvMÖvg
4. Av‡ivcbRwbZ mgm¨v †`Lv †`q

K. Avw_©KvwqZ A_©bxwZ‡Z
L. A-Avw_©KvwqZ A_©bxwZ‡Z
M. Dc‡ii †KvbwUB mwVK bq
N. K I L DfqB mwVK|
5. evsjv‡`k GKwU
K. m¤c~Y© Avw_©KvwqZ A_©bxwZ
L. m¤c~Y© A-Avw_©KvwqZ A_©bxwZ
M. AvswkK A-Avw_©KvwqZ A_©bxwZ
mgm¨v
bwgZv ivYx GKRb ¯‹yj wkwÿKv| wZwb ¯‹y‡ji KvRK‡g©i evB‡i cwiev‡ii m`m¨‡ì Rb¨ ivbœv Kiv, Zv‡ì Kvco †avqv,
Nievwo cwi®Kvi ivLv - Gme KvR K‡i _v‡Kb| ZvQvovI wZwb cvU w`‡q wewfbœ ai‡bi cY¨ ˆZwi K‡ib Ges G¸‡jv
evRv‡i wewµ K‡i fvj A_© DcvR©b K‡ib| GLb ejyb, bwgZv ivYx wK wK KvR Ki‡Qb? G¸‡jvi g‡a¨ †Kvb&¸‡jv `„k¨gvb
I †Kvb&¸‡jv A`„k¨gvb? A-Aw_©KvwqZ KvR †Kvb&¸‡jv?
DËigvjv
cvV-1
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. mZ¨, 4. mZ¨, 5. wg_¨v
ˆbe©¨w³K cÖkœ
1. L, 2. K, 3. N, 4. K, 5. K, 6. M
cvV-2
mZ¨-wZ_¨v
1. mZ¨, 2. wg_¨v, 3. wg_¨v, 4. mZ¨, 5. mZ¨
ˆbe©¨w³K cÖkœ
1. M, 2. K, 3. K, 4. K, 5. M
cvV-3
mZ¨-wZ_¨v
1. wg_¨v, 2. wg_¨v, 3. wg_¨v, 4. mZ¨, 5. mZ¨
ˆbe©¨w³K cÖkœ
1. L,M,N, 2. K, 3. M, 4. K, 5. M
cvV-4
mZ¨-wZ_¨v
1. mZ¨, 2. mZ¨, 3. wg_¨v, 4. mZ¨, 5. wg_¨v
ˆbe©¨w³K cÖkœ
1. K, 2. L, 3. L, 4. L, 5. M
BDwbU-2 c„ôv-26
mgwóK A_©bxwZ
BDwbU
3
RvZxq Avq wba©viY ZË¡

Theory of National Income Determination
Avcwb G †Kv‡m©i BDwbU-2 G RvZxq Av‡qi wewfbœ aviYvi mv‡_ cwiwPZ n‡q‡Qb| wKš‘ A_©bxwZ‡Z g›`v, †eKviZ¡ ev
gy`ªvùxwZ Av‡Q wKbv †m m¤c‡K© gšÍe¨ Ki‡Z n‡j RvZxq Av‡qi fvimvg¨ ¯Íi m¤c‡K© aviYv jvf Kiv cÖ‡qvRb| fvimvg¨
RvZxq Avq Rvbv _vK‡j cÖ”Qbœ RvZxq Avq¯Í‡ii mv‡_ Zzjbv K‡i A_©bxwZ‡Z g›`v ev gy`ªvùxwZ Av‡Q wKbv †m m¤c‡K© ejv
hvq| G BDwb‡U fvimvg¨ RvZxq Avq m¤c‡K© Av‡jvPbv Kiv n‡q‡Q| cvV-1 G Avcwb fvimvg¨ RvZxq Avq wba©viY
cÖwµqvq cÖ‡qvRbxq wKQy aviYvi mv‡_ cwiwPZ n‡eb Ges Gme aviYv¸‡jv Kv‡R jvwM‡q wKfv‡e fvimvg¨ RvZxq Avq
wba©viY Kiv hvq †m m¤c‡K© Ávb jvf Ki‡eb cvV-2 †_‡K|
pj¢øL AbÑe£¢a fªù¡-27

weweGm †cÖvMÖvg
BDwbU-3
cvV-1 †gŠwjK aviYvmg~n (Basic Concepts)
D‡Ïk¨
♦ †fvM I †fvMe¨q m¤c‡K© ej‡Z cvi‡eb
♦ mÂq I wewb‡qv‡Mi msÁv eY©bv Ki‡Z cvi‡eb
♦ Drcv`b I Avq Kx Zv ej‡Z cvi‡eb
♦ mvgwMÖK †hvMvb I mvgwMÖK Pvwn`v m¤c‡K© cÖv_wgK aviYv w`‡Z cvi‡eb|
f~wgKv
Avcwb BDwbU-2 G RvZxq Avq I Zvi cwigvc m¤c‡K© †R‡b‡Qb| eZ©gvb BDwb‡U Rvb‡eb wKfv‡e GKwU A_©bxwZi
fvimvg¨ RvZxq Avq wba©vwiZ nq| G j‡ÿ¨ Avgiv G cv‡V wKQy cÖ‡qvRbxq †gŠwjK aviYvi mv‡_ cwiwPZ ne Ges cieZ©x
cv‡V Gme aviYv¸‡jv‡K nvwZqvi (Tools) wn‡m‡e eënvi K‡i fvimvg¨ RvZxq Avq wba©vi‡Yi cÖwµqv m¤c‡K© Rvbe|
GLb Pjyb †gŠwjK aviYv¸‡jv GK GK K‡i ‡R‡b wbB|
†fvM I †fvMe¨q
Ô†fvM' kãwUi mv‡_ Avgiv mevB cwiwPZ| cÖwZwU cÖvYx‡KB Rxebavi‡Yi Rb¨ †Kvb bv †Kvb `ªe¨ ev †mev †fvM Ki‡Z nq
†hgb - gvbyl gvQ, fvZ, gvsm cÖf„wZ mivmwi †fvM K‡i Ges wKQy wKQy `ªe¨ mivmwi †fvM bv K‡i H¸‡jvi †mev †fvM
K‡i| wUwf, wd«R, Mvox cÖf„wZ n‡”Q H RvZxq `ª‡eï D`vniY| GLb cÖkœ n‡”Q, `ªe¨ I †mev †fvM K‡i Avgiv Kx cvB?
`ªe¨ I †mev †fvM K‡i Avgiv Dc‡hvM ev Z„wß cvB| Kv‡RB `ªe¨ I †mevi w`K †_‡K wePvi Ki‡j, †fvM n‡”Q Dc‡hvM
aŸskKi‡Yi cÖwµqv (Process of destructing utility)| †Kbbv GKwU `ªe¨ ev †mev †fvM Kivi d‡j `ªe¨wUi Dc‡hvwMZv
aŸskcÖvß nq| †hgb - Avcwb GKwU j¨vsov Avg †L‡q †djvi ci AvgwUi Avi Dc‡hvMxZv _v‡K bv| kvU© cwiavb K‡i
†dj‡j kv‡U©i Dc‡hvwMZv wbt‡kl n‡q hvq| wKš‘ Ô†fvM' Kxfv‡e cwigvc Kiv hvq? †hgb - Avcwb GKwU j¨vsov Avg
†L‡jb| G‡ÿ‡Î Avcbvi †fvM KZ? nqZ ej‡eb GKwU j¨vsov Avg| DËiwU Avm‡j Zv bq| †Kbbv Ô†fvM' ‡h‡nZz
Dc‡hvM aŸskKi‡Yi cÖwµqv †m‡nZz j¨vsov AvgwU †_‡K Avcwb hZUzKz Dc‡hvM ev Z„wß †c‡q‡Qb Zvi cwigvYB n‡”Q
†fv‡Mi cwigvY| wKš‘ Avcwb e¨wóK A_©bxwZ (MGD 2206) ‡Kv‡m©i BDwbU-2 Gi cvV-3 †_‡K †R‡b‡Qb †h, Dc‡hvM
cwigvc Kiv Kómva¨| c„w_ex‡Z Ggb †Kvb gvcKvwV (measuring rod) Avwe®K„Z nqwb hv Øviv gvby‡li Z„wß ev mš‘wó
cwigvc Kiv hvq| Kv‡RB Ô†fvM' mivmwi cwigvc‡hvM¨ bq ZvB Ô†fvM' cwigv‡ci Rb¨ GKwU cÖw· eënvi Kiv nq Zv
n‡”Q Ô†fvM e¨q' (consumer expenditure)| A_©vr Avcwb GKwU j¨vsov Avg †L‡jb -G‡ÿ‡Î Avcbvi †fvM e¨q n‡e
j¨vsov AvgwU µq Ki‡Z hZ UvKv e¨q n‡q‡Q Zvi mgvb| hw` j¨vsov AvgwUi `vg 10 UvKv nq Zvn‡j Avcbvi †fvMe¨q
n‡e 10 UvKv hv Øviv Avcbvi †fvM cwigvc Kiv n‡e| Avkv Kwi, Avcwb †fvM I †fvMe¨‡qi g‡a¨Kvi msÁvMZ ZdvrUv
eyS‡Z ‡c‡i‡Qb| Ô†fvM' mivmwi cwigvc Kiv hvq bv weavq †fv‡Mi cwigvc wn‡m‡e Ô†fvMe¨q‡K' eënvi Kiv nq|
†fvM ZvrÿwYK ev `xN©Kvje¨vcx n‡Z cv‡i| †hgb, Avcwb GK MÐvm †jeyi kieZ cvb Ki‡jb -GUv ZvrÿwYK †fvM, wKš‘
GKwU wd«‡Ri †mev Avcwb A‡bK eQi a‡i †fvM Ki‡Z cvi‡Qb - GUv `xN©Kvje¨vcx †fvM| Z‡e Ô†fvM' ZvrÿwYK ev
`xN©Kvje¨vcx hv-B nDK bv †Kb Ô†fvMe¨q' mvaviYZt ZvrÿwYK n‡q _v‡K| †hgb- wd«‡Ri †mev `xN©Kvj †fvM Kiv n‡jI
wd«R µ‡qi A_© †fv³v‡K µ‡qi mg‡qB cwi‡kva Ki‡Z nq|
Abykxjb
Avcbvi cwiwPZ 5 wU †fvM¨`ª‡eï bvg wjLyb hv‡ì‡K ZvrÿwYKfv‡e †fvM Kiv nq| wUwf, kvU©, wfwmwc- G¸‡jvi †fvM
†Kvb& ai‡bi?
†fvM A‡cÿK
Dc‡ii Aby‡”Q‡` Avcwb †fvM I †fvMe¨q m¤c‡K© †R‡b‡Qb| G Aby‡”Q‡` Rvb‡eb eënvi‡hvM¨ Av‡qi mv‡_ †fvMe¨‡qi
m¤cK©Uv †Kvb& ai‡bi? †fvMe¨‡qi GKvwaK wba©viK
i‡q‡Q †hgb - eënvi‡hvM¨ Avq, m¤c`, `vg¯Íi, gy`ªvùxwZi nvi, my‡ì nvi, fwel¨r Avq m¤c‡K© cÖZ¨vkv cÖf„wZ| Zš§‡a¨
Ab¨Zg n‡”Q eënvi‡hvM¨ Avq| Avcwb `ªe¨mvgMÖx I †mev †fv‡M KZ UvKv e¨q Ki‡eb Zv wbf©i K‡i Avcbvi
CE¢eV-3 fªù¡-28
mgwóK A_©bxwZ
eënvi‡hvM¨ Avq KZ Zvi Dci (BDwbU-2 G eënvi‡hvM¨ Avq m¤c‡K© eYb©v i‡q‡Q)| eënvi‡hvM¨ Avq †ekx n‡j †fvM
e¨q ‡ekx n‡e Ges eënvi‡hvM¨ Avq Kg n‡j †fvMe¨q Kg n‡e| A_©vr †fvMe¨q I eënvi‡hvM¨ Av‡qi g‡a¨ GKwU
mivmwi Kvh©KviY m¤cK© i‡q‡Q - GB m¤cK©‡KB ejv nq †fvM A‡cÿK (Consumption Function)| Avi A_©bxwZi
mKj †fv³vi †gvU †fvMe¨q I †gvU eënvi‡hvM¨ Av‡qi g‡a¨Kvi m¤cK©‡K ejv nq RvZxq †fvM A‡cÿK (National
Comsumption Function)| eZ©gvb Av‡jvPbvq Avgiv †fvM A‡cÿK ej‡Z RvZxq †fvM A‡cÿK‡K eySe|
MvwYwZKfv‡e, RvZxq †fvM A‡cÿK‡K wbæiƒ‡c wjLv hvq -
C = C + cYD --------------------- (1)
GLv‡b C = †gvU †fvMe¨q, C = ¯^q¤¢~Z †fvM e¨q
c = cÖvwšÍK †fvM cÖeYZv, YD = †gvU eënvi‡hvM¨ Avq
Avgiv Av‡jvPbvi myweav‡_© Ô†gvU eënvi‡hvM¨ Av‡qi' ¯’‡j Ô†gvU RvZxq Avq' eënvi Ki‡Z cvwi| Zv‡Z we‡kÐl‡Yi
†Kvbiƒc †ni‡di n‡e bv| †Kbbv n¯ÍvšÍi cvIbv ev` w`‡j †gvU eënvi‡hvM¨ Avq †gvU RvZxq Av‡qiB GKwU Ask
(BDwbU-2 G †`Lyb)| AZGe (1) bs Av‡cÿKwU‡K Avgiv wbæiƒ‡c wjL‡Z cvwi -
C = C + cY ------------------------------ (2)
GLv‡b Y = †gvU RvZxq Avq|
†fvM A‡cÿ‡K eënƒZ aviYvmg~n †hgb- ¯^q¤¢~Z †fvMe¨q, cÖvwšÍK †fvM cÖeYZv cÖf„wZ m¤c‡K© G cv‡V Avgiv we¯ÍvwiZ
Av‡jvPbvq hve bv| BDwbU -3 G G¸‡jvi we¯ÍvwiZ e¨vL¨v †Ìqv n‡e| G g~n~‡Z© Avgiv ïaygvÎ †fvM A‡cÿ‡Ki †jLwPÎ
iƒc m¤c‡K© aviYv wbe| Avgiv e¨wóK A_©bxwZ (MGD 2206) ‡Kv‡m©i BDwbU-1 Gi cvV - 2 †_‡K A_©bxwZ‡Z wP‡Îi
eënvi m¤c‡K© †h Ávb jvf K‡iwQ Zv Kv‡R jvwM‡q RvZxq †fvM A‡cÿK‡K wb‡æi wP‡Îi mvnv‡h¨ Dc¯’vcb Ki‡Z cvwi -
C
C
A
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} üuñ§a ®i¡N
Y
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¢Qœ 3.1: ®i¡N A−frL

wPÎ 3.1 G f~wg A‡ÿ †gvU RvZxq Avq Ges Djø¤^ A‡ÿ †gvU †fvMe¨q †`Lv‡bv n‡q‡Q| CC †iLvwU n‡”Q RvZxq †fvM
A‡cÿK| CC †iLvi cÖwZwU we›`y †gvU RvZxq Avq I †gvU KvswLZ ev cwiKwíZ (desired or planned) †fvMe¨‡qi
mgš^q †`Lv‡”Q| †hgb - A we›`y‡Z †gvU RvZxq Avq = OB Ges †gvU KvswLZ ev cwiKwíZ †fvM = AB| KvswLZ ev
cwiKwíZ †fvMe¨q n‡”Q †`‡ki RbMY GKwU wbw`©ó mg‡q (mvaviYZt 1 eQi) KZ UvKv `ªe¨mvgMÖx I †mev †fv‡M e¨q
Ki‡e e‡j Avkv Kiv n‡”Q Zvnv| †fvM A‡cÿ‡Ki wewfbœ we›`y wewfbœ Avq¯Í‡i KvswLZ ev cwiKwíZ †fvMe¨q †`Lvq|
cÖK„Z †fvM KvswLZ ev cwiKwíZ †fvM †_‡K wfbœ n‡Z cv‡i| †hgb - aiæb, Avcwb 5000 UvKv †eZb †c‡jb Ges
†eZ‡bi Pvi cÂgvsk A_©vr 4000 UvKv `ªe¨mvgMÖx I †mev †fv‡M e¨q n‡e e‡j Avcwb w¯’i Ki‡jb A_©vr Avcbvi KvswLZ
ev cwiKwíZ †fvMe¨q 4000 UvKv| wKš‘ gv‡mi †k‡l wn‡me K‡i †`L‡jb †h, †fvMe¨q n‡jv 4500 UvKv - GUv Avcbvi
cÖK„Z (actual) †fvMe¨q| †`Lv hv‡”Q, Avcbvi KvswLZ †fvM I cÖK„Z †fvM wfbœ n‡”Q| wewfbœ Kvi‡Y GUv NU‡Z cv‡i|
wVK †Zgwb GKwU †`‡ki cÖK„Z †fvMe¨q KvswLZ ev cwiKwíZ †fvMe¨q †_‡K wfbœ n‡Z cv‡i|
Avgiv RvZxq Avq wba©viY ZË¦ we‡kÐl‡Y cÖK„Z †fvM wb‡q gv_v Nvgve bv, ïaygvÎ KvswLZ ev cwiKwíZ †fv‡Mi g‡a¨
Avgv‡ì Av‡jvPbv mxwgZ ivLe| KvswLZ †fv‡Mi `y‡Uv Ask i‡q‡Q - ¯^q¤¢~Z †fvM (Autonomous Consumption) I
cÖ‡ivwPZ †fvM (Induced Consumption)| wPÎ 3.1 G OB Avq¯Í‡i BK(=C) n‡”Q ¯^q¤¢~Z †fvM Ges KA(=cY)
n‡”Q cÖ‡ivwPZ †fvM| cÖ‡ivwPZ †fvM Av‡qi mv‡_ m¤cK©hy³ A_©vr Avq evo‡j (ev Kg‡j) cÖ‡ivwPZ †fvMI ev‡o (ev
K‡g), wKš‘ ¯^q¤¢~Z †fvM Av‡qi mv‡_ m¤cK©hy³ bq| Avq k~b¨ n‡jI ¯^q¤¢~Z †fvM abvZ¥K nq| Avcwb BDwbU-4 †_‡K
¯^q¤¢~Z †fvM I cÖ‡ivwPZ †fvM m¤c‡K© we¯ÍvwiZ Rvb‡Z cvi‡eb|

weweGm †cÖvMÖvg
Abykxjb
1985 †_‡K MZ A_©eQi ch©šÍ mg‡q evsjv‡`‡ki †gvU RvZxq Avq I †gvU †fvMe¨q‡K cvkvcvwk GKwU mviYx‡Z mvRvb|
AZtci Gme Z_¨¸‡jv eënvi K‡i MÖvdwP‡Î †fvM A‡cÿK AvuKzb|
mÂq
gvby‡li Avq DcvR©‡bi ÿgZv me mgq GKB iKg _v‡K bv| we‡kl K‡i †kl Rxe‡b gvby‡li Avq K‡g hvq| ZvB †m Zvi
eZ©gvb Av‡qi cy‡ivUv eZ©gvb †fv‡M e¨q bv K‡i wKQy Ask fwel¨Z †fv‡M e¨q Kivi Rb¨ Rgv iv‡L| Av‡qi †h Ask
fwel¨Z †fv‡Mi Rb¨ Rgv iv‡L Zv‡K ejv nq mÂq| Kv‡RB mÂq n‡”Q GKwU Post-hoc aviYv| A_©vr mÂq n‡”Q
RbM‡Yi Av‡qi Aewkóvsk hv †fvMe¨‡qi ci RbM‡Yi nv‡Z Rgv _v‡K| MvwYwZKfv‡e, welqwU‡K wbæiƒ‡c †`Lv‡bv hvq -
S = Y-C
= Y- (C+cY ) [†h‡nZz C=C+cY]
= Y-C-cY
= -C+Y-cY
S = -C+(1-c)Y ................................................ (3)
(3) bs A‡cÿKwU n‡”Q mÂq A‡cÿK| GLv‡b S = †gvU mÂq, - C = FYvZ¥K mÂq hv ¯^q¤¢~Z †fv‡Mi mgvb, 1-c =
1 - †fv‡Mi cÖvwšÍK cÖeYZv = mÂ‡qi cÖvwšÍK cÖeYZv|
Zvn‡j †`Lv hv‡”Q, †fvM A‡cÿK Rvbv _vK‡j mÂq A‡cÿK AwZ mn‡RB †ei Kiv hvq| †Kbbv †h †h Dcv`vb †fvM
A‡cÿK‡K wba©viY K‡i †mB GKB Dcv`vb¸‡jv mÂq A‡cÿ‡KiI wba©viK| GLb Pjyb †`Lv hvK& wKfv‡e †fvM †iLv
†_‡K mÂq ‡iLv cvIqv hvq|
C
C=Y
F
−j¡V ®i¡NhÉu
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A
B G
C
-VC
500 E
45° Y
O 500 Y Y0 Y2
1
+ S
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Y1 Y
Y0 Y2
-C −j¡V S¡a£u Bu
-
wPÎ 3.2: mÂq A‡cÿK wbY©q

Avcwb e¨wóK A_©bxwZ (MGD 2206) †Kv‡m©i BDwbU-1 Gi cvV-2 G 45° ‡iLv m¤c‡K© †R‡b‡Qb| 45° †iLv n‡”Q
g~jZt Ggb GKwU †iLv hvi cÖwZwU we›`yi Djø¤^ `~iZ¡ (vertical distance) I Abyf~wgK `~iZ¡ (horizontal distance)
mgvb| wPÎ 3.2 G 45° †iLvwU jÿ¨ Kiæb| †`Lv hv‡”Q, P we›`yi Djø¤^ `~iZ¡ (= 500) Ges Abyf~wgK `~iZ¡ (= 500)
mgvb| G‡ÿ‡Î Djø¤^ `~iZ¡ n‡”Q †gvU †fvM e¨q I Abyf~wgK `~iZ¡ n‡”Q †gvU RvZxq Avq| A_©vr wPÎ 3.2 G 45° ‡iLvi
cÖwZwU we›`y‡Z †gvU Avq I †gvU †fvMe¨q mgvb|
CE¢eV-3 fªù¡-30
mgwóK A_©bxwZ
wPÎ 3.2 Gi Dc‡ii As‡k †`Lv hv‡”Q, †fvM A‡cÿK 45° ‡iLv‡K A we›`y‡Z †Q` K‡i‡Q A_©vr A we›`y‡Z †gvU RvZxq
Avq I †gvU †fvMe¨q mgvb| A we›`y‡Z †gvU RvZxq Av‡qi cwigvY n‡”Q Y0| AZGe, Y0 Avq¯Í‡i mÂq k~b¨| GLb
RvZxq Avq hw` Y0 †_‡K Kg nq A_©vr Y1 nq Zvn‡j †gvU †fvMe¨q (= BY1) †gvU RvZxq Avq †_‡K †ekx nq|
G‡ÿ‡Î mÂq = - BE A_©vr Y1 Avq¯Í‡i mÂq FYvZ¥K A_©vr RbMY AwZwi³ †fvM e¨q wgUvevi Rb¨ nq Zv‡ì c~‡e©i
mÂq nªvm K‡i A_ev FY K‡i| FY ev c~‡e©i mÂq nªv‡mi cwigvY‡K ejv nq FYvZ¥K mÂq| Ab¨vw`‡K, Avq †e‡o hw`
Y2 nq Zvn‡j †gvU †fvMe¨q (= GY2) ‡gvU Avq †_‡K Kg nq| G‡ÿ‡Î mÂq = FG A_©vr mÂq abvZ¥K| Gfv‡e 45°
‡iLvi mv‡_ †fvM A‡cÿKwUi Djø¤^ `~iZ¡¸‡jv †gvU RvZxq Av‡qi wecix‡Z ¯’vcb K‡i Avgiv wPÎ 3.2 Gi wb‡Pi As‡k
mÂq A‡cÿK, S, †c‡qwQ| wP‡Î †`Lv hv‡”Q Y0 Avq¯Í‡ii c~‡e©i †h †Kvb Avq¯Í‡i mÂq FYvZ¥K, Y0 Avq¯Í‡i mÂq
k~b¨ Ges Y0 Avq¯Í‡ii c‡ii †h ‡Kvb Avq¯Í‡i mÂq abvZ¥K| †fvM A‡cÿ‡Ki gZ mÂq A‡cÿ‡Ki wewfbœ we›`y wewfbœ
Avq¯Í‡i RbM‡Yi KvswLZ ev cwiKwíZ ev ex-ante mÂq wb‡`©k K‡i|
Abykxjb
MZ A_©eQ‡i evsjv‡`‡ki †gvU eënvi‡hvM¨ Avq cwimsL¨vb el©cÄx †`‡L †ei Kiæb| Zš§‡a¨ KZ UvKv †fvMe¨q wQj? H
mg‡q †gvU mÂ‡qi cwigvY KZ wQj? wjLyb|
wewb‡qvM
wewb‡qvM n‡”Q GKwU wbw`ó mg‡q (mvaviYZt 1 eQi) bZzb cyuwR`ªe¨ †hgb- hš¿cvwZ, hš¿vsk, `vjvb‡KvVv cÖf„wZi Dci
e¨q| wewb‡qvM e¨‡qi `ywU Ask i‡q‡Q - ¯^q¤¢~Z wewb‡qvM I cÖ‡ivwPZ wewb‡qvM| G cv‡V Avgiv ¯^q¤¢~Z wewb‡qvM I
wewb‡qvM †iLv m¤c‡K© Rvbe| BDwbU-5 †_‡K wewb‡qvM m¤c‡K© we¯ÍvwiZ Rvb‡Z cvi‡eb|
Ô¯î¤¢yZ wewb‡qvM' n‡”Q wewb‡qv‡Mi †m Ask hv RvZxq Avq, my‡ì nvi ev Ab¨ †Kvb Dcv`v‡bi mv‡_ m¤cK©hy³ bq|
G‡ÿ‡Î wewb‡qvM †iLvwU n‡e wbæiƒc:
I
¢h¢e−u¡N hÉu
I I
O Y
−j¡V S¡a£u Bu
wPÎ 3.3: wewb‡qvM †iLv

wPÎ 3.3 -G f~wg A‡ÿ †gvU RvZxq Avq Ges Djø¤^ A‡ÿ wewb‡qvM e¨q †`Lv‡bv n‡q‡Q| II n‡”Q wewb‡qvM‡iLv| wewb‡qvM
†iLvwU f~wg A‡ÿi mgvšÍivj| GUv eySv‡”Q †h, RvZxq Avq hv-B nDK bv †Kb wewb‡qvM e¨q me©`v w¯’i _vK‡Q| wewb‡qvM
†iLvi cÖwZwU we›`y wewfbœ Avq ¯Í‡i w¯’i KvswLZ ev cwiKwíZ wewb‡qvM †`Lv‡”Q|
Drcv`b I Avq
cÖwZwU mgv‡R m¤c` cÖv_wgKfv‡e †hfv‡e Qwo‡q wQwU‡q _v‡K †m¸‡jv mvaviYZt eënv‡ivc‡hvMx nq bv| ZvB wewfbœ
ai‡bi m¤c‡ì g‡a¨ mgš^q mvab K‡i gvbyl Îgb me `ªe¨ I †mev m„wó K‡i †h¸‡jvi Dc‡hvwMZv i‡q‡Q| †hgb aiæb,
GKRb K„l‡Ki GKLÛ Rwg, GKwU wgwb UªvKUi, wKQy cv‡Ui exR Ges mvi Av‡Q| Avjv`vfv‡e Gme DcKiY¸‡jvi †Kvb
Dc‡hvMxZv †bB| wKš‘ K„lK fvB hw` me¸‡jv DcKi‡Yi g‡a¨ mgš^q mvab K‡i Zvn‡j cvU Drcvw`Z n‡e| wbðqB cvU
GKwU g~jëvb e¯Íy| G ai‡bi Dc‡hvMmg„× `ªe¨ I †mev m„wói cÖwµqv‡K ejv nq Drcv`b| AviI mvaviYfv‡e ejv hvq,
Drcv`b n‡”Q Dc‡hvM m„wói cÖwµqv (process of creating utility)| G g~n~©‡Z Avcwb †fv‡Mi msÁvwU ¯§iY Kiæb|
‡`L‡eb †h, ÔDrcv`b' aviYvwU Ô†fvM' -Gi wecixZ| A_©vr Drcv`‡bi gva¨‡g †h Dc‡hvM m„wó nq †fv‡Mi gva¨‡g Zv
aŸskcÖvß nq|

weweGm †cÖvMÖvg
Drcv`‡bi mv‡_ ÔAvq' aviYvwU AsMvAswMfv‡e RwoZ| Drcv`b cÖwµqvq GKw`‡K †hgb Dc‡hvMmg„× `ªe¨ I †mev m„wó
nq, †Zgwb Ab¨w`‡K Drcv`‡b eënƒZ DcKiYmg~‡ni (f~wg, kÖg, cyuwR I D‡`¨vM) gvwjK‡ì Avq m„wó nq| f~wgi gvwjK
cvq LvRbv, kÖwgK cvq gRyix, cyuwRi gvwjK cvq my` I D‡`¨v³v cvq gybvdv| †h‡nZz RbMYB Drcv`‡bi DcKiYmg~‡ni
gvwjK †m‡nZz Drcv`b cÖwµqvi gva¨‡g RbM‡Yi Avq AwR©Z nq| BDwbU-2 G RvZxq Av‡qi PµvKvi cÖevn †_‡K G
wel‡q Avcwb we¯ÍvwiZ †R‡b‡Qb| ZvB G g~û~‡Z© Avgiv welqwU wb‡q `xN© Av‡jvPbvq hvw”Q bv|
Drcv`b A‡cÿK
Avcwb e¨wóK A_©bxwZ (MGD 2206) ‡Kv‡m©i BDwbU-3 Gi cvV-1 G Drcv`b A‡cÿK m¤c‡K© aviYv jvf K‡i‡Qb|
‡mLv‡b GKwU gvÎ dv‡g©i Drcv`b A‡cÿK m¤c‡K© Av‡jvPbv Kiv n‡q‡Q| eZ©gvb cv‡V Avgiv †Kvb e¨w³ dv‡g©i
Drcv`b A‡cÿK bq eis A_©bxwZi mvgwMÖK Drcv`b A‡cÿK wb‡q Av‡jvPbv Kie| MvwYwZKfv‡e, mvgwMÖK Drcv`b
A‡cÿK‡K wbæiƒ‡c wjLv hvq -
Y = f (N,K) ................................................. (4)
GLv‡b Y = †gvU RvZxq Avq, K = †gvU cyuwRóK (f~wg I KvPuvgvjmn), N = wb‡qvM¯Íi| g~jZt mvgwMÖK Drcv`b
A‡cÿK n‡”Q A_©bxwZi mKj dv‡g©i Drcv`b A‡cÿ‡Ki mgwó|
Avgiv Av‡jvPbvi myweav‡_©, †gvU cuywR óK‡K w¯’i a‡i ïaygvÎ wb‡qvM¯Íi‡K PjK wn‡m‡e we‡ePbv Kie| Zvn‡j (4) bs
A‡cÿKwU `vovq -
Y = f (N,K) K = w¯’i cyuwRóK
†jLwP‡Îi mvnv‡h¨ Drcv`b A‡cÿKwU‡K wbæiƒ‡c †`Lv‡bv hvq -
Y
−j¡V S¡a£u Bu
Y = f(N,K)
O N0 N,K
¢e−u¡N Ù¹l
wPÎ 3.4: mvgwMÖK Drcv`b A‡cÿK

wPÎ 3.4 -G f~wg A‡ÿ wb‡qvM¯Íi I Djø¤^ A‡ÿ RvZxq Avq †`Lv‡bv n‡q‡Q| Y = f (N,K) n‡”Q mvgwMÖK Drcv`b
A‡cÿK| Drcv`b A‡cÿ‡Ki wewfbœ we›`y wewfbœ wb‡qvM¯Í‡i †gvU RvZxq Av‡qi wewfbœ cwigvY †`Lv‡”Q| wP‡Î †`Lv hv‡”Q
No wb‡qvM¯Í‡ii c‡i wb‡qvM e„w× Ki‡j (cyuwR¯UK w¯’i Ae¯’vq) †gvU Drcv`b nªvm cvq|
mvgwMÖK †hvMvb
A_©bxwZ‡Z †hme `ªe¨mvgMÖx Drcvw`Z nq †m¸‡jvi g‡a¨ wKQy Avgiv †fvM Kwi Ges wKQy bZzb`ªe¨ Drcv`‡b Kv‡R jvMvB|
†hme `ªe¨ †fvM K‡i †dwj †m¸‡jv n‡”Q †fvM¨`ªe¨ I †hme `ªe¨ cybtDrcv`‡b Kv‡R jvMvB †m¸‡jv n‡jv cyuwR`ªe¨|
A_©bxwZi †gvU mieivn n‡”Q GKwU wbw`©ó mg‡q (mvaviYZt 1 eQi) A_©bxwZ‡Z Drcvw`Z mKj †fvM¨`ªe¨ I cyuwRRvZ
`ª‡eï mgwó| A_©vr,
†gvU mieivn = †fvM¨`ª‡eï †gvU mieivn (C) + cyuwRRvZ `ª‡eï †gvU mieivn (S)
A‡_©i cwigv‡c hw` †gvU mieivn ev †gvU Avw_©K Avq Z nq, Zvn‡j Z = C+S n‡e|
CE¢eV-3 fªù¡-32
mgwóK A_©bxwZ
mvgwMÖK Pvwn`v
GKwU A_©bxwZi mvgwMÖK ev †gvU Pvwn`v n‡”Q GKwU wbw`©ó mg‡q (mvaviYZt 1 eQi) †fvM¨`ªe¨ I cyuwR`ªe¨ µ‡q e¨wqZ
†gvU A‡_©i cwigvY| A_©vr †gvU ev mvgwMÖK Pvwn`v n‡”Q †gvU †fvMe¨q I †gvU wewb‡qvM e¨‡qi mgwó| MvwYwZKfv‡e wjLv
hvq -
Y = C+I
GLv‡b Y = †gvU e¨q ev Pvwn`v
C = †gvU †fvMe¨q
I = †gvU wewb‡qvM e¨q
wP‡Îi mvnv‡h¨ mvgwMÖK Pvwn`v‡iLv‡K wbæiƒ‡c †`Lv‡bv hvq -
C,I
−i¡N J ¢h¢e−u¡N C+I
Y
O
−j¡V S¡a£u Bu
¢Qœ 3.5: ®j¡V Q¢qc¡−lM¡
wPÎ 3.5 G f~wg A‡ÿ †gvU RvZxq Avq I Djø¤^ A‡ÿ †gvU †fvMe¨q I wewb‡qvMe¨q †`Lv‡bv n‡q‡Q| C n‡”Q mvgwMÖK
†fvM A‡cÿK| †h‡nZz Avgiv G cv‡V wewb‡qvM ej‡Z ¯^q¤¢~Z wewb‡qvM eySvw”Q, ZvB †fvM A‡cÿ‡Ki mv‡_ wewb‡qvM e¨q
†hvM Ki‡j †gvU Pvwn`v †iLv C + I cvIqv hvq hv †fvM A‡cÿ‡Ki mgvšÍivj| ¯^q¤¢~Z †fvM ev wewb‡qvMe¨q e„w× †c‡j
†gvU Pvwn`v †iLvwU Dc‡ii w`‡K mgvšÍivjfv‡e ¯’vbvšÍwiZ (shift) n‡e|
Abykxjb
MZ eQ‡ii cÖKvwkZ cwimsL¨vb el©cÄxwU nv‡Zi Kv‡Q wbb| el©cÄx‡Z D‡jøwLZ Z_¨¸‡jv eënvi K‡i MZ cuvPwU A_©eQ‡i
evsjv‡`‡ki mvgwMÖK Pvwn`vi cwigvY wn‡me Kiæb|
cÖ”Qbœ RvZxq Avq (Potential GNP)
c~Y©wb‡qvM¯Í‡ii RvZxq Avq‡K ejv nq cÖ”Qbœ RvZxq Avq| A_©vr GKwU A_©bxwZ‡Z hw` c~Y©wb‡qvM eRvq _v‡K Zvn‡j †m
A_©bxwZi RvZxq Avq n‡”Q c~Y©wb‡qvM¯Í‡ii RvZxq Avq ev cÖ”Qbœ RvZxq Avq|
c~Y© wb‡qvM (Full employment)
GKwU A_©bxwZ‡Z cÖPwjZ gRyix ¯Í‡i hZ kÖwgK KvR Ki‡Z B”QyK Zv‡ì mevB hw` KvR cvq Zvn‡j ejv nq A_©bxwZ‡Z
c~Y©wb‡qvM weivR Ki‡Q| c~Y©wb‡qvM Ae¯’vq, A_©bxwZ‡Z ‡Kvb Awb”QvK„Z †eKviZ¡ (involuntury unemployment) _v‡K
bv| Z‡e kÖg evRv‡ii KvVv‡gvMZ Kvi‡Y (bZzb PvKzix‡Z †hvM`v‡bi A‡cÿvq _vKv, †eKvi fvZv cvIqv cÖf„wZ) c~Y©wb‡qvM
Ae¯’vqI A_©bxwZ‡Z memgq 3-5% kÖwgK †eKvi ‡_‡K hvq| G ai‡bi †eKviZ¡‡K KvVv‡gvMZ †eKviZ¡ (structural
unemployment) ejv nq| GUv `~i Kiv m¤¢e nq bv|
Abykxjb
evsjv‡`‡k wK c~Y©wb‡qvM weivRgvb? wPšÍv Kiæb I wjLyb|

weweGm †cÖvMÖvg
mZ¨-wg_¨v
1. †fvM n‡”Q Dc‡hvM m„wói cÖwµqv -mZ¨/wg_¨v
2. †fvM mvaviYZt ZvrÿwYK n‡q _v‡K -mZ¨/wg_¨v
3. †fvM A‡cÿ‡Ki wewfbœ we›`y KvswLZ †fvMe¨q †`Lvq -mZ¨/wg_¨v
4. ¯^q¤¢~Z †fvM Av‡qi Dci wbf©ikxj -mZ¨/wg_¨v
5. c~Y© wb‡qvM¯Í‡i B”QvK„Z †eKviZ¡ _vK‡Z cv‡i -mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. †fvM I †fvM e¨‡qi g‡a¨ Zdvr Kx? Ô†fvM' †Kb mivmwi cwigvc‡hvM¨ bq?
2. cwiKwíZ †fvMe¨q Kx? †fvM A‡cÿ‡Ki wewfbœ we›`y †Kvb& ai‡bi †fvMe¨q †`Lvq?
3. mvgwMÖK †hvMvb I mvgwMÖK Pvwn`v ej‡Z Kx eySvq?
4. cÖ”Qbœ RvZxq Av‡qi msÁv w`b| cÖ”Qbœ RvZxq Avq¯Í‡i wK †eKviZ¡ _vK‡Z cv‡i?
5. mvgwMÖK Drcv`b A‡cÿK Kx?
ˆbe©¨w³K cÖkœ
1. Ô†fvM' n‡”Q
K. Dc‡hvM aŸskKi‡Yi cÖwµqv
L. Dc‡hvM m„wói cÖwµqv
M. K I L DfqB
2. †Kvb&wU‡K ZvrÿwYKfv‡e †fvM Kiv nq
K. j¨vsov Avg
L. wd«R
M. gUiMvox
3. Avq k~b¨ n‡j ¯^q¤¢~Z †fvM
K. k~b¨ n‡e
L. abvZ¥K n‡e
M. FYvZ¥K n‡e
4. Drcv`b n‡”Q
K. Dc‡hvM aŸskKi‡Yi cÖwµqv
L. `ªe¨ †fv‡Mi cÖwµqv
M. Dc‡hvM m„wói cÖwµqv
5. cÖ”Qbœ RvZxq Avq¯Í‡i
K. B”QvK„Z †eKviZ¡ _v‡K
L. Awb”QvK„Z †eKviZ¡ _v‡K
M. K I L DfqB
N. K I L †KvbwUB bq|
mgm¨v
wb‡Pi †fvM A‡cÿKwU jÿ¨ Kiæb
L
®i¡NhÉu (q¡S¡l V¡L¡)
8 A −f r
®i ¡N
6
4 A
2
.
O
2 4 6 8
hÉhq¡l−k¡NÉ Bu (q¡S¡l V¡L¡)

K. ¯^q¤¢~Z †fvMe¨q KZ?
L. A we›`y‡Z Avq I †fvMe¨q KZ?
M. Avq hLb 8000 UvKv ZLb †fvM e¨q KZ?
N. wP‡Îi †fvM A‡cÿKwU †_‡K mÂq A‡cÿK AsKb Kiæb|
CE¢eV-3 fªù¡-34
mgwóK A_©bxwZ
cvV-2 fvimvg¨ RvZxq Avq I wb‡qvM¯Íi wba©viY

(Equilibrium Level of National Income and Employment Determination)
D‡Ïk¨
♦ fvimvg¨ RvZxq Avq wba©vi‡Yi mij †KBbmxq c×wZ eY©bv Ki‡Z cvi‡eb
♦ mg Avq-e¨q †iLv m¤c‡K© ej‡Z cvi‡eb
♦ Break-even we›`y m¤c‡K© aviYv w`‡Z cvi‡eb
♦ gy`ªvùxwZ duvK I g›`vduvK m¤c‡K© ej‡Z cvi‡eb
♦ fvimvg¨ wb‡qvM¯Íi wba©viY cÖwµqv e¨vL¨v Ki‡Z cvi‡eb|
f~wgKv
GKwU †`‡ki A_©‰bwZK Ae¯’v we‡kÐl‡Yi Rb¨ †m †`‡ki fvimvg¨ RvZxq Avq wba©viY Acwinvh©| fvimvg¨ RvZxq Avq
Rvbv _vK‡j mvgwMÖK Drcv`b A‡cÿK †_‡K fvimvg¨ wb‡qvM¯Íi mn‡RB wbY©q Kiv hvq| G cv‡V cÖ_‡g Avgiv c~‡e©i cv‡V
†hme †gŠwjK aviYvi mv‡_ cwiwPZ n‡qwQ †m¸‡jv‡K nvwZqvi (tools) wn‡m‡e eënvi K‡i fvimvg¨ RvZxq Avq wba©viY
cÖwµqv Rvbe| AZtci fvimvg¨ RvZxq Avq eënvi K‡i mvgwMÖK Drcv`b A‡cÿK †_‡K wKfv‡e fvimvg¨ wb‡qvM¯Íi
wba©viY Kiv hvq Zv †`Le|
fvimvg¨ RvZxq Avq

RvZxq Av‡qi ‡h ¯Í‡i A_©bxwZi †gvU mieivn I †gvU Pvwn`v mgvb nq Zv‡K fvimvg¨ RvZxq Avq ejv nq|
fvimvg¨ve¯’vq A_©bxwZ‡Z DØ„Ë ev NvUwZ wKQyB _v‡K bv|
fvimvg¨ RvZxq Avq wba©viY: †KBbmxq c×wZ (Keynesian Method)

fvimvg¨ RvZxq Avq wba©viY wel‡q G ch©šÍ GKvwaK Z‡Ë¦i AeZviYv n‡q‡Q| GK GK Z‡Ë¦ GK GK ai‡bi e¨vL¨v I hyw³
†`Lv‡bv n‡q‡Q| Z‡e †Kvb ZË¦B Zvi ev¯Íe MÖnY‡hvM¨Zvi cÖ‡kœ †ekx w`b weZ©‡Ki D‡aŸ© _vK‡Z cv‡iwb| HwZnvwmKfv‡e,
†Kvb GKwU ZË¦ hLb Zvi ev¯Íe MÖnY‡hvM¨Zv nvwi‡q‡Q wVK ZLbB Ab¨ GKwU weKí Z‡Ë¦i D™¢e n‡q‡Q| HwZnvwmK
avivevwnKZvq K¬¨vwm‡Kj A_©‰bwZK Z‡Ë¦i weKí wn‡m‡e eZ©gvb kZ‡Ki †Mvovi w`‡K ‡KBbmxq Z‡Ë¦i D™¢e n‡qwQj|
1929 m‡bi wekŸe¨vcx gnvg›`vi (Great Depression) c~e© ch©šÍ fvimvg¨ RvZxq Avq wba©vi‡Yi †h ZË¦wU cÖPwjZ wQj
Zv‡K ejv nq K¬¨vwm‡Kj ZË¦| A_©bxwZ kv‡¯¿i RbK A¨vWvg w¯§_ (1723 - 1790) G Z‡Ë¦i cÖe³v| K¬¨vwm‡Kj ZË¦
Abymv‡i, mvgwóK A_©bxwZi fvimvg¨ memgqB c~Y©wb‡qvM¯Í‡i _v‡K| hw` †Kvb Kvi‡Y G Ae¯’v wewNœZ nqI Zv n‡e
mvgwqK, cieZ©x‡Z Zv ¯^qswµqfv‡e (automatically) wVK n‡q hv‡e|
K¬¨vwm‡Kj Z‡Ë¦ g~jZt A_©bxwZi †hvMv‡bi w`K‡K (supply side) ¸iæZ¡ †Ìqv n‡q‡Q| K¬¨vwm‡Kj A_©bxwZwe`‡ì g‡Z,
A_©bxwZi Pvwn`vi w`K wb‡q fvevi cÖ‡qvRb †bB| †Kbbv †hvMvb Zvi wbR¯^ Pvwn`v m„wó K‡i (supply creats its own
demand - say's law)| G e³‡eï †cQ‡b Zuv‡ì hyw³ wQj wbæiƒc:
Òhyw³ev`x (rational) gvbyl KLbI ïay Kv‡Ri Rb¨ KvR K‡i bv, KviY KvR mgmg‡qB weiw³Ki| gvbyl KvR K‡i cÖ‡qvR‡b| gvbyl
KvR K‡i Dc‡hvM mg„× `ªe¨ I †mev jvf Kivi Rb¨, hv w`‡q †m Zvi ˆ`bw›`b Rxe‡bi Afve c~iY Kivi †Póv K‡i| †h A_©bxwZ‡Z
kÖgwefvM Ges wewbgq cÖ_v cÖPwjZ Av‡Q †mLv‡b gvbyl KvR K‡i mivmwi Hme `ªe¨ I †mev cvq bv, eis †h mKj `ªe¨ I †mev ˆZix‡Z
Zvi `ÿZv †ekx †m ïay †m mKj `ªe¨ I †mev Drcv`‡b wb‡R‡K wb‡qvwRZ K‡i Ges Zvi Drcvw`Z `ªe¨ I †mev †_‡K Zvi †fv‡Mi Rb¨
cÖ‡qvRbxq AskUzKz †i‡L evKx Ask Ab¨vb¨ Drcv`bKvix‡ì Øviv Drcvw`Z `ªe¨ I †mevi mv‡_ wewbgq K‡i| †m wVK †mB g~‡jï DØ„Ë
`ªe¨ I †mev ˆZwi Ki‡e hv Zvi Pvwn`v Abyhvqx Ab¨vb¨ `ªe¨ ev †mev jvf Kivi Rb¨ cÖ‡qvRb| A_©vr g~‡jï cwigv‡c Zvi Drcvw`Z
DØ„‡Ëi mieivn Zvi Ab¨vb¨ wRwb‡mi Pvwn`vi mgvb n‡e| ZvB ejv nq mieivn Pvwn`v m„wó K‡i|''
wKš‘ 1929 m‡bi gnvg›`vi ev¯ÍeZv K¬¨vwm‡Kj A_©bxwZwe`‡ì GB hyw³i AmviZv cÖgvb K‡i‡Q| †Kbbv H mg‡q
`ªe¨mvgMÖxi †hvMvb wQj Pvwn`vi †P‡q A‡bK †ekx A_©vr Drcv`K‡ì Drcvw`Z `ªe¨ weµq nw”Qj bv| d‡j A_©bxwZ‡Z
gy`ªvùxwZ, †eKviZ¡ cÖf„wZ mgm¨v¸‡jv cÖKU AvKvi aviY K‡i| A_©bxwZi GB HwZnvwmK msKUÿ‡Y K¬¨vwm‡Kj wPšÍvavivi
wecixZ wPšÍvaviv wb‡q Awefy©Z n‡jb wekŸL¨vZ A_©bxwZwe` Rb g¨vbvW© †KBb&m (1883-1946)| wZwb Zuvi ÔThe
General Theory of Employment, Interest and Money (1936)' eB‡q A_©bxwZ‡Z g›`v m„wói Rb¨ `vqx Dcv`vb¸‡jv

weweGm †cÖvMÖvg
wPwýZ K‡ib Ges fvimvg¨ RvZxq Avq I wb‡qvM¯Íi m¤c‡K© e¨vL¨v †`b| †KBb&‡mi g‡Z, A_©bxwZ‡Z c~Y©wb‡qvM fvimvg¨
(Full employment equilibrium) Awek¨¤¢vex bq, c~Y©wb‡qvM ¯Í‡ii c~‡e© (Ges c‡iI) A_©bxwZ‡Z fvimvg¨ m„wó n‡Z
cv‡i A_©vr A_©bxwZ‡Z †eKviZ¡ we`¨gvb _vK‡jI fvimvg¨ _vK‡Z cv‡i| GLb Pjyb RvZxq Avq wba©vi‡Yi mij †KBbmxq
c×wZwU Av‡jvPbv Kiv hvK&|
A_©bxwZ‡Z †gvU mieivn I †gvU Pvwn`v ci®ci mgvb n‡jB fvimvg¨ Drcv`b (ev Avq) I wb‡qvM wba©vwiZ nq| c~‡e©i
cvV †_‡K Avcwb †R‡b‡Qb, †gvU mieivn, Z = C+S Ges †gvU Pvwn`v, Y = C+I| †KBb&m Zuvi Av‡jvPbvq A_©bxwZi
mieiv‡ni w`KUv‡K w¯’i a‡i wb‡q fvimvg¨ RvZxq Avq wba©vi‡Y ïaygvÎ Pvwn`vi w`K‡K ¸iæZ¡ w`‡q‡Qb| wZwb A_©bxwZi
†gvU mieivn‡K w¯’i a‡i‡Qb `y‡Uv Kvi‡Y -
GK. wZwb Zuvi ZË¦wU g~jZt gnvg›`vi ev¯ÍeZvi Av‡jv‡K cÖeZ©b K‡i‡Qb| †h‡nZz gnvg›`vi mgq †gvU mieivn ch©vß
cwigv‡Y we`¨vgvb _v‡K, †m‡nZz †KBb&m †gvU mieiv‡ni w`‡K wb‡q †Zgb †Kvb Av‡jvPbv K‡ibwb| wZwb †gvU mieivn‡K
w¯’i a‡i gnvg›`vi Rb¨ †gvU Pvwn`vi ¯^íZv‡K `vqx K‡i‡Qb|
`yB. †KBbm Zuvi Z‡Ë¦ ¯^í mg‡qi Ae¯’v wb‡q Av‡jvPbv K‡i‡Qb| ¯^í mg‡q (short run) A_©bxwZi †gvU mieivn
cwieZ©b Kiv cÖvq Am¤¢e| ZvB G‡K w¯’i e‡j MY¨ Kiv hvq|
mij †KBbmxq c×wZ‡Z fvimv‡gï kZ©wU‡K wbæiƒ‡c wjLv hvq -
†gvU mieivn = †gvU Pvwn`v
ev, Z = Y
ev, C+S = C+I
†h Avq¯Í‡i Dc‡iv³ kZ©wU c~iY nq †m Avq¯ÍiB n‡”Q fvimvg¨ RvZxq Avq| †jLwP‡Îi mvnv‡h¨ welqwU wbæiƒ‡c †`Lv‡bv
hvq -
C+I C+S=C+I
F C+I+I
C+I
−j¡V Q¡¢qc¡
45°
O Y
YE YF
−j¡V S¡a£u Bu
wPÎ 3.6: fvimvg¨ RvZxq Avq

wPÎ 3.6 G f~wg A‡ÿ †gvU RvZxq Avq I Djø¤^ A‡ÿ †gvU Pvwn`v †`Lv‡bv n‡q‡Q| 45° ‡iLvi cÖwZwU we›`y †gvU mieivn
I †gvU Pvwn`vi mgZv †`Lv‡”Q| C+I n‡”Q †gvU Pvwn`v †iLv| wP‡Î †`Lv hv‡”Q, E we›`y‡Z †gvU Pvwn`v‡iLv (C+I †iLv)
45° ‡iLv‡K †Q` K‡i‡Q| A_©vr E we›`y‡Z †gvU mieivn I †gvU Pvwn`v mgvb| Kv‡RB E we›`y n‡”Q A_©bxwZi fvimvg¨
we›`y| E we›`y‡K ejv nq Break-even we›`y †Kbbv E we›`y†Z A_©bxwZi Avq I e¨q mgvb| E we›`y †_‡K f~wg A‡ÿi Dci
j¤^ Uvb‡j Avgiv fvimvg¨ RvZxq Avq¯Íi cvB| wP‡Î YE n‡”Q fvimvg¨ RvZxq Avq¯Íi| wPÎ 3.1 †K ejv nq †KBbmxq
AvovAvwo †jLwPÎ - I (Keynesian cross diagram - I)
wP‡Î †`Lv hv‡”Q, YE fvimvg¨ RvZxq Avq n‡jI Zv c~Y©wb‡qvM RvZxq Avq b‡n| wP‡Î YF n‡”Q c~Y©wb‡qvM ¯Í‡ii RvZxq
Avq| YE, YF †_‡K Kg| ZvQvov E we›`y‡Z †gvU Pvwn`v (C+I) c~Y©wb‡qv‡Mi †gvU mieiv‡ni †P‡q Kg| d‡j gnvg›`vi
m„wó n‡e Ges †eKviZ¡ †`Lv †`‡e| Z‡e G Ae¯’vq ¯^Ztùy©Z ev ¯^q¤¢~Z wewb‡qvM e„w× K‡i g›`v I †eKviZ¡ `~i Kiv hvq|
miKvi ¯^Ztùy©Z ev ¯^q¤¢~Z wewb‡qvM e„w× Ki‡Z cv‡i| wP‡Î †`Lv hv‡”Q, miKvix wewb‡qvM I' cwigvY evov‡bv n‡j †gvU
Pvwn`v n‡e C+I+I' Ges fvimvg¨ n‡e F we›`y‡Z| F we›`y‡Z c~Y©wb‡qvM fvimvg¨ n‡e| GZÿY Avgiv Keynesian cross
diagram - I Gi mvnv‡h¨ fvimvg¨ RvZxq Avq wba©viY cÖwµqv †`Ljvg| GUvB fvimvg¨ RvZxq Avq wba©vi‡Yi mij
CE¢eV-3 fªù¡-36
mgwóK A_©bxwZ
†KBbmxq c×wZ wn‡m‡e cwiwPZ| GQvovI GB GKB welq‡K Ab¨ GKwU c×wZi mvnv‡h¨ e¨vL¨v Kiv hvq| wØZxq c×wZwU
n‡”Q mÂq I wewb‡qv‡Mi mgZv c×wZ| GLb Pjyb RvZxq Avq wba©vi‡Yi mÂq I wewb‡qv‡Mi mgZv c×wZwU ‡R‡b wbB|
Abykxjb
evsjv‡`‡ki MZ A_©eQ‡ii mvgwMÖK †hvMvb I mvgwMÖK Pvwn`v wn‡me Kiæb| G mg‡q A_©bxwZ‡Z AwZwi³ †hvMvb ev
AwZwi³ Pvwn`v wQj wKbv? wjLyb|
fvimvg¨ RvZxq Avq wba©viY: mÂq I wewb‡qv‡Mi mgZv

mÂq I wewb‡qv‡Mi wPÎ 3.5 -G RvZxq Avq wba©vi‡Yi †h welqwU †`Lv‡bv n‡q‡Q †mB GKB welq mÂq I wewb‡qv‡Mi
mgZvi gva¨‡g †`Lv‡bv m¤¢e| G cÖms‡M Avgiv RvZxq Av‡qi fvimvg¨ kZ©wUi w`‡K cybivq `„wó w`‡Z cvwi| fvimvg¨
kZ©wU n‡”Q -
C+S=C+I
Dfq c‡ÿ †h‡nZz `C' i‡q‡Q †m‡nZz Dfq cÿ †_‡K `C' ev` w`‡j fvimvg¨ kZ©wUi g~j A‡_©i †Kvb cwieZ©b n‡e bv|
Kv‡RB fvimvg¨ kZ©wU‡K wjLv hvq: S = I hv KvswLZ mÂq I KvswLZ wewb‡qv‡Mi mgZv wb‡`©k Ki‡Q| GB welqwU‡K
Avgiv c~‡e©v³ cvV ‡_‡K mÂq ‡iLv I wewb‡qvM †iLv m¤c‡K© †h aviYv AR©b K‡iwQ †m¸‡jv eënvi K‡i wb‡æv³
†jLwP‡Îi gva¨‡g e¨vL¨v Ki‡Z cvwi -
S,I
+
S
p’u J ¢h¢e−u¡N
F
I+I
E
I I
O Y
YE YF
-
®j¡V S¡a£u Bu
wPÎ 3.7: mÂq I wewb‡qv‡Mi mgZv

wPÎ 3.7 G f~wg A‡ÿ †gvU RvZxq Avq Ges Djø¤^ A‡ÿ mÂq I wewb‡qvM †`Lv‡bv n‡q‡Q| ¯^q¤¢~Z wewb‡qvM hLb I ZLb
wewb‡qvM †iLv n‡”Q II| II †iLv mÂq †iLv S †K E we›`y‡Z †Q` K‡i‡Q A_©vr, E we›`y‡Z mÂq I †gvU KvswLZ ev
cwiKwíZ wewb‡qvM mgvb| Kv‡RB E we›`ywU n‡”Q fvimvg¨ we›`y Ges YE n‡”Q fvimvg¨ RvZxq Avq (GB YE wPÎ 3.6 Gi
YE Gi Abyiƒc)| wP‡Î YF n‡”Q c~Y©wb‡qvM ¯Í‡ii RvZxq Avq| Kv‡RB YE fvimvg¨ RvZxq Avq n‡jI Zv c~Y©wb‡qvM ¯Í‡ii
wb‡Pi ¯Í‡ii (below full employment level) RvZxq Avq| G‡Z A_©bxwZ‡Z g›`v I †eKviZ¡ †`Lv w`‡e| G Ae¯’v `~i
Kivi Rb¨ ¯^ZtùyZ© wewb‡qvM evov‡Z n‡e| miKvix wewb‡qvM I' cwigvY evov‡q G msKU `~i Kiv hvq| wP‡Î ‡`Lv hv‡”Q,
miKvix wewb‡qvM I' cwigvY e„w× Kiv‡Z ¯^q¤¢~Z wewb‡qvM I+I' n‡q‡Q| bZzb wewb‡qvM‡iLv mÂq †iLv‡K F we›`y‡Z †Q`
K‡i‡Q| F we›`y‡Z c~Y©wb‡qvM fvimvg¨ AwR©Z n‡q‡Q| wPÎ 3.7 †K †KBbmxq AvovAvwo †jLwPÎ - II (Keynesian cross
diagram - II) ejv nq|
GZÿ‡Yi Av‡jvPbv †_‡K Avcwb fvimvg¨ RvZxq Avq wbwa©viY cÖwµqv m¤c‡K© Rvb‡jb| ZvQvov Rvb‡jb †h, A_©bxwZ‡Z
c~Y©wb‡qvM ¯Í‡ii c~‡e©I fvimvg¨ †`Lv w`‡Z cv‡i| miKvix wewb‡qvM e„w× K‡i A_©bxwZ‡K Ac~Y©wb‡qvM fvimvg¨ve¯’v †_‡K
c~Y©wb‡qvM fvimv‡g¨ DbœxZ Kiv hvq| Z‡e G‡ÿ‡Î cÖkœ _v‡K †h, KZUzKz wewb‡qvM e„w× Kiv n‡j A_©bxwZ wVK c~Y©wb‡qvM
fvimvg¨¯Í‡i †cŠQu‡e| G cÖ‡kœi DËi Rvbvi Rb¨ Ô¸YK' m¤c‡K© aviYv jvf Ki‡Z n‡e| Ô¸YK' n‡”Q Ggb GKwU eÖæeK hv
bZzb wewb‡qv‡Mi d‡j RvZxq Avq KZ¸Y e„w× cv‡e Zv wb‡`©k K‡i A_©vr ∆Y = K ∆I; GLv‡b K n‡”Q ¸YK| ¸YK
m¤c‡K© Avcwb we¯ÍvwiZ Rvb‡Z cvi‡eb BDwbU-4 Gi cvV-3 †_‡K| ZvB G g~~û‡Z© ¸YK m¤c‡K© we¯ÍvwiZ Av‡jvPbvq
hvw”Q bv|
gy`ªvùxwZRwbZ duvK (Inflationary Gap)

Avcwb wKQyÿY Av‡M fvimvg¨ RvZxq Avq wba©vi‡Yi cÖwµqv m¤c‡K© †h Av‡jvPbv co‡jb †m GKB Av‡jvPbvqB
gy`ªv®dxwZRwbZ duvK I g›`v duvK aviYv `y‡Uv jywK‡q Av‡Q| G Aby‡”Q‡` Avgiv gy`ªv®dxwZRwbZ duvK I cieZ©x Aby‡”Q‡`

weweGm †cÖvMÖvg
g›`v duvK m¤c‡K© Rvbe| hw` fvimvg¨ RvZxq Avq c~Y© wb‡qvM¯Í‡ii RvZxq Avq ev cÖ”Qbœ RvZxq Avq (potential GNP)
†_‡K †ekx nq ZLb A_©bxwZ‡Z g~`ªvùxwZRwbZ duvK †`Lv †`q| wb‡æi wP‡Îi (wPÎ 3.6 Gi cybvive„wË) mvnv‡h¨ welqwU
†`Lv‡bv hvq -
gy¡L
S ¢ea
g£¢a
C,I j§â¡Ø
fÐµRæ S¡a£u C+S=C+I
Bu
C+I
E
B
−j¡V Q¡¢qc¡
45°
Y
YF YE
−j¡V S¡a£u Bu
wPÎ 3.8: g~`ªvùxwZRwbZ duvK

wPÎ 3.8 G †`Lv hv‡”Q, †gvU Pvwn`v‡iLv (C+I) 45° †iLv‡K E we›`y‡Z †Q` K‡i‡Q| YE n‡”Q fvimvg¨ RvZxq Avq| wKš‘
c~Y©wb‡qvM ¯Í‡ii RvZxq Avq ev cÖ”Qbœ RvZxq Avq n‡”Q YF hv YE -i †P‡q Kg| G‡ÿ‡Î A_©bxwZ‡Z gy`ªvùxwZRwbZ duvK
†`Lv w`‡e| A_©vr c~Y©wb‡qvM eRvq _vKvi Rb¨ †h cwigvY PvKzix cÖ‡qvRb A_©bxwZ‡Z Zvi †P‡q †ekx PvKzix weivRgvb
Av‡Q| wP‡Î c~Y©wb‡qvM ev cÖ”Qbœ RvZxq Avq (YF) Ges fvimvg¨ RvZxq Avq (YE) -Gi g‡a¨Kvi Abyf~wgK `~iZ¡, BE,
n‡”Q gy`ªvùxwZRwbZ duvK| miKvi K‡ii cwigvY evwo‡q †gvU Pvwn`v nªvm K‡i fvimvg¨ Avq‡K c~Y©wb‡qvM¯Í‡i wb‡q
Avm‡Z cv‡i|
g›`v duvK (Recessionary Gap)

fvimvg¨ RvZxq Avq hw` c~Y© wb‡qvM ev cÖ”Qbœ RvZxq Avq ¯Í‡ii Kg nq Zvn‡j g›`v duvK †`Lv †`q| wb‡æi wP‡Îi mvnv‡h¨
welqwU e¨vL¨v Kiv n‡jv -
C,I
fÐµRæ
S¡a£u Bu C+S=C+I
F
−j¡V Q¡¢qc¡
E C+I
B
j¾c¡ gy¡L
45°
O Y
YE YF
−j¡V S¡a£u Bu
wPÎ 3.9: g›`v duvK
wPÎ 3.9 G †`Lv hv‡”Q YE n‡”Q fvimvg¨ RvZxq Avq Ges YF n‡”Q cÖ”Qbœ RvZxq Avq| YE, YF Gi Kg| G‡ÿ‡Î
A_©bxwZ‡Z g›`v duvK weivR Ki‡Q| A_©vr A_©bxwZ‡Z wKQy kÖwgK †eKvi Av‡Q A_©vr A_©bxwZ‡Z cÖPwjZ gRyix¯Í‡i hZRb
CE¢eV-3 fªù¡-38
mgwóK A_©bxwZ
kÖwgK KvR Ki‡Z AvMÖnx Zviv mevB KvR cv‡”Q bv| wP‡Î YE Ges YF Gi Abyf~wgK `~iZ¡, BE, n‡”Q g›`v duvK| miKvi
¯^q¤¢~Z ev ¯^ZtùyZ© wewb‡qvM e„w×i gva¨‡g †gvU Pvwn`v e„w× K‡i A_©bxwZi fvimvg¨ve¯’v‡K c~Y©wb‡qv‡Mi ch©v‡q wb‡q †h‡Z
cv‡i|
Abykxjb
g‡b Kiæb, evsjv‡`‡ki c~Y©wb‡qvM¯Í‡ii RvZxq Avq 2056695 wgwjqb UvKv| evsjv‡`‡ki MZ A_©eQ‡ii RvZxq Avq‡K
c~Y©wb‡qvM¯Í‡ii RvZxq Av‡qi mv‡_ Zzjbv Kiæb| G‡ÿ‡Î gy`ªvùxwZRwbZ duvK ev g›`v duvK Av‡Q wK? wjLyb|
fvimvg¨ wb‡qvM¯Íi wba©viY

Avcwb c~‡e©i cv‡V Drcv`b A‡cÿ‡Ki mv‡_ cwiwPZ n‡q‡Qb| †mLv‡b Avcwb †`‡L‡Qb †h, Drcv`‡bi mv‡_ wb‡qvM¯Í‡ii
m¤cK© mivmwi| A_©vr wb‡qvM evov‡j (cuywRóK w¯’i _vKv Ae¯’vq) GKwU ch©vq ch©šÍ Avq e„w× cvq| Kv‡RB wb‡qvM¯Íi
Rvbv _vK‡j Drcv`b A‡cÿK †_‡K Avq¯Íi †ei Kiv hvq| wVK GKBfv‡e, Avq¯Íi Rvbv _vK‡j Drcv`b A‡cÿK †_‡K
wb‡qvM¯Íi †ei Kiv m¤¢e| Avgiv Keynesian cross diagram - I Gi cvkvcvwk Drcv`b A‡cÿK‡K ewm‡q wbæiƒ‡c
fvimvg¨ wb‡qvM¯Íi †ei Ki‡Z cvwi -
C+I Y
C+S=C+I
−j¡V S¡a£u Bu
−j¡V Q¡¢qc¡
E C+I
yE Y=f(N,K)
45 °
O Y O
YE NE N,K
®j¡V S¡a£u Bu ¢e−u¡NÙ¹l
(L) (M)
wPÎ 3.10: fvimvg¨ wb‡qvM¯Íi wba©viY

wPÎ 3.10 Gi (K) As‡k Keynesian cross diagram - I Ges (L) As‡k †gvU Drcv`b A‡cÿK †`Lv‡bv n‡q‡Q| (K)
Ask †_‡K †`Lv hv‡”Q, fvimvg¨ RvZxq Avq n‡”Q, YE| GB YE Avq¯Í‡ii wb‡qvM¯ÍiB n‡”Q fvimvg¨ wb‡qvM¯Íi| wP‡Îi
(L) As‡ki Drcv`b A‡cÿK †_‡K †`Lv hv‡”Q, YE Avq¯Í‡i wb‡qv‡Mi cwigvY n‡jv NE| AZGe NE n‡”Q fvimvg¨
wb‡qvM¯Íi|
G cv‡V Avcwb Rvb‡jb Kxfv‡e fvimvg¨ RvZxq Avq I wb‡qvM¯Íi wba©vwiZ nq| ZvQvov A_©bxwZ‡Z KLb g~`ªvùxwZRwbZ
duvK I KLb g›`v duvK †`Lv †`q Ges Gme mgm¨v Kxfv‡e `~i Kiv hvq ZvI †R‡b‡Qb| cieZ©x BDwb‡U Avcwb †fvMZË¦
I ¸YK ZË¦ m¤c‡K© we¯ÍvwiZ Rvb‡Z cvi‡eb|
mZ¨-wg_¨v
1. K¬¨vwm‡Kj Z‡Ë¦ A_©bxwZi †hvMv‡bi w`K‡K ¸iæZ¡ †Ìqv n‡q‡Q -mZ¨/wg_¨v
2. †KBbmxq ZË¦wU GKwU ¯^íKvjxb ZË¦ -mZ¨/wg_¨v
3. fvimvg¨ RvZxq Avq c~b©wb‡qvM RvZxq Avq bvI n‡Z cv‡i -mZ¨/wg_¨v
4. ¯^í‡gqv‡` A_©bxwZi †gvU mieivn cwieZ©b Kiv hvq bv -mZ¨/wg_¨v
5. g›`vi mg‡q A_©bxwZ‡Z AwZwi³ Pvwn`v _v‡K -mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. fvimvg¨ RvZxh Avq wK? ‡KBbmxq AvovAvwo †jLwPÎ -I Gi mvnv‡h¨ A_©bxwZi fvimvg¨ RvZxq Avq wba©viY cÖwµqv
wP‡Îi mvn‡h¨ e¨vL¨v Kiæb|
2. Break-even we›`y Kx? Break-even we›`y‡Z A_©bxwZ‡Z mÂq _v‡K wKbv?

weweGm †cÖvMÖvg
3. mÂq I wewb‡qv‡Mi mgZvi gva¨‡g wKfv‡e fvimvg¨ RvZxq Avq wba©viY Kiv hvq Zv wP‡Îi mvnv‡h¨ e¨vL¨v Kiæb|
4. gy`ªvùxwZRwbZ duvK Kx? wKfv‡e Zv `~i Kiv hvq?
5. g›`v duvK Kx? wKfv‡e Zv `~i Kiv hvq?
ˆbe©¨w³K cÖkœ
1. K¬¨vwm‡Kj Z‡Ë¦i cÖe³v
K. †R.Gg. †KBbm L. †R.Gb. †KBbm
M. A¨vWvg w¯§_ N. Dc‡ii †KvbwUB bq|
2. Ô†hvMvb Zvi wbR¯^ Pvwn`v m„wó K‡i' -G e³e¨wU Kuvi?
K. A¨vWvg w¯§_ L. †R.Gg. †KBb&m
M. †R.we. †m N. Dc‡ii †KvbwUB bq
3. g›`vi mg‡q
K. †hvMvb †ekx _v‡K L. Pvwn`v †ekx _v‡K
M. K I L DfqB N. Dc‡ii †KvbwUB bq|
4. Break-even we›`y‡Z
K. Avq = e¨q nq L. Avq > e¨q nq
M. Avq < e¨q nq N. Dc‡ii †KvbwUB bq|
5. fvimvg¨ RvZxq Avq hw` cÖ”Qbœ RvZxq Avq †_‡K †ekx nq Zvn‡j
K. gy`ªvùxwZRwbZ duvK †`Lv †`q L. g›`v duvK †`Lv †`q
M. K I L DfqB N. Dc‡ii †KvbwUB bq|
mgm¨v
wb‡Pi wPÎwU jÿ¨ Kiæb|
80
70
p¡j¢NËL Q¡¢qc¡ (¢h¢mue V¡L¡)
60
C+I
50
E
40
30
20
10 45°
O
10 20 30 40 50 60 70 80
S¡a£u Bu (¢h¢mue V¡L¡)
K. Break-even we›`y †Kvb&wU?
L. fvimvg¨ RvZxq Avq KZ?
M. cÖ”Qbœ RvZxq Avq 80 wewjqb UvKv n‡j g~`ªvùxwZRwbZ duvK bvwK g›`v duvK †`Lv w`‡e?
DËigvjv
cvV-1
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. mZ¨, 4. wg_¨v, 5. mZ¨
ˆbe©¨w³K cÖkœ
1. K, 2. K, 3. L, 4. M, 5. K
cvV-2
mZ¨-wg_¨v
1. mZ¨, 2. mZ¨, 3. mZ¨, 4. mZ¨, 5. wg_¨v
ˆbe©¨w³K cÖkœ
1. M, 2. M, 3. K, 4. K, 5. K
CE¢eV-3 fªù¡-40
mgwóK A_©bxwZ
BDwbU
4
†fvM ZË¡
Theory of Consumption
A_©‰bwZK we‡kÐll‡Y ÔmvgwMÖK Pvwn`v' mePvB‡Z ¸iæZ¡c~Y© GKwU aviYv| mvgwMÖK Pvwn`v m¤c‡K© ¯úó Ávb bv _vK‡j
†`‡ki fvimvg¨ RvZxq Avq m¤c‡K© †Kvb wKQy ejv m¤¢e bq| Avi mvgwMÖK Pvwn`v m¤c‡K© aviYv jvf Ki‡Z n‡j Gi
wewfbœ Dcv`vb m¤c‡K© Rvbv cÖ‡qvRb| Ô†fvM' n‡”Q mvgwMÖK Pvwn`vi Ab¨Zg Dcv`vb| G BDwb‡U †fvM ZË¦ I ¸YK ZË¦
eY©bv Kiv n‡q‡Q| cvV-1 G i‡q‡Q †fvM A‡cÿK m¤cwK©Z Av‡jvPbv, cvV-2 G ‡fvM A‡cÿ‡Ki wba©viKmg~n eY©bv Kiv
n‡q‡Q Ges me‡k‡l, cvV-3 G eY©bv Kiv n‡q‡Q ¸YK ZË¦|
BDwbU-4 c„ôv-41
weweGm †cÖvMÖvg
CE¢eV-4
cvV-1 mvgwMÖK †fvM A‡cÿK (Aggregate Consumption Function)
D‡Ïk¨
♦ ev‡RUxq e¨‡qi aib m¤c‡K© ej‡Z cvi‡eb
♦ †fvM A‡cÿK e¨vL¨v Ki‡Z cvi‡eb
♦ ¯^q¤¢~Z ‡fvM I cÖ‡ivwPZ †fv‡Mi msÁv eY©bv Ki‡Z cvi‡eb
♦ Mo †fvM cÖeYZv I cÖvwšÍK †fvM cÖeYZv e¨vL¨v Ki‡Z cvi‡eb
♦ †fvM A‡cÿ‡Ki AvK„wZ eY©bv Ki‡Z cvi‡eb|
f~wgKv
A_©‰bwZK we‡kÐl‡Y Ô‡fvM A‡cÿK' GKwU ¸iæZ¡c~Y© nvwZqvi wn‡m‡e eënƒZ| GKwU †`‡ki mvgwMÖK Pvwn`vi MwZ-cÖK„wZ
m¤c‡K© Rvb‡Z n‡j Aek¨B †m †`‡ki †fvM A‡cÿK m¤c‡K© Ávb _vKv cÖ‡qvRb| G cv‡V Avgiv cÖ_‡g GKRb e¨w³i
†fvM A‡cÿK m¤c‡K© Rvbe Ges cieZ©x‡Z mvgwMÖK ‡fvM A‡cÿK m¤c‡K© Av‡jvPbv Kie|
ev‡RUxq e¨‡qi aib (Budgetary Expenditure Patterns)

gvbyl Zvi eënvi‡hvM¨ Av‡qi GKwU eo Ask wewfbœ †fvM¨`ªe¨ I †mev †hgb- Lv`¨, e¯¿, evm¯’vb, cwienb, ¯^v¯’¨, wkÿv I
we‡bv`‡b e¨q K‡i _v‡K| Gm‡ei Dci e¨q Kivi ci ‡m Zvi Av‡qi Aewkó Ask mÂq K‡i| Avq e›U‡bi GB aib
wewfbœ Avq †kÖYxi gvby‡li ‡ÿ‡Î wewfbœ nq| †hgb- Mixe †jv‡Kiv Zv‡ì Av‡qi cy‡iv AskB Lv`¨, e¯¿ Ges evm¯’v‡bi
Dci e¨q K‡i| ga¨weË †kÖYxi †jv‡Kiv evm¯’vb I Ab¨vb¨ †fvMe¨q wbe©v‡ni c‡i Av‡qi AwZ mvgvb¨ Ask mÂq Ki‡Z
cv‡i| D”PweË †kÖYxi †jvK‡ì mÂq Zzjbvg~jKfv‡e †ekx n‡q _v‡K| wb‡Pi wP‡Îi mvnv‡h¨ ev‡RUxq e¨‡qi aib m¤c‡K©
aviYv †bqv †h‡Z cv‡i -
80
70
60
hÉu (q¡S¡l V¡L¡)
50 p’u
40
−e¡ce
30 ¢n r ¡ J ¢h
ü¡ÙÛÉ, f¢lhq
e
20 h¡pÙÛ¡e
10 hÙ»
M¡cÉ J f¡Z£u
O 10 20 30 40 50 60 70 80
hÉhq¡l−k¡NÉ BuÙ¹l (q¡S¡l V¡L¡u)

wPÎ 4.1: wewfbœ Avq¯Í‡i e¨‡qi aib
wPÎ 4.1 G †`Lv hv‡”Q †h, wbPz Avq¯Í‡ii gvbyl Zvi Av‡qi cy‡iv Ask Lv`¨, e¯¿ I evm¯’v‡b e¨q K‡i| Zviv cwienb,
¯^v¯’¨, wkÿv I we‡bv`‡b †Zgb e¨q Ki‡Z cv‡i bv| ga¨ Avq¯Í‡ii †jv‡Kiv Zv‡ì Av‡qi me‡P‡q eo Ask evm¯’v‡b e¨q
K‡i Ges Aewkó Ask Lv`¨, e¯¿, wkÿv, ¯^v¯’¨ I we‡bv`‡b e¨q K‡i| Zv‡ì mÂq cÖvq k~b¨| Ab¨w`‡K DPzu Avq¯Í‡ii
†jv‡Kiv †fvMe¨q wbe©v‡ni c‡iI Av‡qi GKUv Ask mÂq Ki‡Z mÿg nq| ev‡RUxq e¨‡qi aib †_‡K eySv hv‡”Q †h,
eënvi‡hvM¨ Avq e„w×i mv‡_ mv‡_ gvby‡li †fvM e¨qI e„w× cvq A_©vr eënvi‡hvM¨ Avq I †fvMe¨‡qi g‡a¨ GKwU mivmwi
m¤cK© we`¨gvb|
BDwbU-4 c„ôv-42
mgwóK A_©bxwZ
Abykxjb
Avcwb Avcbvi Avq wKfv‡e wewfbœ Lv‡Z e¨q K‡ib Zv wjLyb| †Kvb& Lv‡Z Avcbvi e¨q †ekx nq? hw` Avcbvi Avq e„w×
cvq Zvn‡j e¨‡qi ai‡b †Kvbiƒc cwieZ©b Avm‡e wK? wPšÍv Kiæb I wjLyb|
†fvM A‡cÿK
c~‡e©i Aby‡”Q` ev‡RUxq e¨‡qi aib m¤cwK©Z Av‡jvPbv †_‡K Avgiv †R‡bwQ †h, gvbyl Zvi eënvi‡hvM¨ Av‡qi GKwU
Ask ‡fvM¨`ªe¨ I †mevi Dci e¨q K‡i| eënvi‡hvM¨ Avq e„w× †c‡j †fvMe¨qI e„w× cvq Ges eënvi‡hvM¨ Avq nªvm
†c‡j †fvMe¨q nªvm cvq| †fvMe¨q I eënvi‡hvM¨ Av‡qi g‡a¨Kvi G m¤cK©‡K ejv nq †fvM A‡cÿK| wb‡Pi KvíwbK
mviYxwU jÿ¨ Kiæb|
eënvi‡hvM¨ Avq (UvKv) †fvMe¨q (UvKv)
3000 3200
4000 4000
5000 4800
6000 5600
7000 6400
mviYx 4.1: eënvi‡hvM¨ Avq I †fvMe¨‡qi m¤cK©

mviYx 4.1 G †`Lv hv‡”Q, eënvi‡hvM¨ Avq e„w×i mv‡_ mv‡_ †fvMe¨qI evo‡Q| eënvi‡hvM¨ Avq hLb 3000 UvKv ZLb
†fvMe¨q 3200 UvKv| G‡ÿ‡Î †fv³v‡K 200 UvKv AwZwi³ e¨q Ki‡Z nq| G AwZwi³ e¨q Zuv‡K FY K‡i ev c~‡e©i
mÂq †_‡K wgUv‡Z nq| †fv³vi Avq hLb 4000 UvKv ZLb Avq-e¨q mgvb| 4000 UvKvi cieZ©x Avq¯Í‡i †fv³v Zvi
†fvMe¨q wgUvevi c‡iI wKQy UvKv mÂq Ki‡Z cvi‡Q| mviYx 4.1 †K wbæiƒ‡c †jLvwP‡Î Dc¯’vcb Kiv hvq -
C C
7 Y=
C
5
E
4
3 C
45°
YD
O 3 4 5 6 7
wPÎ 4.2: †fvM A‡cÿK

wPÎ 4.2 G f~wg A‡ÿ eënvi‡hvM¨ Avq Ges Djø¤^ A‡ÿ †fvMe¨q †`Lv‡bv n‡q‡Q| CC n‡”Q †fvM A‡cÿK| E we›`y‡Z
†fvM A‡cÿKwU 45° †iLv‡K †Q` K‡i‡Q| wP‡Î †`Lv hv‡”Q, E we›`yi c~‡e© †fvMe¨q eënvi‡hvM¨ Avq †_‡K †ekx, E
we›`y‡Z †fvMe¨q I eënvi‡hvM¨ Avq mgvb Ges E we›`yi Wv‡b †fvMe¨q eënvi‡hvM¨ Avq †_‡K †ekx| Ab¨fv‡e ejv hvq,
E we›`yi ev‡g mÂq FYvZ¥K, E we›`y‡Z mÂq k~b¨ Ges E we›`yi Wv‡b mÂq abvZ¥K|
MvwYwZKfv‡e, †fvM A‡cÿK‡K wbæiƒ‡c †`Lv‡bv hvq-
C = C + cY ------------------------------ (4.1)
GLv‡b C = †fvMe¨q
C = ¯^q¤¢~Z †fvMe¨q
c = cÖvwšÍK †fvM cÖeYZv
BDwbU-4 c„ôv-43
weweGm †cÖvMÖvg
Y = eënvi‡hvM¨ Avq
cieZ©x Aby‡”Q`¸‡jv‡Z Avcwb ¯^q¤¢~Z †fvM, cÖvwšÍK †fvM cÖeYZv cÖf„wZ m¤c‡K© wek`fv‡e Rvb‡Z cvi‡eb|
¯î¤¢~Z †fvMe¨q I cÖ‡ivwPZ †fvMe¨q

†fvMe¨‡qi `y‡Uv Ask _v‡K| †fv‡Mi †h Ask Avq ¯Í‡ii Dci wbf©ikxj b‡n Zv‡K ejv nq ¯^q¤¢~Z †fvMe¨q| Avq evoj
wK Kg‡jv Zvi Dci ¯^q¤¢~Z †fvMe¨q wbf©i K‡i bv| Avq k~b¨ n‡jI mq¤¢~Z †fvMe¨q abvZ¥K nq| †hgb-aiæb, Avcwb
†Kvb Kvi‡Y MZ GK gvm Awd‡m †h‡Z cvi‡jb bv| KZ©„cÿ Avcbvi 1 gv‡mi †eZb †K‡U wb‡jb| d‡j G gv‡m Avcbvi
Avq k~b¨ n‡q †Mj| GgZve¯’vq, Avcbvi †fvM e¨qI wK k~b¨ n‡e? Aek¨B bv| Rxeavi‡Yi Rb¨ Avcbv‡K wKQy bv wKQy
†fvM Ki‡ZB n‡e| wKš‘ †fvM e¨‡qi Rb¨ cÖ‡qvRbxq A_© Avm‡e †Kv‡Ì‡K? FY K‡i A_ev c~‡e©i mÂq †_‡K _vK‡j Zv
†_‡K A_© ms¯’vb Ki‡Z n‡e| Kv‡RB †`Lv hv‡”Q †h, Avq k~b¨ n‡jI †fvMe¨q Ki‡Z nq - G ai‡bi †fvMe¨q‡K ejv nq
¯^q¤¢~Z †fvMe¨q|
†fvMe¨‡qi †h Ask Avq¯Í‡ii Dci wbf©ikxj Zv‡K cÖ‡ivwPZ †fvMe¨q e‡j| Avq evo‡j cÖ‡ivwPZ †fvMe¨q ev‡o Ges Avq
Kg‡j cÖ‡ivwPZ †fvMe¨qI K‡g| Avq k~b¨ n‡j cÖ‡ivwPZ †fvMe¨qI k~b¨ nq| wPÎ 4.3 G ¯^q¤¢~Z †fvMe¨q I cÖ‡ivwPZ
†fvMe¨q †`Lv‡bv n‡jv|
C
G
−i¡NhÉu
D
E
..
C B }fÐ−l¡¢Qa ®i¡NhÉu
A } üuñ§a ®i¡NhÉu
YD
O
hÉhq¡l−k¡NÉ Bu
wPÎ 4.3: ¯^q¤¢~Z †fvMe¨q I cÖ‡ivwPZ †fvMe¨q

wPÎ 4.3 G CC n‡”Q †fvM A‡cÿK| wP‡Î †`Lv hv‡”Q eënvi‡hvM¨ Avq hLb k~b¨ ZLb †fvMe¨q = OC hv ¯^q¤¢~Z †fvM
wb‡`©k Ki‡Q| Avq hLb YO ZLb †fvMe¨q =Y0E hvi `y‡Uv Ask i‡q‡Q GKwU n‡”Q ¯^q¤¢~Z †fvMe¨q Ges Ab¨ AskwU
n‡”Q cÖ‡ivwPZ †fvMe¨q| Y0E Gi AB AskwU OC -i mgvb hv ¯^q¤¢~Z †fvMe¨q wb‡`©k Ki‡Q| GwU Av‡qi Dci wbf©ikxj
bq| Avi BE Ask n‡”Q cÖ‡ivwPZ †fvMe¨q| wP‡Î †`Lv hv‡”Q, Avq¯Íi hZ e„w× cv‡”Q cÖ‡ivwPZ †fvMe¨q ZZB evo‡Q wKš‘
¯^q¤¢~Z †fvMe¨q me©`v w¯’i _vK‡Q|
Abykxjb
wPÎ 4.3 Gi †fvM A‡cÿKwUi D I G we›`y‡Z ¯^q¤¢~Z †fvMe¨q I cÖ‡ivwPZ †fvMe¨q KZ Zv †ei Kiæb| D we›`yi
cÖ‡ivwPZ †fvMe¨q †_‡K G we›`y‡Z cÖ‡ivwPZ ‡fvMe¨q †ekx wKbv? wjLyb|
Mo †fvM cÖeYZv I cÖvwšÍK †fvM cÖeYZv

Avcwb e¨wóK A_©bxwZ †Kv‡m© (MGD 2206) ÔMo' I ÔcÖvwšÍK' aviYv `y‡Uvi mv‡_ cwiwPZ n‡q‡Qb| †gvU †fvMe¨q‡K †gvU
C
Avq w`‡q fvM w`‡j Mo †fvM cÖeYZv (Average Propensity to Consume, APC) cvIqv hvq A_©vr APC= , GLv‡b
Y
C = †gvU †fvMe¨q I Y = †gvU Avq| aiæb, Avcbvi Avq (Y) = 4000 UvKv I †fvMe¨q (C) = 3000 UvKv| AZGe,
C 3000
Avcbvi Mo †fvM cÖeYZv, APC = = = .75 A_©vr cÖwZ 1 UvKv Av‡qi g‡a¨ Avcbvi †fvMe¨q n‡”Q 75
Y 4000
cqmv| Ab¨w`‡K, eënvi‡hvM¨ Avq GK UvKv e„w×i d‡j †gvU †fvMe¨‡qi †h cwieZ©b nq Zv‡K ejv nq cÖvwšÍK †fvM
BDwbU-4 c„ôv-44
mgwóK A_©bxwZ
∆C
cÖeYZv (Manginal Propersity to Consume, MPC) A_©vr cÖvwšÍK †fvM cÖeYZv, MPC = , GLv‡b ∆C =
∆Y
†fvMe¨‡qi cwieZ©b Ges ∆Y = Av‡qi cwieZ©b| aiæb, c~‡e© Avcbvi Avq wQj 3000 UvKv ZLb †fvMe¨q nZ 2500
UvKv| GLb Avq †e‡o 4000 UvKv nj Ges †fvMe¨q e„w× †c‡q nj 3000 UvKv| G‡ÿ‡Î Av‡qi cwieZ©b, ∆Y =
(4000-3000) = 1000 UvKv Ges †fvMe¨‡qi cwieZ©b, ∆C = (3000-2500) = 500 UvKv| AZGe, cÖvwšÍK †fvM
∆C 500
cÖeYZv = = = .5 -Gi A_© n‡”Q Avq 1 UvKv e„w× †c‡j †fvMe¨q e„w× cvq 50 cqmv|
∆Y 1000
wb‡Pi mviYx‡Z wewfbœ Avqv¯Í‡i APC I MPC †`Lv‡bv nj:
eënvi‡hvM¨ Av‡qi †fvMe¨q †fvMe¨‡qi Mo cÖvwšÍK

Avq cwieZ©b cwieZ©b e¨qcÖeYZv †fvMcÖeYZv
Y ∆Y C ∆C C/Y ∆C/∆Y
3000 3200 1.06
4000 1000 4000 800 1 .8
5000 1000 4800 800 0.96 .8
6000 1000 5600 800 0.93 .8
7000 1000 6400 800 0.91 .8
mviYx 4.2: Mo ‡fvM cÖeYZv I cÖvwšÍK †fvM cÖeYZv

mviYx 4.2 n‡”Q mviYx 4.1 Gi ewa©Z iƒc| mviYxi 5g I 6ô Kjv‡g h_vµ‡g APC I MPC †`Lv‡bv n‡q‡Q| mviYx‡Z
†`Lv hv‡”Q, mKj Avq¯Í‡i MPC w¯’i (=.8) wKš‘ APC nªvm cv‡”Q|
wP‡Î †fvM A‡cÿ‡Ki wewfbœ we›`y‡Z APC I MPC wbæiƒ‡c †ei Kiv hvq|
C
−i¡N hÉu
Q C
P
A
B ..
C K
O Y
Y0 Y1
¢Qœ 4.4: ®i¡N AøfrøLl ¢h¢iæ ¢h¾c¤øa APC J MPC z
¢Qœ 4.4 H CC qøµR ®i¡N A‡cÿK| A I B n‡”Q †fvM A‡cÿ‡Ki Dci¯’ `y‡Uv we›`y| †fvM A‡cÿ‡Ki †Kvb GKwU
we›`y‡Z MPC n‡”Q H we›`y‡Z †fvM A‡cÿ‡Ki Xv‡ji mgvb| Ab¨w`‡K, †fvM A‡cÿ‡Ki †Kvb GKwU we›`y‡Z APC n‡”Q
AK
H we›`y I g~jwe›`yi ms‡hvRK †iLvi Xv‡ji mgvb| Kv‡RB A we›`y‡Z MPC = A we›`y‡Z CC †iLvi Xvj =
. Ges
CK
AY0 AK
APC = OA †iLvi Xvj = | ‡Zgwbfv‡e, B we›`y‡Z MPC = B we›`y‡Z CC †iLvi Xvj = [†Kbbv
OY0 CK
BY1
mij‰iwLK †fvM A‡cÿ‡Ki mKj we›`y‡Z Xvj mgvb] Ges APC = OB †iLvi Xvj = | jÿ¨ Kiæb, A I B Dfq
OY1
BDwbU-4 c„ôv-45
weweGm †cÖvMÖvg
we›`y‡Z MPC GKB wKš‘ APC -i gvb A we›`yi PvB‡Z B we›`y‡Z Kg| Gfv‡e, †fvM A‡cÿK eivei hZB Wvbw`‡K
hvIqv hv‡e APC ZZB nªvm cv‡e| wKš‘ MPC me©`v w¯’i _vK‡e|
Avgiv GZÿY GKwU mij‰iwLK †fvM A‡cÿ‡Ki wewfbœ we›`y‡Z MPC I APC -i gvb m¤c‡K© Rvbjvg| †fvM A‡cÿK
hw` mij‰iwLK bv n‡q eµ‰iwLK nq Zvn‡j MPC I APC Df‡qi gvbB Avq¯Íi e„w×i mv‡_ mv‡_ nªvm cv‡e| GLb Pjyb
†fvM A‡cÿ‡Ki AvK„wZ Ges MPC I APC Gi m¤cK© †`Lv hvK&|
†fvM A‡cÿ‡Ki AvK„wZ Ges cÖvwšÍK I Mo †fvM cÖeYZvi m¤cK©

†fvM A‡cÿK mij‰iwLK ev eµ‰iwLK DfqB n‡Z cv‡i| ZvQvov †fvM A‡cÿ‡Ki ïiæ g~jwe›`yi Dci †_‡K A_ev
g~jwe›`yi ga¨ †_‡K n‡Z cv‡i| GLb Avgiv cÖ_‡g mij‰iwLK †fvM A‡cÿ‡Ki wewfbœ we›`y‡Z MPC I APC i m¤cK©
†`Le Ges cieZ©x‡Z eµ‰iwLK †fvM A‡cÿ‡Ki wewfbœ we›`y‡Z MPC I APC -i m¤cK© †`Le|
†Q`mn mij‰iwLK †fvM A‡cÿK
Avgiv wKQyÿY c~‡e© †R‡bwQ †h, mij‰iwLK †fvM A‡cÿ‡Ki mKj we›`y‡Z MPC GKB| wKš‘ wewfbœ we›`y‡Z APC wewfbœ|
welqwU wb‡Pi wP‡Î †`Lv‡bv nj:
C
−i¡NhÉu
B
A
C
®Rc { Y
O
wPÎ 4.5: †Q`mn mij‰iwLK †fvM A‡cÿK
wPÎ 4.5 G CC n‡”Q GKwU mijêwLK †fvM A‡cÿK hv g~jwe›`yi Dci †_‡K ïiæ n‡q‡Q A_©vr Gi †Q` (intercept)
i‡q‡Q| OC n‡”Q CC †fvM A‡cÿ‡Ki †Q`| wP‡Î †`Lv hv‡”Q, CC †iLvwUi †P‡q OA †iLvwU †ekx Lvov A_©vr CC
†iLvi Xv‡ji PvB‡Z OA †iLvi Xvj †ekx| †h‡nZz CC †iLvi Xvj MPC Ges OA †iLvi Xvj APC wb‡`©k Ki‡Q †m‡nZz
A we›`y‡Z MPC<APC| GKBfv‡e, B we›`y‡Z MPC<APC| Z‡e, A we›`yi PvB‡Z B we›`y‡Z APC Kg| Gfv‡e hZB
Wvbw`‡K hvIqv hv‡e APC ZZB nªvm cv‡e wKš‘ MPC memgq w¯’i _vK‡Q| Z‡e cÖ‡Z¨KwU we›`y‡ZB MPC<APC|
†Q`wenxb mij‰iwLK †fvM A‡cÿK
†Q`wenxb mij‰iwLK †fvM A‡cÿK g~jwe›`y (origin) †_‡K ïiæ nq| wb‡Pi wP‡Î Zv †`Lv‡bv nj:
C
C
−i¡NhÉu
B.
A .
O Y
wPÎ 4.6: †Q`wenxb mij‰iwLK †fvM A‡cÿK
BDwbU-4 c„ôv-46
mgwóK A_©bxwZ
wPÎ 4.6 G OC n‡”Q †fvM A‡cÿK| †`L‡ZB cvi‡Qb †h, †fvM A‡cÿKwUi †Kvb †Q` †bB| G †fvM A‡cÿ‡Ki cÖwZwU
we›`y‡Z MPC I APC mgvb Ges w¯’i †Kbbv OC †iLvi Xvj Ges g~jwe›`y (O we›`y) I OC †iLvi Dci¯’ †Kvb we›`yi
ms‡hvRK †iLvi Xvj GKB|
eµ‰iwLK †fvM A‡cÿK
Avcwb e¨wóK A_©bxwZ ‡Kv‡m©i (MGD 2206) BDwbU-1 Gi cvV-2 †_‡K †R‡b‡Qb †h, eµ‡iLvi wewfbœ we›`y‡Z Xvj
wewfbœ| Kv‡RB eµ‰iwLK †fvM A‡cÿ‡Ki wewfbœ we›`y‡Z MPC wewfbœ n‡e| wb‡Pi wP‡Î Zv †`Lv‡bv nj:
C
−i¡NhÉu B
A
C
C
Y
O
wPÎ 4.7: eµ‰iwLK †fvM A‡cÿK
wPÎ 4.7 G CC n‡”Q †fvM A‡cÿK| †h‡nZz CC GKwU eµ‡iLv †m‡nZz Gi wewfbœ we›`y‡Z Xvj wewfbœ| †hgb- A we›`y‡Z
Xvj n‡e A we›`y‡Z CC †iLvi ®ck©‡Ki Xv‡ji mgvb| wP‡Î †`Lv hv‡”Q, A we›`y‡Z AswKZ ®ck©KwU B we›`y‡Z AswKZ
®ck©KwUi PvB‡Z †ekx Lvov| A_©vr A we›`y‡Z †fvM A‡cÿ‡Ki Xvj B we›`yi PvB‡Z †ekx| Kv‡RB B we›`y‡Z MPC i
gvb A we›`yi ‡P‡q Kg| Ab¨w`‡K, A we›`y‡Z APC = OA †iLvi Xvj| wP‡Î †`Lv hv‡”Q, OA †iLvwU A we›`y‡Z CC
†iLvi ®ck©‡Ki †P‡q †ekx Lvov A_©vr OA †iLvi Xvj A we›`y‡Z CC †iLvi Xv‡ji †P‡q †ekx| Kv‡RB A we›`y‡Z
MPC<APC| †Zgwbfv‡e, B we›`y‡ZI MPC < APC wKš‘ MPC I APC DfqB A we›`yi †_‡K Kg|
GZÿY Avgiv GKRb e¨w³i †fvM A‡cÿK I Gi mv‡_ m¤cwK©Z wewfbœ aviYv m¤c‡K© Rvbjvg| GLb Avgiv †`Le
GKwU †`‡ki mvgwMÖK †fvM A‡cÿK Kx Ges Zv wKfv‡e wbY©q Kiv hvq|
Abykxjb
aiæb, C1, C2, C3 wZbwU mij‰iwLK †fvM A‡cÿK Zv‡ì wewfbœ we›`y‡Z MPC I APC -i m¤cK© h_vµ‡g
MPC=APC, MPC<APC, MPC>APC| †fvM A‡cÿK¸‡jvi AvK„wZ †Kgb n‡e wPšÍv Kiæb I AvuKzb|
mÂq A‡cÿK
mÂq I eënvi‡hvM¨ Av‡qi g‡a¨Kvi m¤cK©‡K ejv nq mÂq A‡cÿK| †fvM A‡cÿK †_‡K mÂq A‡cÿK wbY©q Kiv
hvq| Avcwb G †Kv‡m©i BDwbU-3 Gi cvV-1 G †R‡b‡Qb Kxfv‡e †fvM A‡cÿK †_‡K mÂq A‡cÿK wbY©q Kiv hvq (wPÎ
3.2 †`Lyb)| ZvB G cv‡V mÂq A‡cÿK wb‡q we¯ÍvwiZ Av‡jvPbv Kie bv| G cv‡V ïaygvÎ cÖvwšÍK mÂq cÖeYZv
(Marginal Propensity to Save, MPS) m¤c‡K© Av‡jvPbv Kie|
eënvi‡hvM¨ Avq GK UvKv cwigvY e„w×i d‡j mÂ‡qi †h cwieZ©b nq Zv‡K ejv nq cÖvwšÍK mÂq cÖeYZv ev MPS A_©vr
∆S
cÖvwšÍK mÂq cÖeYZv, MPS = GLv‡b ∆S = mÂ‡qi cwieZ©b, ∆Y = eënvi‡hvM¨ Av‡qi cwieZ©b| aiæb, c~‡e©
∆Y
Avcbvi eënvi‡hvM¨ Avq wQj 3000 UvKv ZLb Avcbvi mÂq wQj 500 UvKv| GLb eënvi‡hvM¨ Avq †e‡o 4000 UvKv
nj Ges mÂq †e‡o nj 1000 UvKv| G‡ÿ‡Î Av‡qi cwieZ©b, ∆Y = eZ©gvb Avq - c~‡e©i Avq = 4000-3000 =
1000 UvKv Ges mÂ‡qi cwieZ©b, ∆S = eZ©gvb mÂq - c~‡e©i mÂq = 1000-500 = 500 UvKv| AZGe cÖvwšÍK mÂq
∆S 500
cÖeYZv, MPS = = = .5 -Gi A_© n‡”Q Avq 1 UvKv e„w× †c‡j mÂq e„w× cvq 50 cqmv| MPC -i gvb
∆Y 1000
Rvbv _vK‡jI MPS Gi gvb †ei Kiv hvq, †Kbbv MPS = 1-MPC| MPC = .8 n‡j MPS = 1-.8 = .2 n‡e, MPC
= .6 n‡j MPS = 1-.6 = .4 n‡e|
BDwbU-4 c„ôv-47
weweGm †cÖvMÖvg
RvZxq †fvM A‡cÿK (National Cosumption Function)

GKwU †`‡ki †gvU eënvi‡hvM¨ Avq I mvgwMÖK †fv‡Mi m¤cK©‡K ejv nq RvZxq †fvM A‡cÿK| wb‡Pi mviYxwU jÿ¨
Kiæb|
AbÑhRl ‡gvU eënvi‡hvM¨ Avq (YD) †gvU †fvMe¨q (C)
(wewjqb UvKvq) (wewjqb UvKvq)
1985-86 496.367 452.418
1986-87 578.309 522.149
1987-88 643.379 581.847
1988-89 703.981 646.663
1989-90 784.452 724.854
1990-91 890.568 799.936
1991-92 971.529 853.569
1992-93 1018.720 886.373
mviYx 4.3: 1985-93 ch©šÍ evsjv‡`‡ki †gvU eënvi‡hvM¨ Avq I †gvU †fvMe¨q
Drm: RvZxq Avq †mKkb, BBS
mviYx 4.3 G †`Lv hv‡”Q evsjv‡`‡ki †gvU eënvi‡hvM¨ Avq I †gvU †fvMe¨‡qi g‡a¨ GKwU mivmwi m¤cK© i‡q‡Q|
Avqe„w×i mv‡_ mv‡_ †fvMe¨qI e„w× cv‡”Q| mviYx‡Z D‡jøwLZ Z_¨¸wj‡K MÖvdwP‡Î emv‡j RvZxq ev mvgwMÖK †fvM
A‡cÿK cvIqv hvq| wb‡P Zv †`Lv‡bv n‡jv|
10
9 C
®i¡NhÉu (¢h¢mue V¡L¡)
8
M
7 .
6
4
C
O
4 5 6 7 8 9 10
hÉhq¡l−k¡NÉ Bu (¢h¢mue V¡L¡)
wPÎ 4.8: evsjv‡`‡ki RvZxq †fvM A‡cÿK

wPÎ 4.8 G f~wg A‡ÿ †gvU eënvi‡hvM¨ Avq Ges j¤^ A‡ÿ †gvU †fvMe¨q cÖ`wk©Z n‡q‡Q| CC n‡”Q evsjv‡`‡ki RvZxq
†fvM A‡cÿK hv 1985-86 †_‡K 1992-93 ch©šÍ †gvU eënvi‡hvM¨ Avq I †gvU †fvMe¨‡qi m¤cK© †`Lv‡”Q|
Abykxjb
wPÎ 4.8 Gi †fvM A‡cÿKwUi M we›`y‡Z MPC I APC †ei Kiæb| G‡ÿ‡Î MPS Gi gvb KZ n‡e? 1985 †_‡K AvU
eQi ch©šÍ evsjv‡`‡ki †gvU eënvi‡hvM¨ Avq †gvU †fvMe¨q cvkvcvwk wjLyb| AZtci G¸‡jv‡K MÖvdwP‡Î ewm‡q
evsjv‡`‡ki RvZxq †fvM A‡cÿK AsKb Kiæb|
BDwbU-4 c„ôv-48
mgwóK A_©bxwZ
mZ¨-wg_¨v
1. wbæAvq †kÖYxi †jvK‡ì AwaKvsk Avq we‡bv`‡b e¨q nq -mZ¨/wg_¨v
2. Avq k~b¨ n‡j cÖ‡ivwPZ †fvMI k~b¨ nq -mZ¨/wg_¨v
3. †Q` mn mij‰iwLK †fvM A‡cÿ‡Ki mKj we›`y‡Z APC GKB -mZ¨/wg_¨v
4. †Q`mn mij‰iwLK †fvM A‡cÿ‡Ki mKj we›`y‡Z MPC<APC -mZ¨/wg_¨v
5. cÖvwšÍK †fvM cÖeYZv 1 Gi †ekx n‡Z cv‡i bv -mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. ev‡RUxq e¨‡qi aib wP‡Îi mvnv‡h¨ †`Lvbv|
2. †fvM A‡cÿK Kx? e¨qnvi‡hvM¨ Avq e„w× †c‡j †fvM A‡cÿ‡Ki Ae¯’v‡bi †Kvb cwieZ©b nq wK?
3. ¯^q¤¢~Z †fvM I cÖ‡ivwPZ †fv‡Mi msÁv wjLyb|
4. MPC I APC Kx? †fvM A‡cÿ‡Ki AvK„wZ Øviv MPC I APC -i m¤cK© wKfv‡e cÖfvweZ nq? e¨vL¨v Kiæb|
5. RvZxq †fvM A‡cÿK Kx?
ˆbe©¨w³K cÖkœ
1. gaÄvq †kªYxi †jvK‡ì mÂq
K. abvZ¥K nq
L. FYvZ¥K nq
M. cÖvq k~b¨ nq
2. †fvM A‡cÿ‡Ki Xvj n‡”Q
K. APC
L. MPC
M. MPS
3. g~jwe›`yMvgx mij‰iwLK †fvM A‡cÿ‡Ki cÖwZwU we›`y‡Z
K. MPC > APC
L. MPC < APC
M. MPC = APC
4. Avq¯Íi e„w× †c‡j
K. cÖ‡ivwPZ †fvMe¨q nªvm cvq
L. ¯^q¤¢~Z †fvMe¨q nªvm cvq
M. cÖ‡ivwPZ †fvMe¨q w¯’i _v‡K
5. †Q`mn mij‰iwLK †fvM A‡cÿ‡Ki cÖwZwU we›`y‡Z
K. MPC = APC
L. MPC < APC
M. MPC > APC
BDwbU-4 c„ôv-49
weweGm †cÖvMÖvg
mgm¨v
aiæb, wewfbœ eQ‡i GKwU †`‡ki mvgwMÖK †fvMe¨q I †gvU eënvi‡hvM¨ Avq (wewjqb UvKvq) wbæiƒc:
†gvU eënvi‡hvM¨ Avq ‡gvU †fvMe¨q APC MPC mÂq
2000 1500 -
3000 2000 - - -
4000 2500 - - -
6000 3000 - - -
8000 4000 - - -
9000 5000 - - -
K. RvZxq †fvM A‡cÿK AsKb Kiæb|

L. APC I MPC †ei Kiæb|
M. Avq e„w×i mv‡_ MPC evo‡Q bvwK Kg‡Q?
N. mÂ‡qi cwigvY †ei Kiæb|
BDwbU-4 c„ôv-50
mgwóK A_©bxwZ
cvV-2
f¡ †fvM A‡cÿ‡Ki wba©viKmg~n (Determinants of Consumption Function)
D‡Ïk¨
♦ †fvM A‡cÿ‡Ki wba©viKmg~n eY©bv Ki‡Z cvi‡eb
♦ †fvM A‡cÿK eivei †fv‡Mi cwieZ©b e¨vL¨v Ki‡Z cvi‡eb
♦ †fvM A‡cÿ‡Ki ¯’vbvšÍ‡ii KviY ej‡Z cvi‡eb|
f~wgKv
†fvM A‡cÿK m¤c‡K© cwic~Y© aviYv jvf Ki‡Z n‡j †fvMe¨q‡K cÖfvweZ K‡i Ggb mKj Dcv`vb m¤c‡K© wek`fv‡e
Rvbv cÖ‡qvRb| g~jZ: †fvMe¨‡qi wba©viK¸‡jvB n‡”Q †fvM A‡cÿ‡Ki wba©viK| ZvB Avgv‡ì‡K †fvMe¨‡qi wba©viK¸‡jv
fvjfv‡e Rvb‡Z n‡e| MZ cv‡V Avgiv ïaygvÎ †fvMe¨q I eënvi‡hvM¨ Av‡qi g‡a¨Kvi m¤cK© †`‡LwQ| wKš‘
eënvi‡hvM¨ Avq QvovI AviI wKQy Dcv`vb i‡q‡Q †h¸‡jv †fvMe¨q‡K cÖfvweZ K‡i| G cv‡V cÖ_‡g Avgiv †fvMe¨‡qi
Dci cÖfve m„wóKvix m¤¢ve¨ Dcv`vb¸‡jv m¤c‡K© cÖv_wgK Ávb jv‡fi †Póv Kie| cieZ©x‡Z †fvM A‡cÿK eivei †fv‡Mi
cwieZ©b I †fvM A‡cÿ‡Ki ¯’vbvšÍ‡i KviY m¤c‡K© Rvbe|
†fvMe¨‡qi wba©viKmg~n
Avcwb BDwbU-3 Gi cvV-1 G †fvMe¨q m¤c‡K© †R‡b‡Qb| †fvMe¨q n‡”Q †fv³vKZ©„K †fvM¨`ªe¨ I †mevi Dci e¨‡qi
cwigvY| Avgiv hLb †fvMe¨q Kwi ZLb Kx Kx welq we‡ePbv Ki‡Z nq? Kx Kx welq ev Dcv`vb Øviv Avgv‡ì †fvMe¨q
wba©vwiZ nq? GKvwaK Dcv`vb Øviv ‡fvMe¨q wba©vwiZ n‡Z cv‡i| wewfbœ A_©bxwZwe` †fv³v‡ì Dci mgxÿv Pvwj‡q
†`‡L‡Qb †h, †fv³vi †fvMe¨q GKvwaK Dcv`v‡bi Dci wbf©ikxj| Zš§‡a¨ †Kvb Dcv`v‡bi Dci wbf©ikxjZv †ekx Ges
†Kvb †Kvb Dcv`v‡bi Dci wbf©ikxjZv Zzjbvg~jKfv‡e Kg| wb‡æ †fv³vi †fvMe¨‡qi Dci cÖfve m„wóKvix K‡qKwU
Dcv`v‡bi mswÿß eY©bv †Ìqv n‡jv|
eZ©gvb eënvi‡hvM¨ Avq (Current Disposible Income): eZ©gvb eënvi‡hvM¨ Avq n‡”Q †fvMe¨‡qi Ab¨Zg cÖavb
wba©viK| GKRb †fv³v eZ©gv‡b KZ UvKv Avq cv‡”Qb Zvi Dci Zuvi eZ©gvb †fvMe¨q wbf©i K‡i| GKvwaK cwimsL¨vwbK
mgxÿv Øviv G welqwU cÖgvwYZ n‡q‡Q| ïaygvÎ hy‡×i mg‡q eënvi‡hvM¨ Avq I †fvMe¨‡qi m¤cK©Uv Ab¨vb¨ ¯^vfvweK
mg‡qi †P‡q `~e©j _v‡K| †Kbbv hy‡×i mg‡q gvbyl Zv‡ì †fvMe¨q nªvm K‡i mÂq e„w× K‡i Ges mwÂZ A_© miKvi‡K
cÖ`vb K‡i hy‡×i e¨q wbe©v‡n mnvqZv K‡i| Rb g¨vbvW© †KBbm Zuvi †fvMZ‡Ë¦ †fvMe¨‡qi GKgvÎ wba©viK wn‡m‡e †fv³vi
eZ©gvb eënvi‡hvM¨ Avq‡K wPwýZ K‡i‡Qb| Z‡e wKQy wKQy A_©bxwZwe` ‡KBb&‡mi hyw³ A_©vr eZ©gvb eënvi‡hvM¨ Avq‡K
†fvMe¨‡qi GKgvÎ wba©viK wn‡m‡e †g‡b wb‡Z ivRx nbwb| Zv‡ì †KD †KD †fvMe¨‡qi wba©viK wn‡m‡e Av‡cwÿK Avq
Ges c~e©eZ©x P‚ovšÍ Avq (relative income and previous peak-income) -Gi K_v e‡j‡Qb| Avevi †KD †KD e‡j‡Qb
¯’vqx Avq ev RxebPµ Avq (permanent income or life cycle income) -Gi K_v|
Av‡cwÿK Avq (Relative Income): cÖ‡dmi Duesenbury -i g‡Z, gvby‡li Avq ïaygvÎ Zvi eZ©gvb eënvi‡hvM¨
Av‡qi Dci wbf©ikxj bq| weMZ mg‡qi P‚ovšÍ AvqI †fv³vi eZ©gvb RxebhvÎvi e¨‡qi Dci cÖfve †d‡j| GKwU
D`vni‡Yi mvnv‡h¨ welqwU eySv †h‡Z cv‡i| aiæb, MZ gv‡m Avcbvi Avq wQj 5000 UvKv Ges †fvMe¨q wQj 4500
UvKv| PjwZ gv‡m Avcbvi Avq nªvm †c‡q 4000 UvKv nj| G Ae¯’vq Avcwb †fvMe¨q AvbycvwZK nv‡i nªvm Ki‡Z
cvi‡eb bv| †Kbbv wKQy wKQy †fvM Af¨vm ivZvivwZ cwieZ©b Kiv hvq bv| Zvn‡j Avcbvi eZ©gvb †fvM AvswkKfv‡e
c~e©eZ©x †fvM Af¨vm Z_v c~e©eZ©x Avq Øviv cÖfvweZ n‡”Q| ZvQvov †fv³v †Kvb& mgv‡R evm Ki‡Q Ges mgv‡Ri Ab¨vb¨
gvby‡li Zzjbvq Zvi Av‡qi cwigvY KZ Gm‡ei DciI Zvi †fvMe¨q wbf©i K‡i| D`vniY¯îƒc, Avcwb hw` XvKv kn‡ii
¸jkvb GjvKvq emevm K‡ib Zvn‡j Avcbv‡K †mLvbKvi †jvKR‡bi mv‡_ Zvj wgwj‡q Pj‡Z n‡e Ges †mRb¨ †ekx UvKv
†fvMe¨q Ki‡Z n‡e| wKš‘ †Mvivb GjvKvq emevm Ki‡j wbðqB Avcbv‡K Zvi †P‡q Kg UvKv e¨q Ki‡j Pj‡e| Kv‡RB
Avcwb eZ©gv‡b KZ UvKv DcvR©b Ki‡Qb ïaygvÎ Zvi Dci Avcbvi eZ©gvb †fvMe¨q wbf©i Ki‡Q bv| Avcbvi Av‡k
cv‡ki †jvKR‡bi Avq I e¨‡qi ai‡bi DciI wbf©i Ki‡Q|
¯’vqx Avq ev RxebPµ Avq (Permanent Income or Life Cycle Income) : ¯’vqx Avq ev RxebPµ Avq n‡”Q
gvby‡li RxebKvjxb Mo Avq hv memgq eRvq _vK‡e e‡j †m cÖZ¨vkv K‡i| mvaviYZt g‡b Kiv nq †h, gvby‡li †fvMe¨q
Zvi eZ©gvb mg‡qi Av‡qi Dci wbf©ikxj| wKš‘ GbWz gwWMwjqvbx Ges wgjUb wd«W‡g‡bi g‡Z, gvbyl †fvMe¨‡qi †ÿ‡Î
ïaygvÎ eZ©gvb Avq‡K we‡ePbv K‡i bv eis `xN©Kvjxb Mo Avq Z_v `xN©Kvjxb A_©‰bwZK cwiw¯’wZi (long - term
BDwbU-4 c„ôv-51
weweGm †cÖvMÖvg
economic condition) cÖwZ jÿ¨ †i‡LB †m †fvM m¤c‡K© wm×všÍ wb‡q _v‡K| †hgb- hw` eb¨vq GKRb K„l‡Ki dmj bó
n‡q hvq Zvn‡j ZvrÿwYKfv‡e Zvi e¨q eÜ n‡e bv †m Zvi c~‡e©v³ mÂq †_‡K e¨q Ki‡e, hw` ‡kqv‡ii g~j¨ nVvr ‡e‡o
hvq Zvn‡j †kqvi eëmvqxi †h Avq e„w× cvq Zv †m ZvrÿwYKfv‡e e¨q K‡i bv| Dfq‡ÿ‡Î Avgiv †`LwQ †h, †fv³viv
Av‡qi nªvm e„w× NU‡j PU& K‡i Zv‡ì †fvMe¨‡qi cwieZ©b K‡i bv| Zviv Av‡qi cwieZ©bUv ¯^vfvweK ev ¯’vqx wKbv †mUv
ch©‡eÿY K‡i| hw` †fv³v g‡b K‡i †h, Avqe„w×Uv ¯’vqx (†hgb - c‡`vbœwZi d‡j GKRb PvKzixRxwei †eZb e„w× †cj)
ZLb †m AvbycvwZKfv‡e Zvi †fvM e¨q e„w× Ki‡e| Ab¨w`‡K, hw` Avq e„w×Uv ÿY¯’vqx nq (†hgb - C` †evbvm) Zvn‡j
†fvMe¨q †ZgbUv evo‡e bv| Kv‡RB Av‡qi ¯’vqxZ¡Zv m¤c‡K© †fv³vi cÖZ¨vkv (Expectation) Zvi †fvM wm×v‡šÍi Dci
eo ai‡bi cÖfve †d‡j|
m¤c` (Wealth): Avq QvovI †fvMe¨‡qi Ab¨ GKwU ¸iæZ¡c~Y© wbav©iK n‡”Q m¤c`| aiæb, Kwig I iwng `yRb †fv³v|
Df‡qiB evwl©K Avq 25000 UvKv| Kwi‡gi e¨vs‡K 1 jÿ UvKv Rgv Av‡Q, wKš‘ iwn‡gi †Kvb mÂq bvB| G‡ÿ‡Î Kwig
iwn‡gi †P‡q †ekx †fvM Ki‡Z cvi‡e| GUv‡K e‡j m¤c` cÖfve (wealth effect)| we‡kl cwiw¯’wZ‡Z m¤c` cÖfv‡ei
d‡j †fvMe¨q `viæbfv‡e cÖfvweZ nq| †hgb - hy³iv‡óÌ 1929 m‡bi cieZ©x K‡qKwU eQ‡i †kqvi evRv‡i cZb †`Lv
w`‡j A‡bK m¤c`kvjx e¨w³ ivZvivwZ wbt¯^ n‡q hvq Ges Gi d‡j Zviv eva¨ n‡q †fvMe¨q nªvm Ki‡Z n‡q‡Q|
GKBfv‡e, 1970 Gi `k‡Ki †k‡li w`‡K hy³iv‡óÌ evox fvov A¯^vfvweKfv‡e e„w× †c‡j evoxi gvwjK‡ì m¤c` Avq
e„w× cvq Ges Gi d‡j Zv‡ì †fvMe¨q e„w× cvq|
`vg¯Íi (Price Level) : gvbyl Zvi m¤cwËi GKwU eo Ask A_©g~‡j¨ w¯’i m¤c` (money fixed asset) AvKv‡i iv‡L|
A_©g~‡j¨ w¯’i m¤c` ej‡Z Ggbme m¤c`‡K eySvq UvKvi wn‡m‡e hv‡ì wjwLZ g~j¨ (face value) memgq w¯’i _v‡K|
miKvix eÛ Ges K‡c©v‡iU eÛ n‡”Q G ai‡bi m¤c‡ì D`vniY| hw` `vg¯Íi nªvm cvq Zvn‡j Gme m¤c‡ì µqÿgZv
nªvm cvq A_©vr m¤c`wU Øviv Av‡Mi PvB‡Z Kg `ªe¨mvgMÖx †Kbv hvq| D`vniY¯îƒc, hw` `vg¯Íi 10% e„w× cvq Zvn‡j
100 UvKvi GKwU cÖBReÛ w`‡q c~‡e©i †P‡q 10% Kg cwigvY `ªe¨mvgMÖx µq Ki‡Z n‡e| wVK †Zgwb, `vg¯Íi 10% nªvm
†c‡j 100 UvKvi cÖBReÛ w`‡q GLb c~‡e©i †P‡q 10% †ekx cwigvY `ªe¨mvgMÖx µq Kiv hv‡e| Kv‡RB `vg¯Íi e„w× (ev
nªvm) †c‡j gvby‡li †fvMe¨qI nªvm (ev e„w×) cvq|
my‡ì nvi (Rate of Interest): DPuy my‡ì nvi gvbyl‡K mÂ‡qi cÖwZ AvK„ó K‡i| d‡j eënvi‡hvM¨ Avq w¯’i _vK‡jI
†fvMe¨q nªvm ‡c‡Z cv‡i|
fwel¨‡Z Avq m¤c‡K© †fv³vi cÖZ¨vkv (Expectation of Future Income): fwel¨Z Avq m¤c‡K© †fv³vi cÖZ¨vkv Zvi
eZ©gvb †fvM‡K cÖfvweZ Ki‡Z cv‡i| †hgb - Avcwb hw` Rv‡bb †h, AvMvgx gv‡m Avcbvi nv‡Z AwZwi³ wKQy UvKv
Avm‡e Zvn‡j G gv‡m Avcbvi †fvMe¨q e„w× cvIqvUv A¯^vfvweK bq| GKBfv‡e, Avcwb hw` Rv‡bb †h, AvMvgx gv‡m
Avcbvi Avq nªvm cv‡e Zvn‡j Avcwb G gv‡mi †fvMe¨q nªvm K‡i AvMvgx gv‡mi Rb¨ wKQy UvKv †i‡L w`‡eb|
Dc‡ii Av‡jvPbv †_‡K Avcwb †fvMe¨‡qi KwZcq wba©vi‡Ki mv‡_ cwiwPZ n‡jb| G¸‡jv QvovI weÁvcb, wkÿv,
mvgvwRK wbivcËv eë¯’v, F‡Yi `y®cÖvc¨Zv ev mnRjf¨Zv Ges †fŠMwjK Ae¯’vb I AvenvIqv cÖf„wZ Dcv`vb¸‡jv †fv³vi
†fvMe¨‡qi Dci cÖfve †d‡j|
Abykxjb
Avcbvi Av‡kcv‡ki †jvKR‡bi RxebhvÎvi gvb Øviv Avcbvi †fvMe¨q cÖfvweZ nq wKbv? aiæb, Avcbvi c‡`vbœwZ n‡jv
Ges Avcbvi †eZb e„w× †cj -Gi d‡j Avcbvi †fvMe¨‡qi †Kvb cwieZ©b n‡e wKbv? wPšÍv Kiæb I wjLyb|
†fvM A‡cÿK eivei †fv‡Mi cwieZ©b
(Movements Along The Consumption Function)
Avgiv B‡Zvg‡a¨ †R‡bwQ †h, †fvMe¨‡qi mv‡_ GKvwaK Dcv`vb m¤cK©hy³| Zš§‡a¨ Ab¨Zg n‡”Q eënvi‡hvM¨ Avq|
†fvM A‡cÿ‡K ïaygvÎ †fvMe¨q I eënvi‡hvM¨ Av‡qi g‡a¨ m¤cK© †`Lv‡bv nq| Ab¨vb¨ Dcv`vb¸‡jvi cÖfve G‡ÿ‡Î
we‡ePbv Kiv nq bv|
eënvi‡hvM¨ e¨‡qi cwieZ©‡bi d‡j †fvMe¨‡qi †h cwieZ©b nq Zv‡K ejv nq †fvM A‡cÿK eivei †fvMe¨‡qi cwieZ©b|
A_©vr eënvi‡hvM¨ Av‡qi cwieZ©‡bi d‡j GKB †fvM A‡cÿ‡Ki g‡a¨B †fvM e¨q DVvbvgv K‡i| wP‡Îi mvn‡‡h¨ welqwU
e¨vL¨v Kiv n‡jv|
BDwbU-4 c„ôv-52
mgwóK A_©bxwZ
®i¡NhÉu
C1 B
A
C0
C
O Y0 Y1
¢Qœ 4.9: ®i¡N A−frL hl¡hl ®i¡−Nl f¢lhaÑe

wPÎ 4.9 G CC n‡”Q †fvM A‡cÿK| eënvi‡hvM¨ Avq hLb Y0 ZLb †fvMe¨q C0| eënvi‡hvM¨ Avq e„w× †c‡q hLb
Y1 nq ZLb †fvMe¨q n‡”Q C1| G‡ÿ‡Î †`Lv hv‡”Q, eënvi‡hvM¨ Avq e„w×i d‡j †fvMe¨‡qi cwieZ©b GKB †fvM
A‡cÿ‡Ki g‡a¨ msNwUZ n‡”Q - †fv³v GKB †fvM A‡cÿ‡Ki GK we›`y †_‡K Ab¨ we›`y‡Z hv‡”Q gvÎ| Zv‡Z †fvM
A‡cÿ‡Ki Ae¯’v‡bi †Kvbiƒc cwieZ©b n‡”Q bv|
cy‡iv †fvM A‡cÿ‡Ki ¯’vbvšÍi
(Shift Of The Entire Consumption Function)
Avgiv c~‡e©i Aby‡”Q‡` †`Ljvg, eënvi‡hvM¨ Av‡qi cwieZ©b n‡j †fvMe¨‡qi cwieZ©bUv †fvM A‡cÿK eivei n‡q
_v‡K| †m‡ÿ‡Î †fvM A‡cÿ‡Ki Ae¯’v‡bi †Kvbiƒc cwieZ©b nq bv| wKš‘ Avgiv G cv‡Vi ïiæ‡ZB †R‡bwQ †h, †fvMe¨q
ïaygvÎ eënvi‡hvM¨ Av‡qi Dci wbf©ikxj b‡n, Ab¨vb¨ KwZcq Dcv`vbI †fvMe¨q‡K cÖfvweZ K‡i| GLb cÖkœ n‡”Q,
Ab¨vb¨ Dcv`vb¸‡jvi cwieZ©b n‡j †fvMe¨q Z_v †fvM A‡cÿ‡Ki Dci †Kvb& ai‡bi cÖfve co‡e? eënvi‡hvM¨ Avq
Qvov Ab¨ †h †Kvb Dcv`v‡bi cwieZ©b n‡j cy‡iv †fvM A‡cÿ‡Ki Ae¯’v‡bi cwieZ©b n‡e| †hgb - aiæb, `vg¯Íi e„w×
†cj| d‡j eënvi‡hvM¨ Avq w¯’i Ae¯’vqB †fvMe¨q nªvm cv‡e| GgZve¯’vq, cy‡iv †fvM A‡cÿK wb‡Pi w`‡K ¯’vbvšÍwiZ
n‡e| GKBfv‡e, `vg¯Íi nªvm †c‡j GKB Avq¯Í‡i †fvMe¨q e„w× cv‡e d‡j cy‡iv †fvM A‡cÿK Dc‡ii w`‡K ¯’vbvšÍwiZ
n‡e| wb‡Pi wP‡Î welqwU †`Lv‡bv n‡jv|
C
®i¡N hÉu
C
C
C
C
C
O Y0
wPÎ 4.10: †fvM A‡cÿ‡Ki ¯’vbvšÍi
wPÎ 4.10 G CC n‡”Q †fvM A‡cÿ‡Ki cÖv_wgK Ae¯’vb| GLb `vg¯Íi e„w× cvIqv‡Z cy‡iv †fvM A‡cÿKwU ¯’vbvšÍwiZ
n‡q C'C' n‡jv A_©vr GKB Avq¯Í‡i (Y0) †fv³v c~‡e©i †P‡q Kg cwigv‡Y `ªe¨mvgMÖx I †mev †fvM Ki‡Q| Avevi `vg¯Íi
nªvm †c‡j †fvM A‡cÿK Dc‡ii w`‡K ¯’vbvšÍwiZ n‡q C"C" n‡e A_©vr GKB Avq¯Í‡i (Y0) †fv³v c~‡e©i †P‡q †ekx
†fvMe¨q Ki‡e| Gfv‡e eënvi‡hvM¨ Avq e¨ZxZ †fvMe¨‡qi Dci cÖfve m„wó K‡i Ab¨ †h ‡Kvb Dcv`v‡bi cwieZ©‡bi
d‡j cy‡iv †fvM A‡cÿK ¯’vbvšÍwiZ nq|
Abykxjb
aiæb, evwYwR¨K e¨vsK¸‡jv GK‡hv‡M mÂ‡qi Dci my‡ì nvi nªvm Kij| GgZve¯’vq, †fvM A‡cÿ‡Ki †Kvb& ai‡bi
cwieZ©b n‡e Zv wP‡Î G‡Ku †`Lyb|
BDwbU-4 c„ôv-53
weweGm †cÖvMÖvg
mZ¨-wg_¨v
1. †fvMe¨q ïaygvÎ eënvi‡hvM¨ Av‡qi Dci wbf©i K‡i -mZ¨/wg_¨v
2. `vg¯Íi Øviv †fvMe¨q cÖfvweZ nq -mZ¨/wg_¨v
3. eënvi‡hvM¨ Av‡qi cwieZ©b n‡j †fvM A‡cÿ‡Ki ¯’vbvšÍi nq -mZ¨/wg_¨v
4. †ì-nvi cwiewZ©Z n‡j †fvM A‡cÿ‡Ki Ae¯’v‡bi †Kvb cwieZ©b nq bv -mZ¨/wg_¨v
5. ¯’vqxAvq n‡”Q GK ai‡bi Mo Avq -mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. †fvM A‡cÿ‡Ki wba©viK¸‡jv m¤c‡K© wjLyb| Zš§‡a¨ †Kvb&wU mePvB‡Z †ekx kw³kvjx?
2. KLb †fvM A‡cÿK eivei †fvMe¨‡qi cwieZ©b nq?
3. †fvM A‡cÿ‡Ki Ae¯’v‡bi cwieZ©b nIqvi KviY Kx Kx? `vg¯Íi e„w× †c‡j †fvM A‡cÿ‡Ki †Kvb& ai‡bi cwieZ©b
n‡e?
4. ¯’vqx ev RxebPµ Avq ej‡Z Kx eySvq? Av‡qi A¯’vqx cwieZ©‡bi d‡j †fvMe¨‡qi †Kvb cwieZ©b nq wK?
ˆbe©¨w³K cÖkœ
1. †fvMe¨‡qi cÖavb wba©viK n‡”Q
K. eZ©gvb eënvi‡hvM¨ Avq
L. Av‡cwÿK Avq
M. my‡ì nvi
2. ¯’vqx ev RxebPµ Avq n‡”Q
K. fwel¨Z eënvi‡hvM¨ Avq
L. RxebKvjxb Mo Avq
M. m¤c` Avq
3. †fvM A‡cÿK eivei †fvMe¨‡qi cwieZ©b nq hw`
K. my‡ì nvi e„w× cvq
L. fwel¨Z cÖZ¨vwkZ Avq e„w× cvq
M. eZ©gvb eënvi‡hvM¨ Avq e„w× cvq
4. †fvM A‡cÿK ¯’vbvšÍwiZ nq
K. `vg¯Íi e„w× †c‡j
L. eZ©gvb eënv‡hvM¨ Avq e„w× ‡c‡j
M. K I L DfqB
5. m¤c` cÖfv‡ei d‡j
K. †fvMe¨q †ekx nq
L. †fvMe¨q Kg nq
M. †fvMe¨q w¯’i _v‡K
BDwbU-4 c„ôv-54
mgwóK A_©bxwZ
mgm¨v
wb‡Pi wPÎwU jÿ¨ Kiæb|
C
8

6 A
4
.
2
0 2 4 6 8
K. A we›`y‡Z †gvU †fvMe¨q KZ?

L. eënvi‡hvM¨ Avq hLb 6 nvRvi UvKv ZLb †fvMe¨q KZ?
M. my‡ì nvi e„w× †c‡j †fvM A‡cÿKwUi †Kvb& ai‡bi cwieZ©b n‡e|
N. `vg¯Íi nªvm †c‡j †fvM A‡cÿKwU †Kvb&w`‡K ¯’vbvšÍwiZ n‡e?
BDwbU-4 c„ôv-55
weweGm †cÖvMÖvg
cvV-3 ¸YK ZË¦ (Multiplier Theory)

D‡Ïk¨
♦ ¸Y‡Ki msÁv eY©bv Ki‡Z cvi‡eb
♦ ¸YK c×wZ‡Z Avq m„wói cÖwµqv e¨vL¨v Ki‡Z cvi‡eb
♦ ¸Y‡Ki ¸iæZ¡ m¤c‡K© ej‡Z cvi‡eb
♦ ¸YK Z‡Ë¦i mgv‡jvPbvmg~n eY©bv Ki‡Z cvi‡eb
♦ evsjv‡`‡k ¸YK Z‡Ë¦i cÖ‡qvM m¤c‡K© ej‡Z cvi‡eb|
f~wgKv
¸YK GKwU ¸iæZ¡c~Y© aviYv| ¯^q¤¢~Z e¨q evov‡bv n‡j †`‡ki RvZxq Av‡qi Kx ai‡bi cwieZ©b NU‡e Zv Rvbvi Rb¨ ¸YK
ZË¦ m¤c‡K© AewnZ nIqv AZ¨vek¨K| G cv‡V Avgiv ¸YK ZË¦ I Gi mv‡_ m¤cwK©Z aviYv¸‡jv m¤c‡K© Rvbe| GKB
mv‡_ evsjv‡`‡ki gZ AbybœZ †`‡k ¸YK Z‡Ë¦i cÖ‡qvM m¤c‡K© aviYv jvf Kie|
¸YK Kx?
Avcwb G †Kv‡m©i BDwbU-3 Gi cvV-2 G †R‡b‡Qb, A_©bxwZ‡Z fvimvg¨RvZxq Avq hLb cÖ”Qbœ RvZxq †_‡K Kg nq ZLb
Ôg›`v duvK' †`Lv †`q| G g›`v duvK `~i Kivi Rb¨ RvZxq Avq e„w× Kivi cÖ‡qvRb nq| Avi RvZxq Avq e„w×i Rb¨
cÖ‡qvRb wewb‡qvM e„w×i| wKš‘ wbw`©ó cwigvY RvZxq Avq e„w×i Rb¨ Kx cwigvY wewb‡qvM e„w×i cÖ‡qvRb? †h‡nZz
fvimvg¨ve¯’vq, Avq ev mvgwMÖK †hvMvb mvgwMÖK Pvwn`vi mgvb ZvB g‡b Kiv nq †h, wbw`©ó cwigvY RvZxq Avq e„w×i Rb¨
mg cwigvY ¯^q¤¢~Z wewb‡qvM e„w×i cÖ‡qvRb| G aviYvwU mwVK bq| g~jZt RvZxq Avq e„w×i cwigvY wewb‡qvMe¨q e„w×i
K‡qK¸Y n‡q _v‡K| Avi GUvB ¸YK Z‡Ë¦i g~j K_v|
¯^q¤¢~Z wewb‡qv‡Mi cwieZ©‡bi d‡j fvimvg¨ RvZxq Avq Kx cwigvY cwiewZ©Z nq Zv †h msL¨v Øviv cÖKvk Kiv nq Zv‡K
¸YK ejv nq| aiæb, ¯^q¤¢~Z wewb‡qvM 1000 UvKv e„w× Kiv‡Z fvimvg¨ RvZxq Avq 5000 UvKv e„w× †cj| G‡ÿ‡Î ¸YK,
i¡lp¡jÉ S¡a£u B−ul f¢lhaÑe (∆Y) 5000
K= = 1000 = 5z
üuñ§a ¢h¢e−u¡−Nl f¢lhaÑe (∆I)
A_©vr fvimvg¨ RvZxq Avq ¯^q¤¢~Z wewb‡qv‡Mi cuvP¸Y e„w× †c‡q‡Q| AZGe, ¸Y‡Ki gvb Rvbv _vK‡j AwZ mn‡RB Kx
cwigvY wewb‡qvMe„w× Ki‡j Kx cwigvY RvZxq Avq e„w× cv‡e Zv e‡j †Ìqv m¤¢e| ¸Y‡Ki gvb hZ n‡e ¯^q¤¢~Z
wewb‡qv‡Mi d‡j RvZxq Avq wewb‡qv‡Mi ZZ ¸Y e„w× cv‡e|
¸Y‡Ki gvb wbY©q
Avcwb G †gv‡m©i BDwbU-3 Gi cvV-2 G †R‡b‡Qb, fvimvg¨ve¯’vq, RvZxq Avq ev mvgwMÖK †hvMvb mvgwMÖK Pvwn`vi mgvb
nq A_©vr
Y = C+I GLv‡b Y = RvZxq Avq, C = †gvU †fvM e¨q, I = †gvU wewb‡qvMe¨q|
ev, I = Y-C
ev, ∆ I = ∆Y-∆C [Dfq c‡ÿi PjK¸‡jv‡K mgnv‡i cwieZ©b K‡i]
∆I ∆Y ∆C
e, = − [Dfq cÿ‡K ∆Y Øviv fvM w`‡q]
∆Y ∆Y ∆Y
∆I ∆C
ev, = 1- MPC ....................... (1) [†h‡nZz MPC = (BDwbU-4, cvV-1)]
∆Y ∆Y
∆I
GLb, ¸YK, K= ∆Y = 1 − 1 = 1 [†h‡nZ¤ = 1-MPC=MPS]
∆I ∆I 1 − MPC MPS ∆ Y
∆Y
AZGe, †`Lv hv‡”Q ¸Y‡Ki gvb wbf©i K‡i mgv‡Ri gvby‡li cÖvwšÍK †fvMcÖeYZv ev MPC ev MPS -i Dci| hw` MPC
ev MPS -i gvb Rvbv _v‡K Zvn‡j AwZ mn‡RB Dc‡ii m~ÎwU eënvi K‡i ¸Y‡Ki gvb cvIqv hvq| †hgb aiæb, K I L
`y‡Uv †`k| K †`‡ki RbM‡Yi MPC=0.6 Ges L †`‡ki RbM‡Yi MPC=0.8| GgZve¯’vq, K †`‡ki †ÿ‡Î ¸Y‡Ki gvb
1 1 1 1
n‡e = = = 2.50 Ges L †`‡ki †ÿ‡Î ¸Y‡Ki gvb n‡e = = = 5 | Zvn‡j eySv hv‡”Q †h, MPC -i
1−.6 .4 1−.8 .2
BDwbU-4 c„ôv-56
mgwóK A_©bxwZ
gvb †ekx n‡j ¸Y‡Ki gvb †ekx nq Ges MPC -i gvb Kg n‡j ¸Y‡Ki gvbI Kg nq| ¸Y‡Ki gvb Øviv Zvn‡j Avgiv
Kx cvB? Avgiv ej‡Z cvwi, 1 UvKvi wewb‡qvM KZ UvKvi Avq e„w×‡Z mnvqZv Ki‡e| †hgb - evsjv‡`‡ki RbM‡Yi †fvM
cÖeYZv 0.75 n‡j ¸Y‡Ki gvb n‡e 4| myZivs 100 UvKvi wewb‡qvM 400 UvKvi Drcv`b e„w× Ki‡e|
Abykxjb
aiæb, cuvPwU †`‡ki MPC -i gvb wbæiƒc: 0.8, 0.75, 0.60, 0.65, 0.55 †`k¸‡jvi ¸Y‡Ki gvb wn‡me Kiæb|
¸YK c×wZ‡Z Avq m„wói cÖwµqv

¯^q¤¢~Z wewb‡qvM e„w×i d‡j RvZxq Avq Kxfv‡e wewb‡qv‡Mi K‡qK¸Y e„w× cvq Zv wbæiƒ‡c we‡kÐlY Kiv hvq -
g‡b Kiæb, GKwU †`‡ki RbM‡Yi cÖvwšÍK †fvM cÖeYZv ev MPC = .5 A_©vr RbMY Zv‡ì Av‡qi 50% ev A‡a©K †fvM¨
`ªe¨mvgMÖx I †mev µ‡q e¨q K‡i| GgZve¯’vq, †`kwU‡Z 1000 UvKv cwigvY bZzb wewb‡qvM mvwaZ n‡jv| G wewb‡qv‡Mi
d‡j 1000 UvKv cwigvY bZzb cyuwR `ªe¨ m„wó n‡e| G‡Z cyuwR`ªe¨ Drcv`‡b wb‡qvwRZ Rb‡Mvóx bZzb Avq wn‡m‡e 1000
UvKv cv‡e| hviv G bZzb Avq †cj Zviv Zv‡ì Av‡qi 50% A_©vr 500 UvKv †fvMc‡Y¨ e¨q Ki‡e, evKx Ask mÂq
Ki‡e| Zv‡Z †fvM¨c‡Yï Drcv`b e„w× cv‡e Ges †fvM¨cY¨ Drcv`‡b wb‡qvwRZ Rb‡Mvóx bZzb Avq wn‡m‡e 500 UvKv
cv‡e| Zviv Avevi Zv‡ì Av‡qi 50% A_©vr 250 UvKv †fvM¨c‡Y¨ e¨q Ki‡e Ges evKx Ask mÂq Ki‡e| d‡j cybivq
bZzb Drcv`b n‡e Ges G‡Z wb‡qvwRZ Rb‡Mvóx Avq wn‡m‡e 250 UvKv cv‡e| Zviv Zv‡ì Av‡qi 50% A_©vr 125 UvKv
†fvM¨c‡Y¨ e¨q Ki‡e Ges evKx Ask mÂq Ki‡e| G‡Z Avevi bZzb Drcv`b I Avq m„wó n‡e| bZzb Avq m„wói cÖwµqv
Avq m„wói cwigvY µgvš^‡q †QvU n‡q k~‡b¨ bv †cŠQuv ch©šÍ Pj‡Z _vK‡e| bZzb Avq m„wói cÖwµqv mgvß nevi ci me KqwU
ivD‡Û m„ó Avq‡K †hvM Ki‡j †`Lv hv‡e m„ó †gvU Avq wewb‡qvMe¨‡qi K‡qK¸Y n‡e| Avgv‡ì D`vni‡Y, m„ó Av‡qi
cwigvY n‡e,
 1   1 
= 1000 × ¸YK = 1000 ×   = 1000 ×  
1 − MPC  1− .5 
1
= 1000 × = 1000 × 2 = 2000 UvKv|
.5
Dc‡ii cÖwµqvUv‡K ms‡ÿ‡c wbæiƒ‡c Dc¯’vcb Kiv hvq -
ivDÛ m„ó Avq (UvKv) m„ó Avq×MPC = †fvM e¨q (UKv)
1g 1000 1000×.5 = 500
2q 500 500×.5 = 250
3q 250 250×.5 = 125
4_© 125 125×.5 = 62.5
5g 62.5 62.5×.5 = 31.25
6ó 31.25 31.25×.5 = 15.62
7g 15.62 15.62×.5 = 7.81
8g 7.81 7.81×.5 = 3.90
9g 3.90 3.90×.5 = 1.95
10g 1.95 1.95×.5 = 0.97
11k 0.97 0.97×.5 = 0.48
12k 0.48 0.48×.5 = 0.24
13k 0.24 0.24×.5 = 0.12
14k 0.12 0.12×.5 = 0.6
15k 0.06
cÖ_g 15 ivD‡Û =1999.90 UvKv
cieZ©x ivDÛmg~‡n = + .10 UvKv
†gvU = 2000.00 UvKv
mviYx 4.4: 1000 UvKvi ¯^q¤¢~Z wewb‡qv‡Mi d‡j wewfbœ ivD‡Û m„ó bZzb Av‡qi cwigvY|
BDwbU-4 c„ôv-57
weweGm †cÖvMÖvg
mviYx 4.4 G †`Lv hv‡”Q, cÖ_g 15 ivD‡Û †gvU 1999.90 UvKv cwigvY bZzb Avq m„wó n‡e Ges cieZ©x wewfbœ ivD‡Û
m„wó n‡e 0.10 UvKv cwigvY bZzb Avq| A_©vr 1000 UvKvi ¯^q¤¢~Z wewb‡qv‡Mi d‡j bZzb Avq m„wó n‡jv 2000 UvKv
cwigvY|
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†`‡ki g›`vduvK = 10,000 wgwjqb UvKv Ges ¸YK = 5| GgZve¯’vq, miKvi gvÎ 2000 wgwjqb UvKv bZzb wewb‡qvM
K‡i g›`v duvK c~iY Ki‡Z cv‡i|
¸YK Z‡Ë¦i mgv‡jvPbv

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cÖ_g ivD‡Ûi mgvwßi c~‡e©B wØZxq ivD‡Ûi Avq m„wói KvR ïiæ n‡q †h‡Z cv‡i| G‡Z GKwU wbw`©ó mg‡q ¸YK KZ n‡e
Zv Abyaveb Kiv Kómva¨ n‡q c‡o|
bZzb Avq m„wói d‡j Rb‡Mvóxi †fvM¨c‡Yï Pvwn`v e„w× cv‡e d‡j †fvM¨`ªe¨ Drcv`bKvix cÖwZôvb¸‡jv Zv‡ì Drcv`b
e„w× Ki‡e| wKš‘ cY¨ Drcv`‡bi wb‡`©k cÖ`vb I wb‡`©k MÖn‡Yi g‡a¨ mg‡qi cÖ‡qvRb nq| ZvQvov Drcv`‡bi wb‡`©k
MÖn‡Yi ciI c‡Yï delivery w`‡Z mgq jv‡M †Kbbv wbw®µq †gwkb‡K mwµq Kiv, kÖwgK‡K cÖwkÿY ‡Ìqv BZ¨vw` Kv‡R
mg‡qi cÖ‡qvRb| Gme Kvi‡Y wewb‡qvM Kivi ci ciB ¸Y‡Ki djvdj cvIqv hv‡e bv| gRyZ c‡Yï Ach©vßZv _vK‡j
¸Y‡Ki djvdj †c‡Z †ek mg‡qi cÖ‡qvRb nq| GKwU D`vni‡Yi mvnv‡h¨ welqwU eySv †h‡Z cv‡i| aiæb, wewb‡qv‡Mi
d‡j †jvKR‡bi †h Av‡qi m„wó n‡q‡Q Zv‡Z Zv‡ì kv‡U©i Pvwn`v e„w× †c‡jv| wKš‘ kv‡U©i †`vKvb Ges Mv‡g©›Um †Kv_vI
kv‡U©i gRyZ bvB| GgZve¯’vq, Mv‡g‡›Ui gvwjKMY Kvco eëmvqx‡K, Kvco eëmvqx †U·vBj wg‡ji gvwjK‡K, †U·vBj
BDwbU-4 c„ôv-58
mgwóK A_©bxwZ
wg‡ji gvwjK myZv eëmvqx‡K, myZv eëmvqx w¯úwbs wg‡ji gvwjK‡K, w¯úwbs wg‡ji gvwjK Zzjv eëmvqx‡K, Zzjv eëmvqx
Zzjv Drcv`bKvix‡K Lye `ªæZ AW©vi w`‡Z cv‡ib, wKš‘ KviI wbKU hw` gRyZ gvj bv _v‡K Zvn‡j Mv‡g©›Um wk‡í ¸Y‡Ki
djvdj Dcjwã Ki‡Z A‡bK mg‡qi cÖ‡qvRb|
me‡k‡l, ¸YK Z‡Ë¦i mePvB‡Z eo mxgve×Zv n‡”Q GB †h, GUv ïaygvÎ g›`vi mg‡q Kvh©Ki| A_©bxwZ c~Y©wb‡qvM¯Í‡i
weivR Ki‡j G ZË¦ cÖ‡qv‡M †Kvb djvdj cvIqv hvq bv| †Kbbv c~Y© wb‡qvM¯Í‡i Pvwn`v e„w× ‡c‡jI Drcv`b
cÖwZôvb¸‡jvi c‡ÿ `ªe¨mvgMÖxi Drcv`b evov‡bv m¤¢e nq bv, KviY c~Y©wb‡qvM¯Í‡i †Kvb AeënƒZ m¤c` _v‡K bv|
evsjv‡`‡k ¸YK Z‡Ë¦i cÖ‡qvM

¸YK Z‡Ë¦i c~Y©v½ Kvh©kxjZvi Rb¨ AeënƒZ Drcv`b ÿgZv I DcKiYmg~‡ni cÖvPzh©Zv cÖ‡qvRb| †Kbbv bZzb wewb‡qv‡Mi
d‡j †h bZzb Avq m„wó nq Zv‡Z †jvKR‡bi cY¨mvgMÖxi Pvwn`v e„w× cvq| Avi G evowZ Pvwn`v wgUv‡Z n‡j Aek¨B
A_©bxwZ‡Z AwZwi³ ev AeënƒZ Drcv`bÿgZv I Drcv`‡bi DcKiYmg~‡ni cÖvPzh©Zv _vK‡Z n‡e| wKš‘ evsjv‡`‡k
g~ja‡bi Afve, cÖ‡KŠkj Áv‡bi Afve, D‡`¨vM I Ab¨vb¨ cÖ‡qvRbxq DcKi‡Yi Afve LyeB cÖKU| GgZve¯’vq, ¸Y‡Ki
djvdj Lye GKUv AvkvcÖ` n‡e bv|
evsjv‡`‡k GKwU Avg`vwb wbf©i ‡`k| GLv‡b wewb‡qv‡Mi ‰ewkó¨ n‡”Q Avg`vwbK„Z g~jab ev cyuwR`ªe¨, Avg`vwbK„Z
KvPuvgvj eënvi Kiv nq| Kv‡RB ¸Y‡Ki mydj cy‡ivcywi ¯^‡`‡k cÖZxqgvb nq bv|
evsjv‡`‡ki RbM‡Yi cÖvwšÍK †fvM cÖeYZv Zzjbvg~jKfv‡e †ekx ZvB GLv‡b ¸Y‡Ki djvdj AvkvcÖ` nIqvi K_v| wKš‘
g~ja‡bi Afv‡ei Kvi‡Y Zv n‡”Q bv| ZvB evsjv‡`‡k mÂq cÖeYZv †ekx nIqv evÃbxq| †Kbbv mÂq e„w× †c‡j g~ja‡bi
†hvMvb e„w× cv‡e|
Abykxjb
evsjv‡`‡k ¸YK ZË¦ Kvh©Ki nIqvi †ÿ‡Î cÖwZeÜKZv¸‡jv wK wK? wPšÍv Kiæb I wjLyb|
mZ¨-wg_¨v
1. ¸Y‡Ki gvb MPC -i gv‡bi Dci wbf©ikxj - mZ¨/wg_¨v
2. ¸Y‡Ki gvb eo n‡j Kg wewb‡qv‡M †ekx Avq cvIqv hvq - mZ¨/wg_¨v
3. ¯^q¤¢~Z wewb‡qvM e„w×i d‡j bZzb Avq m„wó nq - mZ¨/wg_¨v
4. ¸YK ZË¦ ïaygvÎ g›`vi mg‡q Kvh©Ki - mZ¨/wg_¨v
5. g~ja‡bi Afve _vK‡j ¸Y‡Ki djvdj AvkvcÖ` nq bv - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. ¸YK Kx? wKfv‡e ¸Y‡Ki gvb wbY©xZ nq?
2. ¸YK cÖwµqv e¨vL¨v Kiæb|
3. ¸YK Z‡Ë¦i e¨vL¨v Kiæb|
4. ¸YK Z‡Ë¦i mgv‡jvPbv wjLyb|
5. evsjv‡`‡k ¸YK Z‡Ë¦i cÖ‡qvM m¤c‡K© wjLyb|
ˆbe©¨w³K cÖkœ
1. ¸Y‡Ki gvb †ekx nq
K. MPC -i gvb Kg n‡j
L. MPC -i gvb †ekx n‡j
M. MPS -i gvb †ekx n‡j
2. ¸Y‡Ki gvb 5 n‡j 1000 UvKvi wewb‡qv‡Mi d‡j Avq e„w× cv‡e
K. 1000 UvKv
BDwbU-4 c„ôv-59
weweGm †cÖvMÖvg
L. 2000 UvKv
M. 3000 UvKv
N. 5000 UvKv
3. MPC = .5 n‡j ¸Y‡Ki gvb n‡e
K. 5
L. 6
M. 2
N. .5
4. c~Y©wb‡qvM Ae¯’vq ¸Y‡Ki Kvh©KvixZv
K. mePvB‡Z †ekx
L. †ekx
M. mePvB‡Z Kg
N. k~b¨
5. ¸YK Z‡Ë¦i Kvh©kxjZvi Rb¨
K. AeënƒZ Drcv`b ÿgZv _vK‡Z n‡e
L. AeënƒZ Drcv`b ÿgZv _vKvi cÖ‡qvRb bvB
M. K I L DfqB
N. K I L Gi †KvbwUB bq|
mgm¨v
aiæb eZ©gv‡b evsjv‡`‡ki RbM‡Yi MPC = 0.8 GgZve¯’vq, hw` miKvi hw` 1 †KvwU UvKv e¨q K‡i GKwU †mZz ˆZwi
K‡i Zvn‡j †`‡k †gvU KZ UvKv cwigvY Avq m„wó n‡e?
DËigvjv
cvV-1
mZ¨-wg_¨v
1. wg_¨v, 2. mZ¨, 3. wg_¨v, 4. mZ¨, 5. mZ¨
ˆbe©¨w³K cÖkœ
1. M, 2. L, 3. M, 4. N, 5. L
cvV-2
mZ¨-wg_¨v
1. wg_¨v, 2. mZ¨, 3. wg_¨v, 4. wg_¨v, 5. mZ¨
ˆbe©¨w³K cÖkœ
1. K, 2. L, 3. M, 4. K, 5. K
cvV-3
mZ¨-wg_¨v
1. mZ¨, 2. mZ¨, 3. mZ¨, 4. mZ¨, 5. mZ¨
ˆbe©¨w³K cÖkœ
1. L, 2. N, 3. M, 4. N, 5. K
BDwbU-4 c„ôv-60
mgwóK A_©bxwZ
BDwbU
5
wewb‡qvM ZË¡
Theory of Investment
Ô†fvM' -Gi gZ Ôwewb‡qvMI' mvgwMÖK Pvwn`vi GKwU ¸iæZ¡c~Y© Dcv`vb| wewb‡qvM bv n‡j A_©bxwZ‡Z MwZ mÂvi nq bv|
wewb‡qv‡Mi d‡j †`‡ki Drcv`b I Kg©ms¯’vb e„w× cvq| G BDwb‡U wewb‡qvM ZË¦ m¤c‡K© Av‡jvPbv Kiv n‡q‡Q| cvV-1 G
wewb‡qv‡Mi wewfbœ aviYv, cvV-2 G wewb‡qvM wm×všÍ MÖn‡Y eZ©gvb g~j¨ c×wZi eënvi Ges cvV-3 G wewb‡qv‡Mi cÖvwšÍK
`ÿZv c×wZ m¤c‡K© eY©bv i‡q‡Q|
BDwbU-5 fªù¡-61
weweGm †cÖvMÖvg
BDwbU-5
cvV-1 wewb‡qv‡Mi msÁv I cÖvmswMK aviYvmg~n
(Definition of Investment and Related Concepts)
D‡Ïk¨
G cvV †k‡l Avcwb-
♦ wewb‡qv‡Mi msÁv eY©bv Ki‡Z cvi‡eb
♦ wewfbœ cÖKvi wewb‡qv‡Mi cv_©K¨ ej‡Z cvi‡eb
♦ wewb‡qvM I g~ja‡bi g‡a¨ cv_©K¨ e¨vL¨v Ki‡Z cvi‡eb
♦ A_©bxwZ‡Z eënƒZ gRy` I cÖevn aviYvi mv‡_ cwiwPZ n‡Z cvi‡eb Ges
♦ wewb‡qv‡Mi wba©viK Dcv`vbmg~n m¤c‡K© ej‡Z cvi‡eb|
f~wgKv
A_©bxwZ‡Z wewb‡qvM GKwU ¸iæZ¡c~Y© aviYv| A_©bxwZi AMÖMwZi gvÎv wbf©i K‡i g~jZt wewb‡qv‡Mi cwigv‡Yi Dci| †h
A_©bxwZ‡Z wewb‡qv‡Mi cwigvY Kg †m A_©bxwZi cÖe„w×i nviI Kg nq| eZ©gvb cv‡V Avgiv wewb‡qv‡Mi msÁv I cÖvmswMK
aviYvmg~n Av‡jvPbv Kie| cieZ©x cvV¸‡jv‡Z GKRb wewb‡qvMKvix Kx Kx wel‡qi Dci wbf©i K‡i GKwU wewb‡qvM
cÖK‡í nvZ †`q †m m¤c‡K© we¯Í„Z e¨vL¨v Kiv n‡e| GLb Pjyb wewb‡qv‡Mi msÁv I cÖvmswMK aviYvmg~n m¤c‡K© †R‡b
wbB|
wewb‡qv‡Mi msÁv
RvZxq Avq cwigv‡ci e¨q c×wZi Av‡jvPbv †_‡K Avgiv B‡Zvg‡a¨B wewb‡qvM m¤c‡K© GKwU mvaviY aviYv jvf K‡iwQ|
wewb‡qvM n‡”Q GKwU wbw`©ó mg‡q †gvU RvZxq Drcv`‡bi evRvi g~‡jï †mB Ask hv GKwU A_©bxwZ‡Z bZzb KvVv‡gv wbg©vY
(†hgb - iv¯ÍvNvU, we`y¨Zvqb, †Uwj‡dvb †bU-IqvK© BZ¨vw`) Ges KjKviLvbvi hš¿cvwZ I mvR-miÄvg (†hgb - †mjvB
†gwkb, Kw¤cDUvi, gy`ªYhš¿ n¯ÍPvwjZ ZuvZ cÖf„wZ) µ‡qi Rb¨ e¨q nq| wewb‡qv‡Mi Drm n‡jv RbM‡Yi mÂq| RbMY
eZ©gvb †fvM Kwg‡q w`‡q fwel¨‡Z AwaK Drcv`b I Avq-DcvR©‡bi Avkvq Zv‡ì Av‡qi GKwU Ask mÂq K‡i| Paul
A. Samuelson Ges William D. Nordhaus1 ZvB wb‡æv³fv‡e wewb‡qv‡Mi msÁv cÖ`vb K‡i‡Qb: wewb‡qvM n‡”Q Ggb
ai‡bi æA_©‰bwZK Kg©KvÛ hv AwaK fwel¨Z-Drcv`‡bi j‡ÿ¨ eZ©gvb †fvM wemR©b †`q” (Economic activity that
foregoes consumption today with an eye to inereasing output in the future)|
Dc‡i wewb‡qv‡Mi †ÿÎ wn‡m‡e †h mKj D`vniY eënvi Kiv n‡q‡Q Gi me K'wU `„k¨gvb `ªe¨mvgMÖx (tangible goods)|
wewb‡qvM e¨q A`„k¨gvbI (intagible) n‡Z cv‡i, †hgb- wkÿv I cÖwkÿY hv gvbe cuywR‡Z wewb‡qvM (investment in
human capital) wn‡m‡e cwiwPZ, ¯^v¯’¨-†mevq wewb‡qvM Ges M‡elYv I Dbœqb (research and development) -Gi Rb¨
wewb‡qvM (bZzb `ªe¨, bZzb cÖhyw³i cÖeZ©b, Drcv`b cÖwµqvi AvaywbKvqb cÖf„wZ)|
g~jab I wewb‡qvM
mvaviY Av‡jvPbvq g~jab Ges wewb‡qv‡Mi g‡a¨ †Kvb cÖKvi cv_©K¨ Kiv nq bv| g‡b Kiæb, Avcbvi cÖwZ‡ekxi mv‡_ Zuvi
eëmv m¤c‡K© Av‡jvPbv Ki‡Qb| AvjvcPvwiZvi GK ch©v‡q cÖwZ‡ekx ej‡jb †h, g~ja‡bi Afv‡e Zuvi eëmvq cÖwZôvb
fvjfv‡e Pj‡Q bv| Avm‡j wZwb hv eySv‡Z †P‡q‡Qb Zv n‡”Q GB †h, UvKv-cqmvi ¯^íZv ev AfveRwbZ Kvi‡Y wZwb
cÖ‡qvRbxq hš¿cvwZ, miÄvg, KuvPvgvj cÖf„wZ h‡_ó cwigv‡Y µq Ki‡Z cvi‡Qb bv A_ev eëmv‡qi Kv‡Ri cwiwa evov‡Z
cvi‡Qb bv| G M‡í hš¿cvwZ, miÄvg I KuvPvgvj n‡”Q g~jab mvgMÖx Ges g~jabmvgMÖx µq A_ev Gi gRy` evov‡bvi Rb¨
†h A_© e¨q Ki‡Z nq Zv n‡”Q wewb‡qvM|
Dc‡ii e³e¨ †_‡K GUv ¯úó †h, g~jab Ges wewb‡qv‡Mi g‡a¨ aviYvMZ cv_©K¨ i‡q‡Q| A_©bxwZwe`MY ZvB G `y‡Uv
aviYv (conept) -†K wfbœ wfbœfv‡e msÁvwqZ K‡i _v‡Kb| g~jab n‡”Q Drcv`‡bi Drcvw`Z DcKiY hv mivmwi bZzb `ªe¨
1
Samuelson, P.A., and Nordhaus, W.D., - Economics, 13th ed., McGraw - Hill International Editions, 1989, P-975.
CE¢eV-5 fªù¡- 62
mgwóK A_©bxwZ
Drcv`‡bi Kv‡R eënvi Kiv nq A_©vr, cÖ_gZt g~jab GKwU Drcvw`Z `ªe¨mvgMÖx (f~wg, kÖg I Ab¨vb¨ DcKiY, GgbwK
Ab¨ †Kvb g~jab mvgMÖxi mgš^‡q Drcvw`Z) Ges wØZxqZt GwU GKwU DcKiY hv Ab¨vb¨ DcKi‡Yi mgš^‡q cybivq
Drcv`b Kv‡R eënƒZ nq| Paul A. Samuelson I William D. Nordhaus2 Gi g‡Z, æCapital consists of those
durable produced goods that are in turn used as productive inputs for further production” (Drcv`b cÖwµqvi
gva¨‡g Drcvw`Z †m me †UKmB `ªe¨mvgMÖx wb‡q g~jab MwVZ hv Drcv`bkxj DcKiY wn‡m‡e cybivq Drcv`b Kv‡R
eënvi Kiv hvq)| Ab¨w`‡K, wewb‡qvM n‡”Q g~jab mvgMÖx µq Ges Gi gRy` (stock) e„w×i cÖwµqv| Ab¨fv‡e ejv hvq,
g~jab GKwU gRy` (stock) aviYv Ges wewb‡qvM GKwU cÖevn (Flow) aviYv|
wewb‡qvM mvaviYZ: GK eQ‡ii Rb¨ wnmve Kiv nq A_©vr G eQi hv wewb‡qvM e‡j cwiwPZ Zv-B AvMvgx eQ‡ii g~jab
wnmv‡e AšÍf©y³ nq| Avevi AvMvgx eQ‡i bZzb g~jab `ªe¨ µ‡q †h A_© e¨q n‡e Zv AvMvgx eQ‡ii wewb‡qvM wn‡m‡e
we‡ewPZ n‡e Zv Avevi Gi c‡ii eQ‡ii g~jab wnmv‡e AšÍf©y³ n‡e| †hgb aiæb, 1994 m‡bi 31‡k wW‡m¤î GKwU
cÖwZôv‡bi †gvU g~jab wQj 8 jÿ UvKv| 1995 m‡b H cÖwZôvb AviË 2 jÿ UvKv bZzb g~jab mvgMÖx µq Kij| GB 2
jÿ UvKv n‡”Q wewb‡qvM| wKš‘ D‡jøwLZ 2 jÿ UvKv 1995 m‡bi wewb‡qvM wn‡m‡e cwiwPZ n‡jI 1996 m‡b Zv g~jab
wnmv‡e AšÍfy©³ n‡e| d‡j 1996 m‡bi 1 jv Rvbyqvix cÖwZôvbwUi †gvU cyuwR n‡e 10 jÿ UvKv| welqwU‡K wb‡æi wP‡Îi
mvnv‡h¨ †`Lv‡bv hvq:
1995
1995 p−el 1996 p−el
1m¡ S¡e¤u¡l£ 1m¡ S¡e¤u¡u£
j§
j§ ¢h
m ¢e
m
d + ®u¡ = d
e N
8 mr 2 mr
e
10 mr
gRy` I cÖevn aviYv: †Kvb GKwU PjK (variable) -Gi gvb hLb GKwU wbw`©ó mgq-we›`y‡Z (point of time) cwigvc Kiv
nq ZLb PjKwU ÔgRy` PjK' (stock variable) wn‡m‡e we‡ewPZ nq| Ab¨w`‡K, GKwU cÖevn PjK‡K GKwU mgq-
eëav‡bi (Period of time) wfwË‡Z cwigvc Ki‡Z nq| aiv hvK&, 1996 mv‡ji 30 †k Ryb Zvwi‡L Avcbvi †gvU mÂq
wQj 50,000 UvKv Ges Avcwb cÖwZgv‡m M‡o 1000 UvKv mÂq K‡i _v‡Kb| G‡ÿ‡Î Avcbvi Ô†gvU mÂq' GKwU gRy`
aviYv Ges cÖwZ gv‡m Avcbvi mÂ‡qi ÔMo nvi' GKwU ÔcÖevn' aviYv|
Abykxjb
2wU gRy` PjK I 2wU cÖevn Pj‡Ki bvg wjLyb| wb‡Pi †Kvb&wU gRy` I †Kvb&wU cÖevn PjK wPwýZ Kiæb: †fvM, wewb‡qvM,
cyuwR, †fvMe¨q, †eKviZ¡, g~`ªvùxwZ, Avq|
†gvU wewb‡qvM, bxU wewb‡qvM I cÖwZ¯’vcb wewb‡qvM

†Kvb GKwU A_©bxwZ GKwU wbw`©ó mg‡q g~jab mvgMÖx msMÖn (µq) Kivi Rb¨ †h cwigvY A_©-e¨q K‡i A_©bxwZ‡Z Zv †gvU
wewb‡qvM wn‡m‡e cwiwPZ| Dc‡ii Av‡jvPbvq wewb‡qvM ej‡Z †gvU wewb‡qvM (gross investment) -†K eySv‡bv n‡q‡Q|*
g~jab †Kvb wPi¯’vqx `ªe¨ bq| †gvU RvZxq Drcv`b I bxU RvZxq Drcv`‡bi Av‡jvPbv †_‡K Avgiv Rvwb †h, wewb‡qv‡Mi
GKwU Ask cyyivZb hš¿cvwZi †givgZ A_ev m¤cyY© A‡K‡Rv n‡q hvIqv hš¿cvwZ cÖwZ¯’vcb Kivi Rb¨ e¨q Ki‡Z nq hv
Pjgvb Drcv`b cÖwµqv Ae¨vnZ ivL‡Z mnvqZv K‡i| G‡K cÖwZ¯’vcb wewb‡qvM (replacement investment) ev g~ja‡bi
AePqRwbZ LiP (capital consumption allowance) ejv nq| Ab¨w`‡K, Drcv`b cÖwµqv m¤cÖmviY A_©vr AwaK
2
f§−hÑ¡š² P-967.
*
"QmL' q−µR Hje HL¢V ¢hou (phenomenon) k¡ ¢h¢iæ j¡e NÊqZ Ll−a f¡−lz Ec¡qlZ: ®L¡e ®c−nl S¡a£u Bu, ®m¡LpwMÉ¡,
âhÉj§mÉ k¡ pj−ul hÉhd¡−e ¢h¢iæ q−a f¡−l (h¡s−a h¡ Lj−a f¡−l)z
BDwbU-5 fªù¡-63
weweGm †cÖvMÖvg
Drcv`‡bi Rb¨ bZzb g~jabmvgMÖx ms‡hvRb Ki‡Z nq| we`¨gvb (existing) g~jab-gRy‡ì mv‡_ bZzb ms‡hvRb‡K bxU
wewb‡qvM (Net Investment) e‡j| Ab¨fv‡e ejv hvq, bxU wewb‡qvM n‡”Q †gvU wewb‡qv‡Mi †mB Ask hv Drcv`b cÖwZôvb
Z_v cy‡iv A_©bxwZi g~jab-gRy` e„w×i gva¨‡g Drcv`b cÖwZôvb Z_v mvgwMÖKfv‡e †`‡ki Drcv`b ÿgZv evovq| †gvU
wewb‡qvM, bxU wewb‡qvM I cÖwZ¯’vcb wewb‡qv‡Mi m¤cK© wb‡æv³fv‡e †`Lv‡bv hvq:
®j¡V ¢h¢e−u¡N = e£V ¢h¢e−u¡N + fÐ¢aÙÛ¡fe ¢h¢e−u¡N

Abh¡
e£V ¢h¢e−u¡N = ®j¡V ¢h¢e−u¡N - fÐ¢aÙÛ¡fe ¢h¢e−u¡N
Dc‡iv³ m¤cK©wU jÿ¨ Kiæb| m¤cK© †_‡K †`Lv hv‡”Q, †gvU wewb‡qvM hw` cÖwZ¯’vcb wewb‡qv‡Mi mgvb nq Z‡e bxU
wewb‡qvM k~b¨ n‡e| A_©vr †gvU g~jab - gRy‡ì †Kvb cwieZ©b n‡e bv| Kv‡RB GKwU A_©bxwZi Drcv`b ÿgZv evov‡Z
n‡j GKwU wbw`©ó eQ‡i †gvU wewb‡qvM cÖwZ¯’vcb wewb‡qv‡Mi †P‡q †ekx n‡Z n‡e|
GKwU D`vniY: †gvU wewb‡qvM, bxU wewb‡qvM I cÖwZ¯’vcb wewb‡qv‡Mi m¤cK©
g‡b Kiæb, Avcwb cuvPwU †mjvB †gwkb wb‡q GKwU `wR©-weZvb (tailoring shop) cÖwZôv Ki‡jb| GK eQi ci GKwU
†gwkb m¤c~Y© A‡K‡Rv n‡q co‡jv Ges Aci PviwU †gwkb‡K Kv‡Ri Dc‡hvMx ivLvi Rb¨ wKQy wKQy hš¿vsk (†hgb cv-
`vwb, PvKv cÖf„wZ) †givg‡Zi cÖ‡qvRb n‡jv| aiæb, wØZxq eQi Avcwb hš¿cvwZi †givgZ eve` 5,000 UvKv LiP Ki‡jb
Ges 20,000 UvKv w`‡q bZzb `y‡Uv †gwkb µq Ki‡jb| myZivs wØZxq eQ‡i Avcbvi †gvU wewb‡qvM e¨q = 5,000 +
20,000 = 25,000 UvKv| GLb g‡b Kiæb, cÖwZwU bZzb †gwk‡bi `vg 10,000 UvKv| G‡ÿ‡Î Avcbvi cÖwZ¯’vcb
wewb‡qvM n‡”Q 15,000 UvKv hv †givgZ LiP Ges GKwU bZzb †gwk‡bi `v‡gi mgvb| 15,000 UvKv cÖwZ¯’vcb wewb‡qvM
e¨‡qi gva¨‡g Avcwb Avcbvi we`¨gvb g~jab gRy` (existing capital stock) a‡i ivL‡jb (cuvPwU †gwkb)| `y‡Uv bZzb
†gwkb µ‡qi d‡j Avcbvi g~jab gRy` †e‡o‡Q wK? Aek¨B| Z‡e bZzb †gwk‡bi mgcwigvY gyjab-gRyZ ev‡owb| †Kbbv
`y‡Uv †gwk‡bi g‡a¨ GKwU‡Zv Av‡Mi A‡K‡Rv †gwk‡bi cwie‡Z© emv‡bv n‡q‡Q| Avcbvi KviLvbvq †gwk‡bi eZ©gvb msL¨v
7wU bv n‡q 6wU (A‡K‡Rv †gwkb ev‡` c~‡e©i 4wU+bZzb 2wU) n‡e A_©vr Avcbvi KviLvbvq GLb 6wU †gwkb i‡q‡Q A_©vr
GKwU AwZwi³ †gwkb ms‡hvwRZ n‡q‡Q| myZivs Avcbvi bxU wewb‡qvM n‡e GKwU bZzb †gwk‡bi g~‡jï mgvb A_©vr
10,000 UvKv|
Abykxjb
aiæb, Avcbvi Rwgi De©ivkw³ †jvc †c‡q‡Q| ZvB RwgwUi Dei©Zv wdwi‡q Avbvi Rb¨ Avcbv‡K 5,000 UvKv e¨q Ki‡Z
n‡q‡Q| GUv‡K wK wewb‡qvM ejv hvq? hw` ejv hvq Zvn‡j †Kvb& ai‡bi wewb‡qvM? wPšÍv Kiæb I wjLyb|
wewb‡qv‡Mi mvaviY †kªYxwefvM

†gvU RvZxq Drcv`‡bi GKwU Ask (component) wn‡m‡e wewb‡qvM e¨‡qi ¸iæZ¡ m¤c‡K© Avcbviv B‡Zvg‡a¨ AewnZ
n‡q‡Qb| G ch©v‡q Avgiv wewb‡qvM e¨‡qi mvaviY cÖKvi‡f` ev †kªYxwefvM (broad categories) wb‡q Av‡jvPbv Kie|
wewb‡qv‡Mi mvaviY LvZ¸‡jv n‡”Q - eëmvq cÖwZôv‡bi w¯’i g~jab, M„n wbg©vY Ges eëmvq cÖwZôv‡bi P‚ovšÍfv‡e
weµq‡hvM¨ `ªe¨mvgMÖx| †m Abymv‡i, GKwU †`‡ki †gvU wewb‡qvM e¨q‡K Avgiv wb‡æ D‡jøwLZ wZbwU cÖavb †kªYx‡Z wef³
Ki‡Z cvwi:
1) w¯’i eëmvq wewb‡qvM (Fixed Business Investment)
2) AvevwmK wewb‡qvM (Residential Investment)
3) gRy` wewb‡qvM (Inventory Investment)
¯^í cwim‡i G wZb cÖKvi wewb‡qvM e¨‡qi we¯ÍvwiZ Av‡jvPbv A_ev G‡ì Dci cÖfvem„wóKvix welqmg~n Ges miKv‡ii
wewfbœ bxwZ †hgb- ivR¯^ I Avw_©K bxwZ (Fiscal and Monetary Policies) Kxfv‡e Gme wewb‡qvM e¨q‡K cÖfvweZ K‡i
Zvi we¯Í„Z e¨vL¨v cÖ`vb m¤¢e bq| eZ©gvb Av‡jvPbvq Avgiv ZvB D‡jøwLZ wewb‡qvMe¨qmg~n m¤c‡K© GKwU mvaviY ev
cwiwPwZg~jK aviYv †èvi †Póv Kie|
w¯’i eëmvq wewb‡qvM

`ªe¨mvgMÖx I †mev Drcv`‡bi Rb¨ Drcv`K cÖwZôvbmg~n †UKmB (durable) g~jabmvgMÖxi GKwU gRy` (stock) M‡o Zz‡j
hv eëmv‡qi w¯’i g~jab wn‡m‡e we‡ewPZ| hš¿cvwZ (machinery), miÄvg (equipment), KjKviLvbvi KvVv‡gv
(structures) cÖf„wZ w¯’i g~jabmvgMÖxi D`vniY| w¯’i g~jabmvgMÖx msMÖn A_ev Gi gRy` (stock) e„w×i Rb¨ eëmvq
mgwóK A_©bxwZ
cÖwZôvbmg~‡ni e¨q‡K w¯’i eëmvq wewb‡qvM ev w¯’i eëmvq wewb‡qvM e¨q ejv nq| eëmvq cÖwZôvbmg~n Z_v GKwU
†`‡ki wewb‡qvM e¨q wbf©i Ki‡e g~jab `ª‡eï ¯’vqxZ¡ (durability), wewb‡qvM Znwej msMÖ‡ni LiP (my‡ì nvi) Ges
m‡e©vcwi Drcv`K cÖwZôvbmg~‡ni KvswLZ g~jab- gRy` (desired capital stock) -Gi Dci|*
AvevwmK wewb‡qvM
†Kvb e¨w³ ev cwievi mwÂZ A_© eëmvq ev `ªe¨mvgMÖx I †mev Drcv`‡bi Rb¨ g~jab mvgMÖx µ‡q e¨q bv K‡i M„n
wbg©v‡Yi Rb¨ e¨q Ki‡Z cv‡i Ges evox fvov w`‡q Avq AR©b Ki‡Z cv‡i| knivÂ‡j e¨w³ I cwievie‡M©i emev‡mi
Rb¨ G ai‡bi Ni-evoxi e¨vcK Pvwn`v i‡q‡Q| GKK A_ev eû cwiev‡ii emev‡mi Dc‡hvMx bZzb M„n wbg©v‡Yi e¨q‡K
A_©bxwZ‡Z AvevwmK wewb‡qvM ejv nq| emZevox GK ai‡bi m¤c` wn‡m‡e MY¨ nq KviY g~jab mvgMÖxi Zzjbvq Gi
¯’vwqZ¡ A‡bK †ekx| AvevwmK M„n-wbg©vY wewb‡qvM M„n-gvwj‡Ki Av‡qi GKwU ¯’vqx Drm| emZevox †h‡nZz GK ai‡bi
¯’vqx m¤c` †m‡nZz GKwU wbw`©ó eQ‡i bZzb AvevwmK wewb‡qvM we`¨gvb emZevoxi (existing stock of housing) Zzjbvq
LyeB Kg n‡e| g~jab mvgMÖx‡Z wewb‡qv‡Mi g‡Zv AvevwmK we‡b‡qvMI my‡ì nv‡ii Dci wbf©i K‡i| Z‡e ¯’vqx eëmvq
wewb‡qv‡Mi †P‡q AvevwmK wewb‡qvM AwaKZi wbivc`|
gRy` wewb‡qvM
gRy` wewb‡qv‡Mi wek` e¨vL¨v cÖ`v‡bi Av‡M Avmyb Avgiv †`wL gRy` ev Bb‡f›Uix ej‡Z mvaviYfv‡e Kx eySvq? cÖvZ¨wnK
Rxe‡b eënv‡ii Rb¨ Avgiv wbZ¨ eënvh© `ªe¨mvgMÖx GgbwK Lv`¨ `ª‡eï GKwU gRy` M‡o ‡Zvwj| Gme `ªe¨mvgMÖx ¯’vqx
A_ev A¯’vqx n‡Z cv‡i, G¸‡jv Avcwb cÖwZw`b ev cÖwZwbqZ eënvi K‡ib bv| wKš‘ `ªe¨mvgMÖxi G gRy` Avcbv‡K
cÖwZw`b evRvi ev wecYb †K‡›`Ö (shopping centres) hvIqvi nvZ †_‡K iÿv K‡i| GKRb mvaviY †fv³v wn‡m‡e
fwel¨‡Z eënv‡ii Rb¨ `ªe¨mvgMÖxi gRy` ev Bb‡f›Uix M‡o †Zvj‡Z Avcbvi †h e¨q Zv-B gRy` ev Bb‡f›Uix wewb‡qvM|
GKwU eëmvq-cÖwZôv‡bi `„wó‡Kvb †_‡K, Bb‡f›Uix n‡jv Drcv`b cÖwµqvq wbg©vYvaxb `ªe¨mvgMÖx Ges B‡Zvg‡a¨ Drcvw`Z
`ªe¨mvgMÖx hv weµ‡qi A‡cÿvq i‡q‡Q| Drcv`bKvixKZ„©K ¸`vgRvZK„Z `ªe¨mvgMÖx, cvBKvix we‡µZvi fvÛvi Ges
GgbwK LyPiv we‡µZvKZ„©K weµ‡qi Rb¨ msiwÿZ I cÖ`wk©Z `ªe¨mvgMÖx †k‡lv³ ai‡bi Bb‡f›Uixi AšÍf©y³|
dvg©mg~nKZ„©K `ªe¨mvgMÖxi gRy` M‡o †Zvjvi †cQ‡b me‡P‡q eo hyw³ n‡jv GB †h, †Kvb `ª‡eï Drcv`b ZvrÿwYKfv‡e
m¤¢e nq bv| `ªe¨mvgMÖx Drcv`‡bi digv‡qk (orders) Ges P‚ovšÍfv‡e `ªe¨mvgMÖx Drcv`‡bi g‡a¨ GKwU mgq-eëavb
i‡q‡Q| G mgq-eëav‡b `ªe¨mvgMÖxi Pvwn`v †gUv‡bvi Rb¨ dvg©mg~n Drcvw`Z `ªe¨mvgMÖxi GKwU gRy` M‡o Zz‡j hv wbf©i
K‡i dv‡g©i Mo weµ‡qi cwigvY (Drcvw`Z mvgMÖxi Mo Pvwn`v) -Gi Dci| GKB mv‡_ `ª‡eï mieivn Ae¨vnZ ivLvi
Rb¨ dvg©mg~n Drcv`‡b eënƒZ KuvPvgv‡ji GKwU gRy` iÿv K‡i P‡j| D`vniY¯îƒc, KvMR Drcv`‡bi Rb¨ Avu‡Li
†Qveov I Mv‡Qi Qvj A_ev Le‡ii KvM‡Ri Rb¨ wbDRwcÖ›U gRy` wn‡m‡e ivLv nq| `ªe¨mvgMÖxi ˆ`bw›`b weµq nvi ev
Pvwn`vi Dci wfwË K‡i dvg©mg~n `ªe¨mvgMÖx I KuvPvgv‡ji gRy` M‡o †Zvjvi Rb¨ †h e¨q K‡i Zv cwiKwíZ Bb‡f›Uix
wewb‡qvM bv‡g cwiwPZ| `ªe¨mvgMÖxi P‚ovšÍ Pvwn`vi AcÖZ¨vwkZ cwieZ©‡bi d‡j Bb‡f›Uixi cwieZ©b n‡Z cv‡i|
Bb‡f›Uix wewb‡qv‡Mi wba©viK Ab¨vb¨ welqmg~n wbæiƒc:
K) bZzb (AwZwi³) `ª‡eï digv‡qk LiP
L) `ªe¨ mieiv‡ni (delivery) `ªæZZv
M) `ª‡eï Pvwn`vi AwbðqZv
N) my‡ì nvi|
P‚ovšÍ weµ‡qi Zzjbvq Bb‡f›Uixi cwigvY Kg n‡e A_©vr Bb‡f›Uix I P‚ovšÍ weµ‡qi AbycvZ Kg n‡e hw` -
K) digv‡qk LiP Kg nq
L) `ªæZZvi mv‡_ `ªe¨ mieivn Kiv hvq
M) `ª‡eï Pvwn`v mywbwðZ nq
N) my‡ì nvi †ekx nq|
wecixZ Ae¯’vq, Bb‡f›Uix I P‚ovšÍ weµ‡qi AbycvZ †ekx n‡e|
*
KvswLZ g~jab-gRy`: GKwU eëmvq cÖwZôvb `xN©†gqv‡` g~ja‡bi †h gRy` M‡o Zzj‡Z Pvq Zv‡K KvswLZ g~jab-gRy` e‡j|
BDwbU-5 fªù¡-65
weweGm †cÖvMÖvg
Abykxjb
XvKvi e½uevRv‡ii K_v wPšÍv Kiæb| kxZ †gŠmyg ïiæi cÖv°v‡j †mLv‡b Mig Kvc‡oi weivU gRyZ M‡o †Zvjv nq| D‡Ïk¨
kxZ ïiæi mv‡_ mv‡_ Kvógvi‡ì nv‡Z Kvco †Zv‡j †Ìqv| G‡ÿ‡Î we‡µZviv †h gRy` M‡o †Zv‡j Zv‡K wewb‡qvM ejv
hvq wKbv? hw` ejv hvq Zvn‡j GUv †Kvb& ai‡bi wewb‡qvM? wPšÍv Kiæb I wjLyb|
mgwóK A_©bxwZ
mZ¨-wg_¨v
1. mKj P‚ovšÍ `ªe¨mvgMÖxB g~jab- mZ¨/wg_¨v
2. wewb‡qv‡Mi Drm n‡”Q mÂq- mZ¨/wg_¨v
3. g~jab Drcv`‡bi GKwU Drcvw`Z DcKiY- mZ¨/wg_¨v
4. GKwU †`‡ki RvZxq Avq GKwU gRy` aviYv- mZ¨/wg_¨v
5. w¯’i eëmvq wewb‡qvM my‡ì nv‡ii Dci wbf©i K‡i- mZ¨/wg_¨v
6. M„n eënƒZ AvmevecÎ GK ai‡bi g~jab `ªe¨- mZ¨/wg_¨v
7. digv‡qk LiP †ekx n‡j Bb‡f›Uixi cwigvY Kg nh- mZ¨/wg_¨v
iPbvg~jK cÖkœ
1| wewb‡qv‡Mi msÁv w`b| wewb‡qvM I g~ja‡bi cv_©K¨ e¨vL¨v Kiæb|
2| GKwU D`vni‡Yi mvnv‡h¨ †gvU wewb‡qvM, cÖwZ¯’vcb wewb‡qvM I bxU wewb‡qv‡Mi cv_©K¨ e¨vL¨v Kiæb|
3| wewb‡qv‡Mi mvaviY †kªYxwefvM Av‡jvPbv Kiæb| Bb‡f›Uix wewb‡qvM Kx Kx wel‡qi Dci wbf©i K‡i?
4| mswÿß UvKv wjLyb:
K) KvswLZ g~jab gRy`
L) Bb‡f›Uix
M) gRy` I cÖevn aviYv
5| †Kvb& †Kvb& †ÿ‡Î Bb‡f›Uix I P‚ovšÍ weµ‡qi AbycvZ †ekx nq?
ˆbe©¨w³K cÖkœ
1| wewb‡qvM n‡”Q
K) bZzb cyuwR `ªe¨ µ‡q e¨q L) e¨vs‡K UvKv ivLv
M) FY cwi‡kva Kiv N) Dc‡ii ‡KvbwUB bq|
2| A`„k¨gvb wewb‡qvM †Kvb&wU
K) ¯^v¯’¨-†mevq wewb‡qvM L) cyuwR `ªe¨ µq
M) KuvPvgvj µq N) Dc‡ii ‡KvbwUB bq|
3| wewb‡qvM GKwU
K) gRyZ aviYv L) cÖevn aviYv
M) K I L Gi †KvbwUB bq N) K I L DfqB|
4| cÖwZ¯’vcb wewb‡qv‡Mi d‡j
K) Drcv`b e„w× cvq L) Drcv`b ¯^vfvweK _v‡K
M) gyjab-gRyZ e„w× cvq N) Dc‡ii †KvbwUB bq|
5| Drcv`b e„w× cvq
K) cÖwZ¯’vcb wewb‡qvM e„w× †c‡j L) bxU wewb‡qvM e„w× †c‡j
M) cÖwZ¯’vcb wewb‡qvM nªvm †c‡j N) Dc‡ii †KvbwUB bq|
6| ‡Kvb&wUi gvb k~b¨ n‡Z cv‡i?
K) †gvU wewb‡qvM L) cÖwZ¯’vcb wewb‡qvM
M) bxU wewb‡qvM N) Dc‡ii meKqwUB mwVK|
mgm¨v
†gv. kixd GKRb Wv³vi| wZwb MZ eQi PvKzix n‡Z Aemi wb‡q‡Qb| Aemi †bqvi mgq wZwb GKB mv‡_ 5 jÿ UvKv
†c‡q‡Qb| Zš§‡a¨ 3 jÿ UvKv w`‡q wZwb _vKvi Rb¨ GKwU †QvÆ wewìs ˆZix K‡i‡Qb Ges 1 jÿ UvKv w`‡q GKwU `y»
Lvgvi ¯’vcb K‡i‡Qb, GLb ejyb †gv. kix‡di †gvU wewb‡qvM e¨q KZ? Zš§‡a¨ AvevwmK wewb‡qvM KZ? eëmvwqK
wewb‡qvM KZ? Bb‡f›Uix wewb‡qvM Av‡Q wKbv?
BDwbU-5 fªù¡-67
weweGm †cÖvMÖvg
cvV-2 wewb‡qvM wm×všÍ (Investment Decision)

D‡Ïk¨
♦ wewb‡qvM cÖKí g~j¨vq‡bi cÖ‡qvRbxqZv e¨vL¨v Ki‡Z cvi‡eb
♦ wewb‡qvM cÖKí g~j¨vq‡bi evÆvK„Z eZ©gvb g~j¨ c×wZ m¤c‡K© ej‡Z cvi‡eb
♦ D`vniY eënvi K‡i wewfbœ wewb‡qvM cÖK‡íi Zzjbv Ki‡Z cvi‡eb
♦ eZ©gvb g~j¨, evÆv nvi, fvimvg¨ wewb‡qvM¯Íi cÖf„wZ m¤c‡K© ej‡Z cvi‡eb|
f~wgKv
GKwU gy³ evRvi A_©bxwZ‡Z GKRb msMVK ev wewb‡qvMKvix cÖavbZt gybvdv AR©‡bi D‡Ï‡k¨ A_© wewb‡qvM K‡i _v‡K|
A_©bxwZ‡Z gybvdv ej‡Z Drcv`b cÖwµqv Z_v wewb‡qvM cÖKí †_‡K cÖvß Avq Ges Drcv`b cÖwµqv ev wewb‡qvM cÖKí
cwiPvjbvi Li‡Pi cv_©K¨‡K eySvq| A_©vr gybvdv = Avq - LiP| †Kvb cÖK‡íi Avq hw` LiP A‡cÿv †ekx nq, msMZ
Kvi‡YB wewb‡qvMKvix D³ cÖK‡í A_© wewb‡qvM Ki‡e| A_©vr cÖKíwU GKwU jvfRbK cÖKí wn‡m‡e we‡ewPZ n‡e| wKš‘
wewb‡qvM wm×všÍ m¤c‡K© GwU LyeB mnRxK„Z GKwU eY©bv| wewb‡qvM wm×všÍ m¤c‡K© GKwU mvwe©K aviYv cvevi Rb¨ wKQy
welq m¤c‡K© GKRb wewb‡qvMKvixi cwi®Kvi aviYv _vKv cÖ‡qvRb| GLb Pjyb welq¸‡jv m¤c‡K© aviYv †bqv hvK&|
wewb‡qvM cÖKí g~j¨vqb, gybvdv-AR©b‡hvM¨Zv hvPvB Ges wewb‡qvM wm×všÍ MÖnY

GKRb wewb‡qvMKvix wewb‡qvM wm×všÍ MÖn‡Yi c~‡e©B wb‡æv³ `y‡Uv wel‡q ¯úó aviYv wb‡Z nq|
cÖvße¨ Avq g~j¨vqb: wewb‡qvM cÖKí Pvjy Kivi c~‡e©B GKRb wewb‡qvMKvix‡K g~jabmvgMÖx µq eve` GK mv‡_ A‡bK
UvKv LiP Ki‡Z nq| wKš‘ cÖKí †_‡K †h Avq cvIqv hvq Zv Av‡m wewfbœ mg‡q| wewfbœ mg‡q cÖvße¨ Av‡qi mv‡_
GKKvjxb e¨‡qi mivmwi Zzjbv Kiv m¤¢e bq| AvR‡Ki 100 UvKvi cÖK„Z g~j¨ GK eQi c‡i cÖvße¨ 100 UvKvi cÖK„Z
g~‡jï mgvb bvI n‡Z cv‡i| g‡b Kiæb, 1995 mv‡ji 1jv RyjvB 100 UvKv w`‡q Avcwb GKwU wU-kvU© wKb‡Z cvi‡Zb|
B‡Zvg‡a¨ wU-kv‡U©i `vg †e‡o‡Q| myZivs 1996 mv‡ji 1jv RyjvB GKB gv‡bi wU-kvU© †Kbvi Rb¨ Avcbv‡K 100 UvKvi
†P‡q †ekx LiP Ki‡Z n‡e| Ab¨fv‡e ejv hvq, GK eQ‡ii eëav‡b UvKvi g~j¨gvb K‡g‡Q| myZivs Avgiv ej‡Z cvwi,
10 eQi Av‡Mi wewb‡qvM e¨‡qi mv‡_ eZ©gv‡b cÖvß Avq‡K mivmwi Zzjbv Kiv hvq bv| GB Kvi‡Y, wfbœ wfbœ eQ‡i cÖvß
Avq‡K wfbœ wfbœ gvb`‡Û g~j¨vqb Ki‡Z n‡e|
gybvdv-AR©b‡hvM¨Zv hvPvB: wewb‡qvM‡hvM¨ Znwe‡ji †hvMvb Amxg bvI n‡Z cv‡i| A_©vr GKRb wewb‡qvMKvix hZ Lykx
msL¨K wewb‡qvM cÖK‡í nv‡Z w`‡Z cv‡ib bv| mxwgZ Znwej wewb‡qvMKvix Ggbfv‡e eënvi Kivi †Póv Ki‡eb hv‡Z Zuvi
gybvdv m‡e©v”P nq| wewb‡qvM‡hvM¨ Znwe‡ji Amxg †hvMv‡bi †ÿ‡ÎI GKB wm×všÍ cÖ‡hvR¨| Ab¨fv‡e ejv hvq,
wewb‡qvM‡hvM¨ cÖKímg~‡ni g‡a¨ †_‡K wewb‡qvMKvix Hme cÖKí‡K evQvB Ki‡eb †h¸‡jv AwaKZi jvfRbK| †m‡ÿ‡Î
cÖwZwU cÖKí‡K Avjv`v Avjv`vfv‡e g~j¨vqb ev we‡kÐlY K‡i G‡ì gybvdv-AR©b †hvM¨Zv (profitability) hvPvB Kiv
cÖ‡qvRb|
GLb cÖkœ n‡”Q, Kxfv‡e GKwU wewb‡qvM cÖK‡íi jvf-†jvKmvb wbY©q Kiv hvq? GKwU cÖK‡íi gybvdv-AR©b‡hvM¨Zv hvPvB
Kivi Rb¨ wewfbœ c×wZ i‡q‡Q| G¸‡jvi g‡a¨ `y‡Uv c×wZ eûj Av‡jvwPZ Ges e¨vcKfv‡e eënƒZ| c×wZ `y‡Uv n‡jv:
1) evÆvK„Z eZ©gvb g~j¨ c×wZ Ges
2) wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZ|
eZ©gvb cv‡V Avgiv evÆvK„Z eZ©gvb g~j¨ c×wZwU mswÿß AvKv‡i Dc¯’vcb Kie| cwieZ©x cv‡V Avgiv wewb‡qv‡Mi cÖvwšÍK
`ÿZv c×wZwU Av‡jvPbv Kie|
evÆvK„Z eZ©gvb g~j¨ c×wZ (Discounted Present Value Method)

eZ©gvb g~j¨ Kx? Pjyb evÆvK„Z eZ©gvb g~j¨ c×wZ eënvi K‡i GKwU wewb‡qvM cÖK‡íi gybvdv-AR©b †hvM¨Zv hvPvB Kivi
cÖwµqv e¨vL¨v Kivi Av‡M Avgiv ‡R‡b wbB eZ©gvb g~j¨ ej‡Z Kx eySvq| GKwU D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv
hvK&| g‡b Kiæb, Avcwb KvD‡K 100 UvKv avi w`‡jb G k‡Z© †h, GK eQi ci †m Avcbv‡K 110 UvKv †diZ †`‡e|
G‡ÿ‡Î Avcwb g‡b Ki‡Qb, Avcbvi AvR‡Ki 100 UvKv GK eQi c‡ii 110 UvKvi mgvb| myZivs GK eQi c‡i cÖvße¨
mgwóK A_©bxwZ
110 UvKvi eZ©gvb g~j¨ n‡jv 100 UvKv| †h nv‡i 110 UvKv‡K evÆv Ki‡j 100 UvKv cvIqv hvq †m nvi‡K evÆv nvi
e‡j| GLb Pjyb Avgiv welqwU‡K ZvwË¦K `„wó‡Kvb †_‡K e¨vL¨v Kwi|
g‡b Kiæb, Avcbvi nv‡Z 100 UvKv i‡q‡Q Ges G UvKv e¨vs‡K Rgv ivL‡j Avcwb eQ‡i 10% nv‡i my` cv‡eb| GK eQi
c‡i my` I Avmj wg‡j Avcbvi Kv‡Q (100+10) = 110 UvKv _vK‡e| Ab¨fv‡e,
my`-Avmj = Avmj + †gvU my` = Avmj + (Avmj * my‡ì nvi)
ev 110 = 100 + (100 * 10%)
ev 110 = 100 (1 + 10%)
110 110
myZivs 100 = =
1 + 10% 1 +.1
p¤c-Bpm
ev Avmj = 1 + p¤−cl q¡l
HL hRl f−ll Bu (i¢hoÉa j§mÉ)

A_©vr, eZ©gvb g~j¨ =
1 + p¤−cl q¡l
GLb g‡b Kiæb, Avcwb wØZxq eQ‡iI Avcbvi UvKv e¨vs‡K ivL‡Z Pvb| `yB eQi ci Avcwb my`-Avm‡j KZ cv‡eb?
wØZxq eQ‡i Avcbvi LvUv‡bv UvKvi cwigvY 110 UvKv ev 100(1 + 10%)| myZivs `yB eQi ci my`-Avmj n‡e:
110 + (110 * 10%) = 121 UvKv
ev 100 (1 + 10%) + [100 (1 + 10%)] * 10% = 121
ev [100 (1 + 10%)] (1 + 10%) = 121
ev 100 (1 + 10%)2 = 121
121 121
ev 100 = =
(1 + 10%)2 (1 +.1)2
A_©vr, eZ©gvb g~j¨ = c¤C hRl f−ll Bu (i¢hoÉa j§mÉ)

(1 + p¤−cl q¡l)2
Dc‡ii eY©bv †_‡K Avgiv eZ©gvb g~‡jï aviYvwU mvaviYfv‡e wb‡æv³fv‡e cÖKvk Ki‡Z cvwi:
aiv hvK,
R1= cÖ_g eQ‡i c‡i cÖvße¨ Avq
R2= wØZxq eQ‡i c‡i cÖvße¨ Avq
R3= Z„Zxq eQ‡i c‡i cÖvße¨ Avq
.
.
.
Rn= n Zg eQ‡i cÖvße¨ Avq
r= my‡ì nvi
PV= eZ©gvb g~j¨ (Present Value)
PV(R1) = cÖ_g eQ‡i cÖvße¨ Av‡qi eZ©gvb g~j¨
PV(R2)= wØZxq eQ‡i cÖvße¨ Av‡qi eZ©gvb g~j¨
PV(R3)= Z„Zxq eQ‡i cÖvße¨ Av‡qi eZ©gvb g~j¨
.
.
.
PV(Rn)= n Zg eQ‡i cÖvße¨ Av‡qi eZ©gvb g~j¨
BDwbU-5 fªù¡-69
weweGm †cÖvMÖvg
R1 R1
myZivs, PV (R1) = =
1 (1 + r)
(1 + r)
R2
PV (R2) =
2
(1 + r)
R3
PV (R3) =
3
(1 + r)
.
.
.
Rn
PV (Rn) =
n
(1 + r)
Abykxjb
wg‡mm Bmjvg MÖvgxY e¨vs‡Ki GKRb m`m¨v| wZwb MÖvgxY e¨vsK n‡Z 20% my‡` 5000 UvKv FY wb‡q GKwU †mjvB
†gwkb µq Ki‡jb| †gwkb †_‡K cÖ_g eQi 2000 UvKv, wØZxq eQ‡i 2500 UvKv Ges Z„Zxq eQ‡i 2500 UvKv Avq n‡e
e‡j Zuvi cÖZ¨vkv| cÖ_g, wØZxq I Z„Zxq eQ‡i wg‡mm Bmjv‡gi cÖZ¨vwkZ Av‡qi eZ©gvb g~j¨ wKfv‡e wbY©q Ki‡eb? wPšÍv
Kiæb I wjLyb|
eZ©gvb g~j¨ I wewb‡qvM cÖK‡íi g~j¨vqb

(Present Value and Evaluation of Investment Projects)
Avgiv Av‡MB D‡jøL K‡iwQ †h, GKwU wewb‡qvM cÖKí †_‡K cÖZ¨vwkZ ev cÖvße¨ Avq cÖevn (expected stream of
returns) wewfbœ mg‡q cvIqv hvq| GKRb D‡`¨v³v ev wewb‡qvMKvix ZvB cÖKí Pvjy Kivi c~‡e©B cÖZ¨vwkZ Avq cÖev‡ni
GKwU AvbygvwbK wn‡me Ki‡eb| eZ©gvb g~j¨ c×wZ Abyhvqx, wewb‡qvMKvix GKwU wbw`©ó nv‡i* (mvaviYZt cÖPwjZ my‡ì
nvi) evÆv K‡i cÖZ¨vwkZ Avq cÖev‡ni eZ©gvb g~j¨ wbY©q Ki‡eb Ges cÖKí ev wewb‡qvM e¨‡qi** (cost) mv‡_ mivmwi
Zzjbv Ki‡eb| Avq cÖev‡ni eZ©gvb g~j¨ [PV(R)] hw` wewb‡qvM e¨q (C) A‡cÿv †ekx nq, Zvn‡j cÖKíwU jvfRbK
(profitable) we‡ewPZ n‡e| GKwU D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv hvK&| g‡b Kiæb 3 eQi ‡gqv`x GKwU cÖKí
†_‡K †h Avq cÖevn cvIqv hvq Zv n‡”Q h_vµ‡g R0, R1, R2, Ges R3, †hLv‡b -
R0= cÖK‡íi ïiæ‡Z cÖvße¨ Avq
R1= cÖ_g eQ‡i cÖvße¨ Avq
R2= wØZxq eQ‡i cÖvße¨ Avq Ges
R3= Z„Zxq eQ‡i cÖvße¨ Avq|
G‡ÿ‡Î cÖZ¨vwkZ ev cÖvße¨ Av‡qi eZ©gvb g~j¨ n‡e -
R1 R2 R3
PV(R) = R0 + + + †hLv‡b r = my‡ì nvi|
(1 + r) 2 3
(1 + r) (1 + r)
mrÉ Ll¦e: R0 - ®L h¡–¡ Ll¡ qu¢e (®Le?)
*
my‡ì nvi‡K evÆvnvi wn‡m‡e eënv‡ii †hŠw³KZv n‡jv GB †h, GKRb wewb‡qvMKvix wewb‡qvM cÖK‡í e¨‡qi cwie‡Z© Zuvi A_© e¨vs‡K
Rgv ivL‡j H nv‡i (my‡ì nvi) Avq †c‡Z cvi‡Zb| Ab¨fv‡e, my‡ì nvi n‡”Q wewb‡qvM Znwe‡ji †hvMvb LiP| GKRb D‡`¨v³v
e¨vsK †_‡K FY wb‡q wewb‡qvM Ki‡j D³ nv‡i AwZwi³ A_© cwi‡kva Ki‡Z nq|
**
Av‡jvPbvi G ch©v‡q Avgiv a‡i wbw”Q †h, cÖK‡íi cy‡iv †gqv‡` ïaygvÎ GKeviB A_© wewb‡qvM Ki‡Z nq Ges Zv cÖKí Pvjyi
†Mvov‡ZB| Kv‡RB D³ wewb‡qvM e¨‡qi evÆvK„Z wn‡me †ei Kivi cÖ‡qvRb nq bv|
mgwóK A_©bxwZ
GLb g‡b Kiæb, cÖK‡íi cÖv_wgK Z_v †gvU e¨q = C| myZivs cÖK‡íi bxU Avq = [PV(R) - C] hv ZvwË¦K cwifvlvq bxU
eZ©gvb g~j¨ (Net Present Value) ev ms‡ÿ‡c NPV bv‡g cwiwPZ| cÖKíwU jvfRbK n‡e hw` NPV>0 nq A_©vr
PV(R)>C nq|
AveZ©K LiP (Recurring Cost) Ges eënvi-A‡hvM¨ g~ja‡bi g~j¨ (Scrapped Value of Capital)
Dc‡ii Av‡jvPbvq Avgiv a‡i wb‡qwQjvg †h, wewb‡qvM cÖK‡íi cy‡iv †gqv‡` †KejgvÎ GKeviB A_© e¨q Ki‡Z nq| wKš‘
ev¯Í‡e GKwU cÖKí Pvjy ivLvi Rb¨ mg‡q mg‡q bZzb wewb‡qv‡Mi cÖ‡qvRb nq| G ai‡bi cybt cybt e¨q‡K AeZ©K e¨q
e‡j| GKBfv‡e, cÖK‡íi †gqv` †k‡l eënv‡ii Av‡hvM¨ n‡q cov g~jab mvgMÖxi hš¿vsk, miÄvg cÖf„wZ weµq K‡i †h
A_© cvIqv hvq Zv cÖK‡íi Avq wn‡m‡e MY¨| ZvwË¦K cwifvlvq, GUv eënvi-A‡hvM¨ g~ja‡bi g~j¨ bv‡g cwiwPZ|
wewb‡qvM cÖK‡íi gybvdv-AR©b †hvM¨Zv ev jvfRbKZv hvPvB Ki‡Z ZvB AveZ©K LiP Ges eënvi - A‡hvM¨ g~ja‡bi
g~‡jï eZ©gvb g~j¨ wn‡me Ki‡Z nq| Gme welq we‡ePbvq G‡b bxU eZ©gvb g~‡jï GKwU mvaviY m~Î cÖ`vb Kiv hvq hv
wbæiƒc:
NPV = PV(R) - PV(C) ‡hLv‡b PV(C) = Present Value of Cost
 R1 R2 Rn Sn   C1 C2 Cn 

= R0 +
(1 + r)
+
(1 + r)2
+. . .+
(1 + r)n
+
 −  C0 +
(1 + r)n   (1 + r)
+
(1 + r)2
+. . .+

(1 + r)n 
†hLv‡b Sn = n -Zg ev †kl eQ‡i cÖK‡íi eënvi-A‡hvM¨ g~ja‡bi g~j¨

C0= cÖK‡íi ïiæ‡Z e¨q
C1= cÖ_g eQ‡i m¤¢ve¨ e¨q
C2= wØZxq eQ‡i m¤¢ve¨ e¨q
.
.
.
Cn= n Zg ev †kl eQ‡i m¤¢ve¨ e¨q
D‡jøL¨ †h, Present Value of cost or PV(C) wn‡m‡ei c×wZ PV(R) wn‡m‡ei c×wZi (hv Avcwb wKQyÿY c~‡e©
†R‡b‡Qb) Abyiƒc| G‡ÿ‡Î wewfbœ eQ‡ii m¤¢ve¨ e¨q‡K cÖPwjZ my‡ì nvi w`‡q evÆv Ki‡Z nq|
cÖK‡íi g~j¨vqb I eZ©gvb g~j¨

GKwU msL¨v-m~PK D`vniY:
g‡b Kiæb, Avcwb 20 jÿ UvKv e¨‡q XvKv-PÆMÖvg iæ‡U GKwU hvÎxevnx evm (bus) Qvo‡jb| evmwU 5 eQi hveZ †mev
cÖ`vb Ki‡Z mÿg| G 5 eQ‡i evm †_‡K cÖZ¨vwkZ Av‡qi wn‡me wbæiƒc:
R1 = 8 jÿ UvKv, R2 = 10 jÿ UvKv, R3 = 10 jÿ UvKv, R4 = 8 jÿ UvKv Ges R5 = 5 jÿ UvKv| cuvP eQi ci
evmwUi hš¿vsk weµq K‡i Avcwb 2 jÿ UvKv cv‡eb| my‡ì nvi hw` 10% nq, cÖKíwU wK jvfRbK we‡ewPZ n‡e?
G D`vni‡Y -
R1 R2 R3 R4 R5 5
PV(R) = R0 + + + + + +
(1 + r) (1 + r)
2
(1 + r)
3
(1 + r)
4
(1 + r)
5
(1 + r)
5
8 10 10 8 5 2
=0+ + + + + +
(1 + .1) (1 + .1)2 (1 + .1) 3 (1 + .1)4 (1 + .1)5 (1 + .1)5
8 10 10 8 5 2
= + + + + +
1.1 1.21 1.331 1.4641 1.619 1.611
= 32.86 jÿ UvKv
BDwbU-5 fªù¡-71
weweGm †cÖvMÖvg
PV(C) = C0 = (32.86 - 20) = 12.86 jÿ UvKv

myZivs NPV = (32.86 - 20) = 12.86 jÿ UvKv
Kv‡RB, GwU GKwU jvfRbK cÖKí|
Abykxjb
wg. †mvnvM 15% my‡` e¨vsK †_‡K 50,000 UvK v FY wb‡q GKwU †eKvix ˆZwi Ki‡Z Pvq| wZwb Avkv Ki‡Qb †eKvix
‡_‡K cÖ_g, wØZxq, Z„Zxq, PZz_© I cÂg eQ‡i h_vµ‡g 10000, 20000, 20000, 10000 I 5000 UvKv Avq cv‡eb|
GgZve¯’vq, Zuvi †eKvix ˆZwi‡Z nvZ †Ìqv DwPZ n‡e wKbv? fveyb I wjLyb|
eZ©gvb g~j¨ c×wZ I Kvg¨ wewb‡qvM¯Íi (Present Value Method and Desired Level of Investment)
bxU eZ©gvb g~‡jï aviYv eënvi K‡i Avgiv GKwU wewb‡qvM cÖK‡íi jvfRbKZv (profitability) ev MÖnY‡hvM¨Zv wePvi
Ki‡Z cvwi| wewb‡qvMKvix wn‡m‡e GKRb e¨w³i jÿ¨ n‡Z cv‡i m‡e©v”P gybvdv A_©vr m‡e©v”P bxU eZ©gvb g~j¨ (NPV)
AR©b| Kvg¨ ev fvimvg¨ wewb‡qvM¯Íi ej‡Z wewb‡qv‡Mi †mB cwigvY‡K eySvq hv GKRb D‡`¨v³v ev wewb‡qvMKvixi wewfbœ
cÖKí †_‡K cÖZ¨vwkZ Av‡qi m‡e©v”P bxU eZ©gvb g~j¨ wb‡`©k K‡i| wb‡Pi mviYx †_‡K Avgiv †`L‡Z cvB †h, A, B I F
cÖK‡íi NPV abvZ¥K A_©vr wZbwU cÖKíB jvfRbK Ges MÖnY‡hvM¨| GLb g‡b Kiæb, Avcbvi nv‡Z †h cwigvY A_©
Av‡Q Zv w`‡q ïaygvÎ GKwU cÖKí MÖnY Ki‡Z cv‡ib| ¯^vfvweKfv‡eB, Avcwb B -cÖKíwU MÖnY Ki‡eb (†Kb?)| hw`
wewb‡qvM‡hvM¨ A‡_©i cwigvY 30,000 UvKv n‡Zv Zvn‡j Avcwb wbðqB A, B Ges F wZbwU cÖKíB MÖnY Ki‡Zb, KviY
G‡Z Avcbvi bxU eZ©gvb g~j¨
cÖKí wewb‡qvM e¨q bxU eZ©gvb g~j¨

(UvKvq) (UvKvq)
A 10,000 2,000
B 10,000 3,000
C 10,000 -2,000
D 10,000 0
E 10,000 -1,000
F 10,000 500
mviYx 5.1: bxU eZ©gvb g~j¨ I Kvg¨ wewb‡qvM¯Íi wba©viY
m‡e©v”P nq| C I E cÖKí MÖnY‡hvM¨ bq, KviY G‡Z wewb‡qvMKvixi †jvKmvb n‡e| cÖKí-D wK MÖnY‡hvM¨? G‡Z
wewb‡qvMKvix ïaygvÎ wewb‡qvMK„Z A_© †diZ cv‡eb A_©vr jvf ev †jvKmvb wKQyB n‡e bv| GKRb wewb‡qvMKvix wn‡m‡e
ev¯Í‡e nq‡Zv Avcwb G cÖKí MÖnY Ki‡eb bv| wKš‘ wewb‡qvM Z‡Ë¦i Av‡jvPbvq G cÖK‡íi we‡kl Zvrch© i‡q‡Q| Kvg¨
wewb‡qvM¯Íi we‡kÐl‡Y cÖKí-D cÖvwšÍK cÖKí wn‡m‡e we‡eP¨| wewb‡qvM‡hvM¨ Znwe‡ji †hvMvb hw` Amxg (unlimited) nq
Z‡e, wewb‡qvMKvix m¤¢ve¨ wewb‡qvM cÖKí¸‡jv †_‡K Ggbfv‡e evQvB Ki‡eb hv‡Z me©‡kl cÖK‡íi bxU eZ©gvb g~j¨
k~‡bï mgvb nq| Ab¨fv‡e ejv hvq, cÖvwšÍK cÖKí Avcbv‡K e‡j †`‡e †Kv_vq _vg‡Z n‡e| eZ©gvb D`v ni‡Y ZvB Kvg¨
wewb‡qvM e¨‡qi cwigvY n‡e 40,000 UvKv|
Kvg¨ wewb‡qvM ¯Í‡ii aviYvwU wb‡Pi wP‡Îi (wPÎ 5.1) mvnv‡hÏ e¨vL¨v Kiv hvq| wP‡Îi Djø¤^ (Vertical) A‡ÿ bxU
eZ©gvb g~j¨ (NPV) Ges f~wg (Horizontal) A‡ÿ wewb‡qv‡Mi cwigvY †`Lv‡bv n‡jv|
mgwóK A_©bxwZ
e£V haÑj¡e j§mÉ

(V¡L¡u)
4,000
3,000 fÐLÒf -B
fÐLÒf -A
2,000
fÐLÒf -F
1,000
fÐLÒf -D
500
¢h¢e−u¡−Nl f¢lj¡Z (V¡L¡u)
0
10,000
20,000
30,000
40,000
50,000
60,000
80,000
70,000
-1,000
fÐLÒf -E
-2,000 fÐLÒf -C
wPÎ 5.1: Kvg¨ ev fvimvg¨ wewb‡qvM ¯Íi wba©viY

mviYx 5.1 -G D‡jøwLZ Z_¨ eënvi K‡i wPÎ 5.1 AsKb Kiv n‡q‡Q| GKRb D‡`¨v³v ev wewb‡qvMKvix cÖKímg~‡ni
NPV -i gvb Abyhvqx µgweb¨vm (ranking) Ki‡eb| Avgv‡ì D`vni‡Y, G web¨vmwU n‡e - B,A,F,D,E,C| myZivs
wewb‡qvMKvix cÖ_g 10,000 UvKv B cÖK‡í LvUv‡eb Ges wØZxh 10,000 nvRvi UvKv LvUv‡eb A cÖK‡í| D cÖKíwU
GKwU cÖvwšÍK cÖKí| myZivs fvimvg¨ ev Kvg¨ wewb‡qv‡Mi cwigvY n‡e 40,000 UvKv| Dc‡ii wPÎwU A_©bxwZi nªvmgvb
cÖvwšÍK Drcv`b wewai mv‡_ msMwZc~Y© A_©vr GKRb wewb‡qvMKvix hZB wewb‡qvM evov‡Z _vK‡eb, cÖvße¨ Avq¯Íi ZZB
Kg‡Z _vK‡e|
Abykxjb
cvPuwU cÖKí A,B,C,D I E -Gi K_v wPšÍv Kiæb| G‡ì bxU eZ©gvb g~j¨ (UvKvq) h_vµ‡g 100, 0, -200, 500,
1500| G‡ÿ‡Î †Kvb& cÖKíwU mePvB‡Z †ekx jvfRbK? †Kvb& cÖKí¸‡jv MÖnY‡hvM¨? †Kvb&wU cÖvwšÍK cÖKí? wPwýZ Kiæb
I wjLyb|
mZ¨-wg_¨v
1. GKRb wewb‡qvMKvix hZLykx msL¨K cÖK‡í nvZ w`‡Z cv‡ib -mZ¨/wg_¨v
2. wewb‡qvMKvix gybvdv m‡e©v”P Ki‡Z Pvb - mZ¨/wg_¨v
3. ÆvK„Z eZ©gvb g~j¨ c×wZi mvnv‡h¨ wewb‡qvM cÖK‡íi gybvdv jvfRbKZv hvPvB Kiv nq - mZ¨/wg_¨v
4. ‡ì nvi †ekx n‡j cÖZ¨vwkZ fwel¨Z Av‡qi eZ©gvb g~j¨ †ekx nq - mZ¨/wg_¨v
5. bxU eZ©gvb g~j¨ FYvZ¥K n‡j wewb‡qvM cÖK‡í UvKv LvUv‡bv A‡hŠw³K - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. wewb‡qvM cÖKí g~j¨vq‡bi †hŠw³KZv e¨vL¨v Kiæb|
2. wb‡æv³ aviYv¸‡jv e¨vL¨v Kiæb:
(K) evÆvK„Z eZ©gvb g~j¨
(L) AeZ©K LiP
(M) fvimvg¨ wewb‡qvM ¯Íi
(N) bxU eZ©gvb g~j¨
3. eZ©gvb g~j¨ c×wZ‡Z Kxfv‡e GKwU cÖK‡íi jvfRbKZv wba©viY Kiv nq?
4. wP‡Îi mvnv‡h¨ eZ©gvb g~j¨ c×wZ‡Z Kxfv‡e fvimvg¨ wewb‡qvM ¯Íi wba©viY Kiv nq Zv e¨vL¨v Kiæb|
BDwbU-5 fªù¡-73
weweGm †cÖvMÖvg
ˆbe©¨w³K cÖkœ
1| evÆvK„Z eZ©gvb g~j¨ c×wZ‡Z
K) fwel¨Z Avq‡K evÆv Kiv nq
L) eZ©gvb Avq‡K evÆv Kiv nq
M) eZ©gvb e¨q‡K evÆv Kiv nq
N) Dc‡ii †KvbwUB bq|
2| GKwU cÖKí jvfRbK n‡e hw`
K) NPV = 0 nq
L) NPV < 0 nq
M) NPV > 0 nq
3| AeZ©K LiP n‡”Q
K) eënvi‡hvM¨ g~ja‡bi g~j¨
L) cÖKí Pvjy ivLvi Rb¨ mg‡q mg‡q bZzb wewb‡qvM e¨q
M) cÖK‡íi cÖv_wgK e¨q
4| bxU eZ©gvb g~j¨ abvZ¥K n‡e hw`
K) PV(R) > C nq
L) PV(R) = C nq
M) PV(R) < C nq
N) PV(R) = 0 nq|
5| cÖvwšÍK cÖK‡íi bxU eZ©gvb g~j¨
K) Ô0'
L) 1
M) ∝
N) 1.5
mgm¨v
1. wb‡Pi mgm¨vwU g‡bv‡hv‡Mi mwnZ co–b I mgvav Kiæb:
†gv. knx`yjøvn| eQi `y'†qK Av‡M we.G. cvk K‡i‡Qb| PvKzixi mÜv‡b wKQyw`b Nyiv‡div K‡i †Kvb jvf nqwb|
†klZK wZwb hye Dbœqb welqK †Uªwbs cÖK‡í fwZ© n‡q evwYwR¨Kfv‡e nvm-gyiMx cvj‡bi Dci cÖwkÿY †bb| AZtci
wZwb 5 eQi †gqv`x GKwU nvm-gyiMxi Lvgvi ˆZixi cwiKíbv Ki‡jb| G j‡ÿ¨ wZwb K„wl e¨vsK †_‡K 20,000
UvKv FY wb‡jb| F‡Yi my` evrmwiK 16%| wZwb Avkv Ki‡Qb, Lvgvi †_‡K 1g, 2q, 3q, 4_© I 5g eQ‡i Avq
Avm‡e h_vµ‡g 5000, 6000, 7000, 5000, 5000 UvKv| G‡ÿ‡Î bxU eZ©gvb g~j¨ KZ? cÖKíwU wK jvfRbK
n‡e?
2. wb‡Pi D`vniYwU jÿ¨ Kiæb:
cÖKí e¨q bxU eZ©gvb g~j¨
A 5000 1000
B 6000 2500
C 4000 0
D 5000 -1000
E
3000 -500
(K) cÖKí¸‡jvi ranking wbY©q Kiæb|
(L) †Kvb& cÖKíwU cÖvwšÍK cÖKí?
(M) fvimvg¨ wewb‡qv‡Mi cwigvY KZ?
(N) g‡b Kiæb, Avcbvi wewb‡qvM†hvM¨ Znwe‡ji cwigvY 3000 UvKv| G‡ÿ‡Î Avcwb †Kvb cÖK‡í wewb‡qvM Ki‡eb
wK? †Kb?
mgwóK A_©bxwZ
cvV-3 wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZ (Marginal Efficiency of Investment criterion)

D‡Ïk¨
♦ wewb‡qv‡Mi cÖvwšÍK `ÿZv m¤c‡K© ej‡Z cvi‡eb
♦ wewb‡qvM cÖKí g~j¨vq‡bi wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZwU e¨vL¨v Ki‡Z cvi‡eb
♦ wewb‡qvM cÖKí hvPvB‡qi c×wZ¸‡jvi Zzjbvg~jK we‡kÐlY Ki‡Z cvi‡eb|
f~wgKv
wewb‡qvM cÖKí evQvB‡qi †ÿ‡Î wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZwU eZ©gvb g~j¨ c×wZi mgvb ¸iæZ¡ enb K‡i|
AvaywbKKv‡j, Av‡bK eo eo cÖK‡í wewb‡qv‡Mi m¤¢ve¨Zv hvPvB‡qI G c×wZwUi h‡_ó eënvi cwijwÿZ nq| G ai‡bi
GKwU cÖKí n‡”Q hgybv eûg~Lx †mZz cÖKí| G cv‡V cÖ_‡g Avgiv wewb‡qv‡Mi cÖvwšÍK `ÿZv (MEI) ev Af¨šÍixY gybvdv
nvi (IRR) m¤c‡K© Rvbe| cieZ©x‡Z wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZ eënvi K‡i wewb‡qvM cÖKí g~j¨vq‡bi cÖwµqv
m¤c‡K© Rvbe|
wewb‡qv‡Mi cÖvwšÍK `ÿZv ev AvšÍt Avq nvi

wewb‡qv‡Mi cÖvwšÍK `ÿZvi aviYvwU g~jZ: bxU wewb‡qv‡Mi wewfbœ cwigv‡Yi mv‡_ m¤cwK©Z| bxU wewb‡qvM ej‡Z Avgiv
bZzb g~jab m„wói cÖwµqv‡K ey‡S _vwK| GKwU Drcv`b cÖwZôvb Z_v mgMÖ A_©bxwZi Rb¨ GKwU KvswLZ g~jab-gRy‡ì
(desired stock of capital) Aw¯ÍZ¡ Kíbv Kiv hvq| mg‡qi eëav‡b bZzb ev bxU wewb‡qv‡Mi gva¨‡g Drcv`b cÖwZôvb ev
mgMÖ A_©bxwZ †mB KvswLZ g~jab-gRy‡ì w`‡K AMÖmi nq| bZzb wewb‡qvM †_‡K cÖZ¨vwkZ Avq nvi‡K wewb‡qv‡Mi cÖvwšÍK
`ÿZv ejv nq| GUv mn‡R Abygvb Kiv hvq †h, wewb‡qv‡Mi cwieZ©‡bi mv‡_ mv‡_ cÖZ¨vwkZ Avq nvi ev wewb‡qv‡Mi
cÖvwšÍK `ÿZviI cwieZ©b NU‡e|
wewb‡qvM cÖK‡íi jvfRbKZv wePvi Ges Kvg¨ ev fvimvg¨ wewb‡qvM¯Íi wba©vi‡Yi Av‡jvPbvq wewb‡qv‡Mi cÖvwšÍK `ÿZvi
aviYvwU GKUz wfbœfv‡e Dc¯’vcb Kiv nq| wewb‡qv‡Mi cÖvwšÍK `ÿZv ev MEI ej‡Z Ggb GKwU nvi‡K eySv‡bv nq hv
Øviv evÆv Ki‡j wewb‡qvM cÖK‡íi cÖZ¨vwkZ Avq cÖev‡ni eZ©gvb g~j¨ [PV(R)] Dnvi †hvMvb g~‡jï mgvb n‡e| g‡b
Kwi, wewb‡qv‡Mi cÖvwšÍK `ÿZv = m| wb‡Pi m~Î †_‡K m wbY©q Kiv hvq|
R1 R2 Rn
C = R0 + + + ... +
(1 + m) (1 + m)
2
(1 + m)
n
†hLv‡b, C = cÖv_wgK wewb‡qv‡Mi cwigvY ev †hvMvb g~j¨ Ges R0, R1, R2, --- Rn n‡”Q h_vµ‡g cÖK‡íi ïiæ‡Z, 1g
eQ‡i, 2q eQ‡i, ................, n Zg eQ‡i cÖZ¨vwkZ Avq cÖevn|
Dc‡ii mgxKiYwU‡K wb‡æv³fv‡eI cÖKvk Kiv hvq:
 R1 R2 Rn 
 R0 + (1 + m) + (1 + m) +...............+ (1 + m)  − C = 0
A_©vr, m n‡jv Ggb GKwU nvi hvi Rb¨ bxU eZ©gvb g~j¨ (NPV) k~‡bï mgvb nq A_©bxwZwe`MY wewb‡qv‡Mi cÖvwšÍK
`ÿZv‡K Af¨šÍixY (Internal Rate of Return, IRR) wn‡m‡eI eY©bv K‡i _v‡Kb|
Abykxjb
g‡b Kiæb, A GKwU wewb‡qvM cÖKí| GKíwU ev¯Íevq‡b LiP co‡e 5000 UvKv| cÖKíwU †_‡K 1g I 2q erm‡i h_vµ‡g
3000 I 2000 UvKv Avq n‡e e‡j cÖZ¨vkv Kiv n‡”Q| cÖKíwUi IRR wn‡me Kiæb I wjLyb|
wewb‡qv‡Mi cÖvwšÍK `ÿZv I wewb‡qvM cÖK‡íi jvfRbKZv wbY©q

g‡b Kiæb, †Kvb GKwU cÖK‡í wewb‡qv‡Mi cÖvwšÍK `ÿZv ev m = 15%| G‡ÿ‡Î wewb‡qvM cÖKíwU jvfRbK wKbv Zv
Avgiv Kxfv‡e wbY©q Kie? wewb‡qv‡Mi cÖvwšÍK `ÿZv g~jZt cÖK‡íi cÖZ¨vwkZ Av‡qi nvi wb‡`©k Ki‡Q| Kv‡RB m -†K
Ggb GKwU nv‡ii mv‡_ Zzjbv Ki‡Z n‡e hv wewb‡qvM-Znwej †hvMv‡bi e¨q-nvi wb‡`©k K‡i| hw` wewb‡qvM cÖKí m¤cbœ
BDwbU-5 fªù¡-75
weweGm †cÖvMÖvg
Kivi c‡_ †Kvb cÖKvi SuywK ev AwbðqZv bv _v‡K, Zvn‡j my‡ì nviB n‡e wewb‡qvM-Znwej †hvMv‡bi e¨q-nv‡ii
m‡e©vrK„ó wb‡`©kK| my‡ì nvi‡K wb‡`©kK wn‡m‡e eënv‡ii c‡ÿ `y‡Uv ¸iæZ¡c~Y© hyw³ i‡q‡Q|
cÖ_gZt GKRb wewb‡qvMKvix e¨vsK-F‡Yi gva¨‡g wewb‡qvM Znwej msMÖn Ki‡j Zuv‡K cÖPwjZ nv‡i my` cÖ`vb Ki‡Z nq|
wØZxqZt wewb‡qvMKvix wb‡Ri A_© wewb‡qvM bv K‡i e¨vs‡K Rgv Ki‡Z cv‡ib| †m‡ÿ‡Î wZwb cÖPwjZ nv‡i my` cv‡eb|
myZivs, wbR¯^ Znwej eënv‡ii †ÿ‡Î my‡ì nvi n‡jv GK ai‡bi my‡hvM e¨q (opportunity cost) hv wZwb
wbR¯^ Znwej wewb‡qv‡M bv LvwU‡q e¨vsK ev Ab¨Î LvUv‡j Avq wn‡m‡e †c‡Z cvi‡Zb|
Dc‡ii Av‡jvPbv †_‡K GUv ¯úó †h, wewb‡qvM cÖK‡íi jvfRbKZv wbY©‡qi Rb¨ wewb‡qv‡Mi cÖvwšÍK `ÿZvi (m) mv‡_
my‡ì nv‡ii (r) Zzjbv Kiv evÃbxq| wewb‡qv‡Mi cÖvwšÍK `ÿZv my‡ì nvi A‡cÿv †ekx n‡j (m>r) cÖKíwU jvfRbK
we‡ewPZ n‡e| Dc‡ii D`vni‡Y g‡b Kiæb, r = 12%| †h‡nZz m = 15%, Kv‡RB m>r, A_©vr KwíZ wewb‡qvM cÖKíwU
GKwU jvfRbK cÖKí|
cÖK‡íi jvfRbKZv wbY©q: GKwU msL¨v-m~PK D`vniY

g‡b Kiæb, Avcwb GK eQi ¯’vqx GKwU cÖKí MÖnY Ki‡jb| cÖK‡íi cÖZ¨vwkZ Avq I wewb‡qv‡Mi cwigvY (UvKvq) wbæiƒc:
R0 = 2000 (cÖK‡íi ïiæ‡Z A_©vr 1 eQi c~Y© nevi Av‡M cÖvße¨ Avq)
R1 = 4000 (cÖK‡íi †gqv` †k‡l A_©vr 1 eQi c‡i cÖvße¨ Avq)
C = 5000 (cÖK‡íi e¨q)
r = 15% (my‡ì nvi)
wb‡Pi m~ÎwU eënvi K‡i Avgiv wewb‡qv‡Mi cÖvwšÍK `ÿZv (m) wbY©q Ki‡Z cvwi|
R1
C = R0 +
1+ m
4000
ev 5000 = 2000 +
1+ m
ev 5000(1+m) = 2000(1+m) + 4000
[Dfq cÿ‡K (1+m) Øviv ¸Y K‡i]
ev 5000 + 5000m = 2000 + 2000m + 4000
ev 3000m = 1000
ev m=.33 = 33% (cÖvq)
†h‡nZz m>r, GwU GKwU jvfRbK cÖKí|
Abykxjb
GKwU cÖK‡íi cÖZ¨vwkZ Avq, wewb‡qv‡Mi cwigvY (UvKvq) I my‡ì nvi wbæiƒc:
R0 = 3000, R1 = 4000, C = 7000, r =15%| wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZ eënvi K‡i cÖKíwUi jvfRbKZv
wePvi Kiæb|
wewb‡qv‡Mi cÖvwšÍK `ÿZv I Kvg¨ ev fvimvg¨ wewb‡qvM¯Íi

eZ©gvb g~j¨ c×wZi g‡ZvB wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZi gva¨‡g Avgiv wewfbœ cÖK‡íi MÖnY†hvM¨Zvi µgweb¨vm
(ranking) Ki‡Z cvwi| A_©vr m -Gi gvb Abyhvqx cÖKí¸‡jv‡K cQ‡›ì gvÎv Abyhvqx mvRv‡Z cvwi| GKRb
wewb‡qvMKvix ZZÿY ch©šÍ wewb‡qvM Ki‡e hZÿY ch©šÍ m = r bv nq| m = r cÖvwšÍK cÖK‡íi wb‡`©kK| myZivs
wewb‡qv‡Mi †h cwigv‡Yi Rb¨ m = r nq Zv-B fvimvg¨ ev Kvg¨ wewb‡qvM ¯Íi| fvimvg¨ wewb‡qv‡Mi aviYvwU wb‡Pi wP‡Îi
mvnv‡h¨ (wPÎ 5.2) e¨vL¨v Kiv n‡jv|
mgwóK A_©bxwZ
¢h¢e−u¡−Nl fÐ¡¢¿¹L cra¡, p¤−cl q¡l

M0
M1
M2
M3
m4=r r=m4
o i
i0 i1 i2 i3 i4
¢h¢e−u¡−Nl f¢lj¡Z MEI
¢Qœ 5.2: i¡lp¡jÉ ¢h¢e−u¡NÙ¹l

wP‡Îi Djø¤Â‡ÿ wewb‡qv‡Mi cÖvwšÍK `ÿZv I my‡ì nvi Ges f~wg A‡ÿ wewb‡qv‡Mi cwigvY (i) †`Lv‡bv n‡jv| wPÎ
Abyhvqx my‡ì nvi w¯’i ( r )| A_©vr †h †Kvb cwigvY wewb‡qvM Znwe‡ji e¨q-nvi mgvb| wewb‡qv‡Mi cÖvwšÍK `ÿZv (m)
µgvš^‡q nªvm cv‡”Q| Ab¨fv‡e ejv hvq, wewb‡qvM evovi mv‡_ mv‡_ cÖZ¨vwkZ Avq (R0, R1, R2 cÖf„wZ) Kg‡Q| i4 cwigvY
wewb‡qvM ¯Í‡i my‡ì nvi Ges wewb‡qv‡Mi cÖvwšÍK `ÿZv mgvb (r = m4)| myZivs i4 n‡”Q fvimvg¨ wewb‡qvM ¯Íi|
eZ©gvb g~j¨ c×wZ I wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZi Zzjbv

bxwZMZfv‡e, `y‡Uv c×wZ GKB ai‡bi djvdj ev wm×všÍ cÖ`vb Ki‡e e‡j Avkv Kiv hvq| GKwU cÖKí eZ©gvb g~j¨
c×wZ Abyhvqx MÖnY‡hvM¨ n‡j wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZ AbyhvqxI MÖnY†hvM¨ ev jvfRbK we‡ewPZ n‡e| KviY
NPV>0 n‡j m>r n‡e| bxU eZ©gvb g~j¨ Ges wewb‡qv‡Mi cÖvwšÍK `ÿZv wbY©‡qi m~Î¸‡jv Zzjbv Ki‡j welqwU Av‡iv
cwi®Kvifv‡e Abyaveb Kiv hv‡e| Avgiv D‡jøL K‡iwQ †h, m Ggb GKwU nvi hv Øviv cÖZ¨vwkZ Avq‡K evÆv Ki‡j
NPV=0 nq| myZivs m = r n‡j NPV = 0 n‡e|
c×wZ `y‡Uvi g‡a¨ my¯úó cv_©KÏ i‡q‡Q| eZ©gvbg~j¨ wbY©‡q my‡ì nvi‡K mivmwi eënvi Kiv nq| myZivs G c×wZ‡Z
cÖKímg~‡ni MÖnY‡hvM¨Zvi µgweb¨vm (ranking) my‡ì nv‡ii Dci wbf©i K‡i| Ab¨w`‡K, wewb‡qv‡Mi cÖvwšÍK `ÿZv
c×wZ‡Z cÖKímg~‡ni MÖnY‡hvM¨Zvi µgweb¨vm (ranking) wba©vwiZ nq m -Gi gv‡bi wfwË‡Z| ïaygvÎ cÖKímg~‡ni
jvfRbKZv wePvi Ki‡Z m -Gi mv‡_ my‡ì nv‡ii Zzjbv Kiv nq| Kv‡RB, `y‡Uv c×wZ‡Z cÖKímg~‡ni wfbœ wfbœ ranking
cvIqv †h‡Z cv‡i|
me‡k‡l, wewb‡qvM cÖKí hvPvB‡qi Rb¨ wewb‡qv‡Mi cÖvwšÍK `ÿZv A‡cÿv eZ©gvb g~j¨ c×wZ AwaKZi m‡šÍvlRbK
djvdj cÖ`vb Ki‡Z mÿg| wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZi me‡P‡q eo `~e©jZv n‡jv GB c×wZ‡Z wewfbœ cÖKí †_‡K
cÖvße¨ bxU Av‡qi ¸iæZ¡ ¯^xKvi Kiv nq bv| GKwU D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv hvK&| aiv hvK&, A Ges B `y‡Uv
wewb‡qvM cÖKí Ges cÖKí `y‡Uv‡Z wewb‡qvM e¨q h_vµ‡g 20 nvRvi I 50 nvRvi UvKv| A -Gi cÖvwšÍK `ÿZv (mA) =
30% Ges B -Gi cÖvwšÍK `ÿZv (mB) = 25%| wewb‡qv‡Mi cÖvwšÍK `ÿZvi wePv‡i A cÖKí B A‡cÿv AwaKZi
MÖnY†hvM¨| GLb g‡b Kiæb, Dfq cÖK‡íi e¨q-nvi ev my‡ì nvi (r) = 20%| A cÖK‡íi bxU Avq nvi = (mA-r) =
(30-20)% = 10%| A_©vr A cÖK‡íi bxU Avq = (20*10%) = 2 nvRvi UvKv| Ab¨w`‡K, B cÖK‡íi bxU Avq nvi =
(mB-r) = 5%| myZivs B cÖK‡íi bxU Avq = (50 * 5%) = 2.5 nvRvi UvKv| bxU Av‡qi †cÖwÿ‡Z B cÖKí A A‡cÿv
AwaKZi MÖnY†hvM¨| wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZi AšÍwb©wnZ GB `~e©jZvi Rb¨ eZ©gvb g~j¨ c×wZ AwaK ¯^xK„Z Ges
e¨vcKfv‡e eënƒZ GKwU c×wZ|
Abykxjb
PviwU cÖKí K, L, M I N -Gi IRR h_vµ‡g 15%, 10%, 11%, 5%| cÖ‡Z¨KwU cÖK‡íi e¨q-nvi 10%| G‡ÿ‡Î †Kvb&
†Kvb& cÖKí jvfRbK? cÖvwšÍK cÖKí †Kvb&wU? wPšÍv Kiæb I wjLyb|
BDwbU-5 fªù¡-77
weweGm †cÖvMÖvg
mZ¨-wg_¨v
1. bxU wewb‡qvM n‡”Q bZzb g~jab m„wói cÖwµqv - mZ¨/wg_¨v
2. wewb‡qv‡Mi cÖvwšÍK `ÿZv cÖK‡íi cÖZ¨vwkZ Av‡qi nvi wb‡`k© K‡i - mZ¨/wg_¨v
3. wewb‡qv‡Mi cÖvwšÍK `ÿZv‡K Af¨šÍixY gybvdv nvi (IRR) ejv nq - mZ¨/wg_¨v
4. wewb‡qv‡Mi cÖvwšÍK `ÿZv †iLvwU Wvbw`‡K DaŸ©Mvgx - mZ¨/wg_¨v
5. wewb‡qv‡Mi cÖvwšÍK `ÿZv †iLvwUi wewfbœ we›`y my‡ì nvi I wewb‡qv‡Mi cwigvY †`Lvq - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. wewb‡qv‡Mi cÖvwšÍK `ÿZv Kx? Gi Ab¨ bvg Kx?
2. wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZi mvnv‡h¨ Kxfv‡e cÖK‡íi jvfRbKZv wbY©q Kiv hvq?
3. wewb‡qvM cÖK‡íi ranking ej‡Z Kx eySvq? eZ©gvbg~j¨ I wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZ‡Z wK GKB ai‡bi
ranking cvIqv m¤¢e?
4. wewb‡qv‡Mi cÖvwšÍK `ÿZv ev IRR c×wZ eënvi K‡i Kxfv‡e fvimvg¨ wewb‡qv‡Mi ¯Íi wbY©q Kiv hvq Zv wP‡Îi
mvnv‡h¨ e¨vL¨v Kiæb|
ˆbe¨w³K cÖkœ
1. wewb‡qv‡Mi cÖvwšÍK `ÿZvi Aci bvg
K) cuywRi cÖvwšÍK Drcv`b
L) Af¨šÍixY gybvdv nvi ev IRR
M) KvswLZ g~jab-gRy‡ì nvi
2. wewb‡qvM cÖK‡íi jvfRbKZvi kZ© n‡”Q
K) m = r
L) m < r
M) m > r
3. wewb‡qvM Znwej †hvMv‡bi e¨q-nv‡ii m‡e©vrK„ó wb‡`©kK n‡”Q
K) my‡ì nvi
L) Af¨šÍixY gybvdv nvi
M) g~ja‡bi cÖvwšÍK `ÿZv
4. wewb‡qvM cÖKí hvPvB‡q †Kvb&wU DËg c×wZ
K) wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZ
L) eÆvK„Z eZ©gvb g~j¨ c×wZ
M) K I L DfqB
N) K I L †KvbwUB bq|
5. fvimvg¨ wewb‡qvM¯Í‡i
K) m = r nq
L) m > r nq
M) m < r nq
mgwóK A_©bxwZ
mgm¨v
wb‡Pi wPÎwU jÿ¨ Kiæb
p¤−cl q¡l, MEI
15%
10%
5%
MEI
O 5000 10000 15000
¢h¢e−u¡NÙ¹l (V¡L¡u)
K) my‡ì nvi hLb 5% ZLb fvimvg¨ wewb‡qvM¯Íi KZ?
L) fvimvg¨ wewb‡qvM¯Íi 1000 UvKv nIqvi Rb¨ my‡ì nvi KZ nIqv cÖ‡qvRb?
M) g~ja‡bi cÖvwšÍK `ÿZv hLb 15% ZLb wewb‡qvM¯Íi KZ?
DËigvjv
cvV-1
mZ¨-wg_¨v
1. wg_¨v, 2. mZ¨, 3. mZ¨, 4. wg_¨v, 5. mZ¨, 6. mZ¨, 7. wg_¨v
ˆbe©¨w³K cÖkœ
1. K, 2. K, 3. L, 4. L, 5. L, 6. M
cvV-2
mZ¨-wg_¨v
1. wg_¨v, 2. mZ¨, 3. mZ¨, 4. wg_¨v, 5. mZ¨,
ˆbe©¨w³K cÖkœ
1. K, 2. M, 3. L, 4. K, 5. K
cvV-3
mZ¨-wg_¨v
1. mZ¨, 2. mZ¨, 3. mZ¨, 4. wg_¨v, 5. wg_¨v
ˆbe©¨w³K cÖkœ
1. L, 2. M, 3. K, 4. L, 5. K
BDwbU-5 fªù¡-79
mgwóK A_©bxwZ
BDwbU
6
A_© I e¨vswKs
Money and Banking
A_© Qvov AvaywbK A_©‰bwZK Kvh©Kjvc‡K wPšÍvB Kiv hvq bv| wewbgq Kvh© QvovI A_© AvRKvj g~‡jï
cwigvcK, g~‡jï mieÿK I ¯’wMZ †jb‡`‡bi cwigvcK wn‡m‡e KvR K‡i| Ab¨w`‡K, RbM‡Yi mÂqx AvgvYZ
msiÿY, A_©m„wó, A‡_©i †hvMvY wbqš¿Y, FY cÖ`v‡bi gva¨‡g wewb‡qv‡M Drmvn cÖ`vb cÖf„wZ KvVmva‡bi gva¨‡g
†K›`Öxqe¨vsK I Ab¨vb¨ evwYwR¨K e¨vsK mg~‡ni A_©bxwZ‡Z ¸iæZ¡c~Y© f~wgKv cvjb K‡i _v‡K| G BDwb‡U A_© I
e¨vswKs m¤c‡K© Av‡jvPbv Kiv n‡q‡Q| cvV-1 G A‡_©i cwigvYZË¦, cvV-2 G A‡_©i Kvh©vejw, A_©evRvi, A‡_©i
†hvMvb I Pvwn`v, cvV-3 -G †K›`Öxq e¨vs‡Ki Kvh©vejx Ges cvV-4 G g~`ªvùxwZi aviYv, KviY I djvdj m¤c‡K©
eY©bv i‡q‡Q|
BDwbU-6 fªù¡- 79
weweGm †cÖvMÖvg
BDwbU-6
cvV-1 A‡_©i cwigvY ZË¦ (Quantity Theory of Money)

♦ Monetarist A_©bxwZwe` Ges Zv‡cui wPšÍvaviv m¤c‡K© ej‡Z cvi‡eb
♦ mvaviY `vg¯Í‡ii wba©viK Avw_©K I A-Avw_©K Dcv`vbmg~n eY©bv Ki‡Z cvi‡eb
♦ A‡_©i cwigvY Z‡Ë¦i g~j e³e¨ we‡kÐlY Ki‡Z cvi‡eb
♦ bM` †jb‡`b ZË¦ I bM`-e¨vj¨vÝ ZË¦ e¨vL¨v cvi‡eb|
f~wgKv
K¬¨vwmK¨vj mgwóK A_©‰bwZK we‡kÐlY cÖwµqvq †h `y‡Uv ZË¦ mePvB‡Z †ekx ¸iæZ¡c~Y© Zvi GKwU n‡”Q A‡_©i cwigvY
ZË¦*| A‡_©i cwigvY Z‡Ë¦i mv‡_ RwoZ A_©bxwZwe`MY mvaviYfv‡e A_©ev`x ev Monetarists wn‡m‡e cwiwPZ| GKRb
cÖwZwbwaZ¡kxj (typical) monetarist ivR‰bwZKfv‡e mvaviYZt iÿYkxj n‡q _v‡Kb| Zuv‡ì g‡Z, GKwU A_©bxwZ‡Z
miKvix n¯Í‡ÿc ïay †h AcÖ‡qvRbxq Zv bq, eis miKv‡ii AskMÖnY mgm¨v mgvav‡bi †P‡q mgm¨v m„wó K‡i †ekx|
A_©ev`xiv g‡b K‡ib †h, †emiKvix evRvi eë¯’vB n‡”Q `ªe¨mvgMÖx I †mevi e›U‡bi m‡e©vrK„ó cš’v| A_©‰bwZK Aw¯’iZv
(economic fluctuations) `~i Kivi Rb¨ G mKj A_©bxwZwe` miKv‡ii ivR¯^bxwZi †P‡q Avw_©KbxwZ‡K AwaKZi
Kvh©Kix g‡b K‡ib| Zuv‡ì g‡Z, A‡_©i †hvMvb e„w×i nvi n‡”Q Avw_©K RvZxq Av‡qi me‡P‡q eo wba©viK| Zuviv GI e‡j
_v‡Kb †h, miKv‡ii ivR¯^bxwZ (†hgb miKvix e¨q, Ki-nv‡ii nªvm-e„w×, fZzwK© cÖ`vb cÖf„wZ ïaygvÎ RvZxq Av‡qi
LvZwfwËK e›U‡bi (composition) cwieZ©b NUv‡Z cv‡i, wKš‘ `xN©Kv‡j Avw_©K RvZxq Av‡qi cwigv‡Yi cwieZ©b NUv‡Z
ivR¯^bxwZ Lye mvgvb¨B Kvh©Ki nq A_ev †gv‡UB Kvh©Ki nq bv hw` bv M„nxZ ivR¯^bxwZ A‡_©i †hvMvb‡K cÖfvweZ Ki‡Z
cv‡i|
Dc‡ii e³eÜzKz g‡b †i‡L Avgiv GLb A‡_©i cwigvY ZË¦ we‡kÐlY Kie|
A‡_©i cwigvY ZË¦ (Quantity Theory of Money)

GKwU A_©bxwZ‡Z mvaviY `vg¯Í‡ii DVv-bvgv Avw_©K Ges A-Avw_©K (Monetary and Non-monetary) Dfq cÖKv‡ii
Dcv`v‡bi Ici wbf©i K‡i| A_©ev`x‡ì (monetarists) g‡Z, A‡_©i cwigv‡Yi cwieZ©bB n‡”Q mvaviY `vg¯Í‡ii
cwieZ©‡bi g~j KviY| A-Avw_©K e¨vL¨v Abymv‡i hy×-weMÖn, `ywf©ÿ, AvenvIqv cÖf„wZ `vg¯Í‡ii cwieZ©‡bi Rb¨ `vqx|
`vg¯Íi cwieZ©‡bi cÖ_‡gv³ e¨vL¨vwU A‡_©i cwigvY ZË¦ bv‡g cwiwPZ|
cÖK„Zc‡ÿ, †lvok kZvãxi wØZxqv‡a©i gvSvgvwS †_‡KB A‡_©i cwigvY Ges A_©‰bwZK Kg©Kv‡Ûi m¤cK© wb‡q M‡elYv ïiæ
nq| g‡b Kiv nq †h, divmx A_©bxwZwe` Rxb †evw`b (Jean Bodin) 1568 mv‡j me©cÖ_g A‡_©i cwigvY Ges `ªe¨g~‡jï
m¤cK© wb‡q Av‡jvPbvi m~ÎcvZ K‡ib| cÖv_wgK djvdj we‡kÐl‡Y GUv cÖZxqgvb nq †h, A‡_©i cwigvY ev †hvMv‡bi
cwieZ©b mvaviY `vg¯Í‡ii mgvbycvwZK cwieZ©b NUvq| A‡_©i cwigvY Ges mvaviY `vg¯Í‡ii G m¤cK©wU A‡_©i cwigvY
ZË¦ bv‡g A_©bxwZ‡Z ¯’vqx Avmb jvf K‡i| mg‡qi cÖev‡n A‡_©i cwigvY ZË¦ wewfbœ `„wó‡Kvb †_‡K cwigvwR©Z I cwiewa©Z
iƒc jvf K‡i| wKš‘ Gi g~j my‡ii †Kvb cwieZ©b N‡Uwb| eZ©gvb Av‡jvPbvq Avgiv A‡_©i cwigvY Z‡Ë¦i cÖavb `y‡Uv
cÖKvi‡f` (version) we‡kÐlY Kie| G `y‡Uv cÖKvi‡f` n‡”Q h_vµ‡g bM`-†jb‡`b ZË¦ ev wewbgq mgxKiY Ges bM`-
e¨vjvÝ ZË¦ ev K¨vgeÖxR mgxKiY|
Abykxjb
5 wU Avw_©K Dc‡Rvb I 3 wU A-Avw_©K Dcv`v‡bi bvg wjLyb| Gme Dcv`vb¸‡jvi `vg¯Íi‡K cÖfvweZ K‡i wK? wPšÍv Kiæb
I wjLyb|
*
Afl ašÆ¢V ®p'l ¢h¢d (Say's Law) e¡−j f¢l¢Qaz H ¢h¢dl j§mLb¡ q−m¡-®k¡N¡e a¡l ¢eSü Q¡¢qc¡ pª¢ø L−l (Supply creates its
own demand)z p¤al¡w HL¢V AbÑe£¢a−a ÙÛ¡u£i¡−h âhÉp¡jNË£ J ®ph¡l A¢a¢lš² ®k¡N¡e b¡L−a f¡−l e¡z AeÉ Lb¡u, h¡S¡l
AbÑe£¢al ¢eSü ¢eu−jC p¡j¢NËL Q¡¢qc¡ J ®k¡N¡−el pja¡ ¢hl¡S Ll−hz H pÇf−LÑ Bf¢e H ®L¡−pÑl CE¢eV-3 Hl f¡W-2 ®b−L
¢hÙ¹¡¢la ®S−e−Rez
CE¢eV-6 fªù¡-80
mgwóK A_©bxwZ
bM`-†jb‡`b ZË¦ ev wewbgq mgxKiY (Cash-transactions theory or the Equation of Exchange)

Av‡gwiKvb A_©bxwZwe` Aviwfs wdkvi (Irving Fisher) G Z‡Ë¦i D™¢veK| ZvB G ZË¦wU wdkv‡ii mgxKiY bv‡gI
cwiwPZ| wdkvi GKwU mij A‡f‡ì (Simple identity) gva¨‡g Zuvi Av‡jvPbv ïiæ K‡ib| wdkv‡ii g‡Z, weµxZ
`ªe¨mvgMÖx I †mevi Avw_©K g~j¨ Ges †gvU A_© e¨‡qi cwigvY ci¯úi mgvb| G e¨³e¨wU mvs‡KwZK wP‡ýi mvnv‡h¨
wb‡æv³fv‡e cÖKvk Kiv hvq -
MV = PQ
†hLv‡b,
M = cÖPwjZ A‡_©i Mo cwigvY
*
V = cÖPwjZ A‡_©i MwZ‡eM
Q = `ªe¨mvgMÖx I †mevi e¯ÍyMZ cwigvY Ges
P = mvaviY `vg¯Íi
wdkv‡ii mgxKiYwU †hfv‡e cÖKvk Kiv n‡q‡Q Zv‡Z GwU‡K GKwU A‡f` Qvov wKQyB ejv hvq bv| A_©vr mgxKiYwUi
Dfqcÿ msÁvMZfv‡e mgvb| GKUz we‡kÐlY Ki‡jB welqwU cwi®Kvifv‡e eySv hv‡e| g‡b Kwi, cÖPwjZ A‡_©i cwigvY
100 UvKv Ges cÖwZwU UvKv eQ‡i M‡o 5 evi P‚ovšÍ `ªe¨mvgMÖx I †mev †jb‡`‡b eënƒZ nq| myZivs A‡_©i Kvh©Ki ev
cÖK„Z cwigvY n‡”Q (100×5) = 500 UvKv| Kv‡RB Avgiv ej‡Z cvwi †h, MV = A‡_©i Kvh©Ki †hvMvb| Ab¨w`‡K, PQ
wb‡`©k Ki‡Q `ªe¨mvgMÖx I †mevi evRvi g~j¨ ev Avw_©K RvZxq Avq| myZivs Q cwigvY `ªe¨mvgMÖx µq Ki‡Z n‡j MV
cwigvY A‡_©i cÖ‡qvRb| Kv‡RB PQ A‡_©i Kvh©Ki Pvwn`v wb‡`©k Ki‡Q| Ab¨fv‡e ejv hvq, MV n‡”Q P‚ovšÍ `ªe¨mvgMÖx
I †mevi Rb¨ e¨wqZ A‡_©i cwigvY Ges PQ n‡”Q `ªe¨mvgMÖx weµqjä A‡_©i cwigvY| RvZxq Av‡qi PµvKvi cÖev‡ni
aviYv †_‡K Avgiv Rvwb †h, GKwU wbw`©ó mg‡q P‚ovšÍ `ªe¨mvgMÖx I †mevi weµqjä A‡_©i cwigvY P‚ovšÍ `ªe¨mvgMÖx I
†mev µ‡qi Rb¨ e¨wqZ A‡_©i cwigvY ci®ci mgvb| myZivs MV=PQ GKwU A‡f` ev identity|
GKwU A‡f` ev identity KLbI ZË¦ wn‡m‡e we‡ewPZ n‡Z cv‡i bv| ZË¦ wn‡m‡e cÖwZwôZ n‡Z n‡j GwU‡K GKwU
fvimv‡gï kZ© wn‡m‡e e¨vL¨v Ki‡Z n‡e| Ab¨fv‡e ejv hvq, wdmv‡ii mgxKiY Øviv Kxfv‡e A‡_©i cwigvY I `ªe¨g~‡jï
AvbycvwZK m¤cK© †`Lv‡bv hvq? K¬¨vwmK¨vj A_©bxwZwe`‡ì g‡Z, V Ges Q DfqB ¯^íKv‡j w¯’i| V -Gi gvb wba©vwiZ
nq RbmsL¨vi †jb‡`b AvPiY Ges cÖvwZôvwbK Kg©KvÛ Øviv| ¯^íKv‡j G ai‡bi AvPiY AcwiewZ©Z _v‡K -G Abygv‡bi
(assumption) wfwË‡Z ejv hvq †h, ¯^íKv‡j V w¯’i _vK‡e| Ab¨w`‡K, Q w¯’i| KviY K¬¨vwm‡Kj A_©bxwZwe`‡ì g‡Z,
A_©bxwZ‡Z me mgq c~Y©wb‡qvM weivRgvb Q c~Y©wb‡qvM Ae¯’vq `ªe¨mvgMÖx I †mevi e¯ÍyMZ cwigvY wb‡`©k K‡i| V I Q
w¯’i _vK‡j M I P Gi m¤cK© n‡e AvbycvwZK| KviY MV = PQ ‡_‡K Avgiv cvB-
MV V
P= = M
Q Q
V
V Ges Q w¯’i _vK‡j n‡e GKwU w¯’i ivwk| myZivs M evo‡j AvbycvwZK nv‡i P evo‡e| GKwU D`vni‡Yi mvnv‡h¨
Q
M I P -Gi AvbycvwZK m¤cK© e¨vL¨v Kiv hvq| g‡b Kiæb, cÖv_wgKfv‡e|
V=5
M = 10 wgwjqb UvKv
Q = 2 wgwjqb GKK
V
G‡ÿ‡Î, P =  M
Q
*
A−bÑl N¢a−hN (Velocity of money): A−bÑl N¢a−hN hm−a AbÑ HL¢V p¤¢e¢cÑø pj−u (p¡d¡lZax HL hR−l) La pwMÉLh¡l
PQ
Q§s¡¿¹ âhÉp¡jNË£ J ®ph¡ ®me−c−e hÉhq©a qu a¡h¤T¡uz Ef−ll pj£Ll−Z, V = z HM¡−e PQ q−µR âhÉp¡jNË£ J ®ph¡l h¡S¡l
M
B¢bÑL S¡a£u Bu
j§mÉ AbÑ¡v B¢bÑL S¡a£u Buz p¤al¡w V =
fÐQ¢ma A−bÑl Ns f¢lj¡Z
BDwbU-6 fªù¡- 81
weweGm †cÖvMÖvg
 5 × 10 
=  = 25 UvKv
 2 
 5 × 10 
GLb g‡b Kiæb, M †e‡o wØ¸Y n‡q‡Q; A_©vr M = 20 wgwjqb UvKv| V Ges Q w¯’i _vK‡j P =   = 50 UvKv
 2 
n‡e hv c~‡e©i `vg¯Í‡ii wØ¸Y|
MV = PQ G mgxKi‡Y M ej‡Z wdkvi ïaygvÎ AvBbvbyM A_© (fiat Money) A_©vr avZe gy`ªv, KvMRx-gy`ªv I e¨vs‡Ki
PjwZ AvgvbZ‡K eywS‡q‡Qb; cÖvq-A_© (near money) A_©vr mÂqx I †gqv`x AvgvbZmg~n wdkv‡ii Av‡jvPbvq ¯’vb
cvqwb*| g‡b Kwi cÖvq-A‡_©i cÖPwjZ cwigvY = M' Ges MwZ‡eM = V'| G‡ÿ‡Î wdkv‡ii mgxKiYwU wb‡æv³fv‡e cÖKvk
Kiv hvq-
PQ = MV + M'V'
MV + M' V'
ev P =
Q
V  V' 
ev P =  M +  M' |
Q Q
*
V Ges Q Gi g‡Zv V' I hw` w¯’i nq Zvn‡j P Gi mv‡_ M I M' -Gi m¤cK© n‡e abvZ¡K Ges AvbycvwZK|
Abykxjb
aiæb, GKwU A_©bxwZ‡Z MZ eQi †gvU Drcv`‡bi cwigvY = 5 wgwjqb GKK, A‡_©i †gvU †hvMvb = 10 wgwjqb UvKv,
`vg¯Íi = 4 UvKv wQj| G eQi †gvU Drcv`b e„w× †c‡q 6 wgwjqb GKK I `vg¯Íi e„w× †c‡q 5 UvKv n‡q‡Q| A‡_©i
†hvMvb w¯’i i‡q‡Q| GgZve¯’vq A‡_©i MwZ‡e‡Mi wK ai‡bi cwieZ©b n‡q‡Q? wPšÍv Kiæb I wjLyb|
A‡_©i bM`-e¨vj¨vÝ ZË¦ ev K¨vgeÖxR mgxKiY

(Cash-balances Theory of Money or the Cambridge Equation)
Bsj¨v‡Ûi K¨vgeÖxR wekŸwe`¨vj‡qi Avj‡d«W gvk©vj (Alfred Marshall), G.wm. wç (A.C. Pigou), †R.Gg. †KBbm
(J.M. Keynes) Ges wW.GBP. ievU©mb (D.H. Robertson) cÖg~L A_©bxwZwe`MY bM`-e¨vj¨vÝ ZË¦ Z_v K¨vgeÖxR
mgxKi‡Yi cÖe³v| wdkv‡ii mgxKi‡Yi g~j `„wó wQj A‡_©i cÖPwjZ MwZ‡e‡Mi Dci| Ab¨fv‡e ejv h vq, wdkv‡ii Z‡Ë¦i
†gŠwjK cÖwZcv`¨ welq wQj A_© e¨‡qi nvi Ges Gi wba©viK welqmg~n| Ab¨w`‡K, bM`-e¨vj¨vÝ ZË¦ n‡”Q A‡_©i Pvwn`v I
g~j¨ Z‡Ë¦i mgš^q mva‡bi cÖ‡Póv| bM` e¨j¨vÝ ZË¦ ev K¨vgeÖxR mgxKiYwU wb‡æv³fv‡e cÖKvk Kiv hvq -
M = kY = kPQ
‡hLv‡b,
M = A‡_©i cwigvY
Y = RvZxq Avq hv wdkv‡ii wewbgq mgxKi‡Yi PQ -Gi mgv_©K Ges
k = RbM‡Yi Avw_©K Av‡qi GKwU AbycvZ (proportion) hv Zviv bM`-e¨vj¨vÝ wn‡m‡e ivL‡Z Pvq|
GUv LyeB ¯^vfvweK †h, RbMY Zv‡ì Av‡qi GKwU Ask bM`-e¨vj¨vÝ wn‡m‡e nv‡Z ivL‡Z PvB‡e| e¨w³eM© Zv‡ì Avq
†c‡q _v‡K GKwU wbw`©ó mg‡qi eëav‡b (mvßvwnK, gvwmK ev evwl©K)| wKš‘ `ªe¨mvgMÖx I †mevi †jb‡`b GKwU Awew”Qbœ
(continuous) cÖwµqv| myZivs Avq cÖvwßi g‡a¨Kvi mgq-eëav‡b †jb‡`b cÖwµqv Ae¨vnZ ivLvi Rb¨ gvbyl Zvi GKwU
wbw`©ó Ask ev AbycvZ bM` wnmv‡e ivL‡e|
wdkv‡ii mgxKi‡Yi g‡Zv K¨vgeÖxR mgxKiY‡KI GKwU A‡f` ev identity wn‡m‡e eY©bv Kiv hvq| Dc‡ii mgxKiY †_‡K
Avgiv wjL‡Z cvwi -
*
Fait money J Near money pÇf−LÑ flha£Ñ f¡W c¤−V¡−a ¢hÙ¹¡¢la B−m¡Qe¡ Ll¡ q−u−Rz
CE¢eV-6 fªù¡-82
mgwóK A_©bxwZ
M M
k= ev
Y PQ
G‡ÿ‡Î k Ggb †Kvb gvb MÖnY Ki‡e hv M Ges kY -Gi mgZv weavb Ki‡Z mÿg| GLb g‡b Kiæb, k n‡”Q RbM‡Yi
Avw_©K Av‡qi GKwU KvswLZ (preferred or desired) AbycvZ hv Zviv bM` e¨vj¨vÝ wn‡m‡e nv‡Z ivL‡Z Pvq| G‡ÿ‡Î
K¨vgeÖxR mgxKiYwU A‡_©i †hvMvb I A‡_©i Pvwn`vi fvimv‡gï GKwU kZ© †hLv‡b kY = kPQ A‡_©i ev Avw_©K e¨vj¨v‡Ýi
Pvwn`v wb‡`©k K‡i| GKwU D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv ‡h‡Z cv‡i| g‡b Kiæb, k = .25 (A_©vr RbMY Zv‡ì
Avw_©K Av‡qi kZKiv 25 fvM bM`-e¨vj¨vÝ wn‡m‡e ivL‡Z Pvq), Y = PQ = 1000 wgwjqb UvKv| myZivs RbM‡Yi
KvswLZ bM`-e¨vj¨v‡Ýi cwigvY = (.25*1000) = 250 wgwjqb UvKv| GLb M ev A‡_©i †hvMv‡bi cwigvY hw` 250
wgwjqb UvKv nq Zvn‡j A_©-evRv‡i fvimvg¨ weivR Ki‡e| A‡_©i †hvMv‡bi cwigvY Kg ev †ekx n‡j A_©evRv‡i
fvimvg¨nxbZv (disequilibrium) †`Lv †`‡e|
Avgiv Rvwb, A‡_©i cwigvY Z‡Ë¦i g~j cÖwZcv`¨ welq n‡jv A‡_©i †hvMv‡bi cwieZ©‡bi mv‡_ `ªe¨g~‡jï m¤cK© wba©viY|
GLb cÖkœ n‡”Q, wdkv‡ii mgxKi‡Yi g‡Zv K¨vgeÖxR mgxKiYI wK A‡_©i †hvMvb I mvaviY `vg¯Í‡ii g‡a¨ AvbycvwZK
m¤cK© wb‡`©k K‡i? GK K_vq, Gi DËi n‡jv Ônu¨v'| K¨vgeÖxR mgxKiYwU‡K GKUz wfbœfv‡e Dc¯’vcb Ki‡jB Avgiv Gi
mZ¨Zv cÖgvb Ki‡Z cvie|
M = kY = kPQ
M
ev P=
kQ
PQ M 1 1
V I K -Gi m¤cK©: wdkv‡ii mgxKi‡Y V = Ges K¨vgeªxR mgxKi‡Y K = | myZivs k = ev v = ,
M PQ v K
A_©vr v Ges k ci¯ú‡ii e¨¯Í-AbycvZ (reciprocal) ev wecixZ|
GLb g‡b Kwi, k Ges Q w¯’i| Kv‡RB M evo‡j mgvbycvwZK nv‡i P evo‡e| e¯ÍyZ: †h me Dcv`vb V -Gi gv‡bi
wba©viK, †m me Dcv`vb k -Gi gv‡biI wba©viK| Z‡e `vg¯Í‡ii cwieZ©b m¤c‡K© RbM‡Yi cÖZ¨vkv Ges wewb‡qvM †_‡K
cÖZ¨vwkZ Avq cÖf„wZI k -Gi gvb‡K cÖfvweZ Ki‡Z cv‡i hv V -Gi †ÿ‡Î cÖ‡hvR¨ bq| myZivs k -Gi gvb V A‡cÿv
wKQyUv Kg Abgbxq (rigid) n‡Z cv‡i| A_©vr wdkv‡ii mgxKi‡Yi g‡Zv K¨vgeÖxR mgxKiY A‡_©i †hvMvb I mvaviY
`vg¯Í‡ii m¤cK© K‡Vvi (strict) Abycv‡Zi gva¨‡g wePvi K‡i bv|
Abykxjb
aiæb, P = 10 UvKv, Q = 2 wgwjqb GKK, M = 10 wgwjqb UvKv| k Gi gvb †ei Kiæb| hw` P = 20 UvKv nq Ges
Q,M w¯’i _v‡K Zvn‡j k Gi gv‡bi Kx cwieZ©b n‡e? wjLyb|
mZ¨-wg_¨v
1. A_©ev`x‡ì g‡Z miKv‡ii ivR¯^bxwZ A‡cÿv Avw_©KbxwZ AwaKZi Kvh©Ki - mZ¨/wg_¨v
2. Ki nv‡ii cwieZ©b Avw_©K bxwZi GKwU nvwZqvi - mZ¨/wg_¨v
3. wewbgq mgxKiYwUi cÖe³v n‡jb †R.Gg. †KBbm - mZ¨/wg_¨v
4. v Ges k ci¯ú‡ii e¨¯Í-AbycvZ - mZ¨/wg_¨v
mswÿß DËi cÖkœ
4. wb‡Pi aviYv¸‡jv e¨vL¨v Kiæb-
1. Monetarist
2. †m'i wewa
3. cÖPwjZ A‡_©i MwZ‡eM
BDwbU-6 fªù¡- 83
weweGm †cÖvMÖvg
iPbvg~jK cÖkœ
1. A‡_©i cwigvY Z‡Ë¦i g~j e³e¨ Kx?
2. wdkv‡ii mgxKiYwU we‡kÐlY Kiæb| †Kvb A‡_© GwU GKwU A‡f`?
3. K¨vgeÖxR mgxKiYwU e¨vL¨v Kiæb| wdkv‡ii mgxKi‡Yi mv‡_ Gi †Kvb cv_©K¨ Av‡Q wK?
ˆbe©¨w³K cÖkœ
1. †KvbwU A-Avw_©K Dcv`vb
K. A‡_©i †hvMvb
L. `ywf©ÿ
M. Avq
N. Dc‡ii †KvbwUB bq
2. me©cÖ_g Av‡qi cwigvY I `ªe¨g~‡jï m¤cK© wb‡q Av‡jvPbv K‡ib
K. †R. Gg. †KBbm
L. G¨vWvg w¯§_
M. Rxb †ew`b
3. wb‡Pi †KvbwU wKÝv‡ii mgxKiY
K. MV = PQ
L. M = kY
M. M = kPQ
4. cÖPwjZ A‡_©i MwZ‡eM e„w× cv‡e hw`
K. Avw_©K RvZxq Avq e„w× cvq
L. cÖPwjZ A‡_©i Mo cwigvY e„w× cvq
M. Avw_©K RvZxq Avq nªvm cvq
5. wb‡Pi †Kvb&wU K¨vgeÖxR mgxKiY
K. MV=PQ
L. M=kY
M. MV=Y
mgm¨v
aiæb, GKwU †`‡ki A‡_©i †gvU ‡hvMvb = 10 wgwjqb UvKv, †gvU Drcv`b = 3 wgwjqb GKK, `vg¯Íi = 10 UvKv|
G‡ÿ‡Î A‡_©i MwZ‡eM KZ? A‡_©i †hvMvb e„w× †c‡q hw` 15 wgwjqb UvKv nq Zvn‡j `vg¯Í‡ii Kx cwieZ©b n‡e?
CE¢eV-6 fªù¡-84
mgwóK A_©bxwZ
cvV-2 A_© evRvi - A‡_©i Pvwn`v I †hvMvb

(Money Market - Demand and supply of money)
D‡Ïk¨
♦ A‡_©i msÁv eY©bv Ki‡Z cvi‡eb
♦ ˆ`bw›`b Rxe‡b A‡_©i wewfbœ cÖKvi eënvi Z_v Kvh©vejx m¤c‡K© ej‡Z cvi‡eb
♦ A_© evRv‡ii msÁv eY©bv Ki‡Z cvi‡eb
♦ A‡_©i wewfbœ cÖKvi Pvwn`vi cv_©K¨ ej‡Z cvi‡eb
♦ A‡_©i †hvMvb m¤c‡K© ej‡Z cvi‡eb
♦ wewfbœ cÖKvi A‡_©i cv_©K¨ eY©bv Ki‡Z cvi‡eb|
f~wgKv
A_©bxwZ‡Z A‡_©i f~wgKv LyeB ¸iæZ¡c~Y©| A‡_©i cÖPjb A_©‰bwZK Kvh©Kjvc AZ¨šÍ mnRfv‡e m¤cvw`Z n‡Z mnvqZv
Ki‡Q| Z‡e, mg‡qi mv‡_ Zvj wgwj‡q A‡_©i Kvh©vejx‡ZI cwieZ©b mvwaZ n‡q‡Q| †hgb - Avw`Kv‡j A_© ïaygvÎ
wewbg‡qi gva¨g wn‡m‡e KvR KiZ, eZ©gvbKv‡j wewbg‡qi gva¨g QvovI g~‡jï cwigvcK, g~‡jï msiÿK I ¯’wMZ
†jb‡`‡bi cwigvcK wn‡m‡e A‡_©i eënvi n‡”Q| †gvUK_v, A_© Qvov eZ©gv‡b †Kvb A_©‰bwZK Kg©KvÛ‡K wPšÍv Kiv `~iƒn
e¨vcvi| ZvB A_©‰bwZK Kvh©Kjvc‡K eyS‡Z n‡j Aek¨B A_© m¤c‡K© fvj Ávb _vKv Avek¨K| G cv‡V Avgiv cÖ_‡g
A‡_©i msÁv m¤c‡K© Rvbe| cieZ©x‡Z Av‡qi wewfbœ cÖKvi Pvwn`v, A‡_©i †hvMvb, wewfbœ ai‡bi Avw_©K bxwZ I Zv‡ì
cÖ‡qvM m¤c‡K© we¯ÍvwiZ Rvbe|
A‡_©i msÁv
GK K_vq, A‡_©i me©RbMÖvn¨ †Kvb msÁv cÖ`vb Kiv m¤¢e bq| `ªe¨ wewbgq cÖ_vi Aemv‡bi ci we‡kŸi wewfbœ †`‡k
KvMRx Ges avZe gy`ªvi cÖPjb ïiæ nq| GKRb mvaviY gvby‡li `„wó‡Kvb †_‡K wePvi Ki‡j, ˆ`bw›`b Rxe‡b wewbg‡qi
gva¨g wn‡m‡e eënƒZ KvMRx Ges avZe gy`ªv‡K A_© wn‡m‡e eY©bv Kiv hvq| wKš‘ A_©bxwZwe`MY wewfbœ `„wó‡Kvb †_‡K
A_©‡K msÁvwqZ K‡i _v‡Kb| Gme `„wófsMxi (approach) we¯ÍvwiZ Av‡jvPbv eZ©gvb cwim‡i m¤¢e bq| Z‡e A‡_©i
Kvh©vejx Ges A‡_©i †hvMvb e¨vL¨vi gva¨‡g A_© m¤c‡K© GKwU mvaviY aviYv cÖ`vb Kiv m¤¢e| GLb Avgiv A‡_©i
Kvh©vejx m¤c‡K© GKwU mswÿß eY©bv Dc¯’vcb Kie|
A‡_©i cÖ_vMZ msÁv: A_© n‡jv Ggb ai‡bi m¤c` hv `ªe¨mvgMÖx I †mevi e`‡j mvaviYfv‡e ¯^xK„Z I MÖnY‡hvM¨|
A‡_©i †hvMvb m¤c‡K© cieZx©‡Z Av‡jvPbv Kiv n‡e|
A‡_©i Kvh©vejx
A_©bxwZwe` Walker -Gi g‡Z, A‡_©i Kvh© m¤cv`b cÖwµqvB n‡jv A_© (æMoney is as money does”)| eënvwiK
`„wó‡Kvb †_‡K A‡_©i wb‡æv³ Pvi cÖKvi mvaviY Kvh©vejx wPwýZ Kiv hvq:
wewbg‡qi gva¨g (Medium of Exchange): A‡_©i me‡P‡q ¸iæZ¡c~Y© KvR n‡jv wewbg‡qi gva¨g wn‡m‡e Gi eënvi|
GKRb †fv³v A‡_©i gva¨‡g Drcv`b cÖwZôvb Z_v we‡µZv‡ì wbKU †_‡K µxZ `ªe¨mvgMÖx I †mevi g~j¨ cwi‡kva K‡i
_v‡Kb| GKBfv‡e, Drcv`bcÖwZôvb mg~n cwievieM© †_‡K fvovK„Z DcKiYmg~‡ni (f~wg, kÖg, g~jab I msMVb) †mev
eënv‡ii g~j¨ A‡_©i gva¨‡g (LvRbv, gRyix, my` I gybvdv) cwi‡kva K‡i _v‡Kb| A‡_©i Abycw¯’wZ‡Z Dc‡iv³ ai‡bi
†jb‡`b †h AZ¨šÍ KwVb GKwU cÖwµqv n‡Zv Zv mn‡RB Abygvb Kiv hvq| GKwU mnR D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v
Kiv hvK&| g‡b Kiæb, Avcwb GKwU Jla-†Kv¤cvbxi weµq cÖwZwbwa| gv‡mi †k‡l Avcbv‡K wewfbœ cÖKvi Jl‡ai gva¨‡g
†eZb †Ìqv nq| wKš‘ Avcbvi cÖ‡qvRb Pvj-Wvj-jeb-wPwb-e¯¿ cÖf„wZ| Avcbv‡K Ggb me †jv‡Ki mÜvb Ki‡Z n‡e
hviv Jl‡ai e`‡j D‡jøwLZ `ªe¨mvgMÖx wewbgq Ki‡Z cÖ¯ÍyZ| KvRwU nq‡Zv Am¤¢e bq, wKš‘ LyeB KwVb Ges mgq-
mv‡cÿ| myZivs Avgiv ej‡Z cvwi, A‡_©i cÖPjb †jb‡`b cÖwµqv‡K AZ¨šÍ mnR K‡i w`‡q‡Q|
BDwbU-6 fªù¡- 85
weweGm †cÖvMÖvg
g~‡jï cwigvcK (Standard Unit of Account): †jb‡`‡bi gva¨g wn‡m‡e A_© eënviKvix GKwU A_©bxwZ‡Z
`ªe¨mvgMÖx I †mevi g~j¨ wba©vi‡Yi †ÿ‡Î ÔA_©' GKwU mvaviY gvcKvwV (numeraire) wn‡m‡e eënƒZ nq| D`vniY¯îƒc,
GKwU kv‡U©i `vg 300 UvKv, GK †KwR wPwbi `vg 35 UvKv BZ¨vw`| A‡_©i Abycw¯’wZ‡Z, `ªe¨mvgMÖx wewbg‡qi Rb¨ GKwU
mvaviY cwigvcK Luy‡R cvIqv LyeB KwVb| KviY GK GKwU `ªe¨ wfbœ wfbœ GK‡Ki gva¨‡g cwigvc Kiv nq|
D`vniY¯îƒc, e¯¿ cwigvc Kiv nq MR ev wgUv‡i, wPwb cwigvc Kiv nq MÖvg (gram) -Gi mvnv‡h¨ Ges †Zj, `ya cÖf„wZ
cwigvc Kiv nq wjUv‡i|
g~‡jï ev g~j¨gv‡bi msiÿK (Store of value): GLv‡b g~j¨ (Value) ej‡Z A‡_©i †mB ÿgZv‡K eySv‡bv n‡q‡Q hv
†fv³v‡ì mš‘wóweavb Ki‡Z mÿg Ggb me `ªe¨mvgMÖx I †mev µq Ki‡Z cv‡i| GKRb e¨w³ Zuvi Avq eZ©gvb †fv‡Mi
Rb¨ e¨q bv K‡i fwel¨‡Z `ªe¨mvgMÖx I †mev µq Kivi Rb¨ mÂq Ki‡Z cv‡ib| Avcwb hw` AvR 500 UvKv e¨q bv
K‡ib Z‡e Zv AvMvgxKvj †fv‡Mi wbwg‡Ë eënvi Ki‡Z cv‡ib| ˆ`bw›`b Rxe‡b Avgiv mevB wKQy cwigvY A_© nv‡Z ivwL
hv w`‡q mvßwnK ev gvwmK †fvM-e¨q wgwU‡q _vwK| mÂ‡qi evnb Z_v g~j¨gv‡bi msiÿK wn‡m‡e A‡_©i G-f~wgKv ¯^íKv‡j
AZ¨šÍ ¸iæZ¡c~Y©| `xN©Kv‡j `ªe¨g~j¨ e„w×i (gy`ªvùxwZ) d‡j A‡_©i cÖK„Z g~j¨ nªvm †c‡Z cv‡i| Aek¨ GKRb e¨w³ Zuvi
mwÂZ A_© e¨vs‡K Rgv †i‡L g~j¨gvb evov‡Z cv‡ib (hw` my‡ì nvi gy`ªvùxwZi nv‡ii †P‡q †ekx nq)|
¯’wMZ †jb‡`‡bi cwigvcK (Standard of Deferred Payment): GKwU A_©bxwZ‡Z wewfbœ cÖKv‡ii †jb‡`b GKwU
mgq-eëav‡b (Over a period of time) msNwUZ n‡Z cv‡i| †fvM¨`ªe¨mvgMÖx av‡i †Kbv‡ePv n‡Z cv‡i, e¨qeûj †UKmB
`ªe¨mvgMÖx (durable goods) AwMÖg cÖ`v‡bi (down-payments or hire purchase) gva¨‡g †jb‡`b n‡Z cv‡i| G ai‡bi
¯’wMZ †jb‡`‡bi cwigvcK wn‡m‡e eënvi‡hvM¨ GKwU Av`k© gvb`‡Ûi (standard unit) cÖ‡qvRbxqZv i‡q‡Q| ÔA_©'
†h‡nZz wewbg‡qi gva¨g †m‡nZz ¯’wMZ †jb‡`‡bi gvcKvwV wn‡m‡e Gi †Kvb weKí †bB|
A_©-evRvi (Money Market)

Avw_©K evRv‡ii (Financial Markets) `y‡Uv Dcv`v‡bi GKwU n‡jv A_©evRvi (Money Market); Aci Dcv`vb ev
AsMwU n‡”Q g~jab evRvi (Capital Market), Lye ms‡ÿ‡c ejv hvq, A_© evRvi n‡”Q H mKj myweav ev cÖwµqv hvi
gva¨‡g ¯^í‡gqv`x I D”P ÿgZvm¤cbœ Avw_©K ¯^Z¡ ev `vexmg~‡ni †jb‡`b m¤cbœ nq| g~jab evRv‡ii mv‡_ A_©evRv‡ii
cv_©K¨ LyeB ¯úó Ges Zv mgq-eëav‡bi mv‡_ m¤cK©hy³| †h mKj Avw_©K ¯^Z¡ ev `vex (claims) GK eQi ev Zvi ‡P‡q
Kg mg‡q cwic°Zv (maturity) jvf K‡i †m mKj ¯^Z¡ ev `vex A_©evRv‡ii Dcv`vb (instruments) (†hgb, †UªRvix wej,
†LvjvevRvix FY cÎ, gxgvsmv‡hvM¨ mÂq mvwU©wd‡KU cÖf„wZ)| Ab¨w`‡K, g~jab evRv‡ii Dcv`vbmg~n `xN©‡gqv`x A_©vr
GK eQ‡ii AwaK mgq AwZµvšÍ nevi ci cÖ‡`q (†hgb - wewfbœ K‡c©v‡ikb KZ©„K Bmy¨K„Z eÛ, wkí I KjKviLvbv
wbg©v‡Yi R‡b¨ FY, fvix hš¿cvwZ µq, Dbœqb cÖKí cwiPvjbv FY cÖf„wZ)|
A_©bxwZi Ab¨vb¨ evRv‡ii g‡Zv (`ªeëvRvi, kÖgevRvi) A_©evRv‡iiI `y‡Uv w`K i‡q‡Q - Pvwn`v I †hvMvb| A‡_©i Pvwn`v
I †hvMv‡bi w`K we‡ePbv K‡i A_©bxwZwe` Orley M. Amos, Jr. wb‡¤œv³fv‡e A_© evRv‡ii msÁv cÖ`vb K‡i‡Qb -
æA_© evRvi ej‡Z Ggb GKwU evRvi‡K eySvq hv wewfbœ my‡ì nv‡i GKwU A_©bxwZ‡Z A‡_©i Pvwn`v I †hvMv‡bi wµqv-
cÖwZwµqv eY©bv K‡i” [æThe money market is a market illustrating the interaction between the economy's
demand for money and the available supply at different interest rates.”]
Abykxjb
wb‡æv³ †ÿÎ¸‡jv‡Z Kx wn‡m‡e A_© eënƒZ n‡q‡Q wjLyb: Avjy wewµ K‡i avb µq, Wv‡ji †KwR cÖwZ `vg 18 UvKv, mÂq
Kiv, FY cwi‡kva Kiv|
A‡_©i Pvwn`v (Demand for Money)

A‡_©i cwigvY Z‡Ë¦i Av‡jvPbv †_‡K Avgiv B‡Zvg‡a¨ A‡_©i Pvwn`v m¤c‡K© GKwU mvaviY aviYv jvf K‡iwQ| A‡_©i
cwigvY ZË¦ Z_v K¬vwmK¨vj A_©bxwZwe`‡ì gZvbymv‡i, RbmvaviY ïaygvÎ `ªe¨mvgMÖx †Kbv‡ePvi Rb¨ A_© nv‡Z iv‡L|
A_©bxwZi Drcv`b I e›U‡bi cÖK„Z cÖwµqv A_© Øviv cÖfvweZ nq bv| A_©vr A_© n‡”Q ïaygvÎ wewbg‡qi gva¨g ev
A_©bxwZwe`
A‡_©i Pvwn`v: mvaviYfv‡e A‡_©i Pvwn`v ej‡Z e¨vswKs cÖwZôvbmg~n e¨ZxZ mvaviY Rb †Mvôx KZ„©K bM` A_© nv‡Z ivLvi
B”Qv ev D‡Ïk¨‡K eySv‡bv nq|
†R.Gg. †KBb&m (J.M. Keynes) me©cÖ_g e„nËi `„wó‡Kvb †_‡K A‡_©i Pvwn`vi e¨vL¨v cÖ`vb K‡ib| Keynes -Gi g‡Z,
RbmvaviY wZbwU wfbœ wfbœ D‡Ï‡k¨ bM` A_© nv‡Z ivL‡Z Pvq| G¸‡jv n‡”Q-
CE¢eV-6 fªù¡-86
mgwóK A_©bxwZ
1. †jb‡`‡bi D‡Ïk¨ (Transactions Motive)

2. mZK©Zvg~jK D‡Ïk¨ (Precautionary Motive)
3. dUKv Kviev‡ei D‡Ïk¨ (Speculative Motive)|
A‡_©i †jb‡`b Pvwn`v (Transactions Demand for Money): A‡_©i cÖv_wgK KvR n‡”Q wewbg‡qi gva¨g wn‡m‡e Gi
eënvi| wbZ¨w`‡bi cÖ‡qvRb †gUv‡bvi Rb¨ `ªe¨mvgMÖx I †mev µq Ki‡Z GKRb e¨w³ †h cwigvY bM` A_© nv‡Z ivL‡Z
Pvq Zv-B A‡_©i †jb‡`b Pvwn`v| †jb‡`‡bi cwigvY hZ †ekx n‡e A‡_©i Pvwn`vI ZZ †ekx n‡e| Ab¨fv‡e ejv hvq,
GKRb e¨w³i Av‡qi mv‡_ A‡_©i Pvwn`vi abvZ¥K m¤cK© we`¨gvb| Avq hZ †ekx n‡e, ‡jb‡`bI ZZ †ekx n‡e| myZivs
A‡_©i Pvwn`vI †m Abymv‡i e„w× cv‡e| GKRb e¨w³i †ÿ‡Î †hgb GwU cÖ‡hvR¨, †Zgwb GKwU A_©bxwZi †ÿ‡ÎI Zv
cÖ‡hvR¨| A_©vr GKwU †`‡ki RvZxq Avq hZ †ekx n‡e, Rb‡Môxi A‡_©i †jb‡`‡bi Pvwn`vI ZZ †ekx n‡e| Ab¨vb¨
welqmg~n w¯’i a‡i wb‡q RvZxq Avq Ges A‡_©i †jb‡`b D‡Ïk¨RwbZ Pvwn`v‡K wb‡Pi wP‡Îi mvnv‡h¨ cÖKvk Kiv hvq -
Y )
S¡a£u
Y T d(
M
Bu
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A−bÑl ®me−ce Q¡¢qc¡
wPÎ 6.1: A‡_©i †jb‡`b Pvwn`v

wPÎ 6.1 Gi f~wg A‡ÿ A‡_©i †jb‡`b Pvwn`v I Djø¤^ A‡ÿ RvZxq Avq †`Lv‡bv n‡q‡Q| MTd(y) †iLvwU A‡_©i †jb‡`b
Pvwn`v I RvZxq Av‡qi g‡a¨ m¤cK© †`Lv‡”Q| wP‡Î †`Lvhv‡”Q RvZxq Avq hLb yo ZLb A‡_©i †jb‡`b Pvwn`v n‡jv
MTdo Ges RvZxq Avq hLb y1 ZLb A‡_©i †jb‡`b Pvwn`v MTd1 A_©vr RvZxq Avq I A‡_©i †jb‡`b Pvwn`vi g‡a¨
GKwU mivmwi m¤cK© we`¨gvb|
A‡_©i †jb‡`b Pvwn`vi cwigvY wba©viK wØZxq ¸iæZ¡c~Y© welqwU n‡jv Avq cwi‡kva c×wZ| GKwU D`vni‡Yi mvnv‡h¨
welqwU e¨vL¨v Kiv hvK&| g‡b Kiæb, K I L `y'Rb e¨vsKvi Ges G‡ì evwl©K Mo Avq mgvb| wKš‘ ÔK' †eZb cvb
mvßvwnK wfwË‡Z Ges ÔL' cvb gvwmK wfwË‡Z| G D`vni‡Y ÔK' -Gi †P‡q ÔL' -Gi †jb‡`b D‡Ïk¨RwbZ A‡_©i Pvwn`v
†ekx n‡e| GKBfv‡e, ˆ`wbK wfwË‡Z †eZb ev gRyixcÖvß GKRb e¨w³i A‡_©i †jb‡`b Pvwn`v LyeB mvgvb¨ n‡e|
A‡_©i †jb‡`b Pvwn`v my‡ì nv‡ii DciI wbf©i K‡i| bM` A_© †Kvb cÖKvi Avq DcvR©b Ki‡Z cv‡i bv| wKš‘ D³ A_©
e¨vs‡K Rgv ivL‡j A_ev †Kvb cÖKvi Avw_©K m¤c‡` (†hgb - eÛ, †Kv¤cvbxi †kqvi) wewb‡qvM Ki‡j GKwU wbw`©ó nv‡i
Avq cvIqv hvq| myZivs, my‡ì nvi hZ †ekx n‡e A‡_©i †jb‡`b Pvwn`v ZZ Kg n‡e|
mZK©Zvg~jK Pvwn`v (Precautionary Demand): AcÖZ¨vwkZ †jb‡`b m¤cbœ Kivi D‡Ï‡k¨ †Kvb e¨w³ ev cwievieM©
†h cwigvY A_© nv‡Z ivL‡Z Pvq Zv‡K A‡_©i mZK©Zvg~jK Pvwn`v e‡j| †UKmB `ªe¨mvgMÖx †hgb - †gvUiMvox, evoxNi
cÖf„wZ †givgZ, Amy¯’ e¨w³i wPwKrmv, eëmv-cÖwZôv‡bi wewµi cwigv‡Yi AcÖZ¨vwkZ e„w× BZ¨vwì Rb¨ e¨w³eM© Ges
eëmv-cÖwZôvb‡K AcÖZ¨vwkZ cwigv‡Y †jb‡`b m¤cbœ Ki‡Z nq| c~‡e© cwiKíbv Kiv hvq bv Ggb †jb‡`‡bi e¨q
†gUv‡bvi Rb¨ e¨w³eM©KZ„©K iwÿZ bM` A‡_©i cwigvY‡K A‡_©i mZK©Zvg~jK Pvwn`v e‡j| †jb‡`b Pvwn`vi g‡Zv A‡_©i
mZK©Zvg~jK Pvwn`vi cwigvY Avq Ges my‡ì nv‡ii Ici wbf©i K‡i|
dUKv D‡Ïk¨RwbZ Pvwn`v (Speculative Demand): A‡_©i †jb‡`b I mZK©Zvg~jK Pvwn`v g~jZt wewbg‡qi gva¨g
wnmv‡e A‡_©i eënvi‡K D‡aŸ© Zz‡j a‡i| wewbg‡qi gva¨g wn‡m‡e A_©‡K eënvi Ki‡Z PvB‡j e¨w³eM© Ges Drcv`b
cÖwZôvbmg~‡ni c‡ÿ bM` A_© nv‡Z ivLvi weKí †bB| KviY D‡jøwLZ `y'ai‡bi Pvwn`vB `ªe¨mvgMÖx I †mev †jb‡`‡bi
mv‡_ IZ‡cÖvZfv‡e RwoZ| wKš‘ g~‡jï msiÿK wn‡m‡e A‡_©i f~wgKv Avq DcvR©‡b mÿg Avw_©K m¤c`mg~‡ni Zzjbvq
AZ¨šÍ †MŠb| A‡_©i G f~wgKv DËg (superior) ¯Í‡i Dbœq‡bi Rb¨ e¨w³eM© my‡ì nvi Z_v Avw_©K m¤c`mg~‡ni Avq-
BDwbU-6 fªù¡- 87
weweGm †cÖvMÖvg
nv‡ii DÌvb-cZ‡bi mv‡_ ms‡e`bkxj n‡q bM` A‡_©i cwigvY Kgv‡Z ev evov‡Z cv‡i| my‡ì nv‡ii cwieZ©‡bi Dci
wbf©i K‡i Avw_©K-evRvi cwiw¯’wZi myweav MÖnY Kivi D‡Ï‡k¨ RbMY †h cwigvY A_© nv‡Z iv‡L Zv A‡_©i dUKv
D‡Ïk¨RwbZ Pvwn`v wn‡m‡e cwiwPZ| A‡_©i dUKv D‡Ïk¨RwbZ Pvwn`vi mv‡_ my‡ì nv‡ii wecixZm¤cK© we`¨gvb| my‡ì
nvi evo‡j RbMY AwaK cwigvY A_© Avq cÖ`vbKvix Avw_©K m¤c`mg~‡ni AvKv‡i ivL‡e, A_©vr Zv‡ì bM` A‡_©i Pvwn`v
nªvm cv‡e| wecixZfv‡e, my‡ì nvi Kg‡j RbMY AwaK cwigvY A_© dUKv D‡Ï‡k¨ nv‡Z ivL‡e G Avkvq †h fwel¨‡Z
my‡ì nvi Z_v Avw_©K m¤c‡ì Avq-nvi evo‡e| wb‡Pi wP‡Îi mvnv‡h¨ A‡_©i dUKv D‡Ïk¨RwbZ Pvwn`v e¨vL¨v Kiv n‡jv-
p¤−cl
q¡l r1
r0
O
MSd1 MSd0
A−bÑl gVL¡ E−ŸnÉS¢ea Q¡¢qc¡ (MSd)
wPÎ 6.2: A‡_©i dUKv D‡Ïk¨RwbZ Pvwn`v

Dc‡ii wP‡Î my‡ì nvi hLb r0, dUKv D‡Ïk¨RwbZ Pvwn`vi cwigvY Msdo hv wb‡`©k Ki‡Q †h, my‡ì nvi AZ¨šÍ Kg n‡j
RbMY cy‡iv A_© dUKv D‡Ï‡k¨ nv‡Z ivL‡e| Zv‡ì aviYv my‡ì nvi fwel¨‡Z evo‡e hLb Avw_©K m¤c‡` wewb‡qvM
jvfRbK we‡ewPZ n‡e| Ab¨w`‡K, r1 my‡ì nv‡i RbMY †Kvb bM` A_© dUKv D‡Ï‡k¨ ivL‡e bv, cy‡iv A_© Avq-
cÖ`vbKvix Avw_©K m¤c‡` wewb‡qvM Ki‡e|
Dc‡ii Av‡jvPbv †_‡K Avgiv G wm×v‡šÍ DcbxZ n‡Z cvwi †h, A‡_©i †gvU Pvwn`v Avq¯Íi Ges my‡ì nv‡ii Dci wbf©i
K‡i| GKwU wbw`©ó Avq¯Í‡i A‡_©i Pvwn`v my‡ì nv‡ii mv‡_ wecixZfv‡e m¤cwK©Z n‡e| Avq¯Íi evo‡j A‡_©i Pvwn`v †iLv
Wvbw`‡K ¯’vbvšÍwiZ n‡e| wb‡Pi wP‡Î (wPÎ 6.3) w¯’i (given) Avq¯Íi mv‡c‡ÿ A‡_©i Pvwn`v †iLv AsKb Kiv n‡jv|
wP‡Îi Djø¤^ A‡ÿ my‡ì nvi Ges f~wg A‡ÿ A‡_©i Pvwn`vi cwigvY †`Lv‡bv n‡jv| Y0 Avq¯Í‡i A‡_©i Pvwn`v‡iLv n‡e
Md0 (Y0) Ges Avq¯Íi †e‡o Y1 n‡j A‡_©i Pvwn`v‡iLv Wvbw`‡K ¯’vbvšÍwiZ nq Md1 (Y1)| Gi A_© n‡”Q, Avq¯Íi evo‡j
GKB my‡ì nv‡i A‡_©i
p¤−cl
q¡l (r)
B B
r1
r0 A A
Md1(Y1)
Md0(Y0)
O
Md1 Md0 Md2
A−bÑl Q¡¢qc¡ (Md)
CE¢eV-6 fªù¡-88
mgwóK A_©bxwZ
wPÎ 6.3: A‡_©i Pvwn`v

Pvwn`vi cwigvY ev‡o| D`vniY¯îƒc, my‡ì nvi r0 n‡j Y0 Avq¯Í‡i A‡_©i Pvwn`vi cwigvY Md0| wKš‘ Avq¯Íi †e‡o Y1
n‡j GKB my‡ì nv‡i A‡_©i Pvwn`vi cwigvY †e‡o Md2 n‡e|
Abykxjb
wb‡Pi welq¸‡jvi †Kvb&wU †Kvb& ai‡bi Pvwn`v wb‡`©k K‡i wjLyb:
wg. ingvb wPwb µ‡qi Rb¨ 50 UvKv nv‡Z ivL‡Z Pv‡”Qb, eb¨vi SyuwK Govevi Rb¨ wg. Kwig 5000 UvKv nv‡Z †i‡L‡Qb,
fwel¨‡Z Avq-cÖ`vbKvix Avw_©K m¤c‡` wewb‡qv‡Mi D‡Ï‡k¨ wg. nvQvb 10,000 UvKv nv‡Z †i‡L‡Qb|
A‡_©i †hvMvb (Supply of Money)

mvaviYfv‡e, A‡_©i †hvMvb ej‡Z GKwU wbw`©ó mg‡q GKwU A_©bxwZ‡Z we`¨gvb A‡_©i cwigvY‡K eySvq| wKš‘ ïaygvÎ
GUzKz e‡j A‡_©i †hvMvb m¤c‡K© mvwe©K aviYv †Ìqv m¤¢e bq| e¯ÍyZt †Kvb&wU A_© Ges †KvbwU A_© bq -G `y'‡qi g‡a¨
cv_©K¨ wbY©‡qi †Kvb euvavaiv wbqg †bB| †ÿÎ‡f‡` †Kvb †Kvb `ªeÏ A_© wn‡m‡e eënƒZ n‡Z cv‡i| g‡b Kiæb, Avcwb
GK c¨v‡KU wmMv‡i‡Ui wewbg‡q GK‡Rvov Kjg wKb‡jb| G‡ÿ‡Î Avcwb wmMv‡iU‡K A_© Z_v wewbg‡qi gva¨g wn‡m‡e
eënvi Ki‡jb| A_©bxwZ‡Z G ai‡bi A_©‡K `ªeÄ_© (Commodity Money) ejv nq| A_©vr `ªe¨-A_© n‡”Q H ai‡bi
`ªe¨ hvi eënvwiK g~j¨ (Value in use) Ges wewbgq g~j¨ (Value in exchange) `yB-B i‡q‡Q| Ab¨w`‡K, KvMRx Ges
avZe gy`ªv (hv‡ì ïaygvÎ wewbgq g~j¨ i‡q‡Q) cÖf„wZ AvBbvbyM A_© (Fiat Money) wnm‡e cwiwPZ|
eënv‡ii myweav Z_v Zvi‡jï gvÎv Abyhvqx A_©bxwZwe`MY `y'fv‡e A‡_©i †hvMv‡bi e¨vL¨v cÖ`vb K‡i _v‡Kb-
1. msKxY© A‡_© A‡_©i †hvMvb
2. we¯Í„Z A‡_© A‡_©i †hvMvb
A‡_©i †hvMvbt msKxY© e¨vL¨v: msKxY© A‡_©, A‡_©i †hvMvb ej‡Z GKwU wbw`©ó mg‡q mvaviY Rb‡Mvôxi nv‡Z iwÿZ
avZegy`ªv, KvMRx gy`ªv Ges Pvwn`v Avgvb‡Zi (demand deposit) mgwó‡K eySv‡bv nq| cÖ_‡gv³ `y'cÖKvi A‡_©i Zvij¨
(liquidity) me‡P‡q †ekx| KviY bM` A_© †h †Kvb mgq eënvi Kiv hvq| Pvwn`v AvgvbZ ev †PK‡hvM¨ AvgvbZ
(checkable deposits) ev PjwZ AvgvbZ (current deposits)-†KI A_©bxwZwe`MY GKB †kÖYxf~³ Ki‡Z Pvb, KviY bM`
A‡_©i g‡ZvB RbMY †P‡Ki gva¨‡g †h †Kvb mg‡q G ai‡bi GKvD›U †_‡K A_© D‡Ëvjb Ki‡Z cv‡ib A_ev †P‡Ki
gva¨‡g `ªe¨mvgMÖxi g~j¨ cwi‡kva Ki‡Z cv‡ib| msKxY© A_©‡K (Narrow Money) mvaviYZt M1 Øviv wb‡`©k Kiv nq|
A_©vr M1 = avZegy`ªv + KvMRxgy`ªv + Pvwn`v AvgvbZ|
A‡_©i †hvMvbt we¯Í„Z e¨vL¨v: we¯Í„Z A‡_©, †h mg¯Í Avw_©K m¤c`‡K mivmwi `ªe¨mvgMÖx I †mev µ‡q eënvi Kiv hvq bv
A_P Lye mn‡R gy`ªv ev †PK‡hvM¨ Avgvb‡Z iƒcvšÍi Kiv hvq H mKj Avw_©K m¤c`‡KI A‡_©i †hvMvb wn‡m‡e wPwýZ Kiv
nq| †gqv`xAvgvbZ (†hgb- w¯’i AvgvbZ, wW‡cvwRU †cbkb ¯‹xg (DPS) cÖf„wZ) Ges mÂqx AvgvbZ G †kªYxi AšÍf©y³|
A_©bxwZ‡Z G ai‡bi A_©‡K cÖvq-A_© ev Near Money ejv nq| myZivs Avgiv ej‡Z cvwi, we¯Í„Z A‡_© A‡_©i †hvMvb
n‡jv AvBbvbyM A_© (Fiat Money) I cÖvq-A_© (Near Money) -Gi †hvMdj| A_©bxwZ‡Z we¯Í„Z A‡_© A‡_©i †hvMvb‡K
M2 Øviv wb‡`©k Kiv nq| Kv‡RB,
M2 = M1 + †gqv`x AvgvbZ + mÂqx AvgvbZ
= M1 + Near Money.
†h‡nZz GKwU †`‡ki miKvi †K›`Öxq e¨vs‡Ki mvnv‡h¨ A‡_©i †hvMvb wbqš¿Y K‡i _v‡Kb †m‡nZz A‡_©i Pvwn`vi g‡Zv A‡_©i
†hvMvb Avq¯Íi ev my‡ì nv‡ii Dci wbf©i K‡i bv| GKwU wbw`©ó mg‡q A‡_©i †hvMvb ZvB w¯’i| Aek¨, A_©evRv‡i
w¯’wZkxjZv Avbqb ev iÿv Kivi Rb¨ miKvi wewfbœ c`‡ÿ‡ci gva¨‡g A‡_©i †hvMvb evov‡Z ev Kgv‡Z cv‡i| cÖ_gwU
m¤cÖmviYg~jK Avw_©K bxwZ (Expansionary Monetary Policy) Ges wØZxqwU ms‡KvPbg~jK Avw_©K-bxwZ
(Contractionary Monetary Policy) bv‡g cwiwPZ| wb‡Pi wP‡Î A‡_©i †hvMvb †iLv Ges m¤cÖmviYg~jK I
ms‡KvPbg~jK Avw_©K bxwZ e¨vL¨v Kiv n‡jv:
BDwbU-6 fªù¡- 89
weweGm †cÖvMÖvg
p¤−cl Ms1 Ms0 Ms2

q¡l
pw−L¡Qej§mL B¢bÑLe£¢a
pÇfÐp¡lZj§mL B¢bÑLe£¢a
O
Ms1 Ms0 Ms2
A−bÑl ®k¡N¡e (Ms).
wPÎ 6.4: A‡_©i †hvMvb

A‡_©i †hvMvb my‡ì nv‡ii Dci wbf©i K‡i bv| wPÎ 6.4 f~wg A‡ÿ Av‡qi †hvMvb I Djø¤^ A‡ÿ my‡ì nvi †`Lv‡bv
n‡q‡Q| wP‡Î †`Lv hv‡”Q, Av‡qi †hvMvb †iLv¸‡jv Djø¤^ A‡ÿi mgvšÍivj| †Kbbv, g‡b Kwi, MS0 cÖv_wgK †hvMvb †iLv|
miKvi m¤cÖmviYg~jK Avw_©KbxwZ MÖnY Ki‡j A‡_©i †hvMvb †iLv Wvbw`‡K ¯’vbvšÍwiZ n‡q MS2 n‡e Ges ms‡KvPbg~jK
Avw_©K bxwZ Aej¤^b Ki‡j †hvMvb †iLv evgw`‡K ¯’vbvšÍwiZ n‡q MS1 n‡e|
Abykxjb
wb‡Pi †Kvb&wU AvBbvbyM A_© I †Kvb&wU cÖvq A_© wjLyb:
cuvP UvKvi †bvU, 1 UvKvi K‡qb, cÖwZiÿv mÂq cÎ, w¯’i AvgvbZ, mÂqx AvgvbZ|
mZ¨-wg_¨v
1. A‡_©i †jb‡`bRwbZ Pvwn`v ïaygvÎ Av‡qi Dci wbf©i K‡i - mZ¨/wg_¨v
2. A‡_©i dUKv Pvwn`v Av‡qi Dci wbf©i K‡i - mZ¨/wg_¨v
3. †gqv`x AvgvbZ GK ai‡bi cÖvq-A_© - mZ¨/wg_¨v
4. A‡_©i †hvMvb my‡ì nv‡ii Dci wbf©ikxj - mZ¨/wg_¨v
5. my‡ì nvi evo‡j A‡_©i mZK©Zvg~jK Pvwn`v Kg‡e - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. wb‡æv³ welqmg~‡ni msÁv cÖ`vb Kiæb
K. A_© L. A_©evRvi M. A‡_©i Pvwn`v N. A‡_©i †hvMvb
2. cv_©K¨ e¨vL¨v Kiæb
K. A_©evRvi I g~jab evRvi
L. `ªe¨-A_© I AvBbvbyM A_©
M. AvBbvbyM A_© I cÖvq-A_©
N. M1 I M2
3. A‡_©i Kvh©vejx ms‡ÿ‡c e¨vL¨v Kiæb|
4. A‡_©i wewfbœ cÖKvi Pvwn`vi GKwU mswÿß eY©bv w`b|
5. we¯Í„Z A‡_© A‡_©i †hvMvb ej‡Z Kx eySvq? A‡_©i †hvMv‡bi wewfbœ Dcv`vbmg~n D‡jøL Kiæb|
CE¢eV-6 fªù¡-90
mgwóK A_©bxwZ
ˆbe©¨w³K cÖkœ
1. A‡_©i Kvh© m¤cv`b cÖwµqvB n‡jv A_© - GUv K‡i e³e¨?
K. †R. Gg. †KBbm
L. G¨vWvg w¯§_
M. Walker
2. †Kvb&wU Avw_©K evRv‡ii Dcv`vb?
K. `ªe¨ evRvi
L. g~jab evRvi
M. kÖg evRvi
3. A‡_©i †jb‡`b Pvwn`v wbf©i K‡i
K. RvZxq Av‡qi Dci
L. AcÖZ¨vwkZ cÖ‡qvR‡bi Dci
M. fwel¨Z Av‡qi Dci
4. A‡_©i dUKv D‡Ïk¨RwbZ Pvwn`v‡iLv
K. DaŸ©Mvgx
L. f~wg A‡ÿi mgvšÍivj
M. wbæMvgx
5. wW‡cvwRU †cbkb ¯‹xg GK ai‡bi
K. AvBbvbyM A_©
L. cÖvq-A_©
M. K I L Gi †KvbwUB bq
N. K I L DfqB|
mgm¨v
aiæb, GKwU A_©bxwZ‡Z 1994 m‡b A‡_©i Pvwn`v wQj 110 wgwjqb UvKv Ges †hvMvb wQj 110 wgwjqb UvKv| 1995 m‡b
RvZxq Avq e„w× †cj 50 wgwjqb UvKv| hw` RvZxq Avq e„w×i d‡j Av‡_©i Pvwn`v RvZxq Av‡qi 80% e„w× cvq Zvn‡j
1995 m‡b A‡_©i †gvU Pvwn`v KZ wQj? A‡_©i Pvwn`v e„w×i mv‡_ A‡_©i †hvMvb e„w× Ki‡Z n‡j miKvi‡K Kx bxwZ
Aej¤^b Ki‡Z n‡e?
BDwbU-6 fªù¡- 91
weweGm †cÖvMÖvg
cvV-3 †K›`Öxq e¨vs‡Ki Kvh©vejx (Functions of Central Bank)

D‡Ïk¨
♦ †K›`Öxq e¨vs‡Ki msÁv eY©bv Ki‡Z cvi‡eb
♦ †K›`Öxq e¨vsK cÖwZôvi cÖ‡qvRbxqZv e¨vL¨v Ki‡Z cvi‡eb
♦ †K›`Öxq e¨vs‡Ki mvaviY Kvh©vejx eY©bv Ki‡Z cvi‡eb|
f~wgKv
†h †Kvb ¯^vaxb Ges mve©‡fŠg †`‡k AvaywbK hy‡M †K›`Öxq e¨vsK me‡P‡q ¸iæZ¡c~Y© GKwU Avw_©K cÖwZôvb| †`‡ki e¨vswKs
c×wZ‡Z †K›`Öxq e¨vsK cÖvb Ges MwZ mÂvi K‡i _v‡K| miKv‡ii A_©‰bwZK Kg©m~Px ev¯Íevq‡b †K›`Öxq e¨vsK cÖZ¨ÿ
f~wgKv cvjb K‡i| GKwU †`‡ki A_©‰bwZK Dbœqb Ges w¯’wZkxjZv eRvq ivLvi †ÿ‡Î †K›`Öxq e¨vs‡Ki Ae`vb wekŸe¨vcx
¯^xK„Z| my‡ì nvi nªvm-e„w× K‡i †K›`Öxq e¨vsK mÂ‡qi cwigvY Ges wewb‡qvM e„w×‡Z mnvqZv K‡i| we‡kl we‡kl †ÿ‡Î
‡K›`Öxq e¨vsK ê‡`wkK gy`ªvi gvb wbqš¿Y K‡i Avg`vbx ißvwbi mgZv weav‡b ¸iæZ¡c~Y© Ae`vb iv‡L|
†K›`Öxq e¨vs‡Ki Kvh©µg ïiæ nevi ci †_‡K 300 eQ‡iiI †ekx mgq AwZµvšÍ n‡q‡Q| myB‡W‡bi Riksbank n‡”Q
we‡kŸi me©cÖ_g †K›`Öxq e¨vsK hv 1668 mv‡j cÖwZwôZ nq| †K›`Öxq e¨vs‡Ki eqm hwÌ wZb kZvãxiI †ekx, Gi
mwZ¨Kvi Kvh©µg Ges weKvk mvwaZ nq Dbwesk kZvãx‡Z| D`vniY¯îƒc, e¨vsK Ae Bsj¨vÛ cÖwZwôZ nq 1694 mv‡j
wKš‘ †K›`Öxq e¨vsK wn‡m‡e Gi cÖK„Z Kvh©µg ïiæ nq 1844 mv‡j| we‡kŸi wewfbœ †`‡k cÖwZwôZ cÖ_g w`‡Ki †K›`ªxq
e¨vsK¸‡jvi m~Pbv nq g~jZt GKwU D‡Ïk¨‡K mvg‡b †i‡L| D`vniY¯îƒc, 1882 mv‡j e¨vsK Ae Rvcvb cÖwZwôZ nq
†`‡ki gy`ªv eë¯’vq k„sLjv eRvq ivLvi Rb¨| †K›`Öxq e¨vsK wn‡m‡e e¨vsK Ae Bsj¨v‡Ûi cÖwZôv cvIqv wQj GKwU ˆè
NUbv| evwYwR¨K e¨vsKmg~n †P‡Ki mvnv‡h¨ Zv‡ì e¨vj¨vÝ gxgvsmv (clearing the balances) Kivi Rb¨ e¨vsK Ae
Bsj¨vÛ‡K GKwU myweavRbK gva¨g wn‡m‡e †e‡Q †bqvi ci †_‡KB GwU †K›`Öxq e¨vsK wn‡m‡e weKvk jvf Ki‡Z ïiæ
K‡i| AvaywbK Kv‡j †K›`Öxq e¨vsK¸‡jv ïaygvÎ †Kvb we‡kl KvR m¤cv`‡b wb‡qvwRZ bq| †K›`Öxq e¨vs‡Ki Kvh©vejx‡K
ZvB KZ¸‡jv mvaviY ‡kªYx‡Z wef³ K‡i Av‡jvPbv Kiv hvq| G cv‡V Avgiv ms‡ÿ‡c †K›`Öxq e¨vs‡Ki msÁv I cÖavb
Kvh©vejx m¤c©‡K Rvbe|
†K›`Öxq e¨vs‡Ki msÁv
GK K_vq, †K›`ªxq e¨vs‡Ki msÁv †Ìqv Am¤¢e| †K›`Öxq e¨vs‡Ki Kvh©vejx Av‡jvPbv Ki‡j Gi m¤c‡K© GwU mvwe©K I
c~Y©vsM aviYv jvf Kiv hv‡e| Zey †K›`Öxq e¨vs‡Ki wb‡æv³ msÁvwU AZ¨šÍ cÖwbavb‡hvM¨| Paul A. Samuelson I
William D. Nordhaus cÖ`Ë wb‡æv³ msÁvwU we‡kÐlY Ki‡j †K›`ªxq e¨vsK m¤c‡K© Avgiv GKwU mvaviY aviYv jvf
Ki‡Z cvie:
†K›`Öxq e¨vsK ÒmiKviKZ©„K cÖwZwôZ Ggb GKwU ms¯’v hv GKwU †`‡ki A‡_©i †hvMvb I FY cwiw¯’wZ wbqš¿Y Ges Avw_©K
cÖwZôvbmg~n, we‡kl K‡i evwYwR¨K e¨vsKmg~n‡K cwiPvjbv K‡i _v‡K'' (æA government established agency
responsible for controlling the nation’s money supply and credit conditions and for supervising the
1|
financial system, especially commercial banks”)
Abykxjb
evsjv‡`k e¨s‡K wbewÜZ evwYwR¨K e¨vs‡Ki msL¨v KZ? Zš§‡a¨ KqwU miKvix? MÖvgxY e¨vsK †Kvb& ai‡bi e¨vsK?
welq¸‡jv wPšÍv Kiæb I wjLyb|
†K›`ªxq e¨vs‡Ki Kvh©vejx

GKwU †K›`Öxq e¨vsK mvaviYZt wb‡æv³ KvRmg~n m¤cbœ K‡i _v‡K-
†bvU cÖPjb: †K›`Öxq e¨vsKB GKgvÎ e¨vswKs cÖwZôvb hv AvBbMZfv‡e wewfbœ g~j¨gv‡bi KvMRx I avZe gy`ªv Qvcv‡bvi
AwaKvi iv‡L| †bvU cÖPjb †K›`Öxq e¨vs‡Ki cÖavbZg KvR¸‡jvi GKwU| e¯ÍyZt †K›`Öxq e¨vswKs cÖ_v Pvjyi ïiæ †_‡KB
†bvU Qvcv‡bvi `vwqZ¡wU †K›`Öxq e¨vs‡Ki Dci b¨¯Í| wesk kZvãxi c~e© ch©šÍ ZvB †K›`Öxq e¨vsK mvaviYfv‡e †bvU cÖPj‡bi
e¨vsK (Bank of Issue) wn‡m‡e cwiwPZ wQj| †bvU cÖPj‡bi GK‡PwUqv AvwaKvi †K›`Öxq e¨vs‡Ki Dci b¨¯Í Kivi c‡ÿ
me‡P‡q eo hyw³ n‡jv GB †h, Gi d‡j Bmy¨K„Z †bv‡Ui mgRvZxqZv iÿv Kiv Ges evwYwR¨K e¨vsKmg~nKZ©„K AwZwi³
FY-m„wó (excessive credit creation) wbqš¿Y Kiv hvq|
miKv‡ii e¨vsK, Dc‡`k `vZv: †K›`Öxq e¨vsK miKv‡ii ivR¯^-cÖwZwbwa (agent) Z_v †Kvlva¨ÿ wn‡m‡e KvR K‡i|
miKv‡ii e¨vsK wn‡m‡e †K›`Öxq e¨vsK miKv‡ii wewfbœ wefvM Ges eëmv-cÖwZôvbmg~‡ni e¨vswKs wnmve mg~n (banking
CE¢eV-6 fªù¡-92
mgwóK A_©bxwZ
accounts) cwiPvjbv K‡i _v‡K| miKv‡ii Avw_©K msK‡Ui mgq †K›`Öxq e¨vsK miKvi‡K ¯^í‡gqv`x FY cÖ`vb K‡i
_v‡K, miKv‡ii c‡ÿ ê‡`wkK gy`ªvi †jb‡`b cwiPvjbv K‡i, miKv‡ii c‡ÿ FYcÎ cÖPjb K‡i, miKv‡ii ivR¯^ Ges
Avw_©K bxwZmg~n ev¯Íevqb K‡i Ges m‡e©vcwi A_©‰bwZK cwiKíbv ev¯Íevqb, gy`ªvùxwZ wbqš¿Y, gy`ªvi Aeg~j¨vqb, ê‡`wkK
evwYR¨ bxwZ cÖf„wZ †ÿ‡Î miKv‡ii DËg civgk©K wn‡m‡e KvR K‡i|
evwYwR¨K e¨vsKmg~‡ni bM` Avgvb‡Zi ZË¦eavqK: mvaviY Rb‡Mvôx Zv‡ì mÂq AvgvbZ iv‡L evwYwR¨K e¨vsKmg~‡n|
Ab¨w`‡K, evwYwR¨K e¨vsKmg~n Zv‡ì bM` Rgvi GKwU Ask †K›`Öxq e¨vs‡K Rgv iv‡L| ZvB †K›`Öxq e¨vsK‡K Ab¨vb¨
e¨vs‡Ki e¨vsKvi ejv nq| Aek¨ we‡kŸi AwaKvsk †`‡kB evwYwR¨K e¨vsK¸‡jv eva¨Zvg~jKfv‡e Zv‡ì bM` Rgvi GKwU
wbw`©ó kZvsk †K›`Öxq e¨vs‡K Rgv iv‡L| GwU AvgvbZ nvi ev Reserve ratio bv‡g cwiwPZ| †K›`Öxq e¨vsK cÖ‡qvR‡b G
nvi evov‡Z ev Kgv‡Z cv‡i| evwYwR¨K e¨vsKmg~‡ni PzovšÍ AvgvbZ ev reserve -Gi wfwË‡Z †K›`Öxq e¨vsK evwYwR¨K
e¨vsKmg~‡ni wej evÆv (discount) K‡i FY cÖ`vb K‡i _v‡K| evwYwR¨K e¨vsKmg~n Zv‡ì bxwZ wba©vi‡Yi Rb¨ †K›`Öxq
e¨vs‡Ki wb‡`©kbv Ges †bZ„‡Z¡i Dci wbf©i K‡i| †K›`Öxq e¨vs‡Ki ewjô †bZ„Z¡ GKwU †`‡ki Avw_©K LvZ‡K mgwš^Z
(Integrated) Ges k„sLjve× ivL‡Z mnvqZv K‡i|
FY`v‡bi †kl AvkÖq¯’j: †K›`Öxq e¨vsK evwYwR¨K e¨vsKmg~‡ni FY`v‡bi †kl AvkÖq¯’j ev Aej¤^b| evwYwR¨K e¨vsKmg~n
mvaviY Rb‡Mvôxi mÂq †_‡K Zv‡ì bM` Rgv M‡o Zz‡j| we‡kl we‡kl cwiw¯’wZ‡Z RbMY Zv‡ì Avgvb‡Zi GKwU eo
Ask DwV‡q wb‡Z cv‡i (†`‡ki ivR‰bwZK APjve¯’v, hy×-weMÖ‡ni m¤¢vebv ev m~ÎcvZ cÖf„wZ cwiw¯’wZ‡Z G ai‡bi NUbv
NU‡Z cv‡i)| GwU AvgvbZ iÿvKvix evwYwR¨K e¨vsKmg~‡ni Rb¨ GKwU msKUKvj| evwYwR¨K e¨vsKmg~‡ni G Avw_©K
msK‡Ui mg‡q †K›`Öxq e¨vsK ûwÛ ev wej fvw½‡q A_ev evwYwR¨K e¨vsKmg~‡ni Mw”QZ reserve †_‡K FY cÖ`v‡bi eë¯’v
K‡i _v‡K| ïay evwYwR¨K e¨vsK bq, †K›`Öxq e¨vsK miKv‡iiI FY cÖvwßi †kl AvkÖq¯’j|
†K›`Öxq wbKvk-Ni: Ab¨vb¨ e¨vsKmg~n †K›`Öxq e¨vs‡Ki gva¨‡g Zv‡ì †`bv-cvIbv wgwU‡q w`‡Z cv‡i e‡j †K›`Öxq e¨vsK‡K
wbKvk-Ni ev clearing house ejv nq| †`‡ki mKj e¨vs‡Ki wnmve cÎ †K›`Öxq e¨vsK ˆ`wbK wfwË‡Z msiÿY K‡i
_v‡K| G‡Z wewfbœ e¨vs‡Ki †`bv-cvIbvi wn‡me Lye mn‡RB Rvbv m¤¢e| e¨vsK Ae Bsj¨vÛ 1954 mv‡j me©cÖ_g G
c×wZwU Pvjy K‡i| mg‡qi cÖev‡n GwU †K›`Öxq e¨vs‡Ki GKwU cÖ_vMZ Kv‡R cwiYZ n‡q‡Q| G c×wZi me‡P‡q eo myweav
n‡jv - G‡Z cÖwZwU e¨vsK‡K Avjv`v Avjv`vfv‡e Zv‡ì †jb‡`‡bi gxgvsmv Ki‡Z nq bv| †h‡nZz Ab¨vb¨ e¨vs‡Ki bM`
Rgvi GKwU Ask †K›`Öxq e¨vs‡K Rgv iv‡L †m‡nZz †K›`Öxq e¨vsK ïaygvÎ entry ¯’vbšÍi K‡i wewfbœ e¨vs‡Ki †`bv-cvIbvi
gxgvsmv Ki‡Z cv‡i| wØZxqZt G‡Z mg‡qi A‡nZzK AcPq N‡U bv|
F‡Yi wbqš¿K: AvaywbK e¨vswKs RM‡Z FY wbqš¿Y †K›`Öxq e¨vs‡Ki me‡P‡q ¸iæZ¡c~Y© KvR wn‡m‡e we‡ewPZ| e¯ÍyZt FY
wbqš¿‡Yi gva¨‡g †K›`Öxq e¨vsK Zvi Ab¨vb¨ KvR¸‡jvi mgš^q NUvq hv GKwU mvaviY jÿ¨ AR©‡b mnvqZv K‡i| A_©-
evRv‡i w¯’wZkxjZv eRvq ivLvi †ÿ‡Î FY wbqš¿‡Yi f~wgKv my¯úó| AvaywbK A_©‰bwZK eë¯’vq UvKvi †P‡q F‡Yi ¸iæZ¡
AwaK| F‡Yi AwZwi³ e„w× ev nªvm A‡_©i g~j¨gv‡bi cwieZ©b NUvq hvi d‡j gy`ªvùxwZ ev gy`ªvms‡KvPb †`Lv w`‡Z cv‡i|
†K›`Öxq e¨vsK ZvB evwYwR¨K e¨vsKmg~n‡K my¯úó bxwZgvjv Abyhvqx FY cÖ`v‡bi wb‡`©k w`‡q _v‡K| G mg¯Í bxwZgvjv
†hgb Rvgvb‡Zi aib, eÜKx wRwbmc‡Îi g~j¨ wba©viY, FY cwi‡kv‡ai wKw¯Í Ges kZ©vejx cÖf„wZ cÖZ¨ÿ FY wbqš¿Y c×wZ
bv‡g cwiwPZ| c‡ivÿfv‡e, †K›`Öxqe¨vsK wbæwjwLZ c×wZmg~n eënvi K‡i evwYwR¨K e¨vsKmg~‡ni FY wbqš¿Y Ki‡Z
cv‡i-
K. e¨vsK nv‡ii cwieZ©b: GwU Ggb GKwU nvi hv †K›`Öxq e¨vsK ûwÛ ev wej fv½v‡bvi Rb¨ evwYwR¨K e¨vsKmg~n †_‡K
MÖnY K‡i _v‡K, A_ev wbR¯^ F‡Yi Rb¨ evwYwR¨K e¨vsK¸‡jv‡K cÖ`vb K‡i _v‡K|
L. †LvjvevRvi c×wZ: G c×wZ‡Z †K›`Öxq e¨vsK evRv‡i FYcÎ µq-weµq K‡i _v‡K| FYcÎ weµq Kivi A_© n‡jv
A_©bxwZ‡Z A‡_©i †hvMvb Kwg‡q †Ìqv A_©vr Rbmvavi‡Yi µqÿgZv nªvm Kiv| Ab¨w`‡K, FYcÎ µq K‡i miKvi ev
†K›`Öxq e¨vsK RbM‡Yi µq ÿgZv evov‡bvi †Póv K‡i _v‡K|
M. evwYwR¨K e¨vsKmg~‡ni AvgvbZ nvi cwieZ©b: AvgvbZ nvi evov‡j evwYwR¨K e¨vsKmg~‡ni FY cÖ`vb ÿgZv nªvm
cvq| KviY c~‡e©i Zzjbvq evwYwR¨K e¨vsKmg~n Zv‡ì bM` Avgvb‡Zi AwaK Ask †K›`Öxq e¨vs‡K Rgv ivL‡Z eva¨|
wecixZfv‡e, evwYwR¨K e¨vsKmg~‡ni FY`vb ÿgZv e„w× cvq|
ê‡`wkK gy`ªvi msiÿK Ges nvi wba©viYKvix: †K›`Öxq e¨vsK GKwU †`‡ki ê‡`wkK gy`ªvi msiÿY Ges ê‡`wkK gy`ªvi
mv‡_ †`kxq gy`ªvi wewbgq nvi wba©viY K‡i _v‡K| †K›`Öxq e¨vsK‡K ê‡`wkK gy`ªv msiÿ‡Yi `vwqZ¡ †Ìqvi g~j KviY n‡jv
cÖwZK‚j cwiw¯’wZ‡Z †`‡ki ê‡`wkK ev AvšÍRv©vwZK †jb‡`b wnmv‡ei mgZv ev fvimvg¨ iÿv Kiv| Ab¨w`‡K, †jb‡`‡bi
fvimvg¨ hw` cÖwZK‚j nq Z‡e †K›`Öxq e¨vsK Zvi ê‡`wkK gy`ªvi gRy‡ì cy‡ivUv eënvi Ki‡Z cv‡i bv| AvBb Abyhvqx,
†K›`Öxq e¨vsK ê‡`wkK gy`ªvi GKwU Ask †bvU Bmy¨ Ges AvgvbZ `v‡qi (Deposit liabilities) wecix‡Z me mgq Rgv
ivL‡Z eva¨|
BDwbU-6 fªù¡- 93
weweGm †cÖvMÖvg
wewea Kvh©vejx: Dc‡iv³ mvaviY KvR¸‡jv QvovI †K›`Öxq e¨vsK we‡kl KZ¸‡jv KvR mgvav K‡i _v‡K| cÖ_gZt †K›`Öxq
e¨vsK †`‡ki gy`ªvevRv‡ii AwffveK wn‡m‡e KvR K‡i| wØZxqZt FY KvVv‡gv wbqš¿‡Yi gva¨‡g †`kxq gy`ªvi Af¨šÍixY
g~j¨ AcwiewZ©Z iv‡L| Z„ZxqZt †K›`Öxq e¨vsK wkí I K„wli Dbœq‡bi Rb¨ wkí FY ms¯’v Ges K„wl FY ms¯’vi gZ
cÖwZôvb ¯’vc‡b cÖZ¨ÿ f~wgKv iv‡L Ges †ÿÎ‡f‡` mivmwi FY cÖ`vb K‡i _v‡K| †k‡lv³ welqwU evsjv‡`‡ki g‡Zv
AbybœZ †`‡ki †ÿ‡Î we‡klfv‡e cÖ‡hvR¨|
Abykxjb
evsjv‡`‡ki †K›`Öxq e¨vs‡Ki bvg wK? ê‡`wkK gy`ªvi mv‡_ †`kxq gy`ªvi wewbgq nvi wba©vi‡Y evsjv‡`k e¨vs‡Ki †Kvb
f~wgKv Av‡Q wK? wPšÍv Kiæb I wjLyb|
mZ¨-wg_¨v
1. we‡kŸi me©cÖ_g †K›`Öxq e¨vs‡Ki bvg n‡jv e¨vsK Ae Bsj¨vÛ - mZ¨/wg_¨v
2. e¨vsK Ae Bsj¨vÛ cÖwZwôZ nq 1694 mv‡j - mZ¨/wg_¨v
3. e¨vsK Ae Rvcvb cÖwZwôZ nq 1844 mv‡j - mZ¨/wg_¨v
4. †bvU cÖPjb †K›`Öxq e¨vs‡Ki GK‡PwUqv AwaKvi - mZ¨/wg_¨v
4. †K›`Öxq e¨vsK ê‡`wkK gy`ªv gRy‡ì m¤c~Y© Ask mÂvjb ev eënvi Kivi AwaKvi iv‡L - mZ¨/wg_¨v
iPbvg~jK
1. †K›`Öxq e¨vs‡Ki msÁv cÖ`vb Kiæb|
2. Ab¨vb¨ e¨vs‡Ki e¨vsKvi wnmv‡e †K›`Öxq e¨vs‡Ki f~wgKv e¨vL¨v Kiæb|
3. †`‡ki A_©‰bwZK Kg©Kv‡Û †K›`Öxq e¨vsK Kxfv‡e Ae`vb ivL‡Z cv‡i?
4. F‡Yi wbqš¿K wnmv‡e ‡K›`Öxq e¨vs‡Ki f~wgKv e¨vL¨v Kiæb| †K›`Öxq e¨vsK Kx Kx c×wZ Aej¤^b K‡i FY wbqš¿Y
Ki‡Z cv‡i?
5. †K›`Öxq e¨vsK‡K †Kb FY`v‡bi †kl AvkÖq¯’j ejv nq?
ˆbe©¨w³K cÖkœ
1. Riksbank KZ m‡b cÖwZwôZ nq
K. 1935
L. 1945
M. 1750
N. 1668
2. KvMRx I avZe gy`ªv Qvcvq
K. evwYwR¨K e¨vsK
L. mgevq e¨vsK
M. ‡K›`Öxq e¨vsK
3. wesk kZvãxi c~e© ch©šÍ †K›`Öxq e¨vsK cwiwPZ wQj
K. Rvgvb‡Zi e¨vsK wn‡m‡e
L. †bvU cÖPj‡bi e¨vsK wn‡m‡e
M. evwYwR¨K e¨vsK wn‡m‡e
4. wbKvk Ni _v‡K ejv nq
K. K„wl e¨vsK‡K
L. †mvbvjx e¨vsK‡K
M. evsjv‡`k e¨vsK‡K
5. †`‡ki gy`ªvevRv‡ii AwffveK n‡”Q
K. evwYwR¨K e¨vsK mg~n
L. †K›`Öxq e¨vsK
M. K I L DfqB
mgm¨v
evsjv‡`‡ki †K›`Öxq e¨vsK wn‡m‡e evsjv‡`k e¨vsK eûw`b hver KvR K‡i Avm‡Q| evsjv‡`k e¨vsK wKfv‡e gy`ªvi †hvMvb
wbqš¿Y K‡i Zv wjLyb| evsjv‡`k e¨vsK KZ„©K Bmy¨K„Z KvMRx gy`ªv¸‡jvi g‡a¨ †Kvb&¸‡jv RbMY MÖnY Ki‡Z eva¨? D‡jøL¨
†h, †hme KvMRx gy`ªvi Dci A_©mwP‡ei ¯^vÿi i‡q‡Q †m¸‡jv‡K RbMY MÖnY Ki‡Z eva¨| Avi †h¸‡jvi Dci MfY©‡ii
`¯ÍLZ i‡q‡Q †m¸‡jv RbMY MÖnY Ki‡Z eva¨ bq|
CE¢eV-6 fªù¡-94
mgwóK A_©bxwZ
cvV-4 gy`ªvùxwZ: aviYv, KviY I djvdj (Inflation: Concept, Cause and Affect)
D‡Ïk¨
♦ gy`ªvùxwZi msÁv eY©bv Ki‡Z cvi‡eb
♦ m~‡Îi mvnv‡h¨ gy`ªvùxwZi nvi cwigvc Ki‡Z cvi‡eb
♦ gy`ªvùxwZi cÖKvi‡f` m¤c‡K© ej‡Z cvi‡eb
♦ gy`ªvùxwZi KviYmg~n e¨vL¨v Ki‡Z cvi‡eb
♦ GKwU †`‡ki A_©bxwZ‡Z gy`ªvùxwZi cÖfve we‡kÐlY Ki‡Z cvi‡eb
f~wgKv
gy`ªvùxwZ A_©bxwZi GKwU RwUj e¨vwa| gy`ªvùxwZi d‡j A‡_©i g~j¨gvb Z_v gvby‡li µqÿgZv nªvm cvq| G cv‡V Avgiv
gy`ªvùxwZi msÁv, wewfbœ cÖKvi gy`ªvùxwZ, gy`ªvùxwZi KviY I GKwU †`‡ki A_©bxwZ‡Z gy`ªvùxwZi cÖfve m¤c‡K© Rvbe|
gy`ªvùxwZi msÁv
we‡kŸi wewfbœ †`‡k gy`ªvùxwZ GKwU AZ¨šÍ Av‡jvwPZ Bmÿ ev welq| mvaviYfv‡e, gy`ªvùxwZ ej‡Z `ªe¨g~‡jï e„w×‡K
eySv‡bv nq| wKš‘ `ªe¨g~‡jï †h †Kvb e„w×‡K A_ev wKQy msL¨K `ªe¨mvgMÖxi g~j¨ e„w×‡K gy`ªvùxwZ wnmv‡e e¨vL¨v Kiv hvq
bv| GKwU wbw`©ó mg‡q †Kvb A_©bxwZ‡Z wKQy msL¨K `ª‡eï `vg evo‡Z cv‡i Avevi †Kvb †Kvb `ªe¨mvgMÖxi `vg Kg‡ZI
cv‡i| `vg evov ev Kgvi G cÖwµqv hw` ci®c‡ii mgvb nq Z‡e Zv gy`ªv®dxwZ e‡j MY¨ n‡e bv| GKBfv‡e, `ªe¨g~‡jï
ÿY¯’vqx e„w×‡KI gy`ªvùxwZ ejv hvq bv| myZivs gy`ªvùxwZ n‡jv mvaviY `vg¯Í‡ii †mB e„w× hv mg‡qi eëav‡b Ae¨vnZ
_v‡K| `vg¯Íi e„w× †c‡j A‡_©i µq-ÿgZv nªvm cvq| A_©vr GKB cwigvY A_© c~‡e©i Zzjbvq Kg cwigvY `ªe¨mvgMÖx I
†mev µq Ki‡Z mÿg| Kv‡RB Ab¨fv‡e ejv hvq, gy`ªvùxwZ n‡jv A‡_©i g~‡jï µgvMZ nªvm| A_©bxwZwe` T. Black Ges
D. Daniel -Gi g‡Z, ÒhLb AwaKvsk `ª‡eï `vg ev‡o Ges Ab¨vb¨ `ª‡eï `v‡gi cZb Øviv Zv †kvwaZ (offset) nq bv
ïaygvÎ ZLbB A‡_©i g~j¨ nªvm †c‡Z _v‡K Ges hLb A‡_©i g~j¨ nªvm †c‡Z _v‡K ïaygvÎ ZLbB Avgiv ej‡Z cvwi †h,
gy`ªvùxwZ N‡U‡Q'' (æOnly when prices of most goods are rising and are not accompanied by offsetting
declines in other prices is the value of the monetary unit falling; and only when the value of the monetary
unit is falling do we have inflation”)1| gy`ªvùxwZi nvi mvaviYZt eQ‡ii wnmv‡e cÖKvk Kiv nq, A_©vr c~e©eZ©x
eQ‡ii Zzjbvq eZ©gvb eQ‡ii mvaviY `vg¯Í‡ii cwieZ©bB n‡”Q eZ©gvb eQ‡i gy`ªvùxwZi nvi| g‡b Kwi, Pt = eZ©gvb
eQ‡ii mvaviY `vg¯Íi; Pt-1 = c~e©eZ©x eQ‡ii mvaviY `vg¯Íi| G‡ÿ‡Î wb‡Pi mnR m~ÎwU eënvi K‡i gy`ªvùxwZi nvi
cwigvc Kiv hvq:
t hR−ll - (t-1) hR−ll
p¡d¡lZ c¡jÙ¹l p¡d¡lZ c¡jÙ¹l
t eQ‡i gy`ªvùxwZi nvi = ^100
(t-1) hR−ll p¡d¡lZ c¡jÙ¹l
Pt − Pt −1
= × 100
Pt −1
GKwU D`vni‡Yi mvnv‡h¨ welqwU e„Sv †h‡Z cv‡i| aiæb 1994 m‡b evsjv‡`‡ki mvaviY `vg¯Íi (P94) wQj 50 UvKv Ges
1995 m‡b Zv e„w× †c‡q 54 UvKv nj|
P95 − P94
GLb 1995 m‡b gy`ªvùxwZi nvi = *100
P94
54 − 50
= *100
50
=8
AZGe, 1995 m‡b evsjv‡`‡ki gy`ªvùxwZi nvi wQj 8%|
BDwbU-6 fªù¡- 95
weweGm †cÖvMÖvg
gy`ªvùxwZi cÖKvi‡f`
mvaviY `vg¯Íi e„w×i gvÎv ev nvi Abyhvqx gy`ªvùxwZ‡K wewfbœfv‡e wef³ Kiv nq| gy`ªvùxwZi nvi kZKiv 2 fv‡Mi Kg
n‡j Zv‡K nvgv¸wo ev AZ¨šÍ ax‡i Pjv gy`ªvùxwZ (creeping Inflation) e‡j| evsjv‡`‡ki 1992-93 Ges 1993-94
Aw_©K eQ‡ii gy`ªvùxwZi nvi‡K (h_vµ‡g 1.4% I 1.8%) creeping inflation ejv hvq| gy`ªvùxwZi nvi hw` 8-10%
nq Z‡e Zv Walking inflation bv‡g cwiwPZ| G `yB †kªYxi gy`ªvùxwZ‡K ¯^vfvweK1 gy`ªvùxwZ wn‡m‡e MY¨ Kiv nq|
gy`ªvùxwZi nvi hw` `yB ev wZb AsK wewkó nq (†hgb 20%, 59%, 200%) Z‡e Zv‡K avegvb ev cÐyZMwZi gy`ªvùxwZ
(Running or Galloping Inflation) ejv nq| 1970 †_‡K 1980 mvj ch©šÍ Av‡R©w›Ubv Ges eÖvwR‡ji gy`ªvùxwZi nvi
50% †_‡K 700% Gi g‡a¨ wQj| AZ¨šÍ `ªæZMwZ ev `vg¯Í‡ii AvKvkPz¤^x e„w×‡K hyperinflation ejv nq| GwU Ggb
GK cwiw¯’wZ hLb A‡_©i g~j¨ cÖvq k~‡bï †KvVvq †b‡g Av‡m| cÖ_g wekŸhy‡×vËi Rvg©vbx Gi cÖK„ó D`vniY| 1922 mv‡ji
Rvbyqvix †_‡K 1923 mv‡ji b‡f¤î ch©šÍ cÖvq `y'eQ‡ii eëav‡b Rvg©vbx‡Z mvaviY `vg¯Í‡ii m~PK 1 †_‡K
10,000,000,000 - †Z ùvovq| wb‡Pi wP‡Îi mvnv‡h¨ gy`ªvùxwZi wewfbœ aviYv¸‡jv e¨vL¨v Kiv n‡jv:
c¡jÙ¹−ll
hª¢Ü n
la tio
(j¤â¡Øg£¢a) Inf
ing
llop
500 Hyper Inflation G a
g or
in
nn
Ru
n
tio
400
f la
o n
In
ati
nfl
ng
I
pi
300 i ng
ee
alk
Cr
W
200
100
80
60
40
20
O pju (hRl)
1 2 3 4 5 6 7 8 9 10
¢Qœ 6.4: j¤â¡Øg£¢al fÐL¡l−ic
wPÎ: 6.4: gy`ªvùxwZi cÖKvi‡f`
Abykxjb
wb‡P K‡qKwU †`‡ki gy`ªvùxwZi nvi D‡jøL Kiv n‡jv: 10%, 20%, 5%, 102%, 1000% G¸‡jvi †Kvb&wU †Kvb& ai‡bi
gy`ªvùxwZ wb‡`©k K‡i? wPšÍv Kiæb I wjLyb|
gy`ªvùxwZi cwigvc
Avgiv Rvwb, gy`ªvùxwZ ej‡Z `vg¯Íi e„w×i Ae¨vnZ cÖwµqv‡K eySv‡bv nq| mvaviYZt wZbwU wfbœ wfbœ `vg¯Íi eënvi K‡i
gy`ªvùxwZ cwigvc Kiv nq| G¸‡jv n‡jv -
K. RvZxq Avq wW‡d¬Ui (GNP Deflator);
L. †fvM¨ `ª‡eï `vg m~PK (Consumer Price Index - CPI);
M. Drcv`K-`ª‡eï `vg m~PK (Producer Price Index - PPI)|
K. RvZxq Avq wW‡d¬Ui: RvZxq Avq wW‡d¬Ui ev RvZxq Av‡qi g~j¨ wW‡d¬Ui n‡”Q Avw_©K RvZxq Avq I cÖK„Z RvZxq
Av‡qi AbycvZ| G wel‡q BDwbU-2 G we¯ÍvwiZfv‡e Av‡jvPbv Kiv n‡q‡Q|
L. †fvM¨ `ª‡eï `vg m~PK: GwU cwievieM©, we‡kl K‡i kn‡i Ae¯’vbKvix e¨w³eM©KZ„©K µxZ †fvM¨ `ªe¨mvgMÖx I †mevi
g~j¨ ev `v‡gi m~PK| GKwU A_©bxwZ‡Z `vg¯Íi Z_v gy`ªvùxwZi nvi cwigv‡ci Rb¨ †fvM¨ `ª‡eï `vgm~PK mvaviYfv‡e
CE¢eV-6 fªù¡-96
mgwóK A_©bxwZ
eënƒZ GKwU m~PK| GK ¸”Q evQvBK„Z `ªe¨mvgMÖxi eZ©gvb eQ‡ii `v‡gi mv‡_ c~e©eZ©x eQ‡ii `v‡gi Zzjbv K‡i G m~PK
ˆZwi Kiv nq| Gwel‡q we¯Í„Z aviYv jv‡fi Rb¨ Avcwb cwimsL¨vb cwiwPwZ (MGD 2207) eBwUi BDwbU-6 Gi cvV-2
co–b|
M. Drcv`K `ª‡eï `vg m~PK: GK ¸”Q evQvBK„Z KuvPvgvj I gva¨wgK `ª‡eï (intermediate goods) wewfbœ eQ‡ii
`vg¯Í‡ii Zzjbv K‡i Drcv`K `ª‡eï `vgm~PK cwigvc Kiv nq| †h‡nZz G m~PK ïaygvÎ Drcv`b cÖwZôvb KZ„©K µxZ
`ªe¨mvgMÖxi `vg¯Íi we‡ePbv K‡i †m‡nZz Bnv `vg¯Í‡ii mvwe©K cwieZ©b (Over all changes in the price level) cwigvc
Ki‡Z cv‡i bv|
gy`ªvùxwZi KviY
gy`ªvùxwZ †Kb N‡U? G wb‡q A_©bxwZwe`‡ì g‡a¨ gZ‡f` i‡q‡Q| K¬¨vwmK¨vj A_©bxwZwe`‡ì g‡Z, A‡_©i †hvMvb e„w×B
gy`ªvùxwZi g~j KviY| Ab¨w`‡K, †KBbmxq A_©bxwZwe`MY mvgwMÖK †hvMv‡bi Zzjbvq mvgwMÖK Pvwn`vi e„w×‡K gy`ªvùxwZi
g~j KviY wn‡m‡e wPwýZ K‡i _v‡Kb| mvaviYfv‡e wbæwjwLZ Dcv`vbmg~n gy`ªvùxwZi Rb¨ `vqx|
K. A‡_©i AwZwi³ †hvMvb: K¬¨vwmK¨vj A_©bxwZwe`MY g‡b K‡i _v‡Kb †h, A‡_©i †hvMvb Ges mvaviY `vg¯Í‡ii g‡a¨
GKwU AvbycvwZK m¤cK© we`¨gvb| A‡_©i cwigvY Z‡Ë¦i we‡kÐl‡Yi mv‡_ G e³e¨ AZ¨šÍ mvgÄm¨c~Y©| A‡_©i †hvMvb hw`
Ggb ¯Í‡i eRvq ivLv nq hv A‡_©i Pvwn`vi †P‡q †ekx Zvn‡j AwZ Aek¨B gy`ªvùxwZ †`Lv †`‡e| G e³e¨wU
HwZnvwmKfv‡eI mZ¨| G ch©šÍ †h mg¯Í eo ai‡bi Ges `xN©¯’vqx gy`ªvùxwZi NUbv N‡U‡Q Zvi cÖwZwUi mv‡_ A‡_©i
†hvMv‡bi ¸iæZ¡c~Y© (significant) e„w× Rwo‡q i‡q‡Q| wKš‘ ïaygvÎ Z_¨ ev mvÿ¨ cÖgvb w`‡q †Kvb GKwU welq‡K ZvwË¦K
KviY wn‡m‡e ùvo Kiv‡bv m¤¢e bq| Zvn‡j cÖkœ n‡”Q A‡_©i †hvMvb Kxfv‡e gy`ªvùxwZi Rb¨ `vqx? Ab¨fv‡e ejv hvq,
HwZnvwmKfv‡e D‡jøL‡hvM¨ gy`ªvùxwZi NUbvmg~‡n A‡_©i AwZwi³ †hvMvb Kxfv‡e m¤¢e n‡qwQj? gy`ªvùxwZi eo gv‡ci
NUbv¸‡jv mvaviYZt hy×-weMÖn Ges ivR‰bwZK Aw¯’iZvi mv‡_ m¤cK©hy³| hy×v¯¿ ˆZix Ges hy× cwiPvjbvi Rb¨ miKvi
A‡_©i †hvMvb e„w×‡KB †e‡Q †bq| hy‡×i mgq miKv‡ii ivR¯^ Avq K‡g hvq| wKš‘ †h‡nZz KvMRx gy`ªv Qvcv‡bv LyeB mnR
GKwU cÖwµqv, miKvi †m‡nZz bZzb gy`ªv m„wó‡KB weKí wn‡m‡e †e‡Q †bq|
L. miKv‡ii NvUwZ e¨q: miKv‡ii NvUwZ e¨‡qi mv‡_ gy`ªvi †hvMv‡bi cÖZ¨ÿ ev abvZ¡K m¤cK© i‡q‡Q| A_©vr NvUwZ
e¨q evo‡j A‡_©i †hvMvb e„w× cvq| A_©bxwZwe`MY ZvB NvUwZ e¨q‡KI gy`ªvùxwZi Ab¨Zg KviY wn‡m‡e eY©bv K‡i
_v‡Kb| AvaywbKKv‡j, A‡_©i †hvMvb wbqš¿Y ev eRvq ivLvi cy‡iv `vwqZ¡ †K›`Öxq e¨vsKmg~‡ni Dci b¨v¯Í Ges AwaKvsk
miKvi Zv‡ì LiP †gUv‡bvi Rb¨ A_ev miKvix eëmv cÖwZôv‡b A_©vq‡bi Rb¨ ivR¯^bxwZi †P‡q A‡_©i †hvMvb ev bZzb
A_© Qvcv‡bv‡K AwaKZi MÖnY‡hvM¨ e‡j g‡b K‡i _v‡K| NvUwZ e¨q †h gy`ªvùxwZi KviY n‡Z cv‡i Zvi DrK„ó D`vniY
cÖ_g wekŸ hy‡×vËi Rvg©vbx| wgÎ evwnbxi Kv‡Q civR‡qi ci ÿwZc~iY eve` Rvg©vbx‡K cÖPzi A_© e¨q Ki‡Z nq| †h‡nZz
miKvi Dchy³ cwigv‡Y ivR¯^ msMÖn Ki‡Z cviwQj bv †m‡nZz FYcÎ wewµi gva¨‡g A_© avi Kiv ïiæ K‡i| cÖ_gw`‡K
miKvi ïaygvÎ Rbmvavi‡Yi wbKU FYcÎ wewµ K‡i| wKš‘ D‡ËvwjZ A_© e¨qwbe©v‡ni Rb¨ h‡_ó cÖgvwbZ bv nIqvq
miKvi FYcÎ ev eÛmg~n †K›`Öxq e¨vs‡K evÆv Ki‡Z ïiæ K‡i| †K›`Öxq e¨vsK bZzb A_© Qvwc‡q FYcÎ ev e‡Ûi g~j¨
cwi‡kva K‡i hvi d‡j Rvg©vb A_©bxwZ‡Z A‡_©i †hvMvb A¯^vfvweKfv‡e †e‡o hvq| Gi djkÖæwZ‡Z Rvg©vbx‡Z
hyperinflation -Gi NUbv N‡U|
M. mvgwMÖK Pvwn`vi AwZwi³ cwigvY: †KBbmxq A_©bxwZwe`‡ì g‡Z, c~Y©-wb‡qvM ¯Í‡i (Full employment level)
`ªe¨mvgMÖxi mvgwMÖK †hvMv‡bi Zzjbvq mvgwMÖK Pvwn`v †ekx nIqvB gy`ªvùxwZi g~j KviY| mvgwMÖK Pvwn`v ej‡Z C + I +
G †K eySv‡bv nq| g‡b Kwi, c~Y© wb‡qvM¯Í‡i mvgwMÖK †hvMvb =YF| mvgwMÖK †hvMvb I mvgwMÖK Pvwn`v Z_v `ªe¨ evRv‡ii
fvimvg¨ eRvq _vK‡e hw` YF = C + I + G| GLb g‡b Kiæb, †Kvb Kvi‡Y wewb‡qvM e¨q e„w× †c‡q‡Q| myZivs bZzb C +
I + G ev mvgwMÖK Pvwn`v mvgwMÖK †hvMvb A‡cÿv †ekx n‡e hv AwZwi³ Pvwn`v wn‡m‡e we‡ewPZ| †h‡nZz mvgwMÖK †hvMvb
YF ¯Í‡i w¯’i (jÿ¨ Kiæb, YF c~Y©wb‡qvM ¯Í‡i mvgwMÖK †hvMvb wb‡`©k Ki‡Q A_©vr A_©bwwZ‡Z AwZwi³ Drcv`‡bi ÿgZv
†bB) †m‡nZz `vg¯Íi e„w× cv‡e Ges A_©bxwZ GKwU bZzb fvimv‡g¨ DcbxZ n‡e, Z‡e A_©bxwZ‡Z AwZwi³ ÿgZv (excess
capacity) we`¨gvb _vK‡j e„w×cÖvß `vg ¯’vqx n‡e bv| A_©vr cÖv_wgKfv‡e `vg¯Íi h‡ZvUv †e‡o‡Q bZzb Drcv`‡bi d‡j
`vg¯Íi Zvi wb‡P †b‡g Avm‡e| mvgwMÖK Pvwn`v `vg¯Íi‡K †U‡b Dc‡ii w`‡K Zz‡j e‡j GwU Demand-pull inflation
bv‡gI cwiwPZ|
N. Drcv`b LiP e„w×: 1950 -Gi c~e© ch©šÍ gy`ªvùxwZi KviY wn‡m‡e mvgwMÖK Pvwn`vi AwZwi³ cwigvY‡KB wb‡`©k Kiv
nZ| Drcv`‡bi LiP e„w× Z_v Drcv`‡bi DcKiYmg~‡ni `vg e„w×I †h gy`ªvùxwZi Rb¨ `vqx n‡Z cv‡i G aviYv 1950 -
Gi ci †_‡K RbwcÖqZv jvf K‡i| ZvwË¦K `„wó‡Kvb †_‡K `y'fv‡e Drcv`‡bi LiP e„w×‡K gy`ªvùxwZi KviY wn‡m‡e e¨vL¨v
Kiv hvq| cÖ_gZt Avgiv evRv‡i `ªe¨mvgMÖxi †h `vg jÿ¨ Kwi Zv‡K GKwU mark-up wn‡m‡e †`Lv hvq| A_©vr Drcv`‡bi
Mo Li‡Pi mv‡_ GKwU AsK (Mo gybvdv) †hvM K‡i `vg wba©viY Kiv nq| GLb g‡b Kiæb, kÖwg‡Ki gRyix †e‡o‡Q| Gi
BDwbU-6 fªù¡- 97
weweGm †cÖvMÖvg
dj¯îƒc mark-up `vgI evo‡e hw` bv gRyix e„w×i mv‡_ mv‡_ kÖwg‡Ki Drcv`b ÿgZvI ev‡o| wØZxqZt Drcv`‡bi
DcKiYmg~‡ni `vg e„w× †c‡j G‡ì wb‡qv‡Mi cwigvY Kg‡e| myZivs GKB `vg¯Í‡i mvgwMÖK †hvMv‡bi cwigvY mvgwMÖK
Pvwn`vi †P‡q Kg n‡e| Kv‡RB A_©bxwZ‡Z gy`ªv®dxwZ †`Lv †`‡e| Drcv`b LiP e„w×i mv‡_ RwoZ e‡j G ai‡bi
gy`ªvùxwZ e¨qRwbZ gy`ªvùxwZ (Cost-push Inflation) bv‡g cwiwPZ| A‡bK A_©bxwZwe` e¨qRwbZ gy`ªvùxwZi KviY
wn‡m‡e kÖwgK msN (trade union) KZ„©K gRyix e„w×i cÖwµqv‡K mbv³ K‡i _v‡Kb|
gy`ªvùxwZi djvdj
gy`ªvùxwZ‡K mvaviYfv‡e GKwU g›` aviYv (phenomenon) wn‡m‡e wePvi Kiv nq| ivRbxwZwe` Ges bxwZ wba©viK‡ì
wbKU gy`ªvùxwZ GKwU wec` ms‡KZ ¯îƒc| gy`ªvùxwZ KZUv wec¾bK Zv wbf©i K‡i GwU cy‡iv A_©bxwZi KZUzKz †ÿÎ
Ry‡o we`¨gvb Zvi Dci| weï× gy`ªvùxwZ (pure inflation) A_©bxwZi cÖwZwU Lv‡Zi Avw_©K g~j¨‡K mgvbfv‡e ¯úk© K‡i|
ZvB weï× gy`ªvùxwZ †gv‡UB wec¾bK bq| GKwU D`vni‡Yi mvnv‡h¨ Avgiv welqwU e¨vL¨v Kie| g‡b Kiæb, ˆ`bw›`b
Rxe‡b eënvh© cÖwZwU `ªe¨mvgMÖx I †mev †hgb Pvj-Wvj-wPwb-jeb-wUbRvZ `ya-evoxfvov cÖf„wZi evRvi `vg 10%
†e‡o‡Q| mv‡_ mv‡_ Avcbvi †eZbI 10% †e‡o‡Q| G‡ÿ‡Î gy`ªvùxwZ Avcbvi Rb¨ ÿwZi KviY n‡q ùvovqwb| wKš‘
ev¯Í‡e cÖwZwU `ªe¨mvgMÖxi `vg Ges RbM‡Yi Avq mgvb nv‡i ev‡o bv| A_©vr ev¯Í‡e weï× gy`ªvùxwZ Abycw¯’Z| myZivs G
ai‡bi gy`ªvùxwZ A_©bxwZi wewfbœ LvZ Ges wewfbœ †ckvi †jvKR‡bi Dci wfbœ wfbœ fv‡e cÖfve †dj‡e| gy`ªvùxwZi G
cÖfve¸‡jv‡K `y‡Uv mvaviY †kÖYx‡Z wef³ K‡i Av‡jvPbv Kiv hvq - (1) Avq I m¤c‡ì e›U‡bi Dci cÖfve Ges (2)
Drcv`b Ges wb‡qv‡Mi Dci cÖfve|
Avq I m¤c‡ì e›U‡bi Dci cÖfve: cÖ_gZ: gy`ªvùxwZi d‡j wewfbœ `ª‡eï `vg wewfbœ nv‡i evo‡Z cv‡i| g‡b Kwi, †Kvb
A_©bxwZ‡Z ïaygvÎ `y‡Uv gvÎ `ªe¨ X Ges Y Drcvw`Z nq Ges kÖg n‡”Q Drcv`‡bi GKgvÎ DcKiY| Av‡iv g‡b Kwi †h,
kÖwgKiv ïaygvÎ GKwU Kv‡R we‡klfv‡e `ÿ Ges †ckvMZfv‡e MwZkxj bq| A_©vr X `ªe¨ Drcv`bKvix kÖwgK Y `ªe¨
Drcv`b Ki‡Z cv‡i bv Ges Y Drcv`bKvix kªwgK X Drcv`b Ki‡Z cv‡i bv| GLb g‡b Kiæb, X -Gi `vg 10%
†e‡o‡Q Ges Y -Gi `vg †e‡o‡Q 20% Ges X `ªe¨ Drcv`bKvixi evwl©K Avq 10% Ges Y `ªe¨ Drcv`bKvixi evwl©K
Avq 20% fvM †e‡o‡Q| †h‡nZz Drcv`bKvixi Avq Drcv`‡bi DcKiYmg~‡ni g‡a¨ ew›UZ n‡e †m‡nZz X `ªe¨ Drcv`‡b
kÖwg‡Ki Avq evo‡e 10% Ges Y `ªe¨ Drcv`‡b wb‡qvwRZ kÖwg‡Ki Avq evo‡e 20%| G D`vniY †_‡K GUv ¯úó †h,
gy`ªvùxwZ `y'`j kÖwgK‡K `y'fv‡e cÖfvweZ K‡i‡Q| X -`ªe¨ Drcv`bKvix kÖwgK Av‡Mi Zzjbvq Kg cwigv‡Y X I Y `ªe¨
†fvM Ki‡Z cvi‡e| Ab¨w`‡K Y `ªe¨ Drcv`bKvix kÖwgK Av‡Mi Zzjbvq †ekx cwigv‡Y X I Y `ªe¨ †fvM Ki‡Z cvi‡e|
myZivs Avgiv ej‡Z cvwi †h, `ª‡eï `vg Ges Drcv`‡bi DcKiYmg~‡ni Av‡qi cwieZ©b mgvbycvwZK bv n‡j Av‡qi
e›UbMZ cwieZ©b mvwaZ n‡e|
wØZxqZ: gy`ªvùxwZi d‡j m¤c‡ì `vg mgnv‡i bv evo‡j Avq Ges m¤c‡ì e›U‡b cwieZ©b Avm‡e| mvaviYZt
gy`ªvùxwZi d‡j e¯ÍyMZ m¤c` †hgb - evoxNi, ¯^Y©, †iŠc¨ cÖf„wZi Zzjbvq Avw_©K m¤c` †hgb mÂqx AvgvbZ, K‡c©v‡iU
eÛ cÖf„wZi g~j¨ AwaK nv‡i cwiewZ©Z nq| myZivs gy`ªvùxwZi d‡j Avw_©K m¤c‡ì AwaKvix e¨w³eM© AwaKZi jvfevb
nq, A_©vr Avq I m¤c` Avw_©K m¤c‡ì AwaKvix‡ì c‡ÿ cybe©w›UZ nq|
Drcv`b I wb‡qv‡Mi Dci cÖfve: gy`ªvùxwZi d‡j GKwU A_©bxwZi mvwe©K Drcv`b nªvm †c‡Z cv‡i| weï× gy`ªvùxwZi
Abycw¯’wZ‡Z mKj `ªe¨mvgMÖx I †mevi Avw_©K g~j¨ mgvbfv‡e ev‡o bv e‡j †jb‡`b LiP e„w× cvq hvi d‡j cÖK„Z Drcv`b
nªvm †c‡Z cv‡i| welqwU Av‡iv we¯ÍvwiZfv‡e e¨vL¨v Kiv hvK&| gy`ªvùxwZ AwZ Aek¨B bM` A_© Ges PjwZ Avgvb‡Zi µq
ÿgZv Kgvq| KviY bM` A_© I PjwZ AvgvbZ †Kvb cÖKvi Avq DcvR©b K‡i bv| Kv‡RB A‡_©i µqÿgZv a‡i ivLvi
Rb¨ RbMY Lye Aí cwigvY A_© bM` ev PjwZ Avgvb‡Z ivL‡e| weKí wn‡m‡e RbMY Ggbme `ªe¨mvgMÖx µq Ki‡e
gy`ªvùxwZi d‡j †h¸‡jvi g~j¨ ev‡o A_ev RbMY my`-cÖ`vbKvix Avw_©K m¤c`mg~‡n Zv‡ì A_© wewb‡qvM Ki‡e| wKš‘
A‡_©i P‚ovšÍ eënvi n‡”Q P‚ovšÍ `ªe¨mvgMÖx I †mev µq| Kv‡RB Av‡iKwU weKí n‡Z cv‡i P‚ovšÍ `ªe¨mvgMÖx I †mev µ‡q
A_© e¨q Kiv| †k‡lv³ cÖwµqvi mv‡_ †jb‡`b LiP (Transaction cost) RwoZ| KviY AwaKvsk P‚ovšÍ `ªe¨mvgMÖx
aŸskkxj| myZivs G¸‡jv evievi µq Ki‡Z nq| GgbwK bM` A_©‡K Avw_©K m¤c‡` iƒcvšÍi ev n¯ÍvšÍ‡ii mv‡_I †jb‡`b
LiP RwoZ| †jb‡`b LiP n‡”Q GK ai‡bi AcPq hv Ab¨_v Drcv`b Kv‡R eënƒZ n‡Z cviZ| Kv‡RB Avgiv ej‡Z
cvwi †h, gy`ªvùxwZi d‡j mvwe©K Drcv`b nªvm †c‡Z cv‡i|
Dc‡ii e³e¨ ev¯Í‡e cwi`„ó NUbvi mv‡_ msMwZnxb| mvaviYZt AcÖZ¨vwkZfv‡e ea©gvb gy`ªvùxwZi mv‡_ mv‡_ Drcv`b
Ges wb‡qvM `yB-B ev‡o| GKBfv‡e, AcÖZ¨vwkZfv‡e nªvmgvb gy`ªvùxwZi mv‡_ mv‡_ †eKviZ¡ ev‡o Ges Drcv`b K‡g|
wKš‘ ev¯Í‡e cwi`„ó Gme m¤c‡K©i Kvh©-KviY e¨vL¨v Kiv LyeB KwVb| A_©vr GUv ejv KwVb †h, gy`ªmùxwZB Drcv`b ev
wb‡qvM¯Íi e„w× ev nªv‡mi KviY| gy`ªvùxwZ Drcv`b I wb‡qvM¯Í‡ii djvdjI n‡Z cv‡i| AvaywbK A_©bxwZwe`‡ì g‡Z,
CE¢eV-6 fªù¡-98
mgwóK A_©bxwZ
¯^íKv‡j gy`ªvùxwZi mv‡_ Drcv`b I wb‡qvM¯Í‡ii m¤cK© _vK‡ZI cv‡i, wKš‘ `xN©Kv‡j gy`ªvùxwZi mv‡_ Drcv`b I
wb‡qvM¯Í‡ii †Kvb m¤cK© †bB|
Abykxjb
aiæb, Avcbvi Avq 20% e„w× †c‡q‡Q| GKB mv‡_ mKj †fvM¨`ª‡eï evRvi`vgI 20% e„w× †c‡q‡Q| G‡ÿ‡Î †Kvb&
ai‡bi gy`ªvùxwZ weivR Ki‡Q? wPšÍv Kiæb I wjLyb|
mZ¨-wg_¨v
1. GKwU `ª‡eï `vg e„w×‡K gy`ªvùxwZ ejv nq - mZ¨/wg_¨v
2. 12% gy`ªvùxwZ‡K Creeping inflation - mZ¨/wg_¨v
3. A‡_©i †hvMvb e„w× gy`ªvùxwZi GKwU Ab¨Zg KviY - mZ¨/wg_¨v
4. weï× gy`ªvùxwZ A_©bxwZi cÖwZwU LvZ‡K mgvbfv‡e ®ck© K‡i - mZ¨/wg_¨v
5. gy`ªvùxwZi d‡j GKwU A_©bxwZi mvwe©K Drcv`b nªvm †c‡Z cv‡i - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. gy`ªvùxwZi msÁv w`b| Kxfv‡e gy`ªvùxwZ cwigvc Kiv hvq?
2. wewfbœ cÖKvi gy`ªvùxwZi e¨vL¨v cÖ`vb Kiæb|
3. gy`ªvùxwZi KviYmg~n e¨vL¨v Kiæb|
4. Avq I m¤c‡ì e›U‡bi Ici gy`ªvùxwZi cÖfve Av‡jvPbv Kiæb|
5. gy`ªvùxwZ wK AwZ Aek¨B Drcv`b Ges wb‡qvM¯Íi‡K cÖfvweZ Ki‡Z cv‡i?
‰be©¨w³K cÖkœ
1. gy`ªvùxwZ n‡jv-
K. †h †Kvb `ª‡eï `vg e„w×
L. mKj `ª‡eï `vg e„w×
M. mKj `ª‡eï ¯’vqx `vg e„w×
N. †h †Kvb `ª‡eï ¯’vqx `vg e„w×
2. Demand-pull inflation N‡U-
K. mvgwMÖK Pvwn`v A‡cÿv mvgwMÖK †hvMvb †ekx n‡j
L. mvgwMÖK †hvMvb A‡cÿv mvgwMÖK Pvwn`v †ekx n‡j
M. mvgwMÖK †hvMvb I mvgwMÖK Pvwn`v mgvb n‡j
3. `yB AsK wewkó gy`ªvùxwZi nvi‡K ejv nq
K. Hyper inflation
L. Creeping inflation
M. avegvb gy`ªvùxwZ
4. wb‡Pi ‡Kvb&wU gy`ªvùxwZi Rb¨ `vqx bq
K. miKv‡ii NvUwZ e¨q
L. A‡_©i AwZwi³ †hvMvb
M. Drcv`b LiP e„w×
N. Drcv`b e„w×
BDwbU-6 fªù¡- 99
weweGm †cÖvMÖvg
5. ¯^íKv‡j gy`ªvùxwZ e„w× †c‡j

K. wb‡qvM¯Íi e„w× cvq
L. wb‡qvM¯Íi nªvm cvq
M. Drcv`b nªvm cvq
mgm¨v
1. g‡b Kiæb, 1994 mv‡j evsjv‡`‡ki mvaviY g~j¨¯Í‡ii m~PK wQj 170 Ges 1995 mv‡j Zv e„w× †c‡q 180 nq|
1994 mv‡ji Zzjbvq 1995 mv‡j gy`ªvùxwZi nvi KZ wQj?
2. B‡Zvg‡a¨ MwVZ RvZxq †c-Kwgk‡bi wi‡c©v‡Ui wfwË‡Z hw` Avcbvi †eZb e„w× cvq Ges GKB nv‡i evRv‡i mKj
†fvM¨`ª‡eï `vg e„w× cvq Zvn‡j †eZbe„w×i d‡j Avcbvi jvf n‡e wK?
DËigvjv
cvV-1
• mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. wg_¨v, 4. mZ¨
• ˆbe©¨w³K cÖkœ
1. L, 2. M. 3. K, 4. K, 5. L
cvV-2
• mZ¨-wg_¨v
1. wg_¨v, 2. wg_¨v, 3. mZ¨, 4. wg_¨v, 5. mZ¨
1. M, 2. L. 3. K, 4. M, 5. L
cvV-3
• mZ¨-wg_¨v
1. wg_¨v, 2. mZ¨, 3. wg_¨v, 4. mZ¨, 5. wg_¨v
1. N, 2. M. 3. L, 4. M, 5.
cvV-4
• mZ¨-wg_¨v
1. wg_¨v, 2. wg_¨v, 3. mZ¨, 4. mZ¨, 5. mZ¨
1. M, 2. L. 3. M, 4. L, 5. L
CE¢eV-6 fªù¡-100
mgwóK A_©bxwZ
BDwbU
7
mvgwMÖK Pvwn`v I †hvMvb

Aggregate Demand and Supply
mvgwMÖK Pvwn`v−†hvMvb g‡Wj n‡”Q GKwU †gŠwjK mgwóK A_©‰bwZK g‡Wj hv †_‡K `vg¯Íi I Drcv`b m¤ú‡K©
Rvbv hvq| e¨wóK I mgwóK Dfq A_©bxwZ‡Z Pvwn`v I ‡hvMvb †iLv `vg I Drcv`b wba©vi‡Y cÖ‡qvRbxq mnvqK
f~wgKv cvjb K‡i _v‡K| Z‡e e¨wóK A_©bxwZ‡Z Pvwn`v I †hvMvb †iLvi †P‡q mvgwMÖK Pvwn`v I †hvMvb †iLv
m¤ú‡K© mg¨K aviYv _vKv Acwinvh©| G BDwb‡U mvgwMÖK Pvwn`v I †hvMvb m¤ú‡K© we¯ÍvwiZ Av‡jvPbv Kiv
n‡q‡Q| cvV-1 G mvgwMÖK Pvwn`v, cvV-2 G mvgwMÖK †hvMvb Ges cvV-3 G mvgwMÖK Pvwn`v I †hvMvb fvimvg¨
m¤ú‡K© eY©bv i‡q‡Q|
BDwbU-7 c„ôv-101
weweGm †cÖvMÖvg
BDwbU 7
cvV-1 mvgwMÖK Pvwn`v (Aggregate Demand)
D‡Ïk¨
♦ mvgwMÖK Pvwn`v m¤ú‡K© aviYv w`‡Z cvi‡eb
♦ mvgwMÖK Pvwn`v ‡iLv †Kb Wvbw`‡K wbgœMvgx Zv ej‡Z cvi‡eb
♦ mvgwMÖK Pvwn`v cwieZ©‡bi KviY¸‡jv e¨vL¨v Ki‡Z cvi‡eb|
f~wgKv
Avcwb e¨wóK A_©bxwZ (BBS 2501) †Kv‡m©i BDwbU-2Gi cvV-1 †_‡K GKRb †fv³v ev GKwU cÖwZôv‡bi Pvwn`v Ges
Pvwn`v †iLv m¤ú‡K© †R‡b‡Qb| GKBfv‡e GB cv‡V mvgwMÖK Pvwn`vi †cQ‡b cÖfve m„wóKvix DcKiY¸‡jv wb‡q Av‡jvPbv
Kivi mgq GKwU A_©bxwZ‡Z we`¨gvb mKj †fv³v, mKj cÖwZôvb, miKvi Ges ê‡`wkK µq-weµ‡qi mvgwMÖK Pvwn`v I
Pvwn`v †iLv‡K GKwÎZ K‡i Av‡jvPbv Kiv n‡q‡Q|
mvgwMÖK Pvwn`v (Aggregate Demand)

`ªe¨ ev †mevi mvgwMÖK Pvwn`v (Aggregate Demand) n‡”Q mKj †fv³v †h cwigvY `ªe¨ ev †mev µq Ki‡Z B”QzK,
cÖwZôvbmg~n †h cwigvY wewb‡qvM `ªe¨ µq Ki‡Z B”QzK, miKvi †h cwigvY `ªe¨ ev †mev µq Ki‡Z B”QyK Ges bxU ißvwb
(Net export) hv we‡`kxiv µq Ki‡Z B”QzK Gme wKQzi †hvMdj A_©vr `ªe¨ ev †mevi mvgwMÖK Pvwn`vi cwigvY wbf©i K‡i
mKj †fv³v, cÖwZôvb, miKvi Ges we‡`kx‡ì †bqv wm×v‡šÍi Dci| Ab¨fv‡e ejv hvq †h, mvgwMÖK Pvwn`v n‡”Q wewfbœ
`vg¯Í‡i wewfbœ e¨w³, dvg© Ges miKvi †gvU †h cwigvY `ªe¨ Ges †mev µq Ki‡Z B”QzK| A_©vr, mvgwMÖK Pvwn`v ‡iLv
(AD) Drcv`b (output) I `vg¯Íi (price level) Gi m¤úK©‡K cÖKvk K‡i hv wPÎ 7.1 G †`Lv‡bv n‡q‡Q|
`vg¯—i
P0
Y0
wPÎ 7.1 t mvgwMÖK Pvwn`v †iLv
mvgwMÖK Pvwn`v †iLv wewfbœ `vg¯Í‡i GKwU A_bxwZi mKj `ªe¨ Ges †mevi Pvwn`vi cwigvY‡K wb‡`©k K‡i| A_©vr mvgwMÖK
Pvwn`v †iLv ej‡Z Ggb GKwU †iLv †evSvq, hvi wewfbœ we›`y‡Z Drcv`b ev cÖK…Z Avq Ges `vg¯Í‡ii wewfbœ mswgkªY cÖKvk
cvq| wPÎ 7.1 G †`Lv hv‡”Q, mvgwMÖK Pvwn`v †iLv evg †_‡K Wvbw`‡K wbgœMvgx| Bnv Øviv eySv hvq †h, Ab¨vb¨ Ae¯’v hLb
AcwiewZ©Z _v‡K ZLb `vg¯Íi n«vm †c‡j `ªe¨ ev †mevi mvgwMÖK Pvwn`vi cwigvY e„w× cvq Ges `vg¯Íi e„w× †c‡j `ªe¨ ev
†mevi mvgwMÖK Pvwn`vi cwigvY n«vm cvq| wPÎ 7.1 G †`Lv hvq †h, `vg¯Íi P1 †_‡K P2 †Z n«vm †c‡j Drcv`b ev cÖK…Z
Avq Y1 †_‡K Y2 †Z e„w× cvq Ges `vg ¯Íi P1 †_‡K P0 †Z e„w× †c‡j Drcv`b ev cÖK…Z Avq Y1 †_‡K Y0 †Z n«vm
cvq|
BDwbU-7 c„ôv-102
mgwóK A_©bxwZ
mvgwMÖK Pvwn`v †iLv †Kb Wvbw`‡K wbgœMvgx ?

Avgiv GZÿY Av‡jvPbv †_‡K †R‡bwQ, mvgwMÖK Pvwn`v †iLv Wvbw`‡K wbgœMvgx| wKšÍy, †Kb? †Kb `vg¯Íi n«vm †c‡j `ªe¨ ev
†mevi Pvwn`vi cwigvY n«vm cvq? Gme cÖ‡kœi DËi Rvbvi Rb¨ Avgv‡ì‡K BDwbU-2 Gi cvV-3 G †gvU RvZxq Drcv`b
(GNP) Gi K_v g‡b Ki‡Z n‡e hv †fvM (C), wewb‡qvM (I), miKvix e¨q (G) Ges bxU ißvwb (NX) Gi †hvMd‡ji
mgvb| GLb †gvU RvZxq Drcv`b‡K Avgiv Y Øviv cÖKvk Ki‡j †gvU RvZxq Avq Y n‡e-
Y = G + I +G + NX
RvZxq Avq wba©vi‡Y DcwiD³ PviwU Dcv`vb `ªe¨ ev †mevi mvgwMÖK Pvwn`vi e¨vcv‡i ¸iæZ¡c~Y© f~wgKv iv‡L| GLb miKvix
e¨q‡K wewfbœ bxwZ Øviv hw` w¯’i ivLv nq Zvn‡j e¨‡qi Ab¨ wZbwU DcKiY (†fvM, wewb‡qvM Ges bxU ißvwb) A_©‰bwZK
Ae¯’v we‡klZ: `vg¯Í‡ii Dci wbf©i K‡i| d‡j mvgwMÖK Pvwn`v †iLvi wbgœMvgxZvi KviY Rvbvi Rb¨ Avgv‡ì‡K Aek¨B
†fvM, wewb‡qvM Ges bxU ißvwb‡hvM¨ `ªe¨ ev †mevi Pvwn`vi cwigv‡Yi Dci `vg¯Íi‡ii cÖfve m¤ú‡K© Rvb‡Z n‡e|
`vg¯Íi I †fvMm¤ú` cÖfve (The Price Level and Consumption-The Wealth Effect)
mvgwMÖK Pvwn`v †iLv Wvbw`‡K wbgœMvgx nIqvi cÖ_g KviY n‡”Q m¤ú` cÖfve| e¨w³ ev cÖwZôvb n‡”Q A_©, eÛ Ges wewfbœ
Avw_©K m¤ú‡ì gvwjK| Gme m¤ú‡ì Avw_©K g~j¨ (Nominal value) w¯’i n‡jI cÖK…Z g~j¨ (Real value) w¯’i bq|
GLv‡b cªKZ g~j¨ ej‡Z µqÿgZv (Purchasing power) †K eySv‡bv n‡q‡Q| hLb `vg¯Íi n«vm cvq ZLb A‡_©i
µqÿgZv e„w× cvq| wecixZe¯’vq, µqÿgZv n«vm cvq| A_©vr, `vg¯Í‡ii n«vm †fv³v ev eëmv cÖwZôvb‡K AviI
m¤ú`kvjx K‡i †Zv‡j hv Zv‡ì‡K AviI LiP Ki‡Z Drmvn cÖ`vb K‡i| Avi GB †fvM e¨q e„w×B n‡”Q `ªe¨ ev †mevi
Pvwn`vi cwigvY Z_v mvgwMÖK Pvwn`vi cwigvY e„w×| Ab¨w`‡K, `vg¯Í‡ii e„w× mvgwMÖK Pvwn`vi n«vm NUvq|
Ôm¤ú` cÖfveÕ †K gv‡S gv‡S ÔcÖK…Z-fvimvg¨Õ cÖfveI (Real Balance Effect) ejv nq| `vg¯Í‡ii cwieZ©‡bi mv‡_
mv‡_ cÖK…Z g~jÏ cwiewZ©Z nq| hLb `vg¯Íi e„w× cvq ZLb A_© ev m¤ú‡ì cÖK…Z g~j¨ n«vm cvq| d‡j µqgÿgZv K‡g
hvq| Avi G Kvi‡Y `ªe¨ ev †mevi Pvwn`vi cwigvYI n«vm cvq| Avevi hLb `vg¯Íi n«vm cvq ZLb A_© ev m¤ú‡ì cÖK…Z
g~j¨ e„w× cvq| G‡Z µqÿgZv †e‡o hvIqvq `ªe¨ ev †mevi Pvwn`vi cwigvYI e„w× cvq|
`vg¯Íi I wewb‡qvM-my‡ì nvi cÖfve
(The Price Level and Investment−The Interest Rate Effect)
hLb `vg¯Íi e„w× cvq ZLb A‡_©i µqÿgZv n«vm cvq A_©vr GKB cwigvY `ªe¨ ev †mev µ‡qi Rb¨ c~‡e©i Zzjbvq †ewk A_©
cÖ‡qvRb nq| hv Avgiv ÔcÖK…Z fvimvg¨Õ cÖfve †_‡K †R‡bwQ| aiæb, Avcbvi cwiev‡ii Rb¨ cÖwZ mßv‡n 200 UvKvi Lv`¨
wKb‡Z nq| GLb hw` `vg¯Íi wØ¸Y e„w× cvq Zvn‡j GKB cwigvY Lv`¨ wKb‡Z Avcbvi cÖ‡qvRb n‡e 400 UvKv| A_©vr
Avcbv‡K c~‡e©i Zzjbvq wØ¸Y UvKv e¨q Ki‡Z n‡e| wecixZfv‡e, hLb `vg¯Íi n«vm cvq ZLb Avcbvi GKB cwigvY Lv`¨
wKb‡Z c~‡e©i Zzjbvq Kg A_© jvM‡e| †Kbbv, `vg n«vm cvIqv‡Z A‡_©i µqÿgZv c~‡e©i Zzjbvq †ewk n‡q‡Q|
hLb `vg¯Íi e„w× cvq ZLb RbM‡Yi †ewk A‡_©i cÖ‡qvRb nq| GKvi‡Y RbMY Zv‡ì Avw_©K m¤ú` †hgb: mÂqcÎ, eÛ
BZ¨vw` wewµ Ki‡e wKQz A_© cvevi Rb¨| d‡j mÂqcÎ ev e‡Ûi mieivn †e‡o hv‡e Ges evRv‡i A_© mieiv‡ni cwigvY
Kg‡e| d‡j eÛ ev mÂqc‡Îi `vg Kg‡e Ges my‡ì nvi (interest rate)evo‡e| my‡ì nvi e„w× ‡c‡j wewfbœ dvg© ev
eëmv cÖwZôvb hviv bZzb †Kvb hš¿cvwZ (equipment) ev wkí DcKi‡Y wewb‡qvM Ki‡Z B”QzK Zviv FY wb‡Z
wbiærmvwnZ n‡e| d‡j wewb‡qvM e¨q n«vm cv‡e| hv mvgwMÖK Pvwn`v n«v‡mi KviY n‡q ùvov‡e|
Avevi hLb `vg¯Íi n«vm cvq, ZLb GKB cwigvY `ªe¨ ev †mev µ‡qi Rb¨ c~‡e© Zzjbvq Kg A‡_©i cÖ‡qvRb nq| d‡j
RbMY nv‡Z A_© a‡i bv †i‡L A_© avi ev FY w`‡Z cv‡i| D`vniY¯îƒc, RbMY Zvi AwZwi³ A_© w`‡q eÐ wKb‡Z cv‡i|
A_ev Avw_©K cÖwZôv‡b mÂq GKvD›U (savings account) Lyj‡Z cv‡i| G‡Z e‡Ûi Pvwn`v †e‡o hv‡e Ges e‡Ûi `vg
e„w× cv‡e| Ab¨w`‡K Avw_©K cÖwZôvbmg~‡n A‡_©i †hvMvb †e‡o hv‡e hv cÖwZôvbmg~n FY †`qvi Kv‡R eënvi Ki‡Z cv‡i|
d‡j my‡ì nvi n«vm cv‡e| my‡ì nvi n«vm †c‡j wewb‡qvM e¨q e„w× cv‡e| G‡Z mvgwMÖK Pvwn`vI evo‡e|
`vg¯Íi I bxU ißvwb−wewbgq nvi cÖfve
(The Price Level and Net Export – The Exchange Rate Effect)
Avgiv †R‡bwQ, bxU ißvwb mvgwMÖK Pvwn`vi GKwU DcKiY| Bnv Af¨šÍixY ev †`kR Av‡qi (domestic income) GKwU
Ask| d‡j `vg¯Í‡ii cwieZ©b bxU ißvwb‡Z cÖfve †d‡j| ê‡`wkK `vg¯Íi I ê‡`wkK wewbgq nvi w¯’i _vKv Ae¯’vq hw`
†`‡ki Af¨šÍ‡i `vg¯Íi e„w× cvq Zvn‡j †`kxq `ªe¨ ev †mev ‰e‡`wkK `ªe¨ ev †mevi Zzjbvq †ewk e¨qeûj n‡q _v‡K|
awi, evsjv‡`k fvi‡Zi †P‡q Kg `v‡g hy³iv‡óª cvU I cvURvZ `ªe¨vw` ißvwb K‡i _v‡K| GLb hw` †Kvb Kvi‡Y
evsjv‡`‡ki `vg¯Íi e„w× cvq Z‡e fvi‡Zi †P‡q †ewk `v‡g Zv‡K cvU I cvURvZ `ªe¨ wewµ Ki‡Z n‡e| Zvn‡j wK NU‡e?
hy³ivóª wK evsjv‡`k †_‡K cvU I cvURvZ `ªe¨ wKb‡e? G‡ÿ‡Î hy³ivóª cÖwZ‡ekx †`k fviZ †_‡K cvU I cvURvZ `ªe¨
wKb‡Z PvB‡e| d‡j evsjv‡`‡ki ißvwb Av‡Mi Zzjbvq n«vm cv‡e Ges bxU ißvwbI K‡g hv‡e| †Kbbv, bxU ißvwb (NX) =
ißvwb (X) - Avg`vbx (M)|
myZivs, hLb †`kxq `ª‡eï `vg ‰e‡`wkK `ª‡eï `v‡gi Zzjbvq e„w× cv‡e ZLb bxU ißvwb n«vm cv‡e| d‡j mvgwMÖK Pvwn`vI
n«vm cv‡e| Avevi hLb †`kxq `ª‡eï `vg ‰e‡`wkK `ª‡eï Zzjbvq n«vm cvq ZLb bxU ißvwb e„w× cv‡e| G‡Z mvgwMÖK
Pvwn`vI e„w× cv‡e|
BDwbU-7 c„ôv-103
weweGm †cÖvMÖvg
GZÿY Avgiv `v‡gi cwieZ©‡b `ªe¨ ev ‡mevi Pvwn`vi cwigvY cwieZ©b msµvšÍ †h wZbwU KviY Av‡jvPbv Kijvg Zv ¯^Zš¿
n‡jI ci¯úi m¤úK©hy³| myZivs Avgiv ej‡Z cvwi †h,
1) `vg¯Íi n«v‡m †fv³v AwaK m¤ú`kvjx n‡q D‡V hv †fvM¨`ªe¨ Gi Pvwn`v‡K DÏxwcZ K‡i|
2) my‡ì nvi n«vm wewb‡qvM `ª‡eï Pvwn`v‡K DÏxwcZ K‡i|
3) `vg¯Í‡ii n«vm bxU ißvwb‡K e„w× K‡i|
GB wZbwU Kvi‡Y mvgwMÖK Pvwn`v †iLv Wvbw`‡K wbgœMvgx n‡q _v‡K| Z‡e GKUv wRwbm GLv‡b g‡b ivLv cÖ‡qvRb †h,
mvgwMÖK Pvwn`v †iLv Wvbw`‡K wbgœMvgx n‡q‡Q hLb Ab¨vb¨ welq we‡klZ: A‡_©i †hvMvb w¯’i aiv n‡q‡Q| A_©vr GLv‡b
Avgiv †`‡LwQ, A_©bxwZ‡Z A‡_©i cwigvY w¯’i _vKv Ae¯’vq wKfv‡e `v‡gi cwieZ©b `ªe¨ ev †mevi Pvwn`vi cwigvY Gi
Dci cÖfve †d‡j|
mvgwMÖK Pvwn`v †iLvi ¯’vbvšÍi (Shift in Aggregate Demand Curve)
GZÿ‡Yi Av‡jvPbv †_‡K Avgv‡ì wbKU ¯úó n‡q‡Q †h, `vg¯Íi n«vm †c‡j `ªe¨ ev †mevi Pvwn`vi cwigvY e„w× cvq Ges
`vg¯Íi e„w× ‡c‡j `ªe¨ ev †mevi Pvwn`vi cwigvY n«vm cvq hv mvgwMÖK Pvwn`v †iLv wbgœMvgx nIqvi KviY| hw` `vg¯Íi w¯’i
_vKv Ae¯’vq Pvwn`vi mv‡_ m¤úwK©Z DcKiYmg~‡ni GKwUI cwiewZ©Z nq ZLb mvgwMÖK Pvwn`v †iLv ¯’vbvšÍwiZ nq| Giƒc
cÖavb wKQz DcKiY †h¸‡jv mvgwMÖK Pvwn`v‡K cÖfvweZ K‡i d‡j mvgwMÖK Pvwn`v †iLv ¯’vbvšÍwiZ nq †m¸‡jv n‡”Qt-
• cÖZ¨vkv (Expectations)
• ‰e‡`wkK Avq Ges `vg¯Íi (Foreign Income and Price Level)
• miKvix bxwZ (Government Policy)
cÖZ¨vkv (Expectations)
`ªe¨ ev †mevi Rb¨ †fv³vi e¨q wm×všÍ Ges wewb‡qv‡Mi Rb¨ eëmvwqK wm×všÍ MÖn‡Y fwel¨r A_©‰bwZK Ae¯’v m¤ú‡K©
cÖZ¨vkv GKwU ¸iæZ¡c~Y© f~wgKv cvjb K‡i| Gi g‡a¨ wZb ai‡bi cÖZ¨vkv †ekx ¸iæZ¡c~Y© (i) fwel¨r Avq, (ii) fwel¨r
gy`ªvùxwZ I (iii) fwel¨r gybvdv|
(i) fwel¨r Avq m¤ú‡K© cÖZ¨vkv (Expectations about future income)
Ab¨vb¨ Ae¯’v AcwiewZ©Z _vKv Ae¯’vq fwel¨r Avq e„w× cv‡e Avkv Kiv n‡j eZ©gv‡b †fvM¨ `ªe¨ I wejvm `ªe¨ µ‡q e¨‡qi
cwigvY e„w× cvq| d‡j mvgwMÖK Pvwn`vI e„w× cvq| hLb RbMY Zv‡ì fwel¨r Av‡qi axiMwZ A_ev Avq K‡g †h‡Z cv‡i
g‡b K‡i ZLb Zviv eZ©gv‡b e¨‡qi cwigvY Kwg‡q †`q| G‡Z mvgwMÖK Pvwn`v n«vm cvq| mvgwMÖK Pvwn`v e„w×‡Z mvgwMÖK
Pvwn`v †iLv AD0 †_‡K Wvbw`‡K AD1 Ges mvgwMÖK Pvwn`v n«v‡m mvgwMÖK Pvwn`v †iLv AD0 †_‡K evgw`‡K AD2 †Z m‡i
Av‡m hv wb‡Pi wP‡Î (wPÎ 7.2) †`Lv‡bv n‡jv :
`vg¯—i
mvgwMÖK Pvwn`vi e„w×i
mvgwMÖK Pvwn`vi n«vm

AD1
AD0
AD2
Drcv`‡bi cwigvY
wPÎ 7.2 t mvgwMÖK Pvwn`v †iLvi ¯’vbvšÍi
(ii) gy`ªvùxwZ m¤ú‡K© cÖZ¨vkv (Expectation about inflation)
Ab¨vb¨ Ae¯’v AcwiewZ©Z _vKv Ae¯’vq hw` gy`ªvùxwZi nvi e„w× cv‡e e‡j AvksKv Kiv nq Zvn‡j mvgwMÖK Pvwn`v e„w×
cv‡e| cÖZ¨vwkZ gy`ªvùxwZ e„w× cvIqv gv‡b fwel¨‡Z cÖZ¨vwkZ `ªe¨ ev ‡mevi `vg e„w× cvIqv Ges A_© I Ab¨vb¨ Avw_©K
m¤ú‡ì cÖK…Z g~j¨ (real value) n«vm cvIqv| dj¯îƒc, hLb RbMY cÖZ¨vkv K‡i gy`ªvùxwZi nvi e„w× cv‡e ZLb Zviv
BDwbU-7 c„ôv-104
mgwóK A_©bxwZ
eZ©gvb mg‡q nv‡Z Kg A_© I Avw_©K m¤ú` a‡i †i‡L †ewk K‡i `ªe¨ ev †mev µ‡q A_© e¨q Ki‡e| d‡j mvgwMÖK Pvwn`v
e„w× cv‡e Ges mvgwMÖK Pvwn`v †iLv Wvbw`‡K m‡i hv‡e| wPÎ 7.2 G AD0 †_‡K AD1 G m‡i hvIqv Øviv Zv †`Lv‡bv
n‡q‡Q| Ab¨w`‡K, cÖZ¨vwkZ gy`ªvùxwZi nvi n«vm †c‡j A_© Ges Avw_©K m¤ú‡ì cÖK…Z g~j¨ e„w× cv‡e| G‡Z RbMY eZ©gvb
mg‡q nv‡Z A_© I Ab¨vb¨ Avw_©K m¤ú` a‡i ivL‡e Ges `ªe¨ ev †mev µ‡q Kg e¨q Ki‡e| d‡j mvgwMÖK Pvwn`v n«vm cv‡e
Ges mvgwMÖK Pvwn`v †iLv evgw`‡K m‡i Avm‡e| wPÎ 7.2 G AD0 †_‡K AD2 Øviv Zv †`Lv‡bv n‡q‡Q|
(iii) fwel¨r gybvdv m¤ú‡K© cÖZ¨vkv (Expectation about future profit)
cÖZ¨vwkZ fwel¨r gybvdvi †h †Kvb ai‡bi cwieZ©‡b dvg© ev eëmv cÖwZôv‡bi g~jabx `ªe¨ ev hš¿cvwZ µ‡qi Pvwn`vI
cwiewZ©Z nq| D`vniY¯îƒc: cÖhyw³MZ †Kvb cwieZ©b dvg©mg~‡ni Drcv`bkxjZv evov‡Z cv‡i| †m‡ÿ‡Î dvg©mg~n Avkv
Ki‡e GB bZzb cÖhyw³ eënv‡i Zv‡ì gybvdv e„w× cv‡e| GB ai‡bi cÖZ¨vkv bZzb cø¨v›U ev hš¿cvwZ µ‡qi Pvwn`v‡K e„w×
K‡i| d‡j mvgwMÖK Pvwn`v e„w× cvq Ges mvgwMÖK Pvwn`v †iLv Wvbw`‡K ¯’vbvšÍwiZ nq| wecixZfv‡e, hw` dvg©mg~n Zv‡ì
fwel¨r eëmvwqK Ae¯’v m¤ú‡K© wbivkvev`x nq Zvn‡j Zviv wewb‡qvM e¨q Kgv‡e| G‡Z mvgwMÖK Pvwn`v n«vm cv‡e Ges
mvgwMÖK Pvwn`v †iLv evgw`‡K ¯’vbvšÍwiZ n‡e|
‰e‡`wkK Avq Ges `vg¯Íi (Foreign Income and Price Level)
Avgiv c~‡e©B †R‡bwQ, †`‡ki Af¨šÍ‡i `vg¯Í‡ii cwieZ©b ‰e‡`wkK `ªe¨ (foreign goods) Gi mv‡_ Zzjbvg~jK †`kxq
`ª‡eï (domestic goods) `vg Ges Pvwn`vi cwieZ©b K‡i hv bxU ißvwb‡Z cÖfve †d‡j|
hLb ê‡`wkK Avq e„w× cvq ZLb GK A‡_© ‰e‡`wkK e¨qI e„w× cvq| GB e¨q n‡”Q †`kxq A_©bxwZ‡Z †hme `ªe¨ ißvwb
Rb¨ Drcvw`Z nq †m¸‡jvi Rb¨ e¨q|
Af¨šÍixY ißvwb e„w×‡Z mvgwMÖK Pvwn`v e„w× cvq| Avevi wbgœ ê‡`wkK Av‡q wecixZ Ae¯’v †`Lv hvq| hLb ê‡`wkK Avq
n«vm cvq ZLb ê‡`wkK e¨q Z_v †`kxq A_©bxZw‡Z ißvwbi Rb¨ ‰e‡`wkK e¨q K‡g hvq| wbgœ ê‡`wkK Av‡q †`‡ki
Af¨šÍ‡i bxU ißvwb Ges mvgwMÖK Pvwn`v n«vm cvq| d‡j mvgwMÖK Pvwn`v †iLv ev‡g ¯’vbvšÍwiZ nq|
Avgiv c~‡e©B †R‡bwQ, hw` †`‡ki Af¨šÍ‡i `vg¯Íi e„w× cvq ZLb ‡`kxq `ªe¨ ev †mev ê‡`wkK `ªe¨ ev †mevi Zzjbvq †ewk
e¨qeûj nq hv bxU ißvwb‡K n«vm K‡i| GKB e¨vcvi hw` ‰e‡`wkK `ª‡eï `v‡gi †ÿ‡Î N‡U Zvn‡j wK n‡Z cv‡i? hw`
ê‡`wkK `ª‡eï `vg †`kxq `ª‡eï `v‡gi Zzjbvq e„w× cvq Zvn‡j ‡`kxq `ªe¨ ê‡`wkK `ª‡eï Zzjbvq Kg e¨qeûj nq|
G‡Z †`‡ki Af¨šÍ‡i bxU ißvwb e„w× cvq| d‡j mvgwMÖK Pvwn`v e„w× cvq Ges mvgwMÖK Pvwn`v ‡iLv Wvbw`‡K m‡i hvq|
miKvix bxwZ (Government Policy)
miKvi †`‡ki A_©bxwZ‡K wbqš¿‡Y ivL‡Z †hme bxwZ Aej¤^b K‡i Zv `yÕai‡bi : (1) ivR¯^ bxwZ (Fiscal policy) (2)
Avw_©K bxwZ (Monetary policy) GB `yÕai‡bi bxwZi gva¨‡g mvgwMÖK Pvwn`vi n«vm-e„w× N‡U _v‡K| Zvn‡j †`Lv hvK
miKvwi bxwZ Øviv Kxfv‡e mvgwMÖK Pvwn`vi n«vm-e„w× N‡U| cÖ_‡gB Avgiv Av‡jvKcvZ Ki‡ev miKvwi ivR¯^ bxwZ wb‡q|
ivR¯^ bxwZ (Fiscal Policy)
A_©bxwZ‡K wbqš¿‡Y ivL‡Z miKvi wewfbœ c`‡ÿc †hgb: `ªe¨ ev †mev µq, Ki Av‡ivc, mvgvwRK wbivcËv, NvUwZ e¨q, FY
†bqv BZ¨vw` n«vm-e„w×i gva¨‡g †hme bxwZ Aej¤^b K‡i Zv n‡”Q ivR¯^ bxwZ|
(i) miKvi KZ©„K `ªe¨ ev †mev µq (Government purchases of goods and services)
mvgwMÖK Pvwn`vi Dci `ªe¨ ev †mevi miKvix µq mivmwi cÖfve ‡d‡j| myZivs, mvgwMÖK Pvwn`v †iLv ¯’vbvšÍ‡i cÖZ¨ÿ cÖfve
n‡”Q miKvix µ‡qi cwieZ©b| miKvi hZ †ewk `ªe¨ ev †mev µ‡q e¨q K‡i A_©vr nvmcvZvj, iv¯ÍvNvU, ¯‹zj K‡jR wbg©v‡Y
e¨q K‡i ZZ‡ewk mvgwMÖK Pvwn`v e„w× cvq| d‡j mvgwMÖK Pvwnv`v †iLv Wvbw`‡K ¯’vbvšÍwiZ n‡q| wecixZfv‡e, miKvi
hw` `ªe¨ ev †mev µ‡q e¨q Kwg‡q †`q Zvn‡j mvgwMÖK Pvwn`v n«vm cv‡e Ges mvgwMÖK Pvwn`v †iLv evgw`‡K m‡i Avm‡e|
(ii) Ki Ges n¯ÍvšÍi e¨q (Taxes and Transfer Payments)
K‡ii cwigvY hw` Kg nq Zvn‡j †fvM I wewb‡qvM e¨q `y‡UvB ev‡o| G‡Z `ªe¨ ev †mevi mvgwMÖK Pvwn`v e„w× cvq Ges
mvgwMÖK Pvwn`v †iLv Wv‡b ¯’vbvšÍwiZ nq| K‡ii cwigvY e„w× †c‡j wecixZ Ae¯’v †`Lv hvq| ZLb mvgwMÖK Pvwn`v †iLv
ev‡g ¯’vbvšÍwiZ nq| GKBfv‡e miKv‡ii n¯ÍvšÍi e¨qmg~n (†eKviZ¡ fvZv, Kj¨vY fvZv, mvgvwRK wbivcËv †mev BZ¨vw`|)
Gi cwigvY e„w× cvq Zvn‡j †fv³v‡ì e¨q‡hvM¨ Avq (disposible income) Gi cwigvY e„w× cvq| A_©vr, `ªe¨ ev
†mevi mvwgMÖK Pvwn`v ev‡o| d‡j mvgwMÖK Pvwn`v †iLv Wvbw`‡K ¯’vbvšÍwiZ nq| wecixZfv‡e n¯ÍvšÍi e¨‡qi cwigvY n«v‡m
mvgwMÖK Pvwn`v †iLv ev‡g m‡i Av‡m|
BDwbU-7 c„ôv-105
weweGm †cÖvMÖvg
Avw_©K bxwZ (Monetary Policy)

A‡_©i ‡hvMvb Ges my‡ì nvi wbqš¿‡Yi gva¨‡g A_©bxwZ‡K cÖfvweZ Kivi †hme c`‡ÿc miKvi MÖnY K‡i Zv n‡”Q Avw_©K
bxwZ| miKv‡ii ivR¯^ bxwZi Øviv †hgb mvgwMÖK Pvwn`vi cwigv‡Y n«vm e„w× N‡U †Zgwb Avw_©K bxwZi gva¨‡gI mvgwMÖK
Pvwn`v cwiewZ©Z nq|
(i) A‡_©i †hvMvb (Money supply)
A‡_©i cwigvY cwiewZ©Z n‡j my‡ì nvi cwiewZ©Z nq Ges Bnv wewb‡qvM e¨q I †fvM e¨q Gi cwieZ©‡bi gva¨‡g mvgwMÖK
Pvwn`v‡K cwiewZ©Z K‡i| hLb A_©bxwZ‡Z A‡_©i mieivn †e‡o hvq ZLb my‡ì nvi n«vm cvq| d‡j wewb‡qvM e¨q Ges
†fvM¨`ªe¨ e¨‡qi cwigvY ew× cvq| A_©vr mvgwMÖK Pvwn`v e„w× cvq Ges mvgwMÖK Pvwn`v †iLv Wv‡b ¯’vbvšÍwiZ nq (wPÎ 7.2
G AD0 ‡_‡K AD1)| Avevi, hLb A‡_©i mieivn n«vm cvq ZLb my‡ì nvi e„w× cvq| d‡j wewb‡qvM e¨q Ges †fvM `ªe¨
e¨q n«v‡mi gva¨‡g mvgwMÖK Pvwn`v n«vm cvq| d‡j mvgwMÖK Pvwn`v †iLv evgw`‡K ¯’vbvšÍwiZ nq (wPÎ 7.2 G AD0 †_‡K
AD2)|
(ii) my‡ì nvi (Interest rate)
hLb my‡ì nvi e„w× cvq ZLb †fv³v Ges dvg©mg~‡ni FY †`qv, FY †bqv Ges e¨‡qi cwiKíbv cwiewZ©Z nq| Zviv ZLb
FY Kg wb‡Z Ges †ewk w`‡Z †Póv K‡i hv †fvM¨ `ªe¨ Ges wewb‡qvM `ª‡e¨ e¨‡qi cwigvY msKzwPZ K‡i| d‡j mvgwMÖK
Pvwn`v n«vm cvq Ges mvgwMÖK Pvwn`v †iLv ev‡g m‡i Av‡m| wecixZ Ae¯’vq, mvgwMÖK Pvwn`v e„w× cvq Ges mvgwMÖK Pvwn`v
†iLv Wv‡b m‡i Av‡m|
mZ¨-wg_¨v
1. mvgwMÖK Pvwn`v Drcv`b I `vg¯Í‡ii g‡a¨ m¤úK© cÖKvk K‡i − mZ¨/wg_¨v
2. `vg¯Íi n«vm †c‡j cÖK…Z g~jÏ n«vm cvq − mZ¨/wg_¨v
3. ‡`kxq `ª‡eï `vg ‰e‡`wkK `ª‡eï `v‡gi Zzjbvq e„w× †c‡j bxU ißvwb e„w× cvq − mZ¨/wg_¨v
4. mvgwMÖK Pvwn`v n«v‡m mvgwMÖK Pvwn`v †iLv ev‡g ¯’vbvšÍwiZ nq − mZ¨/wg_¨v
5. cÖhyw³MZ Dbœqb dvg©mg~‡ni Drcv`bkxjZv Kgvq − mZ¨/wg_¨v
mswÿß DËi cÖkœ
1. mvgwMÖK Pvwn`v ej‡Z Kx eySvq ?
2. `vg¯Í‡ii n«vm-e„w×‡Z mvgwMÖK Pvwn`v †iLvq Kx ai‡bi cwieZ©b N‡U?
3. Kxfv‡e ê‡`wkK `ª‡eï `vg¯Íi n«vm †`‡ki Af¨šÍ‡i mvgwMÖK Pvwn`v‡K cÖfvweZ K‡i?
iPbvg~jK cÖkœ
1. mvgwMÖK Pvwn`v †iLv Wvbw`‡K wbgœMvgx nIqvi wZbwU KviY Av‡jvPbv Kiæb|
2. mvgwMÖK Pvwn`v †iLv ¯’vbvšÍ‡ii KviY¸‡jv wK? Kxfv‡e GB KviY¸‡jv mvgwMÖK Pvwn`v †iLvi ¯’vbvšÍi NwU‡q _v‡K ?
‰be¨©w³K cÖkœ
1. mvgwMÖK Pvwn`v †iLv
K. Wvbw`‡K DaŸ©Mvgx L. f~wg A‡ÿi mgvšÍivj
M. j¤^ A‡ÿi mgvšÍivj N. Wvbw`‡K wbgœMvgx|
2. `vg¯Íi e„w× †c‡j
K. my‡ì nvi e„w× cv‡e L. my‡ì nvi n«vm cv‡e
M. my‡ì nvi GKB _vK‡e N. Dc‡ii †KvbwUB bq|
3. cÖZ¨vwkZ gy`ªvùxwZ e„w× †c‡j−
K. eZ©gvb mg‡q mvgwMÖK Pvwn`v n«vm cv‡e
L. eZ©gvb mg‡q mvgwMÖK Pvwn`v e„w× cv‡e
M. mvgwMÖK Pvwn`vi †Kvb cwieZ©b n‡e bv
4. A‡_©i †hvMvb n«vm †c‡j −
K. wewb‡qvM e¨q I †fvM¨`ªe¨ e¨q n«vm cvq
L. wewb‡qvM e¨q I †fvM¨`ªe¨ e¨q e„w× cvq
M. wewb‡qvM e¨q I †fvM¨`ªe¨ e¨q GKB _v‡K
N. wewb‡qvM n«vm cvq I †fvM¨`ªe¨ e¨q e„w× cvq|
BDwbU-7 c„ôv-106
mgwóK A_©bxwZ
cvV-2
cvV-2 mvgwMÖK ‡hvMvb (Aggregate Supply)
D‡Ïk¨
♦ mvgwMÖK †hvMvb m¤ú‡K© ej‡Z cvi‡eb
♦ ¯^íKvjxb †hvMvb †iLv wKiƒc eY©bv Ki‡Z cvi‡eb
♦ `xN©Kvjxb †hvMvb †iLv †Kb Dj¤^ e¨vL¨v Ki‡Z cvi‡eb
♦ mvgwMÖK †hvMvb †iLv ¯’vbvšÍ‡ii KviYmg~n ej‡Z cvi‡eb|
f~wgKv
mvgwMÖK †hvMvb n‡”Q GKwU A_©bxZ‡Z mKj dvg©mg~n wewfbœ `vg¯Í‡i †h cwigvY `ªe¨ ev †mev Drcvw`Z K‡i Zvi mgwó|
A_©vr wewfbœ `vg¯Í‡i dvg©mg~n wK cwigvY `ªe¨ ev †mev Drcv`b K‡i A_ev wK cwigvY `ªe¨ ev †mev mieivn w`‡Z cÖ¯‘Z
_v‡K mvgwMÖK †hvMvb †iLv Zv wb‡`©k K‡i| Avcwb cvV-1 G †`‡L‡Qb mvgwMÖK Pvwn`v †iLv Wvbw`‡K wbgœMvgx| wKšÍ
mvgwMÖK †hvMvb †iLv Ggb GKwU m¤úK©‡K †`Lvq hv mgq e¨vwßi (time region) mv‡_ m¤úwK©Z| G cv‡V Avgiv
`yÕai‡bi mgq-e¨vwßi mv‡_ m¤úwK©Z mvgwMÖK †hvMvb †iLv m¤ú‡K© Rvb‡ev|
¯^íKvjxb mvgwMÖK †hvMvb †iLv
(The Short Run Aggregate Supply Curve− SRASC)
¯^íKv‡j mvgwMÖK †hvMvb †iLvq ïaygvÎ `vg¯Íi I Drcv`b e¨ZxZ Ab¨vb¨ me Ae¯’v AcwiewZ©Z _v‡K| GB `vg¯Íi n‡”Q
Drcv`‡bi `vg| ¯^íKv‡j Drcv`‡bi LiPmg~n †hgb- gRyix, LvRbv Ges my‡ì nvi w¯’i _v‡K|
Drcv`‡bi DcKiYmg~n w¯’i _vKv Ae¯’vq hw` `vg¯Íi e„w× cvq Zvn‡j dvg©mg~‡ni gybvdv e„w× cvq| G‡Z dvg©mg~n AviI
‡ewk Drcv`b Ki‡Z Drmvn †eva K‡i| A_©vr `vg e„w× †c‡j †hvMvb e„w× cvq| wecixZfv‡e, `vg¯Íi n«vm †c‡j dvg©mg~‡ni
gybvdv n«vm cvq| d‡j dvg©mg~‡ni Drcv`b n«vm cvq|
`vg¯—i
SRAS
P1
P0
P2
Y2 Y0 Y1 Drcv`‡bi cwigvY
wPÎ 7.3 t ¯^íKvjxb mvgwMÖK †hvMvb †iLv
wPÎ 7.3 G `vg¯Íi hLb P0 †_‡K P1 G e„w× cvq ZLb Drcv`b e„w× †c‡q Y0 †_‡K Y1 nq| Avevi `vg¯Íi P0 †_‡K P2
-†Z n«vm †c‡j Drcv`b Y0 †_‡K Y2 †Z n«vm cvq| d‡j ¯^íKvjxb mvgwMÖK †hvMvb (SRAS) †iLv Wvbw`‡K DaŸ©Mvgx
nq|
¯^íKv‡j mvgwMÖK †hvMvb †iLv Wvbw`‡K DaŸ©Mvgx nIqvi KviY n‡”Q, ¯^íKv‡j `vg¯Íi cwieZ©b nIqvi mv‡_ mv‡_B
Drcv`‡bi e¨qmg~n cwiewZ©Z nq bv| G¸‡jv Av‡¯Í Av‡¯Í mg‡qi mv‡_ mv‡_ cwiewZ©Z nq| myZivs mvgwMÖK †hvMvb †iLv
DaŸ©Mvgx GwU GKwU ¯^íKvjxb e¨vcvi| GB ¯^íKvj K‡qK gvmI n‡Z cv‡i Avevi m‡e©v”P K‡qK eQiI n‡Z cv‡i|
¯^íKvjxb mvgwMÖK †hvMvb †iLvi ¯’vbvšÍi (Shifts in Short-Run Aggregate Supply Curve)
Avgiv GZÿY †`‡LwQ, ¯^íKv‡j `vg¯Íi Ges Drcv`b Qvov Ab¨vb¨ me wKQz AcwiewZ©Z Ae¯’vq _v‡K| `vg Qvov †ek wKQz
wba©viK i‡q‡Q hv mvgwMÖK †hvMv‡bi cwieZ©b Avbvqb K‡i Ges mvgwMÖK †hvMvb †iLv‡K ¯’vbvšÍwiZ K‡i|
BDwbU-7 c„ôv-107
weweGm †cÖvMÖvg
`vg¯—i mvgwMÖK †hvMvb

SRAS2
n«vm
SRAS0
SRAS1
mvgwMÖK †hvMvb e„w×
Drcv`‡bi cwigvY
wPÎ 7.4 t ¯^íKvjxb mvgwMÖK †hvMvb †iLvi ¯’vbvšÍi
wPÎ 7.4 G ¯^íKvjxb mvgwMÖK †hvMvb †iLv SRAS0 †_‡K SRAS1 G ¯’vbvšÍi ¯^íKv‡j mvgwMÖK †hvMv‡bi e„w×‡K
†`Lvq| SRAS1 †iLv SRAS0 Gi †P‡q Wvbw`‡K Ae¯’vb K‡i| hv Øviv eySvq, SRAS1 †iLvi †P‡q SRAS1 Gi
cÖwZwU `vg¯Í‡i Drcv`b †ewk| Avevi SRAS0 †_‡K SRAS2 †Z ¯’vbvšÍi mvgwMÖK †hvMv‡bi n«vm‡K wb‡`©k K‡i| GLv‡b
SRAS 2 †iLv SRAS 0 ‡iLvi ev‡g Ae¯’vb K‡i| A_©vr cÖwZwU `vg¯Í‡i SRAS0 Gi †P‡q SRAS 2 †Z Drcv`b Kg|
`vg Qvov †hmg¯Í wba©viKmg~n mvgwMÖK †hvMv‡bi cwieZ©‡bi gva¨‡g ¯^íKv‡j mvgwMÖK †hvMvb †iLvi ¯’vbvšÍi NUvq †m¸‡jv
n‡”Q −DcKi‡Yi `vg, cÖhyw³ Ges cÖZ¨vkv|
DcKi‡Yi `vg (Factor prices)
hLb `vg¯Íi cwiewZ©Z nq ZLb mv‡_ mv‡_ Drcv`‡bi e¨q cwiewZ©Z nq bv| `v‡gi mv‡_ Av‡¯Í Av‡¯Í GB e¨q cwiewZ©Z
n‡q _v‡K Ges hLbB cwieZ©b Av‡m ZLbB mvgwMÖK †hvMvb †iLv ¯’vbvšÍwiZ nq| DcKiYmg~n (kªg, g~jabx `ªe¨) Gi `vg
hw` n«vm cvq Zvn‡j ¯^íKv‡j mvgwMÖK †hvMvb †iLv Wv‡b ¯’vbvšÍwiZ nq| A_©vr SRAS0 †_‡K SRAS1 G Av‡m| G‡Z
eySv hvq dvg©mg~n †h‡Kvb `vg¯Í‡i Av‡Mi †P‡q †ewk Drcv`b K‡i| Avevi hLb DcKiY e¨q ev‡o ZLb mvgwMÖK †hvMvb
†iLv SRAS0 †_‡K evgw`‡K SRAS1 G ¯’vbvšÍwiZ nq| GLv‡b †h‡Kvb `vg¯Í‡i dvg©mg~n Av‡Mi ‡P‡q Kg Drcv`b
K‡i| D`vniY¯îƒc, †Zj n‡”Q GKwU ¸iæZ¡c~Y© KvuPvgvj| hw` †Z‡ji †Kvb bZzb Drm Lyu‡R cvIqv hvq Zvn‡j †Z‡ji `vg
Kg‡e Ges mvgwMÖK †hvMvb e„w× cv‡e Ges mvgwMÖK †hvMvb †iLv Wv‡b ¯’vbvšÍwiZ n‡e| wecixZfv‡e, †Z‡ji `vg e„w× †c‡j
¯^íKvjxb mvgwMÖK †hvMvb †iLv ev‡g ¯’vbvšÍwiZ n‡e|
cÖhyw³ (Technology):
cªhyw³MZ D™¢veb (technologyical innovation) eZ©gvb kªgkw³ I g~jabx `ªe¨ w¯’i _vKv Ae¯’vq dvg©mg~‡ni
Drcv`bkxjZv‡K e„w× K‡i| cÖhyw³MZ Dbœqb NU‡j dvg©mg~‡ni Drcv`b e„w× cvq Ges Gi mvgwMÖK †hvMvb e„w× cvq| d‡j
¯^íKv‡j mvgwMÖK †hvMvb †iLv Wvbw`‡K ¯’vbvšÍwiZ nh|
cÖZ¨vkv (Expectations) t
e¨vemvwqK Kg©Kv‡Û fwel¨r m¤ú‡K© cÖZ¨vkv e¨vcviwU mvgwMÖK †hvMvb †iLv Wvbw`‡K DaŸ©Mvgxi KviY| Gmgq cÖhyw³ Ges
DcKi‡Yi (kªg, g~jabx `ªe¨) `vg w¯’i aiv nq| d‡j `vg¯Íi e„w× †c‡j dvg©mg~‡ni gybvdv e„w× cvq Ges Drcv`b ev‡o|
GLb Avcwb Rvb‡eb fwel¨r m¤ú‡K© cÖZ¨vkv wKfv‡e mvgwMÖK †hvMv‡bi Dci cÖfve †d‡j| mvaviYZ: kªwgK I Zv‡ì
wb‡qvMKZ©viv fwel¨‡Z `vg¯Íi wK n‡Z cv‡i †m m¤ú‡K© GKwU cÖZ¨vkv wb‡q kªwgK‡ì Avw_©K gRyix (nominal wage)
msµvšÍ Pyw³cÎ K‡i _v‡K| GB Pzw³cÎ mvaviYZ GKwU wbw`©ó mg‡qi Rb¨ n‡q _v‡K| GLb hw` AcÖZ¨vwkZfv‡e H eQ‡i
`vg¯Íi e„w× cvq Zvn‡j kªwg‡Ki cÖK…Z gRyix (real wage) K‡g hv‡e| KviY, `vg¯Íi e„w× cvIqvq kªwgKiv GKB gRyix
Øviv Av‡Mi †P‡q Kg `ªe¨ ev †mev µq Ki‡Z cvi‡e| G Ae¯’vq dvg©mg~‡ni Drcv`‡bi `vg e„w× †c‡jI kª‡gi Rb¨ e¨q
GKB _vKj| G‡Z dvg©mg~‡ni gybvdv e„w× cv‡e Ges Drcv`b evo‡e| d‡j mvgwMÖK †hvMvb e„w× †c‡q ¯^íKvjxb mvgwMÖK
†hvMvb †iLv Wv‡b m‡i hv‡e| Ab¨w`‡K, `vg¯Íi e„w× cv‡e GB cÖZ¨vkvq hw` kªwgK gRyix e„w× cvq wKš‘ kªg e¨‡qi Zzjbvq
`vg¯Íi †mfv‡e e„w× bv cvq Zvn‡j kªwgK‡ì cÖK…Z gRyix e„w× cvq| d‡j dvg©mg~‡ni e¨q e„w× cvq Ges gybvdv n«vm cvq|
G‡Z Drcv`b n«vm †c‡q mvgwMÖK †hvMvb K‡g hvq Ges ¯^jvKvjxb mvgwMÖK †hvMvb †iLv evgw`‡K ¯’vbvšÍwiZ nq|
BDwbU-7 c„ôv-108
mgwóK A_©bxwZ
¯^íKv‡j mvgwMÖK †hvMvb ‡iLvi AvK…wZ

(The Shape of the Aggregate Supply Curve in Short Run).
B‡Zvc~‡e© wPÎ 7.3 I 7.4 G †h mvgwMÖK †hvMvb (AS) †iLv †`Lv‡bv n‡q‡Q Zv c~Y©v½ AvK…wZi bq| cÖK…Z A‡_©, ¯^íKv‡j
mvgwMÖK †hMvb †iLv †`L‡Z wbgœiƒc| †hLv‡b †hvMvb †iLvwUi wZbwU ch©vq we`¨gvb|
`vg¯—i
AS
K¬¨vwm‡Kj ch©vq
†KBbmxq ch©vq gaëZ©©x ch©vq
O Y1 Y2
Drcv`‡bi cwigvY
wPÎ 7.5 t ¯^íKvjxb mvgwMÖK †hvMvb †iLvi AvK…wZ
OP `vg¯Í‡i mvgwMÖK †hvMvb †iLvwU f~wg A‡ÿi mgvšÍivj (horizontal) | GLv‡b Drcv`b Zzjbvg~jKfv‡e me‡P‡q Kg|
AS †iLvi G c‡e© A_©bxwZ‡Z †eKviZ¡ Ges AwZwi³ Drcv`b ÿgZv we`¨gvb| d‡j `v‡gi Dci †Kvb ai‡bi Pvc QvovB
Kg©nxb kªgm¤ú`‡K Kv‡R jvwM‡q Drcv`b e„w× m¤¢e| ¯^íKvjxb mvgwMÖK †hvMvb †iLvi f~wg A‡ÿi mgvšÍivj AskwU‡K
Ô†KBbmxq ch©vqÕ (keynesian region) ejv nq| Drcv`‡bi cÖwZwU ¯Í‡i hw` `vg w¯’i _v‡K Zvn‡j AS †iLv f~wg A‡ÿi
mgvšÍivj nq| wPÎ 7.5 G mvgwMÖK †hvMvb †iLv (AS) ‡iLv Y1 Drcv`b¯Íi ch©šÍ f~wg A‡ÿi mgvšÍivj| Gici †_‡K
AS †iLv Dc‡ii w`‡K DV‡Z ïiæ K‡i| Y1 Drcv`b ¯Í‡ii ci †_‡K A_©bxwZ Zvi Drcv`b ÿgZv‡K Kv‡R jvMv‡Z ïiæ
K‡i| Drcv`b e„w× cvIqvi mv‡_ mv‡_ Drcv`b e¨qI e„w× cvq| Y1†_‡K Y2 Drcv`b¯Íi ch©šÍ AskwU‡K mvgwMÖK †hvMvb
†iLvi gaëZ©x ch©vq (intermediate region) ejv nq| GB AskwU mvgwMÖK †hvMvb †iLvi ¯^vfvweK ch©vq hv wPÎ 7.3 I
7.4 Gi mij‰iwLK SRAS †iLvi g‡Zv|
Drcv`b hLb AviI evo‡Z _v‡K ZLb AS †iLv Lvov (Steeper) n‡Z _v‡K| A_©bxwZ Av‡¯Í Av‡¯Í Drcv`b ÿgZvi
m‡e©v”P ch©v‡qi KvQvKvwQ †h‡Z _v‡K †hLv‡b A_©bxwZ‡Z c~Y© wb‡qvM (full employment) weivR K‡i| G As‡k Drcv`b
e„w×i Rb¨ `vg¯Íi evo‡Z _v‡K| hLb Drcv`b ÿgZv Y2 ¯Í‡i ‡cŠQvq ZLb AS †iLv j¤^ A‡ÿi mgvšÍivj ev Dj¤^
(vertical) nq| Drcv`‡bi GB ¯Í‡i `vg¯Íi e„w× †c‡jI Drcv`b Avi e„w× cvqbv hZÿY ch©šÍ bv A_©bxwZi Drcv`b
ÿgZv ev cÖZ¨vwkZ GNP (potential GNP) e„w× cvq| ‡hvMvb †iLvi GB ch©vqwU ÔK¬¨vwm‡Kj ch©vqÕ (classical
region) bv‡g cwiwPZ|
`xN©Kv‡j DcKi‡Yi cwigvY e„w× cvq Ges bZzb cÖhyw³i Dbœqb N‡U| G‡Z cÖZ¨vwkZ GNP ev‡o Ges AS †iLv Wv‡b
¯’vbvšÍwiZ nq| Ab¨w`‡K `xN©Kvj n‡”Q Ggb GKwU mgq hLb A_©bxwZ DcKiY e¨‡qi cwieZ©b Ges cÖhyw³MZ cwieZ©b
Gi mv‡_ wb‡R‡K mgš^q (adjust) K‡i †bq| Gmgq `vg¯Í‡ii cwieZ©‡bi mv‡_ mv‡_ DcKiY e¨q Gi mgš^q N‡U Ges
cÖZ¨vwkZ GNP e„w× cvq|
`xN©Kvjxb mvgwMÖK †hvMvb †iLv (The Long-Run Aggregate Supply Curve−LRAS )
¯^íKv‡j †h mvgwMÖK †hvMvb †iLv cvIqv hvq Zvi †P‡q `xN©Kvjxb mvgwMÖK †hvMvb †iLv (LRAS) wfbœZi| Gi Ab¨Zg
KviY n‡”Q `xN©Kv‡j Drcv`‡bi DcKiYmg~n (kªg, g~jab, cÖvK…wZK m¤ú` Ges cÖhyw³) Ges DcKiY e¨q w¯’i bq|
B‡Zvg‡a¨ Avgiv †R‡bwQ, ¯^íKv‡j AS †iLv Wvbw`‡K DaŸ©Mvgx| †Kbbv Gmgq DcKiY e¨q we‡klZ: gRyix Lye `ªæZ
cwiewZ©Z nq bv| w¯’i gRyix (fixed price) _vKvi Kvi‡Y cÖK…Z gRyix `vg¯Íi cwieZ©‡bi wecixZw`‡K KvR K‡i| A_©vr,
hLb `vg¯Íi ev‡o ZLb cÖK…Z gRyix n«vm cvq Ges dvg©mg~‡ni Drcv`b e„w× cvq| Ab¨w`‡K, `vg¯Íi n«vm †c‡j cÖK…Z gRyix
ev‡o Ges dvg©mg~‡ni Drcv`b n«vm cvq| mg‡qi mv‡_ mv‡_ kªwgK‡ì gRyix msµvšÍ Pzw³i †gqv` †kl n‡q hvq Ges
eZ©gvb cwiw¯’wZi mv‡_ gRyix mgš^q K‡i †bq| `xN©Kv‡j gRyixi GB bgbxqZv (flexibility) mvgwMÖK †hvMvb †iLvi
AvK…wZ‡K cwieZ©b K‡i|
BDwbU-7 c„ôv-109
weweGm †cÖvMÖvg
LRAS
`vg¯—i
Yp Drcv`‡bi cwigvY
wPÎ 7.6 t `xN©Kvjxb mvgwMÖK †hvMvb †iLv
`xN©Kvjxb mvgwMÖK †hvMvb †iLv cÖZ¨vwkZ Drcv`b¯Í‡i (Yp) Dj¤^ n‡q _v‡K| hv wPÎ 7.6 G †`Lv‡bv n‡q‡Q| `xN©Kv‡j
`vg¯Í‡ii cwieZ©‡bi mv‡_ Drcv`‡bi cwieZ©b Gi †Kvb m¤úK© †bB| †Kbbv, `xN©Kv‡j `vg¯Í‡ii cwieZ©‡bi mv‡_ gRyix
Ges Ab¨vb¨ DcKiY e¨q cy‡ivcywi mgš^q n‡q hvq| d‡j `xN©Kv‡j `vg¯Íi e„w× ‡c‡jI dvg©mg~‡ni gybvdv e„w× cvq bv Ges
Drcv`bI ev‡o bv|
`xN©Kv‡j, A_©bxwZ‡Z Drcvw`Z `ªe¨ ev †mev A_©vr Drcv`b-kªg, g~jab, cÖvK…wZK m¤ú` I cÖhyw³ G mg¯Í DcKiYmg~‡ni
†hvMvb Ges DcKiYmg~‡ni e¨‡qi Dci wbf©ikxj| `vg¯Í‡ii cwieZ©b G mg¯Í DcKiY Gi Dci †Kvb cÖfve †d‡j bv| G
Kvi‡Y `xN©Kv‡j mvgwMÖK †hvMvb †iLv Dj¤^ n‡q _v‡K|
`xN©Kvjxb mvgwMÖK †hvMvb †iLvi ¯’vbvšÍi
(Shift in Long-Run Aggregate Supply Curve)
`xN©Kv‡j AS †iLv j¤^ A‡ÿi mgvšÍivj Gi A_© GB bq †h Awbw`©óKvj A_©bxwZ eZ©gvb cÖZ¨vwkZ Drcv`b ¯Íi ev
cÖZ¨vwkZ GNP †Z w¯’i _vK‡e| mg‡qi mv‡_ mv‡_ cÖZ¨vwkZ Drcv`‡bi wba©viKmg~n (kªg, g~jabx `ªe¨, cÖvK…wZK m¤ú` I
cÖhyw³) Gi cwigvYMZ I ¸YMZ cwieZ©b NU‡e| d‡j cÖZ¨vwkZ Drcv`‡bi cwieZ©b n‡e Ges `xN©Kvjxb mvgwMÖK †hvMvb
†iLv ¯’vbvšÍwiZ n‡e| LRAS2 LRAS LRAS1
`vg¯—i
Yp2 Yp Yp1 Drcv`‡bi cwigvY

wPÎ 7.7 t `xN©Kvjxb mvgwMÖK †hvMvb †iLvi ¯’vbvšÍi
myZivs Avgiv Rvb‡Z cvijvg †h, Drcv`‡bi DcKiYmg~‡ni †hvMv‡bi cwieZ©‡bi Øviv mvgwMÖK †iLvi Ae¯’vb
cwiewZ©Z nq| Zvn‡j Avmyb Avgiv G wel‡q Av‡iv we¯ÍvwiZ †R‡b †bB|
kªªg (Labor) t †Kvb A_©bxZ‡Z hw` Ab¨‡`k n‡Z AvMZ Awfevmx kªwgK e„w× cvq Zvn‡j H A_©bxwZ‡Z kªwg‡Ki
cwigvY †e‡o hv‡e| G‡Z H A_©bxwZ‡Z `ªe¨ †mevi mievivn †e‡o hv‡e| dj¯îƒc, `xN©Kvjxb mvgwMªK †hvMvb †iLv Wv‡b
¯’vbvšÍwiZ n‡e| wPÎ 7.7 G LRAS †iLv †_‡K LRAS1 †iLvq ¯’vbvšÍ‡ii gva¨‡g Zv †`Lv‡bv n‡q‡Q| wecixZfv‡e, hw`
BDwbU-7 c„ôv-110
mgwóK A_©bxwZ
†Kvb †`k n‡Z kªwgK we‡`‡k cvwo Rgvq Zvn‡j LRAS †iLv ev‡g ¯’vbvšÍwiZ n‡e| wP‡Î LRAS †iLv †_‡K LRAS2
†Z Mg‡bi gva¨‡g welqwU †`Lv‡bv n‡q‡Q| A_©vr, †Kvb Kvi‡Y hw` kªgkw³i cwigvY e„w× cvq Zvn‡j Drcv`‡bi cwigvY
evo‡e| mvgwMÖK †hvMvb †iLv Wvbw`‡K m‡i hv‡e| wecixZfv‡e, kªgkw³i cwigvY n«vm †c‡j Drcv`‡bi cwigvY n«vm
cv‡e| d‡j mvgwMÖK †hvMvb †iLv ev‡g ¯’vbvšÍwiZ n‡e|
g~jab (Captial) t A_©bxwZ‡Z hw` g~jab gRy` (capital stock) Gi cwigvY e„w× cvq Zvn‡j Drcv`bkxjZv
evo‡e| d‡j `ªe¨ ev †mevi mieivn evo‡e Ges LRAS†iLv Wv‡b ¯’vbvšÍwiZ n‡e| Ab¨w`‡K g~jab gyR` K‡g †M‡j
Drcv`bkxjZv n«vm cv‡e| G‡Z `ªe¨ ev †mevi mieivn K‡g hv‡e Ges LRAS †iLv evgw`‡K m‡i hv‡e|
cÖvK…wZK m¤ú` (Natural Resources) t GKwU A_©bxwZi Drcv`b wbf©i K‡i Bnvi cÖvK…wZK m¤ú‡ì (f~wg,
LwbR, AvenvIqv BZ¨vw`) Dci| GLb hw` †Kvb †`‡k cÖvK…wZK m¤ú‡ì cÖvPzh©Zv _v‡K ev bZzb †Kvb LwbR m¤ú‡ì mÜvb
cvIqv hvq Zvn‡j A_©bxwZ‡Z Drcv`‡bi cwigvY e„w× cv‡e| d‡j `xN©Kvjxb mvgwMÖK †hvMvb †iLv Wv‡b ¯’vbvšÍwiZ n‡e|
Avevi hw` Ggb nq AvenvIqvi cwieZ©‡b dvg©mg~‡ni Drcv`b e¨vnZ nq Zvn‡j LRAS †iLv ev‡g ¯’vbvšÍwiZ n‡e|
Avevi A‡bK †`k ¸iæZ¡c~Y© wKQz cÖvK…wZK m¤ú` Ab¨‡`k n‡Z Avg`vbx K‡i _v‡K| d‡j Gme m¤ú‡ì mnRjf¨ZvI
`xN©Kvjxb mvgwMÖK †hvMvb †iLvi cwieZ©b NUvq|
cÖhyw³ (Technology) t AZx‡Zi Zzjbvq eZ©gvb mg‡q Drcv`b e„w×i me‡P‡q ¸iæZ¡c~Y© KviY n‡”Q cÖhyw³MZ Dbœqb|
D`vniY¯îƒct Kw¤úDUvi D™¢ve‡bi ci †h †Kvb cwigvY kªg, g~jab I cÖvK…wZK m¤ú` eënv‡ii gva¨‡g Av‡Mi Zzjbvq
`ªe¨ ev †mevi Drcv`‡bi cwigvY e„w× †c‡q‡Q| dj¯îƒc, G ai‡bi cwieZ©b LRAS †iLv‡K Wv‡b ¯’vbvšÍwiZ K‡i|
wecixZw`‡K, miKvi hw` Ggb wKQz bxwZgvjv cÖ‡qvM K‡i hv dvg©mg~n‡K wKQz Drcv`b c×wZ eënv‡i evav cÖ`vb K‡i Ges
hv kªwgK‡ì Rb¨ wec‡ì KviY n‡q `vuovq Zvn‡j LRAS †iLv ev‡g ¯’vbvšÍwiZ n‡q _v‡K|
mZ¨-wg_¨v
1. ¯^íKv‡j mvgwMÖK †hvMvb ‡iLv evgw`‡K DaŸ©Mvgx- mZ¨/wg_¨v
2. cÖhyw³MZ Dbœq‡b mvgwMÖK ‡hvMvb †iLv Wvbw`‡K ¯’vbvšÍwiZ nq - mZ¨/wg_¨v
3. K¬¨vwmK¨vj ch©v‡q mvgwMÖK †hvMvb †iLv Dj¤^ n‡q _v‡K - mZ¨/wg_¨v
4. mvgwMÖK †hvMvb †iLv `vg¯Íi I Drcv`‡bi ga¨Kvi m¤úK©‡K †`Lvq - mZ¨/wg_¨v
5. gaëZ©x ch©v‡q mvgwMÖK †hvMvb †iLv f~wg A‡ÿi mgvšÍivj - mZ¨/wg_¨v
mswÿß DËi cÖkœ
1. mvgwMÖK †hvMvb ej‡Z Kx eySvq ?
2. ¯^íKv‡j mvgwMÖK †hvMvb †iLv DaŸ©Mvgx nevi KviY Kx ?
iPbvg~jK cÖkœ
1. mvgwMÖK †hvMvb †iLv †KBbmxq ch©v‡q f~wg A‡ÿi mgvšÍivj, gaëZ©x ch©v‡q DaŸ©Mvgx Ges K¬vwmK¨vj ch©v‡q Dj¤^ 
KviY we‡kølY Kiæb|
2. `xN©Kvjxb †hvMvb †iLv Kx ai‡bi n‡q _v‡K ? `xN©Kvjxb †hvMvb †iLv Kxfv‡e ¯^íKvjxb †hvMvb †iLv †_‡K wfbœZi
n‡q _v‡K ?
3. ¯^íKvjxb I `xN©Kvjxb mvgwMÖK †hvMvb †iLv ¯’vbvšÍ‡ii KviYmg~n eY©bv Kiæb|
1. †KBbmxq ch©v‡q mvgwMÖK †hvMvb ‡iLv 
K. DaŸ©Mvgx L. wbgœMvgx
M. f~wg A‡ÿi mgvšÍivj N. j¤^ A‡ÿi mgvšÍivj|
2. `vg¯Íi e„w× †c‡j cÖK…Z gRyix 
K. n«vm cvq L. e„w× cvq
M. w¯’i _v‡K N. Dc‡ii †KvbwUB bq|
3. `xN©Kv‡j †hvMvb †iLv Dj¤^ nevi KviY 
K. DciKY I DcKiY e¨q w¯’i L. DcKiY I DcKiY e¨q w¯’i bq
M. `vg¯Íi w¯’i _v‡K N. Dc‡ii me¸‡jv|
4. kªgkw³i cwigvY n«v‡m 
K. mvgwMÖK †hvMvb †iLv Wv‡b ¯’vbvšÍwiZ nq
L. mvgwMÖK †hvMvb †iLv ev‡g ¯’vbvšÍwiZ nq
M. mvgwMÖK †hvMvb †iLv AcwiewZ©Z _v‡K
BDwbU-7 c„ôv-111
weweGm †cÖvMÖvg
cvV-3
cvV-3 mvwgMÖK Pvwn`v I †hvMvb fvimvg¨ (Aggregte Demand and Supply Equilibrium)
D‡Ïk¨
♦ fvimvg¨ Drcv`b I `vg¯Íi wba©viY Ki‡Z cvi‡eb
♦ ¯^íKvjxb I `xN©Kvjxb mgwóK A_©‰bwZK fvimvg¨ Kxfv‡e N‡U ej‡Z cvi‡eb
♦ mvgwMÖK Pvwn`v †iLvi ¯’vbvšÍ‡ii cÖfve e¨vL¨v Ki‡Z cvi‡eb
♦ mvgwMÖK †hvMvb †iLvi ¯’vbvšÍ‡ii djvdj Av‡jvPbv Ki‡Z cvi‡eb|
f~wgKv
Avgiv B‡Zvg‡a¨B mvgwMÖK Pvwn`v Ges mvgwMÖK †hvMvb m¤ú‡K© c„_K c„_Kfv‡e †R‡bwQ | GB cv‡V mvgwMÖK Pvwn`v I
mvgwMÖK †hvMvb‡K GKwÎZ K‡i A_©bxwZi fvimvg¨ Drcv`b I `vg¯Íi Kxfv‡e wba©vwiZ nq Zv Av‡jvPbv Kiv n‡q‡Q|
mvgwMÖK Pvwn`v I mvgwMÖK †hvMvb g‡W‡ji D‡Ïk¨B n‡”Q fvimvg¨ Drcv`b I `vg¯Íi wba©viY Kiv| G D‡Ï‡k¨ mvgwMÖK
Pvwn`v I †hvMvb‡K GKwÎZ Kiv n‡q‡Q Ges mgwóK A_©‰bwZK fvimvg¨ †`Lv‡bv n‡q‡Q| mvgwMÖK †hvMvb †iLvi ¯^íKvjxb
I `xN©Kvjxb Dfq mgq e¨vwßi Rb¨ GLv‡b ¯^íKvjxb I `xN©Kvjxb mgwóK A_©‰bwZK fvimvg¨ Av‡jvPbv Kiv n‡q‡Q|
fvimvg¨ Drcv`b I `vg¯Íi wba©viY (Determination of Equilibrium Output and Price Level)
Avgiv Rvwb, mvgwMÖK Pvwn`v †iLv (AD) Øviv wewfbœ `vg¯Í‡i GKwU A_©bxwZ‡Z wK cwigvY `ªe¨ ev †mevi Pvwn`v m„wó nq Zv
†`Lv‡bv nq| Ab¨w`‡K, mvgwMÖK †hvMvb †iLv (AS) Øviv wewfbœ `vg¯Í‡i A_©bxwZ‡Z wK cwigvY `ªe¨ ev †mevi mieivn m„wó
nq Zv †`Lv‡bv nq| GB mvgwMÖK Pvwn`v I mvgwMÖK †hvMvb †iLvi ‡Q`we›`y‡Z fvimvg¨ Drcv`b I `vg¯Íi wba©vwiZ nq
†hLv‡b mvgwMÖK Pvwn`v I mvgwMÖK †hvMvb ci¯úi mgvb|
¯^íKvjxb mgwóK A_©‰bwZK fvimvg¨ ZLbB N‡U hLb mvgwMÖK Pvwn`v I ¯^íKvjxb mvgwMÖK †hvMvb ci¯úi mgvb nq|
mvgwMÖK Pvwn`v ‡iLv I ¯^íKvjxb mvgwMÖK †hvMvb †iLvi (SRAS) †Q`we›`y‡Z GB fvimvg¨ wbYx©Z nq| ¯^íKvjxb
fvimv‡g¨ fvimvg¨ Drcv`b¯Íi cÖZ¨vwkZ Drcv`b ¯Í‡ii (Yp) †P‡q Kg, †ewk ev mgvb n‡Z cv‡i| Ab¨w`‡K, `xN©Kvjxb
mgwóK A_©‰bwZK fvimv‡g¨ fvimvg¨ Drcv`b ¯Íi I cÖZ¨vwkZ Drcv`b ¯Íi GKB| GLv‡b A_©bxwZ‡Z c~Y© wb‡qvM weivR
K‡i| `xN©Kvjxb fvimv‡g¨ A_©bxwZ `xN©Kvjxb mvgwMÖK †hvMvb †iLvq (LRAS) Ae¯’vb K‡i|
`vg¯—i
LRAS
O Yp
SRAS
A
fvimvg¨ `vg¯—i (P)
AD
(Yp) Drcv`‡bi cwigvY

fvimvg¨ Drcv`b ¯Íi
wPÎ 7.8 t ¯^íKvjxb I `xN©Kvjxb fvimvg¨
wPÎ 7.8 G A we›`y‡Z AD †iLv I LRAS ‡iLvi †Q`we›`y‡Z `xN©Kvjxb fvimvg¨ †`Lv‡bv n‡q‡Q| A we›`y‡Z fvimvg¨
Drcv`b ¯Íi cÖZ¨vwkZ Drcv`b ¯Í‡i (Yp) i‡q‡Q Ges fvimvg¨ `vg¯Íi n‡”Q P| GLv‡b SRAS †iLvI A we›`y w`‡q
AwZµg K‡i‡Q| Gi Øviv eySvq GB we›`y‡Z kªwg‡Ki gRyix, `vg, cÖZ¨vkv `xN©Kvjxb fvimv‡gï mv‡_ cy‡ivcywi mgš^q K‡i
wb‡q‡Q|
BDwbU-7 c„ôv-112
mgwóK A_©bxwZ
¯^íKvjxb fvimvg¨ †`Lvq, cÖwZwU we›`y‡Z A_©bxwZ `xN©Kvjxb fvimv‡gï w`‡K GwM‡q hv‡”Q| Avi `xN©Kvjxb fvimvg¨
n‡”Q, †hLv‡b gRyix, DcKiY e¨q, `vg, cÖZ¨vkv mewKQy mg‡qi mv‡_ mv‡_ mgwš^Z n‡q _v‡K| d‡j GLv‡b mvgwMÖK Pvwn`v
†iLvi mv‡_ ¯^íKvjxb mvgwMÖK †hvMvb †iLv I `xN©Kvjxb mvgwMÖK †hvMvb †iLv GKB we›`y‡Z †Q` K‡i|
mvgwMÖK Pvwn`v †iLv ¯’vbvšÍ‡i fvimv‡gï Dci cÖfve
(The effects of a shift in Aggregate Demand on equilibrium)
wPÎ 7.9 G cÖv_wgK fvimvg¨ we›`y n‡”Q A| aiv hvK, A_©bxwZ‡Z †Kvb Kvi‡Y mvgwMÖK Pvwn`v n«vm †cj| G‡Z mvgwMÖK
Pvwn`v †iLv AD1 †_‡K AD2 ¯’vbvšÍwiZ n‡jv| d‡j ¯^íKv‡j A_©bxwZ SRAS1 †iLv Dci A we›`y †_‡K B we›`y‡Z m‡i
†Mj| G‡Z Drcv`b Y1 ‡_‡K Y2 Ges `vg¯Íi P1 †_‡K P2 ‡Z n«vm †cj|
`vg¯—i LRAS
SRAS1
SRAS2
P1 A
P2 B
P3 C
AD1
AD2
O Y2 Y1 Drcv`‡bi cwigvY
wPÎ 7.9 t mvgwMÖK Pvwn`vi ms‡KvP‡b fvimv‡gï Dci cÖfve
Giƒc cwiw¯’wZ A_©bxwZi g›`ve¯’v‡K (recession) wb‡`©k K‡i| G Ae¯’vq dvg©mg~n Av‡¯Í Av‡¯Í wb‡qvM n«vm Ki‡e| A_©vr
g›`ve¯’v `xN©Kv‡j Drcv`b n«vm Ges †eKvi‡Z¡i cwigvY e„w×‡K wb‡`©k K‡i|
g›`ve¯’v †_‡K DËi‡Yi Rb¨ bxwZ wba©viKiv Kx Ki‡Z cv‡i? G‡ÿ‡Î GKwU Dcvq n‡”Q mvgwMÖK Pvwn`v e„w× Kiv| Avcbviv
cvV 1-G †`‡L‡Qb Kx Kx Kvi‡Y mvgwMÖK Pvwn`v e„w× cvq| mvgwMÖK Pvwn`v e„w×i gva¨‡g bxwZwba©viKiv mvgwMÖK Pvwn`v
†iLv‡K AD2 †_‡K Avevi AD1 G wdwi‡q Avb‡Z cv‡i| d‡j A_©bxwZ Avevi A we›`y‡Z fvimvg¨ jvf K‡i|
bxwZwba©viK‡ì †Kvb c`‡ÿc QvovB hw` mg‡qi mv‡_ mv‡_ g›`ve¯’vi DËiY N‡U †m‡ÿ‡Î wK NU‡Z cv‡i? mvgwMÖK Pvwn`v
I `vg¯Íi n«vm cvIqv‡Z cÖZ¨vkvI bZzb cwieZ©‡bi mv‡_ mgš^q K‡i †bq Ges cÖZ¨vwkZ `vg¯Íi n«vm cvq, cÖZ¨vwkZ
`vg¯Í‡ii n«vm kªwgK gRyix, `vg I fwel¨r m¤ú‡K© aviYvi cwieZ©b NwU‡q SRAS1 †iLv‡K Wv‡b SRAS2 G ¯’vbvšÍi
NUvq| wPÎ 7.9 G C we›`y Øviv G Ae¯’v‡K †`Lv‡bv n‡q‡Q| †hLv‡b AD2 †iLv LRAS †iLv‡K AwZµg K‡i‡Q|
`xN©Kvjxb mgwóK A_©‰bwZK fvimv‡g¨, C we›`y‡Z A_©bxwZ cÖZ¨vwkZ Drcv`b ¯Í‡i †cŠuQvq, GLv‡b mvgwMÖK Pvwn`vi n«vm
`vg¯Íi‡K P1 †_‡K P3 G n«vm NUvq| A_©vr, `xN©Kv‡j mvgwMÖK Pvwn`vi cwieZ©b `vg¯Í‡ii cwieZ©b Øviv cÖwZdwjZ nq
Drcv`b¯Í‡ii cwieZ©b Øviv bq|
myZivs, mvgwMÖK Pvwn`vi cwieZ©‡bi `y‡Uv ¸iæZ¡c~Y© w`K n‡jv -
• ¯^íKv‡j, mvgwMÖK Pvwn`v †iLvi ¯’vbvšÍi A_©bxwZ‡Z `ªe¨ ev †mevi Drcv`‡b n«vm-e„w× NwU‡q _v‡K|
• `xN©Kv‡j, mvgwMÖK Pvwn`vi cwieZ©b cy‡ivUvB `vg¯Í‡ii Dci cÖfve †d‡j Drcv`b ¯Í‡ii Dci bq|
Abykxjb
aiæb, evsjv‡`‡k †kqvi evRv‡i aŸm bvgvq mvgwMÖK Pvwn`v n«vm †cj| wP‡Îi mvnv‡h¨ †`Lvb, ¯^íKv‡j Drcv`b I
`vg¯Í‡ii †ÿ‡Î wK NU‡e? wPšÍv K‡i wjLyb wb‡qvM¯Í‡ii †ÿ‡Î wK NU‡Z cv‡i?
BDwbU-7 c„ôv-113
weweGm †cÖvMÖvg
mvgwMÖK †hvMvb †iLv ¯’vbvšÍ‡ii fvimv‡gï Dci cÖfve

(The Effects of a shift in Aggregate Supply on Equilibrium)
awi, cÖv_wgK Ae¯’vq A_©bxwZ A we›`y‡Z Ae¯’vb K‡i| †hLv‡b ¯^íKvjxb I `xN©Kvjxb mgwóK A_©‰bwZK fvimvg¨
we`¨gvb| A_©vr ¯^víKvjxb fvimvg¨ `xN©Kvjxb fvimv‡gï mv‡_ mgš^q K‡i wb‡q‡Q| GLb †Kvb Kvi‡Y hw` dvg©mg~‡ni
Drcv`b e¨q e„w× cvq Zvn‡j dvg©mg~‡ni gybvdv n«vm cv‡e Ges dvg©mg~‡ni Drcvw`Z `ªe¨ ev †mevi mieivn K‡g hv‡e|
ª LRAS
SRAS2
SRAS1
B
P2
P1 A
AD
O
Y2 Y1 Drcv`‡bi cwigvY
wPÎ 7.10 t mvgwMÖK †hvMv‡bi cwieZ©‡b fvimv‡gï Dci cÖfve
d‡j wPÎ 7.10 G SRAS1 †iLv ev‡g SRAS2 †Z ¯’vbvšÍwiZ n‡e| ¯^íKv‡j A_©bxwZ A we›`y †_‡K B we›`y‡Z hv‡e|
G‡Z Drcv`b Y1 †_‡K n«vm †c‡q Y2 Ges `vg¯Íi P1 †_‡K e„w× †c‡q P2 n‡e| Drcv`b n«vm (g›`ve¯’v) I `vg¯Íi e„w×
(gy`ªvùxwZ) †K GKwÎZfv‡e Ô÷¨vMd¬¨vkbÕ (stagflation) ejv nq|
Drcv`b e¨q e„w×, Drcv`b n«vm Ges †eKviZ¡ e„w×i d‡j kªwgK gRyix n«vm cvevi cÖeYZv †`Lv hvq| kªwgK gRyix n«v‡mi
dj¯îƒc Drcv`b e¨q n«vm cvq Ges Drcv`b e„w× †c‡Z _v‡K| G‡Z SRAS2 †iLv cybivq SRAS1 G wd‡i Av‡m|
`vg¯Íi n«vm cvq Ges Drcv`b e„w× cvq| `xN©Kv‡j A_©bxwZ A we›`y‡Z wd‡i Av‡m †hLv‡b AD ‡iLv LRAS †iLv‡K †Q`
K‡i| Ab¨w`‡K, bxwZwba©viKiv ivR¯^ ev Avw_©K bxwZi gva¨‡g ¯^íKvjxb mvgwMÖK †hvMvb †iLvi cwieZ©‡b mgZv weav‡bi
Rb¨ mvgwMÖK Pvwn`v †iLvi cwieZ©b NUv‡Z cv‡i| hv wPÎ 7.11 G ‡`Lv‡bv n‡q‡Q|
`vg¯—i LRAS
SRAS2
SRAS1
P3 C
P2
P1 A
AD2
AD1
O Yp Drcv`‡bi cwigvY
wPÎ 7.11 t mvgwMÖK †hvMvb †iLvi cwieZ©‡b fvimv‡gï Dci cÖfve
BDwbU-7 c„ôv-114
mgwóK A_©bxwZ
G‡ÿ‡Î ivR¯^ ev Avw_©K bxwZi cwieZ©‡bi gva¨‡g AD1 †iLv Wvbw`‡K AD2 †Z ¯’vbvšÍwiZ nq| dj¯îƒc, A_©bxwZ A
we›`y †_‡K mivmwi C we›`y‡Z P‡j Av‡m| †hLv‡b AD2 †iLv LRAS ‡iLv‡K †Q` K‡i| GLv‡b `vg¯Íi P1 †_‡K P3 †Z
e„w× cvq Ges A_©bxwZ‡Z cÖZ¨vwkZ Drcv`b ¯Íi (Yp) weivR K‡i|
myZivs mvgwMÖK †hvMvb †iLvi cwieZ©‡b `y‡Uv w`K n‡jv-
• mvgwMÖK †hvMv‡bi cwieZ©b A_©bxwZ‡Z Ô÷¨vMd¬¨vkbÕ Gi KviY n‡q ùvovq|
• bxwZwba©viKMY mvgwMÖK Pvwn`v‡K cÖfvweZ K‡i ïaygvÎ `vg¯Í‡ii cwieZ©b NUvq Drcv`b¯Í‡ii bq|
mZ¨-wg_¨v
1. mvgwMÖK Pvwn`v I mvgwMÖK †hvMvb †iLvi †Q`we›`y‡Z fvimvg¨ Drcv`b I `vg¯Íi wba©vwiZ nq  mZ¨/wg_¨v
2. ¯^íKvjxb fvimv‡g¨ A_©bxwZ `xN©Kvjxb †hvMvb †iLvq Ae¯’vb K‡i  mZ¨/wg_¨v
3. mvgwMÖK Pvwn`vi cwieZ©b `xN©Kv‡j `vg¯Íi I Drcv`b †KvbwUi Dci cÖfve †d‡j bv  mZ¨/wg_¨v
4. mvgwMÖK †hvMv‡bi cwieZ©‡bi A_©bxwZ‡Z Ô÷¨vMd¬¨vkbÕ †`Lv hvq  mZ¨/wg_¨v
mswÿß DËi cÖkœ
1. fvimvg¨ Drcv`b I `vg¯Íi Kxfv‡e wba©vwiZ nq ?
2. ¯^íKvjxb mgwóK A_©‰bwZK fvimvg¨ ej‡Z Kx eySvq ?
3. `xN©Kvjxb mgwóK A_©‰bwZK fvimvg¨ ej‡Z Kx eySvq ?
iPbvg~jK cÖkœ
1. GKwU A_©bxwZ Kxfv‡e `xN©Kvjxb fvimv‡g¨ †cŠuQvq ?
2. mvgwMÖK Pvwn`vi cwieZ©‡b fvimv‡gï Dci wK cÖfve †d‡j ?
3. mvgwMÖK †hvMv‡bi cwieZ©‡b fvimv‡g¨ Kx ai‡bi cwieZ©b cwijwÿZ nq  we‡kølY Kiæb|
1. ¯^íKvjxb fvimv‡g¨ fvimvg¨ Drcv`b ¯Íi 
K. cÖZ¨vwkZ Drcv`b ¯Í‡ii †P‡q Kg nq
L. cÖZ¨vwkZ Drcv`b ¯Í‡ii †P‡q †ekx nq&
M. cÖZ¨vwkZ Drcv`b ¯Í‡ii mgvb nq
N. Dc‡ii me¸‡jv|
2. `xN©Kv‡j g›`ve¯’v ej‡Z eySvq 
K. Drcv`b n«vm I †eKvi‡Z¡i cwigvY e„w×
L. Drcv`b e„w× I †eKvi‡Z¡i cwigvY e„w×
M. Drcv`b n«vm I †eKvi‡Z¡i cwigvY n«vm
N. Drcv`b e„w× I †eKvi‡Z¡i cwigvY n«vm|
3. A_©bxwZi g›`ve¯’vq `xN©Kv‡j 
K. ¯^íKvjxb †hvMvb †iLv w¯’i _v‡K
L. ¯^íKvjxb †hvMvb †iLv ev‡g ¯’vbvšÍwiZ nq
M. ¯^íKvjxb †hvMvb †iLv Wv‡b ¯’vbvšÍwiZ nq
4. ÷¨vMd¬¨vkb Ae¯’vq A_©bxwZ‡Z 
K. Drcv`b e„w× I `vg¯Íi n«vm N‡U
L. Drcv`b e„w× I `vg¯Íi e„w× N‡U
M. Drcv`b n«vm I `vg¯Íi e„w× N‡U
N. Drcv`b n«vm I `vg¯Íi n«vm N‡U|
5. dvg©mg~‡ni Drcv`b e¨q e„w× †c‡j 
K. ¯^íKvjxb †hvMvb †iLv ev‡g ¯’všÍwiZ nq
L. ¯^íKvjxb †hvMvb †iLvi cwieZ©b nq bv
M. ¯^íKvjxb †hvMvb †iLv Wv‡b ¯’vbvšÍwiZ nq
N. Dc‡ii me¸‡jv|
BDwbU-7 c„ôv-115
weweGm †cÖvMÖvg
DËigvjv
cvV-1
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. wg_¨v, 4. mZ¨, 5. wg_¨v
1.N, 2. K, 3.L, 4. K
cvV-2
mZ¨-wg_¨v
1. wg_¨v, 2. mZ¨, 3. mZ¨, 4. mZ¨, 5. wg_¨v
1.M, 2.K, 3. L, 4. L
cvV-3
mZ¨-wg_¨v
1.mZ¨, 2. wg_¨v, 3. wg_¨v, 4. mZ¨
1.N, 2.K, 3. M, 4.M, 5.K
BDwbU-7 c„ôv-116
mgwóK A_©bxwZ
BDwbU
8
AvšÍR©vwZK evwYR¨
International Trade
AvaywbKKv‡j we‡kŸi cÖwZwU †`kB `ªe¨mvgMÖx I †mev Avg`vwb I ißvwb K‡i| Ab¨ †`‡ki f~LÛ `L‡ji cwie‡Z©
GLb cÖwZwU †`k we‡`kx evRvi `L‡ji cÖwZ‡hvwMZvq wjß| d‡j cÖwZwU †`‡ki A_©‰bwZK Kvh©Kjvc AvšÍR©vwZK
evwY‡R¨ H †`kwUi Ae¯’vb Øviv cÖfvweZ nq| G BDwb‡U AvšÍR©vwZK evwYR¨ m¤c‡K© Av‡jvPbv Kiv n‡q‡Q|
cvV-1 G Af¨šÍixY I AvšÍR©vwZK evwYR¨, cvV-2 G AvšÍR©vwZK evwYR¨ ZË¦, cvV-3 G evsjv‡`‡ki AvšÍR©vwZK
evwY‡Rï MwZ-cÖK„wZ m¤c‡K© eY©bv i‡q‡Q|
BDwbU-8 fªù¡-117
weweGm †cÖvMÖvg
BDwbU -8
cvV-1 Af¨šÍixY ebvg AvšÍR©vwZK evwYR¨ (Intranational versus International Trade)
D‡Ïk¨
♦ AvšÍR©vwZK evwY‡Rï msÁv w`‡Z cvi‡eb
♦ Af¨šÍixY evwY‡Rï mv‡_ AvšÍR©vwZK evwY‡Rï cv_©K¨ wbY©q Ki‡Z cvi‡eb
♦ AvšÍR©vwZK evwY‡Rï ¸iæZ¡ ev myweavmg~n we‡kÐlY Ki‡Z cvi‡eb|
f~wgKv
we‡kŸi cÖwZwU †`‡ki A_©bxwZB †Kvb bv †Kvb fv‡e AvšÍ©RvwZK evwY‡Rï mv‡_ m¤c„³| AvšÍ©RvwZK evwYR¨‡K cvk
KvwU‡q †Kvb †`kB my¯’fv‡e A_©‰bwZK Kvh©µg Pvwj‡q †h‡Z cv‡i bv| Avi GRb¨ †Kvb GKwU †`‡ki weiæ‡× kvw¯Íg~jK
eë¯’v wn‡m‡e cÖvqkt evwYR¨ Ae‡iva ev¯Íevqb Ki‡Z †`Lv hvq| wbtm‡›`‡n evwYR¨ Ae‡iva GKwU †`‡ki A_©bxwZ‡K Aí
wKQyw`‡bi g‡a¨B c½uy K‡i w`‡Z cv‡i| Kv‡RB †Kvb †`‡ki A_©bxwZ‡K we‡kÐlY Ki‡Z n‡j †m †`‡ki mv‡_ Ab¨vb¨
†`kmg~‡ni †jb‡`b m¤c‡K© ¯úó aviYv _vKv Avek¨K| G cv‡V Avgiv AvšÍR©vwZK evwY‡Rï msÁv, Gi cÖ‡qvRbxqZv Ges
Af¨šÍixY evwY‡Rï mv‡_ AvšÍR©vwZK evwY‡Rï Zdvr m¤c‡K© Rvbe|
AvšÍR©vwZK evwYR¨
eZ©gvb we‡kŸi †Kvb †`kB Zvi bvMwiK‡ì cÖ‡qvRbxq mKj `ªe¨mvgMÖx I †mev wbR¯^ D‡`¨v‡M Ges †`‡ki Af¨šÍ‡i
Drcv`b Ki‡Z cv‡i bv| Gi cÖavb KviY n‡jv, mKj `ªe¨mvgMÖx I †mev Drcv`‡bi Rb¨ cÖ‡qvRbxq m¤c` Ges KuvPvgvj
Z_v cÖvK„wZK m¤c` †Kvb GKwU †`‡k AvbycvwZK nv‡i we`¨gvb bq| †Kvb GKwU we‡kl cÖvK„wZK m¤c` nq‡Zv
cÖ‡qvR‡bi Zzjbvq AwaK nv‡i we`¨gvb, Avevi †Kvb GKwU cÖvK„wZK m¤c` cÖ‡qvR‡bi Zzjbvq wbZvšÍB AcÖZzj| ZvB
ivóÌmg~n †Kvb †Kvb `ªe¨ cÖ‡qvR‡bi Zzjbvq AwaK nv‡i Drcv`b K‡i Ges AwZwi³ cwigvY †`‡ki evB‡i ißvwb K‡i|
GKBfv‡e, ivóÌmg~n †h mKj `ªe¨ cÖ‡qvR‡bi Zzjbvq Kg nv‡i Drcv`b K‡i †m mKj `ªe¨ evB‡i †_‡K Avg`vwb K‡i
Zv‡ì bvMwiK‡ì mvgwMÖK Pvwn`v †gUv‡bvi †Póv K‡i| AvšÍR©vwZK evwYR¨ ej‡Z ZvB eySvq, wewfbœ iv‡óÌi g‡a¨ e¯ÍyMZ
I Ae¯ÍyMZ `ªe¨mvgMÖxi Av`vb-cÖ`vb|
AvšÍR©vwZK evwY‡Rï A_©‰bwZK wfwË

AvšÍR©vwZK evwY‡Rï A_©‰bwZK wfwË wn‡m‡e wZbwU welq‡K wPwýZ Kiv hvq -
wewfbœ †`‡ki Drcv`b k‡Z©i wewfbœZv: wewfbœ †`‡ki Drcv`b kZ© Z_v cwiw¯’wZ‡Z wewfbœZv we`¨gvb| GKwU kxZ cÖavb
†`‡ki cÖvK„wZK m¤c` (‡hgb- f~wg, g~jab, kÖg, cÖhyw³ cÖf„wZi cwigvY) Ges GKwU bvwZkx‡Zvl· †`‡ki cÖvK„wZK
m¤c‡ì cwigv‡Yi g‡a¨ cv_©K¨ cwijwÿZ nq| Drcv`b k‡Z©i wewfbœZv ZvB `y‡Uv †`‡ki g‡a¨ evwYR¨ msNU‡bi KviY
n‡Z cv‡i|
nªvmgvb Drcv`b LiP: nªvmgvb Drcv`b Li‡Pi aviYvwU Drcv`‡bi AvqZ‡bi mv‡_ m¤cK©hy³| e„n`vqZb Drcv`b
cÖwZôvbmg~n Drcv`‡bi AvqZb e„w×i mv‡_ mv‡_ GK ai‡bi ÔwgZe¨q' (economies of scale) Dc‡fvM K‡i, A_©vr
Drcv`b cÖwZôvbmg~n †h nv‡i DcKiYmg~‡ni eënvi evovq Drcv`‡bi cwigvY Zvi ‡P‡q AwaK nv‡i ev‡o| G‡Z
cÖwZôv‡bi Mo Drcv`b LiP K‡g| GKwU †`k †Kvb GKwU we‡kl Drcv`b‡ÿ‡Î G ai‡bi mywe‡a †fvM Ki‡Z cv‡i|
D`vniY¯îƒc, Aóv`k kZvãx‡Z weÖ‡U‡bi e¯¿wkí Ges gvwK©b hy³iv‡óÌi †Uwj‡hvMv‡hvM Ges mv¤cÖwZK Rvcv‡bi †fvM¨
B‡jK&Uªwb· mvgMÖx cÖf„wZ D‡jøL‡hvM¨| e„n`vqZb Drcv`‡bi myweav Dc‡fvMKvix †Kvb †`k D‡jøwLZ Drcv`b cÖwµqvq
we‡klvqb Ki‡j Zzjbvg~jKfv‡e Kg Li‡P we‡`kx †fv³v‡ì Kv‡Q Drcvw`Z `ªe¨mvgMÖx Zz‡j w`‡Z cv‡i|
iæwPi wewfbœZv: wewfbœ †`‡ki bvMwiK‡ì †fv‡Mi ai‡b (consumption pattern) cv_©K¨ jÿ¨ Kiv hvq| †m‡ÿ‡Î
Drcv`‡bi kZ© GKB iKg n‡jI `y‡Uv †`‡ki g‡a¨ evwYR¨ msNwUZ n‡Z cv‡i| g‡b Kiæb, ÔK' Ges ÔL' `y‡Uv †`k| Dfq
†`k avb I Mg mgvbfv‡e Drcv`b Ki‡Z mÿg| GLb g‡b Kiæb, ÔK' †`‡k Pv‡ji Pvwn`v Ges ÔL' †`‡k M‡gi Pvwn`v
†ekx| myZivs G‡ÿ‡Î ÔK' Pvj Avg`vwb Ki‡e Ges ÔL' Mg Avg`vwb Ki‡e|
Abykxjb
evsjv‡`‡ki 2wU e„n`vqZb Drcv`b cÖwZôv‡bi bvg †h¸‡jv AvqZ‡bi wgZe¨wqZv Dc‡fvM Ki‡Q|
mgwóK A_©bxwZ
Af¨šÍixY ebvg AvšÍR©vwZK evwYR¨

ïay wewfbœ †`‡ki g‡a¨B bq eis GKB †`‡ki wewfbœ AÂ‡ji g‡aÏ Drcv`b kZ©, †fvM cÖeYZv Ges Drcv`b `ÿZvi
cv_©K¨ cwijwÿZ nq| Gme cv_©‡Kï Kvi‡Y GKwU †`‡ki wewfbœ AÂ‡ji g‡a¨ `ªe¨mvgMÖxi Av`vb-cÖ`vb N‡U _v‡K|
GKwU †`‡ki wewfbœ AÂ‡ji g‡a¨ e¯ÍyMZ I Ae¯ÍyMZ `ªe¨mvgMÖxi Av`vb-cÖ`vb‡K Af¨šÍixY evwYR¨ (Intranational
Trade) ejv nq| D`vniY¯îƒc, evsjv‡`‡ki wm‡jU AÂ‡ji Kgjv‡jey I Pv-cvZv, ivRkvnxi Avg I gyÝxM‡Äi Kjvi
D‡jøL Kiv hvq|
AvcvZ`„wó‡Z, AvšÍR©vwZK I Af¨šÍixY evwY‡Rï g‡a¨ †Zgb †Kvb cv_©K¨ †bB| KviY Dfq cÖKvi evwYR¨ GKB iKg
A_©‰bwZK wfwËi Dci cÖwZwôZ| Av‡iv ¯úófv‡e ejv hvq, Dfq cÖKvi evwYR¨B AvÂwjK kÖg wefv‡Mi dmj| wKš‘
Af¨šÍixY Ges AvšÍR©vwZK evwY‡Rï g‡a¨ KZ¸‡jv my¯úó cv_©K¨mg~n we`¨gvb G¸‡jv nj:
Drcv`‡bi DcKiYg~‡ni AvšÍR©vwZK MwZnxbZv: Drcv`‡bi DcKiYmg~n GKwU †`‡ki Af¨šÍ‡i †gvUvgywUfv‡e MwZkxj|
Ab¨w`‡K, wewfbœ †`‡ki g‡a¨ Drcv`‡bi DcKiYmg~n cÖvq m¤c~Y©iƒ‡c MwZnxb| K¬¨vwmK¨vj A_©bxwZwe`‡ì g‡Z,
Drcv`‡bi DcKiYmg~‡ni MwZkxjZvi gvÎvMZ cv_©K¨B n‡”Q AvšÍR©vwZK I Af¨šÍixY evwY‡Rï cv_©‡Kï gvcKvwV|
K¬¨vwmK¨vj A_©bxwZwe`MY ZvB Dfq cÖKvi evwY‡Rï Rb¨ c„_K c„_K Z‡Ë¦i wb‡`©k K‡i _v‡Kb| wKš‘ AvaywbK
A_©bxwZwe`MY ïaygvÎ Drcv`‡bi DcKiYmg~‡ni AvšÍR©vwZK MwZnxbZv‡K AvšÍR©vwZK Ges Af¨šÍixY evwY‡Rï Zxÿœ
cv_©‡Kï KviY wn‡m‡e `vqx K‡ib bv| cÖ_gZ: AvaywbK hy‡M kÖg, g~jab Ges cÖhyw³ cÖf„wZ AvšÍR©vwZK ch©v‡q h‡_ó
cwigv‡Y MwZkxj Ges wØZxqZ: †`‡ki Af¨šÍ‡i Drcv`‡bi DcKiYmg~‡ni c~Y© MwZkxjZvi aviYvwUI mwVK bq| myZivs
Drcv`‡bi DcKiYmg~‡ni MwZkxjZv ev MwZnxbZvi Av‡jv‡K AvšÍR©vwZK Ges Af¨šÍixY evwY‡Rï cv_©K¨ GKwU gvÎvMZ
aviYv gvÎ, cÖK„Z aviYv bq|
cÖvK„wZK m¤c‡ì wewfbœZv: Avgiv Av‡MB D‡jøL K‡iwQ †h, cÖvK„wZK m¤c‡ì wewfbœZv n‡jv AvšÍR©vwZK Ges Af¨šÍixY
Dfq cÖKvi evwY‡Rï wfwË| Z_vwc, cÖvK„wZK m¤c‡ì wewfbœZv Dfq cÖKvi evwY‡Rï cÖK„wZMZ cv_©‡Kï GKwU KviYI
e‡U| cÖvK„wZK m¤c‡ì wfbœZvi d‡j †Kvb †Kvb †`k K„wlRvZ `ªe¨ †ekx cwigv‡Y Drcv`b Ki‡Z mÿg Avevi †Kvb †Kvb
†`k wkíRvZ `ªe¨ AwaK cwigv‡Y Drcv`‡b `ÿ| Af¨šÍixY evwY‡Rï †ÿ‡Î, cÖ_‡gv³ †kªYxi †`k¸‡jv †`‡ki wewfbœ
AÂ‡ji g‡a¨ K„wlRvZ `ªe¨ Ges wØZxq cÖKv‡ii †`kmg~n wkíRvZ `ªe¨ Av`vb-cÖ`vb Ki‡e| Ab¨w`‡K, AvšÍR©vwZK
evwY‡Rï †ÿ‡Î, cÖ_g cÖKv‡ii †`kmg~n K„wlRvZ `ª‡eï ißvwbi wewbg‡q wkíRvZ `ªe¨ Avg`vwb Ki‡e Ges wØZxq cÖKv‡ii
†`kmg~n wkíRvZ `ªe¨ ißvwbi gva¨‡g K„wlRvZ `ªe¨ msMÖn Ki‡e|
gy`ªvi wewfbœZv: †jb‡`‡bi gva¨g wn‡m‡e wewfbœ †`k wewfbœ cÖKv‡ii gy`ªv eënvi K‡i _v‡K †hgb- evsjv‡`‡ki UvKv,
fvi‡Zi iæwc, hy³iv‡óªi Wjvi BZ¨vw`| Kv‡RB Avg`vwb Ges ißvwb cÖwµqvq AskMÖnY Kivi c~‡e©B GKRb Avg`vwb Ges
ißvwbKviK‡K †`kxq gy`ªvi gva¨‡g we‡`kxgy`ªvi g~j¨gvb wba©viY ev hvPvB K‡i wb‡Z nq| GwU GKwU RwUj cÖwµqv Ges
gy`ªvi gv‡bi gy³ iƒcvšÍi †hvM¨Zvi (Free Convertibility of Currency) †ÿ‡Î GwU GKwU Awew”Qbœ cÖwµqv
(Continuous Process)| Af¨šÍixY evwYR¨ †h‡nZz GKB gy`ªvq msNwUZ nq †m‡nZz Af¨šÍixY evwYR¨ Avš©ÍRvwZK
evwY‡Rï †P‡q mnRZi GKwU cÖwµqv|
evwYR¨ bxwZi wewfbœZv: RvZxq ¯^v_© Aÿzbœ ivLv Z_v RvZxq Avq I gv_vwcQy Avq evov‡bv Ges †jb‡`‡bi fvimvg¨
(balance of payments) wb‡R‡ì AbyK‚‡j ivLvi Rb¨ wewfbœ †`k wewfbœ cÖKvi evwYR¨ bxwZ AbymiY K‡i _v‡K| Avg`vwb
I ißvwb ïé, †KvUv (Quota) cÖf„wZ evwYR¨ bxwZi nvwZqvi| wewfbœ †`k G ai‡bi nvwZqvi eënvi K‡i e‡j
AvšÍR©vwZKfv‡e `ªe¨mvgMÖxi Av`vb-cÖ`vb Aeva bq| Ab¨w`‡K, †`‡ki Af¨šÍ‡i `ªe¨mvgMÖx †jb‡`‡bi †ÿ‡Î †Kvb cÖKvi
evav ev cÖwZeÜKZv †bB|
`~iZ¡ Ges AvbylswMK welqmg~n: AvšÍR©vwZK evwYR¨ †h‡nZz `y‡Uv †`‡ki g‡a¨ msNwUZ nq †m‡nZz `~i‡Z¡i welqwU AZ¨šÍ
¸iæZ¡c~Y©| cY¨mvgMÖx ¯’j, Rj A_ev AvKvk †h †Kvb c‡_B cvVv‡bv †nvK bv †Kb, G‡Z AwaK hvZvqvZ LiP RwoZ e‡j
cY¨mvgMÖxi cÖK„Z `vg `vg †ekx c‡o| mv‡_ `ªe¨mvgMÖxi my`„p c¨vwKs Ges wkwcs (shipping), e¨vswKs I exgvi
(insurance) †mev MÖnY Kivi Rb¨ cÖPzi A_© e¨q Ki‡Z nq hvi cÖfve `ª‡eï `v‡gi Dci co‡Z eva¨| Z`ycwi, †k‡lv³
welqmg~n GKwU RwUj cÖwµqvi wb‡`©kK| Af¨šÍixY evwY‡Rï †ÿ‡Î G ai‡bi Amyweavmg~n cÖvq Abycw¯’Z|
Rxeb hvcb c×wZi wewfbœZv: wewfbœ †`‡ki RbM‡Yi iæwP‡eva, ixwZbxwZ, AvenvIqv cÖf„wZ‡Z cv_©K¨ we`¨gvb| ZvB wewfbœ
†`‡ki bvMwiK‡ì mvwe©K Rxeb hvcb cÖYvjx Ges Pvwn`vi aibI wewfbœ| Kv‡RB Af¨šÍixY evRv‡ii Rb¨ cÖ¯ÍyZK„Z
`ªe¨mvgMÖx Ges wekŸevRv‡ii Rb¨ cÖ¯ÍyZK„Z `ªe¨mvgMÖxi ¸YMZ gvb Ges AvswkK MV‡biI cv_©K¨ cwijwÿZ nq|
D`vniY¯îƒc, gvwK©b hy³iv‡óÌ †gvUiMvox Pvjv‡bv nq iv¯Ívi Wvbw`K w`‡q, wKš‘ evsjv‡`‡k Pvjv‡bv nq iv¯Ívi evgw`K
w`‡q| Kv‡RB hy³iv‡óÌ eënvi‡hvM¨ Mvox evgw`‡K-PvwjZ (left-hand drive) Ges evsjv‡`‡k eënvi‡hvM¨ Mvox
Wvbw`‡K-PvwjZ (Right-hand drive) n‡e| myZivs AvšÍR©vwZK evwY‡Rï †ÿ‡Î GKRb Drcv`bKvix‡K wfbœ wfbœ cÖwµqv
ev cÖhyw³ eënvi Ki‡Z nq hv Af¨šÍixY evwY‡Rï †ÿ‡Î cÖ‡hvR¨ bq|
BDwbU-8 fªù¡-119
weweGm †cÖvMÖvg
AvBb eë¯’v Ges evwYwR¨K we‡ivamg~n wb®cwËi ai‡bi cv_©K¨: Af¨šÍixY evwY‡Rï †ÿ‡Î ¯’vbxq cÖkvmb KZ„©K cÖYxZ
bxwZgvjv I AvBb, Ki-nvi Ges Abyiƒc wbqgKvbyb †`‡ki †Kvb GKwU GjvKv ev AÂ‡ji mv‡_ Ab¨ GKwU GjvKv ev
AÂ‡ji g‡a¨ msNwUZ †jb‡`b‡K cÖfvweZ K‡i| Ab¨w`‡K, AvšÍR©vwZK evwY‡Rï †ÿ‡Î wKQy mvaviY AvBbvbyM bxwZgvjv
I `k©b cÖwZwU †`k‡K †g‡b Pj‡Z nq hv Af¨šÍixY evwY‡Rï †ÿ‡Î cÖ‡hvR¨ bq| †hgb- M¨vU (GATT) Pzw³, SAPTA
Pzw³, UNCTAD KZ©„K cÖYxZ bxwZgvjv Pzw³¯^vÿiKvix cÖwZwU †`‡ki c‡ÿ cvjb Kiv eva¨Zvg~jK, wKš‘ Gme bxwZgvjv
†Kvbfv‡eB Af¨šÍixY evwYR¨‡K cÖfvweZ K‡i bv|
†jb‡`‡bi fvimvg¨RwbZ cv_©K¨: †jb‡`‡bi fvimv‡gï welqwU AvšÍR©vwZK evwY‡Rï †ÿ‡Î LyeB ¸iæZ¡c~Y©| ¯^vfvweK
Ae¯’vq GKwU †`k PvB‡e Zvi Avg`vwb e¨‡qi Zzjbvq ißvwb Avq AwaK †nvK| A_©vr †jb‡`‡bi AbyK‚j fvimvg¨B GKwU
†`‡ki Rb¨ Kvg¨| Af¨šÍixY evwY‡Rï †ÿ‡Î †jb‡`‡bi fvimvg¨ †Kvb mgm¨vB bq| Gi `y‡Uv KviY i‡q‡Q| cÖ_gZ:
GKwU †`‡ki g~jab Af¨šÍixYfv‡e m¤c~Y© MwZkxj A_©vr †`‡ki Af¨šÍ‡i A-fvimvg¨ _vK‡j ¯^qswµqfv‡e A_©vq‡bi
gva¨‡g Zv `~i Kiv nq| wØZxqZ: RvZxq ev‡R‡Ui gva¨‡g GKwU ‡`‡ki wewfbœ AÂj ev cÖ‡`kmg~n G‡K A‡bï m¤c~iK
wn‡m‡e RvZxq Dbœq‡b mn‡hvwMZvg~jK Ae`vb iv‡L|
Abykxjb
evsjv‡`‡ki gy`ªv gy³ iƒcvšÍi‡hvM¨ wKbv? wPšÍv Kiæb I wjLyb| wb‡Pi mswÿßiƒç‡jv e¨vL¨v Kiæb: GATT, UNCTAD,
SAPTA.
AvšÍR©vwZK evwY‡Rï ¸iæZ¡

GKwU †`‡ki A_©‰bwZK Dbœq‡bi Rb¨ AvšÍR©vwZK evwY‡Rï f~wgKv Ab¯^xKvh©| ejv n‡q _v‡K †h, evwYR¨ n‡”Q cÖe„w×i
PvwjKv-kw³ (trade is the engine of growth)| K¬¨vwmK¨vj A_©bxwZwe`‡ì g‡Z, gy³ evwYR¨ kªg wefv‡Mi D‡¤gl NUvq
hvi d‡j RvwZmg~‡ni jvf (gains) m‡e©v”P nq| AvšÍR©vwZK evwY‡Rï wfwË ch©v‡jvPbvq Avgiv AvšÍR©vwZK evwYR¨ †_‡K
D™¢~Z myweav ev ¸iæZ¡ m¤c‡K© wKQyUv aviYv †c‡qwQ| G ch©v‡q Avgiv AvšÍR©vwZK evwY‡Rï ¸iæZ¡ m¤c‡K© we¯ÍvwiZ
Av‡jvPbv Kie|
AwaK Drcv`b: AvšÍR©vwZK evwY‡Rï g~j wfwËB n‡”Q kÖg wefvM ev we‡klvqb (specialization)| cÖvK„wZK m¤c‡ì
cÖvc¨Zv Abymv‡i GKwU †`k †m mg¯Í `ªe¨ Drcv`‡b wewb‡qvwRZ _vK‡e †h mg¯Í `ªe¨ †`kwU Zzjbvg~jKfv‡e AwaKZi
`ÿZvi mv‡_ Drcv`b Ki‡Z mÿg| we‡klvq‡bi d‡j †`kwUi †gvU Drcv`b evo‡e| Ab¨fv‡e ejv hvq, gy³ evwY‡Rï
d‡j mviv we‡kŸi Drcv`‡bi cwigvY evo‡e|
¯^í Li‡P Drcv`b Ges Zzjbvg~jKfv‡e ¯^í`v‡g `ª‡eï cÖvwß: kÖg wefvM ev we‡klvq‡bi d‡j e„n`vKvi Drcv`‡bi me‡P‡q
eo myweav n‡jv G‡Z Drcv`b ea©gvb nv‡i ev‡o hvi djkÖæwZ‡Z GKK cÖwZ `ª‡eï Drcv`b LiP K‡g| myZivs †Kvb GKwU
`ªe¨ Drcv`b bv K‡iI GKwU †`k ¯^í`v‡g D³ `ªe¨ †fvM Ki‡Z cv‡i hv †`‡k Drcv`b Ki‡j GKK cÖwZ Drcv`b LiP ev
`vg Zzjbvg~jKfv‡e †ekx n‡Zv|
cybtwe‡klvqb Ges bZzb cÖhyw³i D™¢veb: we‡klvq‡bi d‡j †h‡nZz `ª‡eï `vg K‡g †m‡nZz `ª‡eï †gvU Pvwn`v e„w× cvq|
Gi d‡j Drcv`b cÖwZôvbmg~n cybtwe‡klvq‡bi (Further Specialization) c‡_ avweZ nq Ges Drcv`b LiP Kgv‡bvi
Rb¨ bZzb bZzb Kjv‡KŠkj ev cÖhyw³ D™¢ve‡b eÖZx nq|
GK‡PwUqvg~jK †kvl‡Yi Aemvb: AvšÍR©vwZK evwYR¨ Aeva cÖwZ‡hvwMZvi my‡hvM m„wó K‡i| wekŸevRv‡i ¯’vb jvf Kivi
Rb¨ Drcv`b cÖwZôvbmg~n me‡P‡q `ÿ c×wZ eënvi K‡i Drcv`bKvh© cwiPvjbv K‡i hv‡Z GKK cÖwZ Drcv`b LiP
(Mo LiP) Ges `vg mgvb nq| Ab¨ K_vq ejv hvq, †fv³vMY m¤¢ve¨ me©wbæ`v‡g `ªe¨mvgMÖx µq Ki‡Z cv‡i| AvšÍR©vwZK
evwY‡Rï Abycw¯’wZ‡Z GK‡PwUqvg~jK evRv‡ii D™¢e nIqvi m¤¢vebv _v‡K †hLv‡b `ª‡eï `vg Mo Li‡Pi †P‡q AwaK|
mKj †`‡ki A_©‰bwZK ¯^v_© msiÿY: bxwZMZfv‡e, Aeva evwYR¨ A-we‡f`g~jK (non-discriminatory)| KuvPvgvj Ges
Rxebavi‡Yi Rb¨ AZ¨vek¨Kxq `ªe¨mvgMÖx Avg`vwb Kivi Rb¨ cÖwZwU †`‡ki c‡ÿ wekŸevRv‡i cÖ‡ek Kivi mgvb AwaKvi
i‡q‡Q| ZvB hy×-weMÖn Ges cÖvK„wZK `y‡h©v‡Mi m¤gyLxb †Kvb †`k Lye mn‡RB `ªe¨mvgMÖx msMÖn K‡i `~wf©‡ÿi g‡Zv KwVb
wech©‡qi †gvKv‡ejv Ki‡Z cv‡i|
we‡kŸi mxgve× m¤c‡ì KvswLZ eënvi I e›Ub: eû cÿxq evwYR¨ eë¯’vq GKwU †`k †hLv‡b Lykx `ªe¨mvgMÖx weµq
Ki‡Z cv‡i Ges †hLvb ‡_‡K Lykx `ªe¨mvgMÖx µq Ki‡Z cv‡i| A_©vr †`kwU GKw`‡K †hgb Zvi ißvwb‡hvM¨ `ª‡eï m‡e©v”P
`vg wbwðZ Ki‡Z cv‡i wVK ‡Zgwbfv‡e me©wbæ`v‡g `ªe¨mvgMÖx Avg`vwb Ki‡Z cv‡i| Gi dj¯îƒc, †`kwU GKvav‡i
Drcv`bKvix Ges †fv³v wn‡m‡e m‡e©v”P myweav †fvM Ki‡Z cv‡i| G‡Z mxgve× m¤c‡ì KvswLZ eënvi Ges e›Ub
mnRZi nq|
Abykxjb
AvšÍR©vwZK evwY‡Rï d‡j evsjv‡`‡ki jvf n‡”Q bvwK †jvKmvb n‡”Q - wPšÍv Kiæb I wjLyb|
mgwóK A_©bxwZ
mZ¨-wg_¨v
1. e„n`vqZb Drcv`b cÖwZôvb GK ai‡bi wgZe¨wqZv Dc‡fvM K‡i - mZ¨/wg_¨v
2. AvšÍR©vwZK I Af¨šÍixY evwY‡Rï cv_©K¨ n‡”Q cÖK„wZMZ - mZ¨/wg_¨v
3. gy³ evwYR¨ kÖg wefv‡Mi D‡š§l NUvq - mZ¨/wg_¨v
4. AvšÍR©vwZK evwY‡Rï Abycw¯’wZ‡Z GK‡PwUqvg~jK evRv‡ii D™¢e nq - mZ¨/wg_¨v
5. evwYR¨ n‡”Q cÖe„w×i PvwjKv-kw³ - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. AvšÍR©vwZK evwY‡Rï msÁv w`b|
2. Af¨šÍixY evwYR¨ ej‡Z Kx eySvq? AvšÍR©vwZK evwY‡Rï mv‡_ Gi cv_©K¨ wb‡`©k Kiæb|
3. AvšÍR©vwZK evwY‡Rï A_©‰bwZK wfwËmg~n Av‡jvPbv Kiæb|
4. AvšÍR©wZK evwY‡Rï ¸iæZ¡ we‡kÐlY Kiæb|
ˆbe©¨w³K cÖkœ
1. AvšÍR©vwZK evwYR¨ n‡”Q
K. GKwU †`‡ki `y‡Uv AvÂ‡ji g‡a¨ evwYR¨
L. `y‡Uv †`‡ki g‡a¨ evwYR¨
M. K I L DfqB
2. AvqZ‡bi wgZe¨wqZvi d‡j
K. †gvU Drcv`b LiP nªvm cvq
L. Mo Drcv`b LiP nªvm cvq
M. Drcv`b LiP e„w× cvq
3. AvšÍR©vwZK evwY‡Rï cÖavb wfwË n‡”Q
K. gy`ªvi wewfbœZv
L. evwYR¨ bxwZi wewfbœZv
M. cÖvK„wZK m¤c‡ì wewfbœZv
4. †Kvb&wU evwYR¨ bxwZi nvwZqvi?
K. `ª‡eï ¸YMZgvb
L. `ª‡eï `vg
M. Avg`vwb I ißvwb ïé, †KvUv cÖf„wZ
5. AvšÍR©vwZK evwYR¨
K. GK‡PwUqv evRvi m„wó K‡i
L. Aeva cÖwZ‡hvwMZv m„wó K‡i
M. GK‡PwUqvg~jK cÖwZ‡hvwMZv m„wó K‡i
N. Dc‡ii †KvbwUB mZ¨ bq|
mgm¨v
aiæb, evsjv‡`‡ki PvB‡Z fviZ Kg Li‡P fvj gv‡bi kvox Kvco Drcv`b Ki‡Z mÿg| hw` evsjv‡`k I fvi‡Zi g‡a¨
Aeva evwYR¨ weivRgvb _v‡K Zvn‡j evsjv‡`‡k kvox Drcv`‡b we‡klvqb m¤¢e n‡e wK? wPšÍv Kiæb I wjLyb|
BDwbU-8 fªù¡-121
weweGm †cÖvMÖvg
cvV-2 AvšÍR©wZK evwYR¨ ZË¦ (Theories of International Trade)

D‡Ïk¨
♦ AvšÍR©vwZK evwY‡Rï Pigmyweav ZË¦ Ges Zzjbvg~jK myweavZË¦ e¨vL¨v Ki‡Z cvi‡eb
♦ ZË¦ `y‡Uv wP‡Îi mvnv‡h¨ eY©bv Ki‡Z cvi‡eb
♦ D`vni‡Yi mvnv‡h¨ ZË¦ `y‡Uvi †hŠw³KZv e¨vL¨v Ki‡Z cvi‡eb|
f~wgKv
A¨vWvg ¯§x‡_i æAn Inquiry into the Nature and Causes of the Wealth of Nations” (1776) eBwU cÖKvwkZ nevi
ci †_‡K AvšÍR©vwZK evwY‡Rï KviY Ges evwYR¨ †_‡K jvf-‡jvKmvb (gains or losses from trade) e¨vL¨v I we‡kÐlY
Kivi Rb¨ †ekwKQy Z‡Ë¦i AeZviYv N‡U| ¯§x‡_i wb‡Ri ZË¦wU Pig myweavZË¦ bv‡g cwiwPZ| ejvevûj¨, evwYR¨ †_‡K
cÖvße¨ myweav ev jvf e¨vL¨v Kivi Rb¨ GwU cÖvPxbZg ZË¦| G cv‡V Avgiv A¨vWvg ¯§x‡_i Pig myweav ZË¦ Ges †WwfW
wiKv‡W©vi Zzjbvg~jK myweav ZË¦ wb‡q Av‡jvPbv Kie| G `y‡Uv ZË¦B K¬¨vwmK¨vj AvšÍR©vwZK evwYR¨ ZË¦ bv‡g cwiwPZ|
Pig myweav ZË¦ (Theory of Absolute Advantage)

GKwU †QvÆ D`vni‡Yi mvnv‡h¨ Avgiv cÖ_‡g Pig myweav Z‡Ë¦i aviYvwU e¨vL¨v Kie| g‡b Kiæb, Avcwb cÖwZ wgwb‡U 40wU
evsjv kã A_ev 60wU Bs‡iRx kã UvBc Ki‡Z cv‡ib| Avcbvi mnKg©x cÖwZ wgwb‡U 50wU evsjv kã A_ev 50wU Bs‡iRx
kã UvBc Ki‡Z cv‡ib| G D`vni‡Y, Avcbvi Bs‡iRx UvBwcs-G Ges Avcbvi mnKg©xi evsjv UvBwcs-G Pig myweav
i‡q‡Q| GLb Avcwb hw` ïaygvÎ Bs‡iRx UvBwcs Ges Avcbvi mnKg©x ïaygvÎ evsjv UvBwcs -Gi KvR m¤cbœ K‡i _v‡Kb
Zvn‡j cÖwZ wgwb‡U `y'R‡b wg‡j 60 wU Bs‡iRx kã Ges 50 wU evsjv kã UvBc Ki‡Z cvi‡eb| wecixZfv‡e, Avcbv‡ì
cÖwZ wgwb‡Ui Drcv`b 40 wU evsjv kã Ges 50 wU Bs‡iRx kã| GLb g‡b Kiæb, Avcbviv `y'RB Dfq cÖKvi UvBwcs
60 + 50
cvjvµ‡g m¤cbœ Ki‡Z Pvb| G‡ÿ‡Î cÖwZ wgwb‡U Avcbv‡ì Mo UvBwcs -Gi nvi n‡e = 55 wU Bs‡iRx kã
2
40 + 50
Ges = 45 wU evsjv kã| G D`vniY †_‡K GUv ¯úó †h, Avcbviv hw` ÔPig-myweavi' aviYvwU †g‡b P‡jb Z‡e,
2
Avcbv‡ì cÖwZ wgwb‡Ui UvBwcs MwZ m‡e©v”P n‡e|
Pig myweavi Dch©y³ aviYvwU eënvi K‡i GLb Avgiv A¨vWvg ¤gx_ cÖ`Ë AvšÍR©vwZK evwY‡Rï Pig myweav ZË¦wU
Av‡jvPbv Kie| G ZË¦ Abyhvqx, `y‡Uv †`‡ki g‡a¨ ZLbB evwYR¨ msNwUZ n‡Z cv‡i hw` GKwU †`k †Kvb GKwU `ª‡eï
Drcv`b Ab¨ †`kwUi †P‡q Kg Li‡P Drcv`b Ki‡Z cv‡i| Ab¨fv‡e ejv hvq, GKB cwigvY kÖg eënvi K‡i hw` GKwU
†`k Ab¨wUi Zzjbvq †Kvb GKwU `ªe¨ AwaK cwigv‡Y Drcv`b Ki‡Z cv‡i Zvn‡j `y‡Uv †`‡ki g‡a¨ evwYR¨ msNwUZ n‡e
Ges G evwYR¨ Df‡qi Rb¨ jvfRbK| wb‡Pi mviYxwU jÿ¨ Kiæb| mviYx‡Z K Ges L `y‡Uv †`k| K-†`‡k cÖwZ gY avb
Drcv`b Ki‡Z 20 N›Uv Ges cÖwZ gY cvU Drcv`b Ki‡Z 40 N›Uv kÖ‡gi cÖ‡qvRb nq| Ab¨w`‡K L-†`k cÖwZ gY avb
Drcv`b Ki‡Z 35 N›Uv Ges cÖwZ gY cvU Drcv`b Ki‡Z 15 N›Uv kÖg eënvi K‡i _v‡K| myZivs kÖg-eënv‡ii wfwË‡Z
K-†`‡ki avb Drcv`‡b Pig myweav i‡q‡Q| KviY K-†`k L-A‡cÿv 15 N›Uv Kg kÖg eënvi K‡i GKB cwigvY avb
Drcv`b Ki‡Z cv‡i| Ab¨w`‡K, L-†`‡ki Pig myweav i‡q‡Q cvU Drcv`‡b (Kxfv‡e?)|
mviYx 8.1: cÖwZ gY avb I cv‡Ui Drcv`b LiP (kÖg N›Uvq)

†`k avb cvU
K 20 40
L 35 15
myZivs AvšÍR©vwZK evwY‡Rï Pig myweav ZË¦ Abyhqx, K-†`k avb Drcv`‡b Ges L-†`k cvU Drcv`‡b we‡klvqb Ki‡e|
A_©vr K-†`k avb ißvwb K‡i cvU Avg`vwb ev msMÖn Ki‡e Ges L-†`k cvU ißvwb K‡i avb msMÖn Ki‡e| wVK GKB iKg
e³e¨ cÖKvk Kiv hvq hw` Avgiv kÖ‡gi GKK cÖwZ Drcv`‡bi Zzjbv Kwi| mviYx 8.2 -G Zv †`Lv‡bv n‡jv| mviYx 8.2
Abyhvqx K-†`k GKRb kÖwgK (g‡b Kiæb GKRb kÖwg‡Ki 100 N›Uvi kÖg) eënvi K‡i 10 gY avb A_ev 5 gY cvU
Drcv`b Ki‡Z cv‡i| Ab¨w`‡K, GKB cwigvY kÖg
mgwóK A_©bxwZ
mviYx 8.2: kÖ‡gi GKKcÖwZ Drcv`b

†`k avb cvU
K 10 gY 5 gY
L 5 gY 10 gY
eënvi K‡i L-†`k 5 gY avb A_ev 10 gY cvU Drcv`b Ki‡Z cv‡i| mviYx †_‡K GUv ¯úó †h, K-†`‡ki avb Drcv`‡b
Ges L-†`‡ki cvU Drcv`‡b Pig myweav i‡q‡Q| myZivs evwY‡R¨ AeZxY© n‡j K-†`k avb ißvwb Ki‡e Ges L-†`k cvU
ißvwb Ki‡e| K-†`k av‡bi wewbg‡q cvU Avg`vwb Ki‡e Ges L-†`k cv‡Ui wewbg‡q avb Avg`vwb Ki‡e|
Abykxjb
evsjv‡`k Kg Li‡P e¯¿ Drcv`b Ki‡Z mÿg Ges fviZ Kg Li‡P wPwb Drcv`‡b mÿg| G‡ÿ‡Î evsjv‡`k I fvi‡Zi
g‡a¨ evwYR¨ n‡j evsjv‡`k †Kvb `ªe¨wU ißvwb Ki‡e Ges †Kvb&wU Avg`vwb Ki‡e? wjLyb|
Zzjbvg~jK myweav ZË¦ (Theory of Comporative Advantage)

Pig myweav Z‡Ë¦i me‡P‡q eo `ye©jZv n‡”Q GB †h, A_©en ev jvfRbK evwY‡Rï Rb¨ †Kvb GKwU `ªe¨ Drcv`‡b †Kvb
†`‡ki Pig myweav _vKv AZ¨vek¨K| A_©vr evwY‡R¨ AskMÖnY Kivi Rb¨ cÖwZwU †`‡ki G ai‡bi myweav _vK‡Z n‡e|
Ab¨w`‡K †Kvb †`‡ki hw` cÖwZwU `ªe¨ Drcv`‡b Pig Amyweav we`¨gvb _v‡K Zvn‡j †`kwU AvšÍR©vwZK evwY‡R¨ AskMÖnY
Ki‡Z cv‡i bv| g‡b Kiæb, hy³iv‡óÌi kÖwgKMY c„w_exi †h †Kvb †`‡ki kÖwgK‡ì †P‡q AwaKZi `ÿ| Pig myweavZË¦
Abyhvqx, hy³ivóÌ ïaygvÎ `ªe¨ ißvwbB Ki‡e| †Kvb cÖKvi `ªe¨mvgMÖx Avg`vwb Ki‡e bv| Avgv‡ì KvíwbK D`vni‡Y g‡b
Kiæb, Avcwb Bs‡iRx Ges evsjv Dfq cÖKvi UvBwcs -G Avcbvi mnKg©xi †P‡q `ªæZMwZ m¤cbœ| Gi A_© wK GB †h,
AvcwbB ïay UvBwcs -Gi KvR Ki‡eb Avi Avcbvi mnKg©x Ajmfv‡e e‡m _vK‡eb? cÖ`Ë D`vni‡Y g‡b Kiæb, Avcbvi
Bs‡iRx I evsjv UvBwcs -Gi MwZ h_vµ‡g 60 I 55 kã Ges Avcbvi mnKg©xi h_vµ‡g 45 I 50 kã| A_©vr Avcbvi
mnKg©xi Dfq cÖKvi UvBwcs -G Pig Amyweav i‡q‡Q| wKš‘ evsjv UvBwcs -G wZwb Zzjbvg~jKfv‡e AwaK `ÿ| GB
Zzjbvg~jK `ÿZv ev A`ÿZvB Zzjbvg~jK myweav Z‡Ë¦i wfwË| Zzjbvg~jK myweav ZË¦ Abyhvqx, GKwU †`k Ggb `ªe¨
Drcv`b Ges ißvwb Ki‡e †h `ªe¨ Drcv`‡b †`kwUi Zzjbvg~jK LiP-myweav i‡q‡Q A_ev †h `ªe¨ Drcv`‡b †`kwUi LiP-
Amyweav Zzjbvg~jKfv‡e
Zzjbvg~jK myweav ZË¦ we‡kÐl‡Y †h D`vniYwU eûj eënƒZ nq Zv wbæiƒc: g‡b Kiæb, wgt mv‡ivqvi GKRb bMi-†miv
AvBbRxwe Ges wZwb GKRb bMi-†miv UvBwcóI e‡U| Zvn‡j wZwb wK Zuvi AvBb-msµvšÍ †jLv¸‡jv wb‡RB UvBc Ki‡eb
bvwK UvBwcs-Gi `vwqZ¡ Zuvi †m‡µUvixi nv‡Z †Q‡o †`‡eb| †m‡µUvix GKRb `ÿ UvBwcó wKš‘ wZwb †Zv Avi AvBb
msµvšÍ M‡elYv m¤cv`b Ki‡Z cvi‡eb bv! myZivs, G‡ÿ‡Î wgt mv‡ivqvi M‡elYv Ki‡eb (hwÌ UvBwcs-Kv‡RI Zuvi Pig
myweav i‡q‡Q) Avi UvBwcs -Gi KvRwU Zuvi †m‡µUvixi Dci †Q‡o †`‡eb| †m‡µUvixi `„wó‡Kvb †_‡K, UvBwcs -G Zuvi
Zzjbvg~jK Amyweav Kg|
Kg| Zzjbvg~jK myweav Z‡Ë¦i aviYvwU wb‡Pi mviYx‡Z (mviYx 8.3) cÖ`Ë Z‡_ï mvnv‡h¨ AviI cwi®Kvifv‡e e¨vL¨v Kiv
hvq| mviYx‡Z cÖ`Ë Z_¨ Abyhvqx, K-†`‡k cÖwZ gY avb Drcv`b Ki‡Z 40 N›Uv Ges cÖwZ gY cvU Drcv`b Ki‡Z 45
N›Uv kÖ‡gi cÖ‡qvRb nq| Ab¨w`‡K, L-†`‡k cÖwZ gY avb I cvU Drcv`b Ki‡Z h_vµ‡g 60 I 55 N›Uv kÖg eënvi
Ki‡Z nq| ¯úóZtB K-†`‡ki avb Ges cvU Dfq `ªe¨ Drcv`‡b Pig myweav i‡q‡Q| Z‡e avb Drcv`‡bi myweav cvU
Drcv`‡bi myweavi †P‡q †ekx| A_©vr hwÌ K-†`‡k `y‡Uv `ªe¨B L-A‡cÿv AwaKZi `ÿZvi mv‡_ Drcv`b Ki‡Z cv‡i
40 45 60 45
Z_vwc avb Drcv`‡bi Zzjbvg~jK myweav †ekx| jÿ¨ Kiæb, < | Ab¨fv‡e, > | Gi A_© n‡”Q, K-
60 55 40 55
†`‡ki cÖwZ Rb avb-kÖwgK L-†`‡ki 1.5 Rb avb-kÖwg‡Ki mgvb Drcv`b Ki‡Z cv‡i| Ab¨w`‡K, K-†`‡ki GKRb cvU-
kÖwgK L-†`‡ki 1.2 Rb cvU-kÖwg‡Ki mgvb `ÿ| wecixZfv‡e, L-†`‡ki avb I cvU Dfq `ªe¨ Drcv`‡b Pig Amyweav
we`¨gvb| Z‡e cvU Drcv`‡bi †ÿ‡Î G- Amyweavi gvÎv Kg| A_©vr, L-†`‡ki avb A‡cÿv
mviYx 8.3: cÖwZ gY avb I cvU Drcv`‡bi LiP (kÖg N›Uv)

†`k avb cvU
K 40 45
L 60 55
BDwbU-8 fªù¡-123
weweGm †cÖvMÖvg
cvU Drcv`‡b ZzjbvgyjK myweav we`¨gvb| wiKv‡W©vi ZË¦ Abyhvqx, K-†`k avb Drcv`‡b Ges L-†`k cvU Drcv`‡b
we‡klvqb Ki‡e| A_©vr evwY‡R¨ AeZxY© n‡q K-†`k avb ißvwb K‡i cvU msMÖn Ki‡e Ges L-‡`k cvU ißvwb K‡i avb
msMÖn Ki‡e|
wb‡P wP‡Îi mvnv‡h¨ Zzjbvg~jK myweav ZË¦wU e¨vL¨v Kiv n‡jv| aiv hvK&, K †`k GK eQ‡ii kÖg Øviv 40 gY avb A_ev 10
jÿ gY cvU, avb I cv‡Ui †Kvb mgš^q Drcv`b Ki‡Z cv‡i hv K-†`‡ki Drcv`b m¤¢vebv †iLv IJ (wPÎ 8.1) Øviv
cÖ`wk©Z n‡q‡Q| Ab¨w`‡K, L †`k 1 eQ‡ii kÖg Øviv 50 jÿ gY avb A_ev 50 jÿ gY cvU A_ev avb I cv‡Ui †Kvb
mgš^q Drcv`b Ki‡Z cv‡i hv L-†`‡ki Drcv`b m¤¢vebv †iLv MN (wPÎ 8.1) Øviv cÖ`wk©Z n‡q‡Q|
¡
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e
p ñ¡h
ce
M Evf ¡ ® lM
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50 l e¡
c−n ñ¡h
L® p
ce
40 I vf¡
d¡e (mr jZ)
l E
M ®c−n
30
20
10
J N
O 10 20 30 40 50
f¡V (mr jZ)
wPÎ 8.1: `y‡Uv †`‡ki Drcv`b m¤¢vebv †iLv

wP‡Î †`Lv hv‡”Q, K †`‡ki avb I cvU Dfq `ªe¨ Drcv`‡b Pig Amyweav I L †`‡ki avb I cvU Dfq `ªe¨ Drcv`‡b Pig
myweav i‡q‡Q| GgZve¯’vqI, K I L †`‡ki g‡a¨ evwYR¨ msNwUZ n‡Z cv‡i Ges Zv‡Z Dfq †`kB jvfevb n‡e| †hgb -
L †`k K †`k A‡cÿv 5 ¸Y cvU Drcv`‡b mÿg (wPÎ 8.1 Gi J I N we›`yi g‡a¨ Zzjbv Kiæb) A_P K †`‡ki PvB‡Z
ïaygvÎ 25% avb †ekx avb Drcv`‡b mÿg (wPÎ 8.1 Gi I I M we›`yi g‡a¨ Zzjbv Kiæb)| G cv_©KÜv `y‡Uv †`‡ki
Drcv`b m¤¢vebv †iLvi Xv‡ji gva¨‡gI †`Lv‡bv hvq| K - †`‡ki Drcv`b m¤¢vebv †iLvi Xvj = OI/OJ = 40/10 = 4 -
Gi A_© n‡”Q K †`k hw` cvU Drcv`b 1gY nªvm K‡i Zvn‡j Zvi avb Drcv`b 4 gY e„w× cv‡e| AZGe, K †`‡ki GK
gY av‡bi my‡hvM e¨q n‡”Q 4 gY cvU| L †`‡ki †ÿ‡Î, Drcv`b m¤¢vebv †iLvi Xvj = OM/ON = 50/50 = 1 - Gi
A_© n‡”Q L †`k GK gY avb Drcv`b nªvm Ki‡j 1 gY cvU Drcv`b evov‡Z cv‡i gvÎ| AZGe, L †`‡ki GK gY av‡bi
my‡hvM e¨q n‡”Q 1 gY cvU|
†h‡nZz `y‡Uv ‡`‡ki my‡hvMe¨q wfbœ ZvB `y‡Uv †`‡ki g‡a¨ evwYR¨ msNwUZ n‡j Dfq †`kB jvfevb n‡e| Z‡e †K KZUzKz
jvfevb n‡e Zv wbf©i K‡i wekŸ evwY†R¨ Pvwn`v I †hvMv‡bi gva¨‡g m„ó avb I cv‡Ui Zzjbvg~jK `v‡gi Dci| wKš‘ wekŸ
evRv‡i 1 gY av‡bi `vg hw` 1 gY cv‡Ui `v‡gi †ekx Ges 4 gY cv‡Ui `v‡gi Kg bv nq, Zvn‡j K I L †`‡ki g‡a¨
evwYR¨ n‡e bv| †Kbbv hw` 1 gY avb w`‡q 1 g†Yi †ekx cvU bv cvIqv hvq Zvn‡j L †`k wb‡RB cvU Drcv`b Ki‡e - K
†`k †_‡K Avg`vbx Ki‡e bv| Avg`vwb Ki‡j L †`‡ki †jvKmvb n‡e| KviY L †`k wbR †`‡k Drcv`b Ki‡j 1 gY
av‡bi cwie‡Z© 1 gY cvU Drcv`b Ki‡Z mÿg|
GLb aviv hvK&, wekŸ evwY‡R¨ avb I cv‡Ui wewbgq nvi wba©vwiZ n‡q‡Q 2:1, A_©vr 1 gY cvU w`‡q 2 gY avb cvIqv hvq|
GgZve¯’vq, K I L †`‡ki g‡a¨ evwYR¨ n‡j Df‡qB jvfevb n‡e| Kxfv‡e?
wPÎ 8.2 G welqwU †`Lv‡bv n‡jv| wPÎ 8.2 Gi 1g As‡k K †`‡ki Drcv`b m¤¢vebv †iLv IJ Ges 2q As‡k L †`‡ki
Drcv`b m¤¢vebv †iLv MN Øviv wb‡`©wkZ n‡q‡Q (wPÎ 8.1 Gi Drcv`b m¤¢vebv †iLvØ‡qi Abyiƒc)| GLb †h‡nZz wekŸ
evRv‡i avb I cv‡Ui wewbgq nvi 2:1, †m‡nZz L †`k K †`k †_‡K 1 gY cvU w`‡q 2 gb avb µq Ki‡Z cvi‡e A_P wbR
mgwóK A_©bxwZ
†`‡k 1 gY cvU Drcv`‡bi LiP 1 gY avb Drcv`‡bi Li‡Pi mgvb| Kv‡RB L †`‡ki Rb¨ avb Avg`vwb Kiv jvfRbK|
GRb¨ L †`k ïaygvÎ cvU Drcv`‡b we‡klvqb Ki‡e Ges avb Avg`vwb Ki‡e|
1 1
Ab¨w`‡K, K †`k L †`k †_‡K 1 gY avb w`‡q gY cvU µq Ki‡Z cv‡i A_P wbR †`‡k 1 gY avb Drcv`‡bi LiP
2 4
gY cvU Drcv`‡bi Li‡Pi mgvb A_©vr 1 gY cvU Drcv`b nªvm K‡i 4 gY avb Drcv`b Kiv hvq (1 gY cvU Drcv`‡bi
my‡hvM e¨q = 4 gY avb)| Kv‡RB K †`‡ki Rb¨ wbR †`‡k cvU Drcv`b bv K‡i L †`k †_‡K cvU Avg`vwb Kiv
jvfRbK| ZvB K †`k ïaygvÎ avb Drcv`‡b we‡klvqb Ki‡e Ges cvU Avg`vwb Ki‡e| Gi d‡j K I L Dfq †`‡ki
†fvM m¤¢vebv e„w× cv‡e| wPÎ 8.2 G Zv †`Lv‡bv n‡jv|
100 100 A
¡
he
90 90
¡
pñ
80 80
¡N
®i
¡
¡he
l
70 ¡ 70
pñ
¡he
®c−
d¡e (mr jZ)
pñ
e
M
f¡c
60 60
d¡e (mr jZ)

e
f¡c
Ev
¡ M
50 Ev ¡he 50
nl
nl pñ
® c−
40 I ®c− ¡N 40
®i
M
L
nl
30 ®c− 30
L
20 20
10 10
J P N
O 10 20 30 40 50 60 O 10 20 30 40 50 60
f¡V (mr jZ) f¡V (mr jZ)
(1) (2)
wPÎ 8.2: evwYR¨ †_‡K jvf
wPÎ 8.2 G I IP I AN n‡”Q h_vµ‡g K †`k I L †`‡ki †fvM m¤¢vebv †iLv| †`Lv hv‡”Q †h, evwY‡Rï d‡j Dfq
†`‡kiB †fvM m¤¢vebv m¤cÖmvwiZ n‡q‡Q|
Dc‡ii Av‡jvPbv †_‡K Rvb‡Z cvi‡jb †h, `y‡Uv †`‡ki GKwU‡Z wbw`©ó `y‡Uv `ªe¨ Drcv`‡b Pig myweav Ges Ab¨wU‡Z
GKB `ªe¨ Drcv`‡b Pig Amyweav _vK‡jI †`k `y‡Uvi g‡a¨ jvfRbK evwYR¨ msNwUZ n‡Z cv‡i|
wiKv‡W©vi Zzjbvg~jK myweav ZË¦wU wb‡æv³ AbywgwZ¸‡jvi Dci wbf©ikxj:
1. kÖg n‡”Q Drcv`‡bi GKgvÎ DcKiY|

2. me ai‡bi kÖg ev kÖwgK mgRvZxq|
3. †`‡ki Af¨šÍ‡i kÖ‡gi c~Y© MwZkxjZv i‡q‡Q wKš‘ wewfbœ †`‡ki g‡a¨ kÖg m¤c~Y©iƒ‡c MwZnxb|
4. `ª‡eï `vg wba©vwiZ nq `ª‡eï cÖK„Z LiP Øviv|
GQvovI AviI wKQy AbywgwZ GB Z‡Ë¦ e¨vcKfv‡e eënƒZ Z‡e, Hme kZ© ev AbywgwZ wiKv‡W©vi Zzjbvg~jK myweav Z‡Ë¦i
Rb¨ Acwinvh© bq|
mZ¨-wg_¨v
1. Pig myweav ZË¦ Abyhvqx, jvfRbK evwY‡Rï Rb¨ GKwU `ªe¨ Drcv`‡b †Kvb †`‡ki Pig myweav _vK‡Z n‡e -
mZ¨/wg_¨v
BDwbU-8 fªù¡-125
weweGm †cÖvMÖvg
2. Zzjbvg~jK myweav ZË¦ Abymv‡i, mKj `ª‡eï †ÿ‡Î Pig myweav _vK‡j †Kvb †`k AvwšÍR©vwZK evwY‡R¨ Ask MÖnY
Ki‡e bv - mZ¨/wg_¨v
3. Zzjbvg~jK myweav Z‡Ë¦ Zzjbvg~jK LiP myweav‡K cÖvavb¨ †Ìqv nq - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. AvšÍR©vwZK evwY‡Rï Pig myweav ZË¦wU e¨vL¨v Kiæb|
2. weKv‡W©vi Zzjbvg~jK LiP ZË¦wU we‡kÐlY Kiæb| ZË¦wU Kx Kx AbywgwZi Dci wbf©ikxj?
3. G¨vWvg w¯§‡_i Pig myweav ZË¦wU †_‡K wiKv‡W©vi Zzjbvg~jK LiP ZË¦wU †Kvb& w`K †_‡K wfbœ? e¨vL¨v Kiæb|
ˆbe¨©w³K cÖkœ
1. Pig myweav Z‡Ë¦i cÖe³v
K. †R.Gg. †KBbm
L. AvvWvg ¯§x_
M. †R.Gm. wgj
2. evwYR¨ †_‡K jvf e¨vL¨v Kivi Rb¨ cÖvPxbZg ZË¦ †Kvb&wU?
K. Pig myweav ZË¦
L. Zzjbvg~jK myweav ZË¦
M. K I L DfqB
3. Zzjbvg~jK myweav Z‡Ë¦i cÖe³v
K. A¨vWvg ¯§x_
L. †R.we. †m
M. †R.Gg. †KBbm
N. †WwfW wiKv‡W©v|
4. Zzjbvg~jK myweav Z‡Ë¦ Abygvb Kiv nq †h,
K. kÖg mgRvZxq
L. Drcv`b LiP cwieZ©bkxj
M. wewfbœ †`‡ki g‡a¨ kÖg MwZkxj
mgm¨v
GKK cÖwZ LiP (kÖg N›Uvq)
†`k e¯¿ wPwb
evsjv‡`k 80 50
kÖxjsKv 100 30
K. Pig myweav ZË¦ Abyhvqx †Kvb& †`k †Kvb& `ªe¨ Drcv`b Ki‡e?
L. Zzjbvg~jK myweav ZË¦ Abyhvqx evsjv‡`k †Kvb& `ªe¨ Drcv`b Ki‡e?
mgwóK A_©bxwZ
cvV-3 AvšÍR©vwZK evwY‡Rï fvimvg¨ (Balance of International Trade)

D‡Ïk¨
♦ †jb‡`b fvimvg¨, evwY‡Rï fvimvg¨ I evwYR¨ k‡Z©i msÁv eY©bv Ki‡Z cvi‡eb
♦ †jb‡`b fvimvg¨ I evwY‡Rï fvimv‡gï g‡a¨ cv_©K¨ wbY©q Ki‡Z cvi‡eb
♦ †jb‡`b fvimv‡gï we‡kÐl‡Y mgš^qKvix welqmg~‡ni ¸iæZ¡ e¨vL¨v Ki‡Z cvi‡eb
♦ wewfbœ cÖKvi evwYR¨ k‡Z©i g‡a¨ cv_©K¨ wbY©q Ki‡Z cvi‡eb
♦ D`vni‡Yi mvnv‡h¨ evwYR¨ k‡Z©i cwieZ©b e¨vL¨v Ki‡Z cvi‡eb|
f~wgKv
GKwU †`‡ki mv‡_ Ab¨ mKj †`‡ki mvgwMÖK †jb‡`‡bi bxU wnmve †m †`‡ki A_©bxwZ‡K `viæbfv‡e cÖfvweZ K‡i| ZvB
GKwU †`‡ki A_©bxwZi Kvh©kxjZv ev cvidi‡gÝ m¤c‡K© aviYv jvf Ki‡Z n‡j †m †`‡ki mv‡_ ewnwe©‡kŸi mKjcÖKvi
†jb‡`‡bi wnmve m¤c‡K© Ávb jvf Kiv AZ¨vek¨K| G cv‡V Avgiv †jb‡`b fvimvg¨, evwY‡Rï fvimvg¨ I wewfbœ cÖKvi
evwYR¨ kZ© m¤c‡K© Rvbe|
†jb‡`b fvimvg¨ (Balance of Payments)

AvšÍR©vwZK evwY‡R¨ AskMÖnYKvix GKwU †`k cÖwZeQi `„k¨gvb I A`„k¨gvb `ªe¨mvgMÖx Ges ¯^í I `xN©‡gqv`x g~jab
Avg`vwbi Rb¨ we‡kŸi wewfbœ †`k‡K GKwU wbw`©ó AsK cÖ`vb K‡i _v‡K| GKBfv‡e, D‡jøwLZ `ªe¨mvgMÖx I g~jab wewbgq
K‡i †`kwU ê‡`wkK gy`ªv AR©b K‡i _v‡K| cÖwZwU †`k ewnwe©‡kŸi mv‡_ G ai‡bi †jb‡`‡bi GKwU myweb¨¯Í
(systematic) wnmve w¯’wZcÎ ev balance sheet -Gi gva¨‡g iv‡L| w¯’wZc‡Îi gva¨‡g †jb‡`‡bi wnmv‡ei myweb¨¯Í
eY©bv‡K †jb‡`b fvimvg¨ e‡j| Ab¨fv‡e ejv hvq, †jb‡`b fvimvg¨ GKwU †`‡ki gy`ªvi Pvwn`v I †hvMv‡bi m¤cK© wb‡`©k
K‡i| GLv‡b gy`ªvi Pvwn`v ej‡Z ewnwe©kŸKZ©„K mswkÐó †`kwUi ißvwb `ªe¨mvgMÖx µ‡q e¨wqZ A_©, †`kwUi e¯ÍyMZ Ges
Avw_©K g~ja‡b wewb‡qvMK„Z A_© Ges †`kwUi n¯ÍvšÍi-cvIbv wn‡m‡e cÖvß A_©‡K eySv‡bv n‡q‡Q| Ab¨w`‡K, gy`ªvi †hvMvb
n‡”Q ewnwe©kŸ †_‡K Avg`vwbK„Z `ªe¨mvgMÖxi Rb¨ e¨q, Ab¨ ‡`‡ki e¯ÍyMZ I Avw_©K g~ja‡b wewb‡qvMK„Z A_© Ges n¯ÍvšÍi
cÖ`v‡bi †hvMdj|
†jb‡`‡bi fvimv‡g¨ NvUwZ I DØ„Ë
hw` we‡`kx gy`ªvi †hvMvb we‡`k gy`ªvi Pvwn`v A‡cÿv Kg nq Zvn‡j †jb‡`b fvimv‡g¨ NvUwZ †`Lv w`‡e| Ab¨fv‡e,
`ªe¨mvgMÖx I g~ja‡bi Avg`vwb e¨q Ges n¯ÍvšÍi cÖ`vb `ªe¨mvgMÖx I g~ja‡bi ißvwb Avq Ges n¯ÍvšÍi cvIbvi †P‡q †ekx
n‡j †jb‡`‡bi fvimvg¨ NvUwZ fvimvg¨ wn‡m‡e we‡ewPZ nq| wecixZfv‡e, †jb‡`‡bi fvimvg¨‡K DØ„Ë fvimvg¨ ejv
nq|
†jb‡`b fvimvg¨ wnmv‡ei Dcv`vbmg~n

†jb‡`b fvimv‡gï msÁv‡ZB Avgiv Gme Dcv`v‡bi D‡jøL K‡iwQ| G ch©v‡q Avgiv Gme Dcv`v‡bi we¯Í„Z e¨vL¨v cÖ`vb
Kei|
PjwZ wnmve (Current Account): `„k¨gvb Ges A`„k¨gvb Dfq cÖKvi `ªe¨mvgMÖxi †jb‡`‡bi eY©bv PjwZ wnmv‡ei
AšÍfy©³| e¯ÍyMZ `ªe¨mvgMÖx †hgb, cvU, Pv, Pvgov, Lv`¨`ªe¨, hš¿vsk cÖf„wZ‡K `„k¨gvb `ªe¨mvgMÖx ejv nq| Ab¨w`‡K,
ågYKvixi LiP, we‡`‡k Aa¨qbiZ QvÎ-QvÎx‡ì wkÿv-LiP, we‡`kx we‡klÁ‡ì Avq cÖf„wZ †mevag©x Kv‡Ri †jb‡`b‡K
A`„k¨gvb †jb‡`b ejv nq|
g~jab wnmve (Capital Account): g~jab ¯’vbvšÍ‡ii gva¨‡gI wewfbœ †`‡ki g‡a¨ †jb‡`b msNwUZ n‡Z cv‡i| w¯’wZc‡Î
g~jab †jb‡`‡bi †h Z_¨ mwbœ‡ewkZ nq Zv g~jab wnmve bv‡g AwfwnZ| g~jab ¯^í I `xN© Dfq †gqv`x n‡Z cv‡i|
ewnwe©‡kŸi †Kvb †Kv¤cvbxi †kqvi ev `xN©‡gqv`x FYc‡Î wewb‡qvM A_ev we‡`‡k KviLvbv ¯’vcb cÖf„wZ `xN©-†gqv`x g~jab
wn‡m‡e cwiwPZ| Ab¨w`‡K, GK ‡`k †_‡K Ab¨ ‡`‡k Zij m¤c` (liquid assets) †hgb- Ab¨ ‡`‡ki e¨vs‡K iwÿZ
Znwej, ¯^í‡gqv`x FYcÎ µ‡qi Rb¨ wewb‡qvM cÖf„wZ n¯ÍvšÍi ev ¯’vbvšÍi‡K ¯^í‡gqv`x g~jab ejv nq| g~ja‡bi †jb‡`b
`y‡Uv †`‡ki miKv‡ii g‡a¨ A_ev miKvi I Ab¨vb¨ †`‡ki †emiKvix cÖwZôv‡bi g‡a¨ A_ev `y‡Uv †`‡ki †emiKvix
cÖwZôvbmg~‡ni g‡a¨ msNwUZ n‡Z cv‡i|
BDwbU-8 fªù¡-127
weweGm †cÖvMÖvg
mgš^qKvix welqmg~n (Balancing Items): GUv cÖvqB ejv n‡q _v‡K †h, †jb‡`‡bi fvimvg¨ memgq w¯’Zve¯’vq _v‡K
(Balance of payments always balances)| Gi A_© GB bq †h, GKwU †`‡ki PjwZ wnmv‡e NvUwZ (DØ„Ë) _vK‡j
g~jab wnmv‡ei DØ„Ë (NvUwZ) Øviv Zv mgš^q (balance) Kiv nq| GKwU †`‡ki PjwZ Ges g~jab Dfq wnmv‡e NvUwZ
A_ev DØ„Ë _vK‡Z cv‡i Z_vwc †jb‡`‡bi fvimv‡g¨ w¯’wZ †`Lv‡bv nq| g‡b Kiæb, GKwU cwiev‡ii Av‡qi †P‡q e¨q
†ekx| GUv Kxfv‡e m¤¢e? G‡ÿ‡Î eyS‡Z n‡e cwieviwU F‡Yi gva¨‡g AwZwi³ Li‡Pi †hvMvb w`‡”Q| GKB K_v
AvšÍ©RvwZK †jb‡`‡bi †ÿ‡ÎI mZ¨| GKwU †`‡ki PjwZ I g~jab wnmv‡ei NvUwZ wb‡`©k K‡i †h, †`kwU miKvix ev
†emiKvix ê‡`wkK F‡Yi gva¨‡g AwZwi³ e¨q wbe©vn K‡i‡Q| wecixZfv‡e, PjwZ I g~jab wnmv‡ei DØ„Ë wb‡`©k K‡i †h,
†`kwU nq Ab¨ ‡Kvb †`k ev ewnwe©kŸ‡K FY cÖ`vb Ki‡Q A_ev DØ„Ë A_© †`kwUi ê‡`wkK gy`ªvi gRy‡` ms‡hvwRZ n‡q‡Q|
FY-cÖ`vb ev FY-MÖnY Ges ê‡`wkK gy`ªv-gRy‡ì cwieZ©b G‡ÿ‡Î mgš^qKvix Dcv`vb ev balancing items wn‡m‡e
we‡eP¨|
evwY‡Rï fvimvg¨ (Balance of Trade)

GKwU †`‡ki ïaygvÎ `„k¨gvb `ªe¨mvgMÖx ißvwb I Avg`vwbi wnmve ev myweb¨¯Í Z_¨‡K evwY‡Rï fvimvg¨ ejv nq| †jb‡`b
fvimv‡gï mv‡_ evwY‡Rï fvimv‡gï cv_©K¨ AZ¨šÍ my¯úó| cÖ_gZ: evwY‡Rï fvimvg¨ ïaygvÎ `„k¨gvb `ªe¨mvgMÖxi
Av`vb-cÖ`v‡bi wnmve wb‡`©k K‡i| †jb‡`b fvimvg¨ `„k¨gvb I A`„k¨gvb DfqcÖKvi `ªe¨mvgMÖx Ges g~ja‡bi Av`vb-
cÖ`v‡bi myweb¨¯Í wnmve| e¯ÍyZt evwY‡Rï fvimvg¨ †jb‡`b fvimv‡gï PjwZ wnmv‡ei GKwU Ask gvÎ| wØZxqZt †jb‡`b
fvimvg¨ memgq w¯’Zve¯’vq _v‡K| wKš‘ evwY‡Rï fvimv‡g¨ w¯’wZ, NvUwZ A_ev DØ„Ë †h †Kvb Ae¯’v we`¨gvb _vK‡Z
cv‡i| cÖK„Zc‡ÿ, evwY‡Rï fvimv‡g¨ w¯’Zve¯’vi aviYv Kiv KwVb|
evwYRï kZ© (Terms of Trade)

†`‡ki bxwZ wba©viK‡ì wbKU evwYR¨ kZ© GKwU eûj Av‡jvwPZ aviYv| GKwU †`‡ki †jb‡`b fvimvg¨ we‡kÐl‡Yi †ÿ‡Î
evwYR¨ kZ© GKwU AZ¨šÍ ¸iæZ¡c~Y© welq Ges GUv Zzjbvg~jKfv‡e mnR‡eva¨| mvaviYfv‡e evwYR¨ kZ© ej‡Z GK GKK
ißvwb `ª‡eï wewbg‡q †h cwigvY `ªe¨ Avg`vwb Kiv hvq A_ev GK GKK Avg`vwb `ª‡eï Rb¨ hZUzKz ißvwb `ªe¨ Qvo‡Z nq
Zvi cwigvY‡K eySvq| wKš‘ AvšÍR©vwZK evwY‡Rï †ÿ‡Î eûj eënƒZ G aviYvwU‡K A_©bxwZwe`MY wewfbœ `„wó‡Kvb †_‡K
msÁvwqZ K‡i _v‡Kb| eZ©gvb Av‡jvPbvq Avgiv D‡jøL‡hvM¨ cÖKvi‡f`¸‡jv e¨vL¨v Kie| GLv‡b D‡jøL¨ †h, cÖwZwU msÁv
ev cÖKvi‡f‡ì g~j D‡Ïk¨ n‡jv evwYR¨ †_‡K cÖvße¨ jvf-†jvKmvb wn‡me Kiv|
bxU evU©vi evwYR¨ kZ© (Net Barter Terms of Trade): bxU evU©vi evwYR¨ kZ© ev `ªe¨ evwYR¨ kZ© n‡”Q `ª‡eï ißvwb
g~j¨ I Avg`vwb g~‡jï AbycvZ| GKvwaK `ª‡eï †ÿ‡Î ißvwb I Avg`vwb g~j¨ ej‡Z h_vµ‡g GKwU †`‡ki ißvwb `ª‡eï
mvaviY g~j¨¯Íi ev ißvwb g~j¨ m~PK Ges Avg`vwb `ª‡eï mvaviY g~j¨¯Íi ev Avg`vwb g~j¨ m~PK‡K eySv‡bv n‡q _v‡K| g‡b
Kwi, Px = ißvwb g~j¨ m~PK Ges Pm = Avg`vwb g~j¨ m~PK| myZivs `ªe¨ evwYR¨ kZ©‡K wb‡æv³fv‡e cÖKvk Kiv hvq:
Px
Tc =
Pm
†hLv‡b Tc = Commodity Terms of Trade ev `ªe¨ evwYR¨ kZ©|
`ªe¨ evwYR¨ k‡Z©i cwieZ©b Øviv Avgiv mg‡qi eëav‡b GKwU †`‡ki wbw`©ó cwigvY ißvwbi ¸iæZ¡ Avg`vwb `ª‡eï wbwi‡L
wePvi Ki‡Z cvwi| wb‡æv³ m~Î eënvi K‡i mg‡qi eëav‡b `ªe¨ evwYR¨ k‡Z©i cwieZ©b cwigvc Kiv hvq:
Px1 / Pm1 Px1 Pm0
∆Tc = = ×
Px0 / Pm0 Pm1 Px0
†hLv‡b ∆Tc = `ªe¨ evwYR¨ k‡Z©i cwieZ©b
Px1 = eZ©gvb eQ‡ii ißvwb g~j¨ m~PK
Pm1 = eZ©gvb eQ‡ii Avg`vwb g~j¨ m~PK
Px0 = c~e©eZ©x eQ‡ii ißvwb g~j¨ m~PK Ges
Pm0 = c~e©eZ©x eQ‡ii Avg`vwb g~j¨ m~PK|
g‡b Kiæb, 1980 mvj n‡”Q wfwË eQi| A_©vr 1980 mv‡j ißvwb I Avg`vwb g~j¨ m~PK = 100| GLb g‡b Kiæb, 1990
mv‡j ißvwb g~j¨ m~PK = 180 Ges Avg`vwb g~j¨ m~PK = 140| myZivs,
mgwóK A_©bxwZ
180 100
∆Tc = ⋅ = 1.29
140 100
Gi A_© n‡”Q GB †h, 1980 mv‡ji Zzjbvq 1990 mv‡j bxU evU©vi evwYR¨ kZ© ev `ªe¨ evwYR¨ k‡Z©i 29% Dbœqb N‡U‡Q|
Ab¨fv‡e ejv hvq, GKB cwigvY `ªe¨ ißvwb K‡i 1980 mv‡ji Zzjbvq 1990 mv‡j 29% †ekx `ªe¨ Avg`vwb Kiv m¤¢e|
†gvU evU©vi evwYR¨ kZ© (Gross Barter Terms of Trade): †gvU evU©vi evwYR¨ kZ© ej‡Z GKwU †`‡ki GKwU wbw`©ó
eQ‡i Avg`vwbK„Z `ª‡eï †gvU e¯ÍyMZ cwigvY Ges ißvwbK„Z `ª‡eï †gvU e¯ÍyMZ cwigv‡Yi AbycvZ‡K eySv‡bv nq|
mvs‡KwZKfv‡e, †gvU evU©vi evwYR¨ kZ© (Tg) -†K wb‡æv³fv‡e cÖKvk Kiv hvq:
Qm
Tg =
Qx
†hLv‡b Qm = Avg`vwb `ª‡eï †gvU e¯ÍyMZ cwigvY Ges Qx = ißvwb `ª‡eï †gvU e¯ÍyMZ cwigvY| Tg Øviv eySv‡bv nq
GK GKK ißvwb `ªe¨ M‡o KZ GKK `ªe¨ Avg`vwb Ki‡Z cv‡i| Tg>1 AbyK‚j evwYR¨ k‡Z©i wb‡`©kK| bxU evU©vi evwYR¨
k‡Z©i g‡Zv wb‡æv³ m~Î eënvi K‡i Avgiv mg‡qi eëav‡b †gvU evU©vi evwYR¨ k‡Z©i cwieZ©b e¨vL¨v Ki‡Z cvwi:
Qm1 / Qx1 Qm1 Qx0
∆Tg = = ⋅
Qm0 / Qx0 Qx1 Qm0
Avq evwYR¨ kZ© (Income Terms of Trade): Avq evwYR¨ kZ© n‡jv GKwU wbw`©ó eQ‡ii †gvU ißvwb Avq Ges
Avg`vwbi g~j¨ m~P‡Ki AbycvZ| g‡b Kwi, Px = ißvwb g~j¨ m~PK Ges Qx = †gvU ißvwbi cwigvY| Kv‡RB †gvU ißvwb
Avq = Px Qx| myZivs Avq evwYR¨ kZ©‡K wb‡gv³vfv‡e cÖKvk Kiv hvq:
PxQx
Ti (Avq evwYR¨ kZ©) = †hLv‡b Pm = Avg`vwb g~j¨ m~PK|
Pm
bxU evU©vi evwYR¨ k‡Z©i mv‡_ Avq evwYR¨ k‡Z©i cv_©K¨ my¯úó| g‡b Kiæb, Px †e‡o‡Q| hw` Pm w¯’i _v‡K Zvn‡j bxU
 Px 
evU©vi evwYR¨ k‡Z©i   Dbœqb NU‡e| GLb g‡b Kiæb, Px †h nv‡i †e‡o‡Q Qx wVK GKB nv‡i K‡g‡Q| Zvn‡j
 Pm 
Avq evwYR¨ k‡Z©i †Kvbiƒc cwieZ©b n‡e bv| Qx hw` Px -Gi †P‡q †ekx nv‡i K‡g Zvn‡j cÖK„Zc‡ÿ Avq evwYR¨ k‡Z©i
AebwZ NU‡e| Kv‡RB ejv hvq, bxU evU©vi evwYR¨ k‡Z©i Dbœqb memgq Avq evwYR¨ k‡Z©i Dbœqb wb‡`©k K‡i bv| Dw³wU
wecixZfv‡eI mZ¨|
Abykxjb
evsjv‡`‡ki cwimsL¨vb el©cÄxwU nv‡Zi Kv‡Q wbb| MZ A_©eQi I cuvP ermi c~‡e©i Ges ißvwb I Avg`vwb g~j¨ m~PK †ei
Kiæb| cuvP ermi c~‡e©i Zzjbvq MZ A_©eQ‡i bxU evU©vi evwYR¨ k‡Z©i Kx ai‡bi cwieZ©b N‡U‡Q? wjLyb|
mZ¨-wg_¨v
1. evwY‡Rï fvimvg¨ mKj cÖKvi `ªe¨mvgMÖx I †mev we‡ePbv K‡i - mZ¨/wg_¨v
2. PjwZ wnmv‡e ïaygvÎ `„k¨gvb `ªe¨mvgMÖx AšÍfy©³ Kiv nq - mZ¨/wg_¨v
3. †jb‡`b fvimvg¨ memgq w¯’Zve¯’vq _v‡K - mZ¨/wg_¨v
4. †jb‡`b fvimvg¨ GKwU †`‡ki gy`ªvi Pvwn`v I †hvMv‡bi m¤cK© wb‡`©k K‡i - mZ¨/wg_¨v
5. Avg`vwb g~j¨ m~PK‡K ißvwb g~j¨ m~PK Øviv fvM K‡i bxU evU©vi evwYR¨ kZ© cvIqv hvq - mZ¨/wg_¨v
mswÿß DËi cÖkœ
1. †jb‡`b fvimvg¨ ej‡Z wK eySvq?
2. evwY‡Rï fvimvg¨ Gi msÁv w`b|
iPbvg~jK cÖkœ
1. †jb‡`b fvimvg¨ I evwY‡Rï fvimv‡gï cv_©K¨ wbY©q Kiæb|
2. †jb‡`b fvimvg¨ memgq w¯’Zve¯’vq _v‡K - e¨vL¨v Kiæb|
3. †jb‡`b fvimvg¨ wnmv‡ei Dcv`vb¸‡jv ms‡ÿ‡c e¨vL¨v Kiæb|
4. evwYR¨ kZ© ej‡Z Kx eySvq? wewfbœ cÖKvi evwYR¨ k‡Z©i mswÿß eY©bv w`b|
BDwbU-8 fªù¡-129
weweGm †cÖvMÖvg
ˆbe©¨w³K cÖkœ
1. †jb‡`b fvimv‡g¨ NvUwZ †`Lv w`‡e hw`
K. PjwZ wnmv‡e I g~jab wnmv‡e NvUwZ _v‡K
L. ïaygvÎ PjwZ wnmv‡e NvUwZ †`Lv †`q
M. ïaygvÎ g~jab wnmv‡e NvUwZ †`Lv †`q
2. †Kvb&wU PjwZ wnmv‡e AšÍf©y³?
K. e¯ÍyMZ `ªe¨mvgMÖx
L. ewn©we‡kŸi †Kvb †Kv¤cvbxi †kqvi µq
M. Ab¨ †`‡ki e¨vs‡K iwÿZ Znwej
3. †Kvb&wU g~jab wnmv‡ei AšÍf©y³?
K. cvU ißvwb
L. Pv ißvwb
M. ¸‡ov `ya Avg`vwb
N. we‡`‡k KviLvbv ¯’vcb|
4. `ªe¨ evwYR¨ kZ© wbf©i K‡i
K. ïay ißvwb g~j¨ m~P‡Ki Dci
L. ïay Avg`vwb g~j¨ m~P‡Ki Dci
M. ißvwb g~j¨ m~PK I Avg`vwb g~j¨ m~PK Df‡qi Dci
5. Avg`vwb g~j¨ m~PK e„w× †c‡j
K. `ªe¨ evwYR¨ k‡Z©i DbœwZ n‡e
L. `ªe¨ evwYR¨ k‡Z©i AebwZ NU‡e
M. `ªe¨ evwYR¨ kZ© AcwiewZ©Z _vK‡e
mgm¨v
wb‡Pi mviYxwU we‡ePbv Kiæb -
eQi Px Pm Qx Qm
1985 100 100 200 300
1990 110 120 300 350
1995 120 140 350 400
K. wewfbœ eQ‡ii bxU evU©vi evwYR¨ kZ©, †gvU evU©vi evwYR¨ kZ© I Avq evwYR¨ kZ© cwigvc Kiæb|
L. 1985 mv‡ji Zzjbvq 1990 mv‡j bxU evU©vi evwYR¨ k‡Z©i cwieZ©b cwigvc Kiæb|
M. 1990 mv‡ji Zzjbvq 1995 mv‡j †gvU evU©vi evwYR¨ k‡Z©i cwieZ©b cwigvc Kiæb|
mgwóK A_©bxwZ
cvV-4 evsjv‡`‡ki AvšÍR©vwZK evwY‡Rï MwZ-cÖK„wZ

(Trends of International Trade of Bangladesh)
D‡Ïk¨
♦ evsjv‡`‡ki cÖavb cÖavb Avg`vwb I ißvwb `ªe¨mvgMÖxi weeiY w`‡Z cvi‡eb
♦ Avg`vwb I ißvwb `ª‡eï KvVv‡gvMZ cwieZ©b e¨vL¨v Ki‡Z cvi‡eb
♦ evsjv‡`‡ki evwY‡Rï fvimvg¨ I evwY‡Rï kZ© m¤c‡K© ej‡Z cvi‡eb
♦ mvwe©Kfv‡e evsjv‡`‡ki AvšÍR©vwZK evwY‡Rï MwZaviv we‡kÐlY Ki‡Z cvi‡eb|
f~wgKv
¯^í cwim‡i GKwU †`‡ki AvšÍR©vwZK evwY‡Rï MwZ-cÖK„wZ we‡kÐlY GKwU AZ¨šÍ `~iæn KvR| G cv‡V Avgiv ZvB †Póv
Kie evsjv‡`‡ki AvšÍR©vwZK evwY‡Rï cÖK„wZ Ges mg‡qi eëav‡b Gi cwieZ©‡bi avivi ¸iæZ¡c~Y© êwkó¨mg~n †Zv‡j
ai‡Z| wZbwU wfbœ wfbœ `„wó‡Kvb †_‡K Avgiv welqwU Dc¯’vcb Kivi †Póv Kie:
1. cÖavb cÖavb Avg`vwb I ißvwb `ªe¨mvgMÖx
2. Avg`vwb I ißvwb `ª‡eï KvVv‡gvMZ cwieZ©b
3. evwY‡Rï fvimvg¨ I evwYR¨ k‡Z©i cwieZ©b
cÖavb cÖavb Avg`vwb I ißvwb `ªe¨mvgMÖx

Avg`vwb `ªe¨mvgMÖx: evsjv‡`‡ki cÖavb cÖavb Avg`vwb `ªe¨-mvgMÖx Ges 1988-89 I 1989-90 A_©eQ‡i Gme `ª‡eï
Dci e¨‡qi wnmve wb‡Pi mviYx‡Z †`Lv‡bv n‡jv|
mviYx -8.4: evsjv‡`‡ki cÖavb cÖavb Avg`vwb `ªe¨
Avg`vwb e¨q (wgwjqb UvKv)
Avg`vwb `ªe¨ 1988-89 1989-90
`y» I `y»RvZ `ªe¨ 3299 2906
wPwb 1734 1433
Pvj 325 2263
Mg 9105 4924
KuvPv Zzjv 2493 3846
Acwi‡kvwaZ †c‡Uªvwjqvg 4461 10500
cwi‡kvwaZ †c‡Uªvwjqvg 6949 7200
mvi 2694 1704
wm‡g›U 2635 3129
me&wRRvZ cwi‡kvwaZ ˆZj 5138 4428
†jŠn I B¯úvZ 7019 5835
cvKv‡bv myZv 2597 3325
e¯¿ (Fabrics) 6103 9179
hš¿cvwZ (ê`y¨wZK miÄvgmn) 10247 16142
hvbevnb 2824 3103
Drm: evsjv‡`k d‡ib †UªW ¯U¨wUm&wUK&m - 1989/90, c„: VIII.
BDwbU-8 fªù¡-131
weweGm †cÖvMÖvg
Dc‡i DwjøwLZ `ªe¨ mvgMÖxi †gvU Avg`vwb e¨q DwjøwLZ eQi `y‡Uvi †gvU Avg`vwb e¨‡qi h_vµ‡g 71.12% I 70.53%|
Dc‡ii mviYxwU we‡kÐlY Ki‡j Avgiv †`L‡Z cve †h, evsjv‡`‡ki Avg`vwb `ªe¨mvgMÖxi GKwU eo Ask Ry‡o i‡q‡Q
†fvM¨ `ªe¨ A_ev †fvM¨`ªe¨ Drcv`‡bi Rb¨ G‡qvRbxq KuvPvgvj| D`vniY¯îƒc, 1988-89 †_‡K 1991-92 ch©šÍ G Pvi
eQ‡i †gvU Avg`vwb e¨‡q DwjøwLZ `yB †kÖYxi Ask wQj h_vµ‡g 67.5%, 68.6%, 64.76% Ges 69.46%| D‡jøL¨ †h,
†fvM¨`ª‡eï Pvwn`v mvaviYZt Aw¯’wZ¯’vcK n‡q _v‡K A_©vr `vg evov ev Kgvi mv‡_ Gme `ª‡eï Pvwn`vi cwigv‡Yi Lye
GKUv cwieZ©b nq bv|
ißvwb `ªe¨mvgMÖx: wb‡Pi mviYx‡Z evsjv‡`‡ki cÖavb cÖavb ißvwb `ªe¨ Ges 1988-89 I 1989-90 A_©eQ‡i Gme `ªe¨
†_‡K cÖvß ißvwb Avq †`Lv‡bv n‡jv|
mviYx 8.5: evsjv‡`‡ki cÖavb cÖavb ißvwb `ªe¨
ißvwb Avq (wgwjqb UvKv)

ißvwb `ªe¨ 1988-89 1989-90
grm I Ab¨vb¨ RjPi cÖvbx 5241 5571
Pv 1208 1201
b¨vc_v 382 260
Pvgov 4514 5955
KuvPv cvU 2813 3444
cv‡Ui ˆZwi m~Zv 1215 1431
cvU e¯¿ (Jute Fabrics) 3193 5344
cv‡Ui _‡j I PU 4686 3755
ˆZwi †cvkvK 14448 21239
Drm: c~‡e©v³, c„: VII.
Dc‡i DwjøwLZ 9wU cÖavb cÖavb ißvwb `ªe¨ †_‡K AwR©Z Avq 1988-89 Ges 1989-90 A_©eQ‡i evsjv‡`‡ki †gvU ißvwb
Av‡qi h_vµ‡g 88.32% Ges 93.75%| Avg`vwb `ª‡eï g‡Zv evsjv‡`‡ki ißwb `ª‡eï †ekxi fvMB †fvM¨`ªe¨
Drcv`‡bi A_ev †fvM¨`ªe¨ Rb¨ cÖ‡qvRbxq KuvPvgvj| 1988-89 †_‡K 1991-92 ch©šÍ mg‡q evsjv‡`‡ki †gvU ißvwb
Av‡q Dc‡iv³ `yB †kÖYxi `ªe¨mvgMÖxi Ask wQj h_vµ‡g 96.5%, 98.94%, 98.04% Ges 95.88%|
Abykxjb
MZ A_©eQ‡i evsjv‡`‡ki cÖavb cÖavb ißvwb`ª‡eï ißvwbi cwigvY I cÖavb cÖavb Avg`vwb `ª‡eï Avg`vwbi cwigvY wjLyb
Ges Gme Z_¨¸‡jv‡K c~e©eZ©x eQi¸‡jvi Avg`vbx I ißvbxi cwigv‡bi mv‡_ Zzjbv Kiæb|
Avg`vwb I ißvwb `ª‡eï KvVv‡gvMZ cwieZ©b

Avg`vwb `ªe¨mvgMÖx: mg‡qi eëav‡b †gvU Avg`vwb e¨‡q wewfbœ `ª‡eï Ask Ges Avg`vwb-mswgkÖY (import-mix)
we‡kÐlY Ki‡j †`Lv hvq †h, cÖ_‡gv³ †ÿ‡Î wKQyUv cwieZ©b mvwaZ n‡q‡Q wKš‘ wØZxq †ÿ‡Î jÿ¨bxq †Kvb cÖKvi
cwieZ©b N‡Uwb| Ab¨fv‡e ejv hvq, mg‡qi eëav‡b †gvU Avg`vwb e¨‡q wewfbœ `ª‡eï As‡ki cwieZ©b N‡U‡Q - †Kvb
†Kvb `ªe¨ AwaKZi ¸iæZ¡ AR©b K‡i‡Q, †Kvb †Kvb `ª‡eï Avg`vwbi cwigvY K‡g‡Q| G A‡_© Avg`vwb mswgkÖ‡Yi †Kvb
cwieZ©b nqwb A_©vr 10 eQi c~‡e© †h mg¯Í `ªe¨ Avg`vwb Kiv n‡Zv 10 eQi c‡iI †m mKj `ªe¨ Avg`vwb Kiv n‡q‡Q ev
n‡”Q| AwaKš‘ Avg`vwb-mswgkÖ‡Y wKQy wKQy `ª‡eï bZzb ms‡hvRb n‡q‡Q| bZzbfv‡e ms‡hvwRZ `ªe¨mvgMÖxi g‡a¨ Ggb wKQy
`ªe¨ i‡q‡Q hv GK mg‡q bxU ißvwb `ªe¨ wn‡m‡e we‡ewPZ n‡Zv| D`vniY¯îƒc, `y» I `y»RvZ `ªe¨, cwbi, wPwb, gkjv Ges
Acwi‡kvwaZ mv‡ii D‡jøL Kiv hvq|
evsjv‡`‡k cwimsL¨vb el©cÄx‡Z mwbœ‡ewkZ DcvËmg~n Nwbófv‡e ch©v‡jvPbv Ki‡j †`Lv hv‡e †h, mg‡qi eëav‡b
Lv`¨mvgMÖx Avg`vwbi nvi †e‡o‡Q me‡P‡q †ekx| D`vniY¯îƒc, 1976-77 †_‡K 1987-88 A_© eQi ch©šÍ mg‡q Pv‡ji
Avg`vwb †e‡o‡Q M‡o 14.3% nv‡i, M‡gi Avg`vwb †e‡o‡Q 41.3% nv‡i| `y» I `y»RvZ `ªe¨ Ges wPwbi Avg`vwb
†e‡o‡Q h_vµ‡g 69.5% Ges 152.1% nv‡i| †gvU Avg`vwb e¨‡qi Ask wn‡m‡e GK‡Î Pvj I M‡gi Avg`vwb †e‡o‡Q
13.75%| 1976-77 mv‡j Pvj I M‡gi Ask wQj 9.60%| 1987-88 mv‡j Zv †e‡o ùvovq 23.35%|
mgwóK A_©bxwZ
ißvwb `ªe¨mvgMÖx: evsjv‡`‡ki ißvwb cÖwµqv mxwgZ msL¨K `ªe¨mvgMÖx wb‡q MwVZ| c~e©eZ©x cwi‡”Q‡` Avgiv †`‡LwQ †h,
evsjv‡`‡ki ißvwb Av‡qi wmsn fvM (†Kvb †Kvb eQ‡i 90% -GiI †ekx) Av‡m ïaygvÎ 9 wU `ªe¨ †_‡K| HwZnëvnx
`ªe¨mvgMÖx †hgb - cvU I cvURvZ `ªe¨, Pv, Pvgov cÖf„wZ hwÌ ißvwb Av‡q ¸iæZ¡c~Y© Ae`vb ivL‡Q, †gvU ißvwb Av‡qi
Ask wn‡m‡e Gme `ª‡eï ¸iæZ¡ µgvš^‡q K‡g Avm‡Q| G‡ì RvqMv `Lj K‡i‡Q grm I Ab¨vb¨ RjPi cÖvbx Ges we‡kl
K‡i ˆZwi †cvkvK D`vniY¯îƒc, 1976-77 mv‡j †gvU ißvwb Av‡q cvU I cvURvZ `ª‡eï Ask wQj 69.17%, 1987-88
mv‡j Zv K‡g 26.05% -G ùvovq| 1988-89 Ges 1989-90 mv‡j G nvi wQj h_vµ‡g 27.89% I 27.20%|
cÿvšÍ‡i, ˆZwi †cvkvKv ißvwb Av‡q Ae`vb ivL‡Z ïiæ K‡i 1979-80 mvj †_‡K hLb †gvU ißvwb Av‡q ˆZwi †cvkv‡Ki
Ask wQj h_vµ‡g 33.85% Ges 41.31%| eZ©gv‡b evsjv‡`‡ki ißvwb Av‡qi 60% GiI †ekx Av‡m ˆZwi †cvkvK
†_‡K|
Abykxjb
MZ A_©eQ‡i Ges Gi c~e©eZ©x A_©eQ‡i evsjv‡`‡ki wewfbœ `ª‡eï Avg`vwb I ißvwbi cwigvY mviYx 8.4 I 8.5 G emvb|
D‡jøwLZ mg‡q evsjv‡`‡ki Avgv`wb I ißvwbi †ÿ‡Î †Kvbiƒc KvVv‡gvMZ cwieZ©b n‡q‡Q wKbv? wjLyb|
evwY‡Rï fvimvg¨ I evwYR¨ k‡Z©i cwieZ©b

evsjv‡`‡ki †gvU Avg`vwb e¨q Ges †gvU ißvwb Av‡qi MwZaviv we‡kÐlY Ki‡j †`Lv hvq †h, mg‡qi eëav‡b Avg`vwb
e¨q Ges ißvwb Avq `yB-B †e‡o P‡j‡Q| wKš‘ Avg`vwb e¨q e„w×i nvi ißvwb Avq e„w×i nv‡ii †P‡q †ekx| Gi A_© n‡”Q,
evsjv‡`‡ki ê‡`wkK evwY‡Rï NvUwZ µgvMZfv‡e †e‡o P‡j‡Q| mviYx 8.6 G 1978-79 †_‡K 1991-92 ch©šÍ mg‡q
evsjv‡`‡ki Avg`vwb e¨q, ißvwb Avq Ges evwY‡Rï fvimv‡gï wnmve cÖ`vb Kiv n‡jv| mviYx †_‡K GUv ¯úó †h,
NvUwZi cwigvY `y'GKwU e¨wZµg Qvov †gvUvgywUfv‡e ea©gvb|
mviYx 8.6: evsjv‡`‡ki evwY‡Rï fvimvg¨ ev w¯’wZ (wgwjqb UvKv)
eQi ißvwb Avg`vwb w¯’wZ
1978-79 9632 22073 -12441
1979-80 10997 30525 -19528
1980-81 11484 37288 -25804
1981-82 12387 38729 -26342
1982-83 18016 45265 -27249
1983-84 20136 50874 -30738
1984-85 26225 68263 -42038
1985-86 27396 62929 -35533
1986-87 33682 68496 -34814
1987-88 41161 91588 -50427
1988-89 42686 95075 -52389
1989-90 51415 113305 -61890
1990-91 60272 111877 -51605
1991-92 74198 132756 -58558
Drm: evsjv‡`k cwimsL¨vb el©cÄx, 1993, c„t 331
wb‡Pi wP‡Îi mvnv‡h¨ evsjv‡`‡ki †gvU Avg`vwb e¨q, ißvwb Avq Ges evwY‡Rï fvimvg¨ e¨vL¨v Kiv n‡jv|
BDwbU-8 fªù¡-133
weweGm †cÖvMÖvg
(1000 ¢j¢mue V¡L¡)
132.756
lç¡¢e
113.305
140
120 Bjc¡¢e
74.198
Bjc¡¢e hÉu, lç¡¢e Bu J h¡¢Z−SÉl ¢ÙÛ¢a
100 h¡¢Z−SÉl ¢ÙÛ¢a
51.415
50.874
80
60
20.136
22.073
40
20 9.632
0
78-79 83-84 89-90 91-92 hRl
-20
-12.441
-40
-30.738
-60
-58.558
-61.890
-80
-100
-120
wPÎ:- 7.3: evsjv‡`‡ki Avg`vwb, ißvwb I evwY‡Rï w¯’wZ

evsjv‡`‡ki wewfbœ eQ‡ii ißvwb `vg m~PK I Avg`vwb `vg m~PK ch©v‡jvPbv Ki‡j †`Lv hvq, mvaviYfv‡e `y‡Uv m~PKB
DaŸ©Mvgx| Z‡e Avg`vwb `vg m~P‡Ki e„w×i nvi ißvwb `vg m~PK A‡cÿv †ekx| d‡j evsjv‡`‡ki `ªe¨ ewYR¨ kZ©
mvwe©Kfv‡e AebwZkxj| mviYx 7.7 -G evsjv‡`‡ki 1985-86 †_‡K 1991-92 ch©šÍ mg‡qi Avg`vwb `vg m~PK, ißvwb
`vg m~PK Ges `ªe¨ evwYR¨ kZ© †`Lv‡bv n‡jv|
mviYx 7.7: Avg`vwb `vg m~PK, ißvwb `vg m~PK Ges `ªe¨ evwYR¨ kZ©
eQi Avg`vwb `vg m~PK ißvwb `vg m~PK `ªe¨ evwYR¨
(wfwË: 1976-77=100) (wfwË: 1976-77=100) kZ©
1985-86 246 257 107
1986-87 259 232 90
1987-88 278 259 93
1988-89 238 287 121
1989-90 270 269 100
1990-91 337 302 90
1991-92 327 296 91
Drm: evsjv‡`k cwimsL¨vb el©cÄx, 1993, c„t 337
Abykxjb
evsjv‡`‡ki cwimsL¨vb el©cÄx, 1997 nv‡Zi Kv‡Q wbb| 1995-96 I 1996-97 A_©eQ‡ii Avg`vwb `vg m~PK I ißvwb
`vg m~PK †ei Kiæb Ges mviYx 7.7 G emvb| 1995-96 m‡bi Zzjbvq 1996-97 A_©eQ‡i `ªe¨ evwYR¨ k‡Z©i †Kvb
DbœwZ ev AebwZ n‡q‡Q wKbv? wjLyb|
mgwóK A_©bxwZ
mZ¨-wg_¨v
1. evsjv‡`‡k †fvM¨`ª‡eï Avg`vwb me‡P‡q †ekx -mZ¨/wg_¨v
2 evsjv‡`‡ki ißvwb Av‡qi wmsnfvM Av‡m Pv †_‡K -mZ¨/wg_¨v
3 evsjv‡`‡ki `ªe¨ evwYR¨ kZ© AebwZkxj -mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. evsjv‡`‡ki cÖavb cÖavb Avg`vwb I ißvwb `ª‡eï mswÿß eY©bv cÖ`vb Kiæb|
2. †Kvb A‡_© evsjv‡`‡ki Avg`vwb I ißvwb cÖwµqvq KvVv‡gvMZ cwieZ©b mvwaZ n‡q‡Q?
3. Òevsjv‡`‡ki AvšÍR©vwZK evwY‡Rï fvimvg¨ AebwZkxj'' - Avcwb wK G e³‡eï mv‡_ GKgZ? e¨vL¨v Kiæb|
4. evsjv‡`‡ki `ªe¨ evwYR¨ k‡Z©i mvaviY cÖeYZv we‡kÐlY Kiæb|
ˆbe©¨w³K cÖkœ
1. evsjv‡`‡ki Avg`vwb `ªe¨¸‡jvi eo Ask Ry‡o i‡q‡Q
K. ‡fvM¨ `ªe¨
L. hš¿cvwZ
M. wm‡g›U
2. evsjv‡`‡ki ißvwb Av‡qi wmsnfvM Av‡m
K. Pv †_‡K
L. Pvgov †_‡K
M. ˆZwi †cvkvK †_‡K
3. evsjv‡`‡ki Avg`vwb e¨q ißvwb e¨q †_‡K
K. †ekx
L. Kg
M. mgvb
4. 1990-91 m‡b evsjv‡`‡ki `ªe¨ evwYR¨ kZ© wQj
K. 91
L. 100
M. 90
N. 121
5. evsjv‡`‡ki evwY‡Rï w¯’wZ memgq
K. abvZ¥K
L. FYvZ¥K
M. k~b¨
mgm¨v
evsjv‡`‡ki cwimsL¨v‡b el©cÄx 1997 nv‡Zi Kv‡Q wbb| 1990-91 n‡Z 1996-97 mvj ch©šÍ wewfbœ `ª‡eï Avg`vwb I
ißvwbi cwigvY jÿ¨ Kiæb| G mg‡q †Kvb& †Kvb& `ª‡eï Avg`vwb nªvm †c‡q‡Q Ges †Kvb&¸‡jvi Avg`vwb e„w× ‡c‡q‡Q?
wjLyb| ißvwb wgkÖ‡Y †Kvb KvVv‡gvMZ cwieZ©b n‡q‡Q wK? gšÍe¨ Kiæb|
BDwbU-8 fªù¡-135
weweGm †cÖvMÖvg
cvV-5 gy`ªvi Aeg~j¨vqb (Devaluation of Currency)

D‡Ïk¨
♦ ê‡`wkK gy`ªvi wewbgq nv‡ii wewfbœ aviYv m¤c‡K© ej‡Z cvi‡eb
♦ gy`ªvi wewbgq nvi wba©viY cÖwµqv e¨vL¨v Ki‡Z cvi‡eb
♦ gy`ªvi g~j¨-nªvm, g~j¨-e„w×, DaŸ©g~j¨vqb Ges Aeg~j¨vq‡bi g‡a¨ cv_©K¨ ej‡Z cvi‡eb
♦ gy`ªvi Aeg~j¨vq‡bi djvdj e¨vL¨v Ki‡Z cvi‡eb
♦ gy`ªvi Aeg~j¨vq‡bi Kvh©KvwiZv Ges Gi wba©viK welqmg~n eY©bv Ki‡Z cvi‡eb|
f~wgKv
cÖ‡Z¨K †`‡ki g~`ªvi GKwU wewbgq g~j¨ i‡q‡Q, A_©vr GK UvKv w`‡q Avcwb hv cv‡eb ZvB n‡e 1 UvKvi g~j¨| Gevi hw`
†`‡Lb GK UvKv w`‡q Avcwb Kg wRwbm cv‡”Qb Zvn‡j ejv nq g~`ªvi `vg K‡g‡Q| g~`ªv cÖK„ ZA‡_© Aeg~j¨vwqZ n‡q‡Q|
GBfv‡e g~`ªvi g~j¨ ev‡o I K‡g| Z„Zxq we‡kŸi †`k¸‡jv‡Z gy`ªvi Aeg~j¨vqb GKwU mvaviY NUbv| AbybœZ †`k¸‡jv
Zv‡ì ê‡`wkK evwY‡Rï fvimv‡gï NvUwZ `~i Kivi Rb¨ mg‡q mg‡q we‡`kx gy`ªvi Zzjbvq †`kxq gy`ªvi gv‡bi miKvix
nvi Kwg‡q cybtwba©viY K‡i _v‡K| †h †Kvb †`‡ki gy`ªvi ê‡`wkK wewbgq nvi miKvixfv‡e nªvm Kiv‡K gy`ªvi Aeg~j¨vqb
ejv nq| gy`ªvi Aeg~j¨vq‡bi mv‡_ m¤cwK©Z aviYv¸‡jv n‡jv h_vµ‡g gy`ªvi g~j¨ nªvm (Depreciation), gy`ªvi g~jë„w×
(Appreciation) Ges miKvixfv‡e gy`ªvi wewbgq nv‡ii Da©-g~j¨vqb (Revaluation)| G welq¸‡jv aviYvMZfv‡e c„_K|
Z_vwc, Depreciation I Devaluation Ges Appreciation I Revaluation -Gi cv_©K¨ g~jZt gy`ªvi g~j¨ wba©viY
cÖwµqvi g‡a¨ jy°vwqZ| gy`ªvi g~j¨ miKvixfv‡e wba©vwiZ n‡”Q bvwK gy`ªv wewbgq evRv‡i gy`ªvi Pvwn`v I †hvMv‡bi
AvšÍtwµqvi d‡j wba©vwiZ n‡”Q Zvi Dci wbf©i Ki‡Q †Kvb kãwU eënƒZ n‡e| mvaviYZt hw` miKvixfv‡e gy`ªvi g~j¨
nªvm Kiv nq Zv‡K ejv nq Devaluation Ges gy`ªv wewbgq evRv‡i gy`ªvi Pvwn`v I †hvMv‡bi AvšÍtwµqvi d‡j gy`ªvi g~j¨
nªvm †c‡j Zv‡K ejv nq Depreciation| Ab¨w`‡K, miKvixfv‡e gy`ªvi g~j¨ e„w× †c‡j Zv‡K ejv nq Revaluation Ges
gy`ªv wewbgq evRv‡i gy`ªvi Pvwn`v I †hvMv‡bi AvšÍtwµqvi d‡j gy`ªvi gyj¨ e„w× †c‡j Zv‡K ejv nq Appreciation|
eZ©gvb cv‡V Avgiv Devaluation -Gi cvkvcvwk Ab¨vb¨ aviYv¸‡jvI e¨vL¨v Kie| Avgv‡ì g~j D‡Ïk¨ n‡”Q gy`ªvi
Aeg~j¨vqb e¨vL¨v Kiv Ges Gi cÖ‡qvRbxqZv I cÖ‡qv‡Mi djvdj ZvwË¦K `„wó‡Kvb †_‡K we‡kÐlY Kiv| cÖ_‡gB Avgiv
†`Le gy`ªvi ê‡`wkK wewbgq nvi ej‡Z Kx eySvq Ges Kxfv‡e G nvi wba©vwiZ nq| gy„`ªvi Aeg~j¨vqb e¨vL¨v Kivi Rb¨
ê‡`wkK wewbgq nv‡ii aviYv AZ¨šÍ cÖ‡qvRbxq|
ê‡`wkK gy`ªvi wewbgq nvi (Foreign Exchange Rate)

GKwU †`‡ki gy`ªvi GK GK‡Ki cwie‡Z© Aci GKwU †`‡ki gy`ªvi hZ GKK µq Kiv hvq Zv‡K †`kwUi gy`ªvi wewbgq nvi
e‡j| gy`ªvi wewbgq nvi wn‡m‡ei `y‡Uv c×wZ cÖPwjZ Av‡Q| Zš§‡a¨ GKwU n‡”Q Ôup is up' c×wZ I wØZxqwU n‡”Q Ô up is
down' c×wZ| Avgvi †`kxq gy`ªvi KZ GKK w`‡q GK GKK we‡`kx gy`ªv cvIqv hvq -G n‡”Q ùp is down' c×wZ‡Z
wewbgq nv‡ii wn‡me| hy³iv‡óÌ GgbwK Avgv‡ì †`‡kI G c×wZ‡Z gy`ªvi wewbgq nvi wn‡me Kiv nq| Ab¨w`‡K, Avgvi
†`kxq gy`ªvi GK GKK w`‡q KZwU we‡`kx gy`ªv cvIqv hvq -G wn‡meUv nj Ô up is up' c×wZ‡Z wewbgq nv‡ii wn‡me|
e„‡U‡b G c×wZ‡Z wewbgq nvi wn‡me Kiv nq| GLb Pjyb GKwU D`vni‡Yi mvnv‡h¨ c×wZ `y‡Uv †R‡b wbB| aiæb, 1 BD
Gm Wjvi = 42 UvKv| GLb, 42 UvKv/Wjvi n‡”Q Ô up is down' c×wZ‡Z BD Gm Wjv‡ii mv‡_ UvKvi wewbgq nvi|
Ab¨w`‡K, .024 Wjvi/UvKv n‡”Q Ôup is up' c×wZ‡Z BD Gm Wjv‡ii mv‡_ UvKvi wewbgq nvi|
gy`ªvi wewbgq nvi cÖavbZt `yB cÖKvi - gy³ ev fvmgvb wewbgq nvi (Free or Floating Exchange Rate) Ges w¯’i
wewbgq nvi (Fixed Exchange Rate)|
mgwóK A_©bxwZ
j¤â¡l ¢h¢eju q¡l
¢ÙÛl ¢h¢eju q¡l j¤š² h¡ i¡pj¡e ¢h¢eju q¡l
f§ZÑ i¡pj¡e ¢h¢eju q¡l ¢eu¢¿»a i¡pj¡e ¢h¢eju q¡l
gy³ ev fvmgvb wewbgq nvi GKwU gy³ Ges cÖwZ‡hvwMZvg~jK ê‡`wkK gy`ªvi wewbgq evRvi (Foreign Exchange
Market) -Gi Aw¯ÍZ¡ wb‡`©k K‡i †hLv‡b wewfbœ gy`ªvi `vg wba©vwiZ nq gy`ªvi Pvwn`v I †hvMv‡bi wµqv cÖwZwµqvi Øviv|
GLv‡b †Kvb cÖKvi miKvix n¯Í‡ÿc †bB| g‡b Kiæb, evsjv‡`k hy³ivóÌ †_‡K 5 wgwjqb Wjvi g~‡jï `ªe¨ Avg`vwb
Ki‡Z Pvq| G‡ÿ‡Î evsjv‡`‡ki ê‡`wkK gy`ªvi Pvwn`v n‡e 5 wgwjqb Wjv‡ii mgvb| Ab¨w`‡K, g‡b Kiæb, hy³ivóÌ
evsjv‡`k †_‡K 100 wgwjqb UvKv g~‡jï `ªe¨mvgMÖx wb‡Z Pvq| myZivs evsjv‡`‡ki gy`ªvi †hvMvb n‡e 100 wgwjqb UvKvi
mgvb| myZivs Avgiv GKwU fvimvg¨ wewbgq nvi Kíbv Ki‡Z cvwi †h nv‡i gy`ªvi Pvwn`v Ges †hvMvb (ê‡`wkK gy`ªvq
cÖKvwkZ) mgvb n‡e| fvimvg¨ wewbgq nviB n‡”Q gy³ ev fvmgvb wewbgq nvi| fvmgvb wewbgq nvi GKwU †`‡ki
evwY‡Rï fvimv‡gï DØ„Ë Ges NvUwZi mv‡_ Nwbófv‡e m¤cwK©Z| evwY‡Rï fvimv‡g¨ NvUwZ _vK‡j A_©vr Avg`vwbi
cwigvY ißvwbi †P‡q †ekx n‡j gy`ªvi wewbgq nvi nªvm cv‡e| wecixZfv‡e, gy`ªvi wewbgq nvi e„w× cv‡e| Ab¨w`‡K, w¯’i
wewbgq nvi wba©vwiZ nq GKwU mvaviY gvb`‡Ûi wbwi‡L| AZx‡Z ¯^Y©‡K mvaviY gvb`Û wn‡m‡e we‡ePbv Kiv n‡Zv|
cÖwZwU †`k ¯^‡Y©i gva¨‡g Zvi gy`ªvi GKwU w¯’i g~j¨ wba©viY K‡i w`Z Ges GB w¯’i g~‡j¨ gy³fv‡e †`kxq gy`ªv‡K ¯^‡Y©
iƒcvšÍi Kiv †hZ| ¯^‡Y©i ißvwb ev Avg`vwbi Dci †Kvb cÖKvi wewa-wb‡la wQj bv| †h‡nZz cÖwZwU gy`ªviB GKwU w¯’i
¯^Y©gvb wQj †m‡nZz wewfbœ gy`ªvi wewbgq nvi ¯^qswµqfv‡eB wba©vwiZ n‡Zv| g‡b Kiæb, GK Wjvi = .02 AvDÝ ¯^Y© Ges
GK Rvg©vb gvK© = .01 AvDÝ ¯^Y©| myZivs GK gvwK©b Wjv‡ii wewbgq nvi = 2 Rvg©vb gvK©|
wØZxq wekŸhy‡×i ci †_‡K 1970 mvj ch©šÍ mgqwU wQj gvwK©b Wjv‡ii hyM| G mgq A-Kgy¨wbó †`kmg~n g~jZt Wjv‡ii
gva¨‡gB wb‡R‡ì gy`ªvi gvb wba©viY KiZ| Z‡e, †h‡nZz G mgqKv‡j Wjvi ¯^‡Y© iƒcvšÍi‡hvM¨ wQj †m‡nZz GUvI wQj GK
ai‡bi ¯^Y©gvb wewbgq nvi| eZ©gv‡b †h c×wZ‡Z gy`ªvi wewbgq nvi wba©vwiZ nq Zv n‡”Q GK ai‡bi wbqwš¿Z fvmgvb
c×wZ (Managed Floating System)| G c×wZ‡Z wewbgq nvi wba©vwiZ nq Pvwn`v-†hvMvb cÖwµqv I miKvix n¯Í‡ÿ‡ci
mgš^‡q Ges †Kvb †Kvb gy`ªvi wewbgq nvi wba©vwiZ nq GK ev GKvwaK gy`ªvi wbwi‡L|
Abykxjb
evsjv‡`‡k †Kvb& ai‡bi wewbgq nvi cÖPwjZ Av‡Q? wjLyb| wb‡Pi †Kvb& ‡ÿ‡Î miKv‡ii n¯Í‡ÿc i‡q‡Q: Depreciation,
Appreciation, Devaluation, Revaluation.
gy`ªvi g~j¨-nªvm, gyj¨-e„w× Ges Da©-g~j¨vqb

(Depreciation, Appreciation and Revaluation)
hLb GKwU †`‡ki gy`ªvi Zzjbvq Ab¨ GKwU †`‡ki gy`ªvi gvb ev‡o ZLb ejv n‡q _v‡K †h, Av‡jvP¨ ‡`kwUi gy`ªvi g~j¨
nªvm †c‡q‡Q (Depreciated) Ges Ab¨ ‡`kwUi gy`ªvi g~j¨ e„w× †c‡q‡Q (Appreciated)| fvmgvb wewbgq nvi c×wZ‡Z
gy`ªvi g~j¨-nªvm I e„w× GKwU mvaviY NUbv Ges Avg`vwb I ißvwbi nªvme„w×i mv‡_ GwU mivmwi m¤cK©hy³| g‡b Kiæb,
evsjv‡`kx UvKv I gvwK©b Wjv‡ii wewbgq nvi n‡”Q 1 Wjvi = 42 UvKv| gy`ªvi Pvwn`v I †hvMvb Z_v Avg`vwb I ißvwbi
cwigvY Øviv G nvi wba©vwiZ n‡q‡Q| GLb g‡b Kiæb, evsjv‡`k gvwK©b hy³ivóÌ †_‡K c~‡e©i †P‡q †ekx cwigvY `ªe¨mvgMÖx
Avg`vwb Ki‡Z Pvq| G‡Z Wjv‡ii Pvwn`v e„w× †cj| hw` evsjv‡`‡ki ißvwbi cwigvY Z_v Wjv‡i cÖKvwkZ UvKvi †hvMvb
w¯’i _v‡K Zvn‡j evsjv‡`kx gy`ªvq Wjv‡ii `vg e„w× cv‡e| Wjv‡ii Rb¨ GUv g~j¨-e„w× (Appreciation) Ges UvKvi †ÿ‡Î
BDwbU-8 fªù¡-137
weweGm †cÖvMÖvg
GUv g~j¨-nªvm (Depreciation) wb‡`©k K‡i| wb‡Pi wP‡Îi mvnv‡h¨ appreciation I depreciation e¨vL¨v Kiv n‡jv|
wP‡Î DD Ges
h¡wm¡−cn£ V¡L¡u Xm¡−ll c¡j

D S
50
45
42
20 S D
D
0
Xm¡−ll Q¡¢qc¡ J ®k¡N¡e
wPÎ : 8.4 gy`ªvi gyj¨-n«vm I g~j¨ e„w×
SS h_vµ‡g Wjv‡ii cÖv_wgK Pvwn`v I †hvMvb †iLv| myZivs Wjv‡ii cÖv_wgK fvimvg¨ `vg = 42 UvKv| Wjv‡ii Pvwn`v
(`ªe¨mvgMÖxi Avg`vwb) e„w× cvIqvq Pvwn`v †iLv Wvbw`‡K ¯’bvšÍwiZ nq| D´D´ bZzb Pvwn`v †iLv| bZzb fvimvg¨ `vg =
45 UvKv hv UvKvi depreciation Ges Wjv‡ii appreciation wb‡`©k Ki‡Q|
gy`ªvi Da©-g~j¨vqb (Revaluation) ej‡Z miKvix n¯Í‡ÿ‡ci gva¨‡g gy`ªvi D”P wewbgq nvi wba©viY Kiv‡K eySvq| †jb‡`b
fvimvg¨ ev evwY‡Rï fvimv‡gï µgvMZ DØ„Ë `~i Kivi Rb¨ GwU GKwU Kvh©Kix c`‡ÿc wn‡m‡e we‡eP¨| gy`ªvi Da©-
g~j¨vq‡bi d‡j ê‡`wkK gy`ªvq ißvwb-`ªe¨mvgMÖxi `vg ev‡o Ges †`kxq gy`ªvq Avg`vwb `ªe¨mvgMÖxi `vg K‡g| d‡j ißvwbi
cwigvY K‡g Ges Avg`vwbi cwigvY ev‡o| myZivs gy`ªvi DaŸ©-g~j¨vqb Øviv evwY‡Rï fvimvg¨ Z_v †jb‡`b fvimv‡gï
DØ„Ë `~i Kiv m¤¢e| GLv‡b D‡jøL¨ ‡h, Lye Kg †`kB ¯^ZtùyZ©fv‡e gy`ªvi Da©-g~j¨vqb K‡i _v‡K, KviY †jb‡`b fvimvg¨
ev evwY‡Rï fvimv‡gï DØ„Ë GKwU †`‡ki mvdj¨ wn‡m‡e e¨vcKfv‡e ¯^xK„Z|
Abykxjb
aiæb, eZ©gv‡b 1 Wjvi = 42.50 UvKv| AvMvgx gv‡m UvKvi `vg cwiewZ©Z n‡q 1 Wjvi = 43 UvKv n‡jv| G‡ÿ‡Î UvKvi
wewbgq nv‡ii Kx ai‡bi cwieZ©b n‡jv? wjLyb|
gy`ªvi Aeg~j¨vqb (Devaluation of Currency)
G cv‡Vi f~wgKv‡ZB gy`ªvi Aeg~j¨vq‡bi aviYvMZ e¨vL¨v †Ìqv n‡q‡Q| eZ©gvb cwi‡”Q‡` Avgiv gy`ªvi Aeg~j¨vq‡bi
we¯Í„Z e¨vL¨v cÖ`vb Kie| †Kvb GKwU †`k µgvMZfv‡e †jb‡`b fvimvg¨ ev evwY‡Rï fvimv‡g¨ NvUwZi m¤gyLxb n‡j
gy`ªvi Aeg~j¨vq‡bi AvkÖq MÖnY K‡i _v‡K| mvaviYZt Ab¨vb¨ c×wZ¸‡jv (†hgb - ißvwb ïé nªvm, Avg`vwbi Dci †KvUv
Av‡ivc cÖf„wZ) AKvh©Ki we‡ewPZ n‡j GKwU †`k gy`ªvi Aeg~j¨vqb NwU‡q _v‡K|
gy`ªvi Aeg~j¨vq‡bi ZvrÿwYK dj¯îƒc Avg`vwb I ißvwb `ª‡eï Zzjbvg~jK `v‡gi cwieZ©b N‡U| Ab¨fv‡e ejv hvq,
Aeg~j¨vq‡bi d‡j we‡`kx gy`ªvq †`kxq ißvwb `ª‡eï `vg K‡g Ges †`kxq gy`ªvq Avg`vwb `ª‡eï `vg ev‡o| d‡j Avg`vwb
nªvm cvq Ges ißvwb e„w× cvq| Gi dj¯îƒc †jb‡`b fvimvg¨ Z_v evwY‡Rï fvimv‡gï NvUwZ `~ixf~Z nq| GKwU
D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv hvK&| g‡b Kwi, gy`ªvi Aeg~j¨vq‡bi c~‡e© 1 Wjvi = 40 UvKv wQj| G mgq
evsjv‡`k 5,000 cvDÛ Pv gvwK©b hy³iv‡óÌ ißvwb K‡i| g‡b Kwi, cÖwZ cvDÛ Pv‡qi ißvwb g~j¨ = 40 UvKv = 1 Wjvi|
myZivs evsjv‡`‡ki ißvwb Avq = 5,000 Wjvi ev 200,000 UvKv| GLb g‡b Kiæb, GKB mg‡q evsjv‡`k hy³ivóÌ
†_‡K 25,000 †K.wR. Mg Avg`vwb K‡i| cÖwZ †K.wR. M‡gi Avg`vwb g~j¨ = 25 †m›U = .25 Wjvi = 10 UvKv| myZivs
evsjv‡`‡ki Avg`vwb e¨q = (25,000*.25) = 6250 Wjvi = (6250*40) = 250,000 UvKv| myZivs evsjv‡`‡ki
evwY‡Rï fvimv‡g¨ NvUwZ = 1,250 Wjvi ev 50,000 UvKv| evwY‡Rï NvUwZ `~i Kivi Rb¨ aiv hvK&, evsjv‡`k miKvi
UvKvi Aeg~j¨vqb K‡i 1 Wjvi = 50 UvKv wba©viY Kij| †`kxq gy`ªvq Pv‡qi ißvwb g~j¨ ißvwbg~j¨ AcwiewZ©Z _vK‡jI
mgwóK A_©bxwZ
we‡`kxgy`ªvq cÖwZ cvDÛ Pv‡qi ißvwbg~j¨ n‡e 80 †m›U ev .8 Wjvi hv c~‡e©i †P‡q Kg| †h‡nZz we‡`kx gy`ªvq Pv‡qi `vg
Kg †m‡nZz Pv‡qi Pvwn`v evo‡e| g‡b Kwi, hy³ivóÌ GLb 7500 cvDÛ Pv evsjv‡`k †_‡K Avg`vwb K‡i| myZivs
evsjv‡`‡ki ißvwb Avq n‡e = (7500*.8) = 6,000 Wjvi = (6,000*50) = 300,000 UvKv| GKBfv‡e, Wjv‡ii
wn‡m‡e hw` M‡gi `vg AcwiewZ©Z _v‡K Zvn‡j UvKvi wn‡m‡e cÖwZ †K.wR. M‡gi `vg n‡e = (.25*50) = 12.50 UvKv|
†h‡nZz †`kxq gy`ªvq M‡gi `vg †e‡o‡Q †m‡nZz M‡gi Avg`vwb Pvwn`v Kg‡e| g‡b Kwi, evsjv‡`k GLb 20,000 †K.wR.
Mg Avg`vwb K‡i| evsjv‡`‡ki Avg`vwb e¨q = (20,000*.25) = 5,000 Wjvi = (5,000*50) = 250,000 UvKv|
myZivs evsjv‡`‡ki ê‡`wkK evwY‡R¨ fvimvg¨ = (6,000-5,000) = 1,000 Wjvi ev 50,000 UvKv hv evwY‡Rï DØ„Ë
wn‡m‡e cwiwPZ|
gy`ªvi Aeg~j¨vq‡bi Kvh©KvwiZv

evwY‡Rï NvUwZ ev †jb‡`‡bi NvUwZ `~i Kivi Rb¨ gy`ªvi Aeg~j¨vqb e¨vcKfv‡e ¯^xK„Z Ges eûj cÖPwjZ GKwU c×wZ
n‡jI Gi Kvh©KvwiZv m¤c‡K© wbwðZ K‡i wKQy ejv KwVb| M‡elYvjä Z_¨ †_‡K †`Lv hvq †h, gy`ªvi Aeg~j¨vq‡bi
ZvrÿwYK cÖfve (Impact Effect) BwZevPK n‡jI Gi `xN©Kvjxb Kvh©KvwiZv (Steady - State Effect) m¤c‡K©
wbtm‡›`‡n wKQy ejv KwVb| ZvrÿwYK cÖfve mvaviYZt Aeg~j¨vq‡bi eQ‡ii g‡a¨ cwi`„ó nq| Ab¨w`‡K, `xN©Kvjxb cÖfve
mvaviYZt Aeg~j¨vq‡bi wZb/Pvi eQ‡ii g‡a¨ cwi`„ó nq| mwVKfv‡e Aeg~j¨vq‡bi Kvh©KvwiZv wb‡æv³ welq¸‡jvi Dci
wbf©i K‡i|
gy`ªvi †`kxq gv‡bi cwieZ©b: GUv a‡i †bqv nq †h, Aeg~j¨vq‡bi d‡j ZvrÿwYKfv‡e ïaygvÎ gy`ªvi ê‡`wkK wewbgq nvi
nªvm cvq| †`‡ki Af¨šÍ‡i gy`ªvi gv‡bi †Kvb cwieZ©b nq bv| Gi A_© n‡jv, Aeg~j¨vq‡bi d‡j Drcv`b Li‡Pi †Kvb
cwieZ©b nq bv Ges †`‡ki Af¨šÍ‡i `ª‡eï `v‡giI †Kvb cÖKvi cwieZ©b nq bv| Aeg~j¨vq‡bi d‡j gy`ªvi †`kxq gvb hw`
nªvm cvq A_©vr Drcv`b LiP Z_v `ª‡eï `vg ev‡o Zvn‡j Aeg~j¨vqb Øviv KvswLZ dj jvf m¤¢e bvI n‡Z cv‡i|
ißvwb `ª‡eï Pvwn`vi w¯’wZ¯’vcKZv: ißvwb `ª‡eï Pvwn`vi w¯’wZ¯’vcKZv hw` GKK A‡cÿv Kg nq (|EX|<1) Zvn‡j
gy`ªvi Aeg~j¨vqb Øviv evwY‡Rï NvUwZ `~i Kiv m¤¢e bq| ißvwb `ª‡eï Pvwn`vi w¯’wZ¯’vcKZv G‡Ki †P‡q †QvU nevi A_©
n‡”Q GB †h, `ª‡eï `vg hZB nªvm cvK bv †Kb, ißvwb Pvwn`v Lye GKUv evo‡e bv| G‡ÿ‡Î Aeg~j¨vqbKvix †`‡ki ißvwb
Avq K‡g †h‡Z cv‡i|
Avg`vwb `ª‡eï Pvwn`vi w¯’wZ¯’vcKZv: ißvwb `ª‡eï g‡Zv Avg`vwb `ª‡eï Pvwn`vI hw` Aw¯’wZ¯’vcK nq (|EM|<1) Z‡e
Aeg~j¨vqb Kvh©Ki n‡e bv| Avg`vwb `ª‡eï Pvwn`v Aw¯’wZ¯’vcK n‡j `ª‡eï `vg hZB evo–K bv †Kb, Avg`vwbi cwigvY
Lye GKUv Kg‡e bv| G‡Z Aeg~j¨vqbKvix †`kwUi Avg`vwb e¨q †e‡o †h‡Z cv‡i|
gvk©vj-jvb©vi kZ© (Marshall - Lerner Condition): gvk©vj I jvb©v‡ii gZvbymv‡i, GKwU †`‡ki ißvwb-Pvwn`vi
w¯’wZ¯’vcKZv Ges Avg`vwb-Pvwn`vi w¯’wZ¯’vcKZvi cig gv‡bi (Absolute Value) †hvMdj G‡Ki †P‡q †ekx n‡j
(|Ex+Em|>1) gy`ªvi Aeg~j¨vqb K‡i ê‡`wkK evwY‡Rï NvUwZ `~i Kiv m¤¢e| |Ex+Em| = 1 n‡j evwY‡Rï fvimv‡gï
†Kvb cwieZ©b n‡e bv| cÿvšÍ‡i, |Ex+Em|<1 n‡j NvUwZ Av‡iv evo‡e| M‡elYvjä Z_¨ †_‡K wKQy wKQy †ÿ‡Î gvk©vj-
jvb©vi k‡Z©i mZ¨Zv cÖgvwbZ n‡q‡Q|
Abykxjb
evsjv‡`‡k gvP© 1996 †_‡K AvR ch©šÍ KZevi gy`ªvi Aeg~j¨vqb Kiv n‡q‡Q? wjLyb| G‡Z wK Avgv‡ì Avg`vbx-ißvbxi
Dci †Kvb&iƒc cÖfve c‡o‡Q? wPšÍv Kiæb I wjLyj|
mZ¨-wg_¨v
1. .46 UvKv/B‡qb n‡”Q up is down c×wZ‡Z wewbgq nv‡ii wnmve - mZ¨/wg_¨v
2. c~Y© fvmgvb wewbgq nvi wba©vi‡Y miKv‡ii n¯Í‡ÿc k~b¨ - mZ¨/wg_¨v
3. gy`ªvi Aeg~j¨vq‡bi d‡j Avg`vwb e„w× cvq - mZ¨/wg_¨v
4. gy`ªvi DaŸ©g~j¨vq‡bi d‡j †`kxq gy`ªvi `vg e„w× cvq - mZ¨/wg_¨v
mswÿß DËi cÖkœ
1. gy`ªvi wewbgq nvi ej‡Z Kx eySvq?
2. w¯’i wewbgq nvi I fvmgvb wewbgq nv‡ii g‡a¨ cv_©K¨ wbY©q Kiæb|
iPbvg~jK cÖkœ
1. Kxfv‡e gy`ªvi wewbgq nvi wba©vwiZ nq e¨vL¨v Kiæb|
BDwbU-8 fªù¡-139
weweGm †cÖvMÖvg
2. gy`ªvi g~j¨-nªvm I g~j¨-e„w×i cv_©K¨ e¨vL¨v Kiæb|

3. gy`ªvi Aeg~j¨vqb I Da©-g~j¨vq‡bi g‡a¨ cv_©K¨ wbY©q Kiæb|
4. gy`ªvi Aeg~j¨vq‡bi †hŠw³KZv e¨vL¨v Kiæb|
5. gy`ªvi Aeg~j¨vqb wK memgq GKwU †`‡ki evwYR¨ NvUwZ `~i Ki‡Z cv‡i? e¨vL¨v Kiæb|
6. gvk©vj-jvb©vi kZ©wU e¨vL¨v Kiæb|
ˆbe©¨w³K cÖkœ
1. miKvixfv‡e gy`ªvi g~j¨ e„w× Kiv n‡j Zv‡K
K. Appreciationejv nq
L. Depreciation ejv nq
M. Revaluation ejv nq
2. gy`ªvi Aeg~j¨vq‡bi d‡j
K. Avg`vwb e„w× cvq
L. Avg`vwb nªvm cvq
M. ißvwb nªvm cvq
3. GKwU A_©bxwZi NvUwZ nªvm Kivi Rb¨
K. gy`ªvi Aeg~j¨vqb Kiv nq
L. gy`ªvi DaŸ©g~j¨vqb Kiv nq
M. gy`ªvi wewbgq nvi w¯’i ivLv nq
4. gy`ªvi Aeg~j¨vq‡bi d‡j ißvwb evo‡e
K. hw` ißvwb `ª‡eï Pvwn`v w¯’wZ¯’vcK nq
L. hw` ißvwb `ª‡eï Pvwn`v Aw¯’wZ¯’vcK nq
M. hw` ißvwb `ª‡eï Pvwn`v GKK w¯’wZ¯’vcK nq
5. gy`ªvi Aeg~j¨vq‡bi dj cvIqvi Rb¨
K. | Em + Ex | = 1 nIqv cÖ‡qvRb
L. | Em + Ex | < 1 nIqv cÖ‡qvRb
M. | Em + Ex | > 1 nIqv cÖ‡qvRb
mgm¨v
g‡b Kiæb, †Kvb GKwU †`‡ki Avg`vwb Pvwn`vi w¯’wZ¯’vcKZv = .3 Ges ißvwb Pvwn`vi w¯’wZ¯’vcKZv = .8| †`kwU wK
gy`ªvi Aeg~j¨vq‡bi gva¨‡g evwY‡Rï fvimvg¨ cwiw¯’wZi Dbœqb NUv‡Z cvi‡e?
mgwóK A_©bxwZ
cvV-6 AvšÍR©vwZK A_© ms¯’vmg~n (International Financial Organizations)

D‡Ïk¨
♦ wewfbœ AvšÍR©vwZK A_©ms¯’vi DrcwË, MVb m¤c‡K© ej‡Z cvi‡eb
♦ wewfbœ AvšÍR©vwZK A_©ms¯’vi Kvh©cÖYvjx m¤c‡K© ej‡Z cvi‡eb
♦ evsjv‡`‡ki mv‡_ G mKj ms¯’vi m¤cK© we‡kÐlY Ki‡Z cvi‡eb|
f~wgKv
we‡kŸi wewfbœ †`‡k ê‡`wkK mvnvh¨ Ges Aby`vb cÖ`v‡bi †ÿ‡Î AvšÍR©vwZK A_©ms¯’vmg~n ¸iæZ¡c~Y© f~wgKv cvjb K‡i
_v‡K| Dbœqb mvnvh¨ KwgwUf~³ †`kmg~n ev` w`‡j AvšÍR©vwZK A_©ms¯’vmg~n n‡”Q FY I Aby`v‡bi e„nËg Drm|
AvšÍR©vwZK A_©ms¯’vmg~‡n g‡a¨ D‡jøL‡hvM¨ n‡jv - AvšÍR©vwZK A_© Znwej (IMF - International Monetary Fund),
AvšÍR©vwZK cybM©Vb I Dbœqb e¨vsK (IBRD - International Bank for Reconstruction and Development) hv
ms‡ÿ‡c wekŸe¨vsK (World bank) bv‡g cwiwPZ, AvšÍR©vwZK Dbœqb ms¯’v (IDA - International Development
Agency), Gkxq Dbœqb e¨vsK (ADB - Asian Development Bank), Bmjvgx Dbœqb e¨vsK (IDB - Islamic
Development Bank) Ges AvšÍR©vwZK A_©vqb ms¯’v (IFC - International Finance Corporation)| eZ©gvb cv‡V
Avgiv cÖ_g wZbwU ms¯’vi MVb I Kvh©cÖYvjx Av‡jvPbv Kie| Gi KviY `y‡Uv - cÖ_gZt cwim‡ii mswÿßZv Ges wØZxqZt
AvšÍR©vwZK A_©ms¯’vmg~‡ni g‡a¨ AvqZb (size) Ges FY cÖ`v‡bi ÿgZvi `„wó‡Kvb †_‡K G wZbwU me©vwaK ¸iæZ¡c~Y©|
me‡k‡l, Avgiv evsjv‡`‡ki mv‡_ wewfbœ AvšÍR©vwZK A_©ms¯’vi m¤cK© Av‡jvPbv Kie|
AvšÍR©vwZK A_©ms¯’vmg~‡ni MVb I Kvh©cÖYvjx
AvšÍR©vwZK A_© Znwej (IMF)
DrcwË: `yB wekŸhy× PjvKvjxb mg‡q AvšÍR©vwZK ¯^Y©gvb gy`ªv c×wZi e¨_©Zvi djkÖæwZ wn‡m‡e AvšÍR©vwZK A_© Znwej ev
AvB.Gg.Gd -Gi D™¢e N‡U| 1914 -Gi c~e© ch©šÍ ¯^Y©gvb gy`ªv c×wZ †gvUvgywU gm„bfv‡e KvR K‡i AvmwQj| wKš‘ cÖ_g
wekŸhy× PjvKv‡j wewfbœ †`k ¯^Y©gvb c×wZ †_‡K m‡i Av‡m| 1919 mv‡ji ci ¯^Y©gvb c×wZ cybtcÖwZwôZ n‡jI wØZxq
wekŸhy× PjvKv‡j G c×wZ Avevi †f‡O c‡o| d‡j AvšÍR©vwZK gy`ªv eë¯’vq wek„sLjv Ges Aw¯’iZv †`Lv †`q| ¯^Y©gvb
c×wZi G e¨_©Zvi †cÖÿvc‡U 1944 mv‡ji RyjvB gv‡m gvwK©b hy³iv‡óÌi wbD n¨v¤ckvqvi AsMiv‡Rï ‡eÖUb DW&m&
(Bretton Woods) bvgK ¯’v‡b 44 wU †`‡ki cÖwZwbwa‡ì wb‡q GKwU Kbdv‡iÝ AbywôZ nq| Kbdv‡iÝ wekŸ A_©bxwZi
wb‡æv³ mgm¨vmg~n wPwýZ K‡i -
1. wekŸ-kvwšÍ cybtcÖwZwôZ Kivi Rb¨ AvšÍR©vwZK Avw_©K c×wZ‡Z w¯’iZv Avbqb
2. hy× weaŸ¯Í BD‡iv‡ci cyb©MV‡bi Rb¨ Kvh©Kix c`‡ÿc MÖnY Ges
3. wekŸ-kvwšÍ cÖwZôvi Rb¨ AbybœZ I DbœqbKvgx Avwd«Kv, Gwkqv I j¨vwUb Av‡gwiKvi †`kmg~‡ni A_©‰bwZK AMÖMwZ
AR©‡bi cÖwµqvq DbœZ †`kmg~‡ni AskMÖn‡Yi cÖ‡qvRbxqZv Abyaveb|
G K_vq ejv hvq, AvšÍR©vwZK evwY‡Rï fvimvg¨ Dbœqb Ges RvZxq gy`ªvmg~‡ni eû-iƒcvšÍi‡hvM¨Zv
(multiconvertibility) -†K DrmvwnZ Kivi gva¨‡g AvšÍR©vwZK A_©bxwZ‡Z w¯’iZv Ges k„sLjv cÖwZôvi jÿ¨‡K mvg‡b
†i‡L AvšÍR©vwZK A_© Znwe‡ji DrcwË N‡U|
Znwej MVb I Kvh©cÖYvjx: g~jZt m`m¨ ivóÌmg~‡ni cÖ`Ë UvKv w`‡q Znwej MVb Kiv nq e‡j ms¯’vwUi bvg AvšÍR©vwZK
A_© Znwej| m`m¨ ivóªmg~n Zv‡ì Puv`vi †KvUvi 25% ¯^‡Y©i gva¨‡g cwi‡kva K‡i _v‡K| Aewkó 75% cwi‡kva Ki‡Z
nq wbR¯^ gy`ªvi gva¨‡g| cÖwZwU †`‡ki †KvUv wba©vwiZ nq AvšÍR©vwZK evwY‡R¨ GKwU †`‡ki ¸iæ‡Z¡i wbwi‡L| 1947
mv‡ji 1jv gvP© AvšÍR©vwZK A_© Znwe‡ji hvÎv ïiæ nq 40 wU ivóÌ Ges Zv‡ì cÖ`Ë 7,500 wgwjqb Wjv‡ii mgvb †KvUv
wb‡q| 1977 mv‡ji Ry‡bi †k‡l Gi m`m¨ msL¨v e„w× †c‡q 131 -G DbœxZ nq Ges †gvU †KvUvi cwigvY `vovq
29,217.5 wgwjqb Gm.wW.Avi (Special Drawing Rights)| mwÂZ Znwej †_‡K AvB.Gg.Gd wewfbœ †`k‡K
AvšÍR©vwZK †jb‡`‡bi Rb¨ cÖ‡qvRb gvwdK ¯^Y© A_ev ê‡`wkK gy`ªv mieivn Kivi ÿgZv iv‡L|
Kvh© m¤cv`‡bi `„wó‡Kvb †_‡K AvB.Gg.Gd †K cÖ_gZt GK ai‡bi AvšÍR©vwZK †K›`Öxq e¨vsK wn‡m‡e eY©bv Kiv hvq|
†`‡ki Af¨šÍ‡i GKwU †K›`Öxq e¨vsK †h ai‡bi ÿgZv eënvi Ki‡Z cv‡i, AvšÍR©vwZK ch©v‡q AvB.Gg.Gd †m ai‡bi
ÿgZv cÖ‡qvM Ki‡Z bv cvi‡jI GKwU †K›`Öxq e¨vs‡Ki g‡ZvB AvB.Gg.Gd wb‡æv³ KvR¸‡jv m¤cbœ K‡i _v‡K -
BDwbU-8 fªù¡-141
weweGm †cÖvMÖvg
1. AvB.Gg.Gd mxwgZ cwim‡i n‡jI AvšÍR©vwZK ch©v‡q FY cÖ`v‡bi †kl AvkÖq¯’j wn‡m‡e we‡ewPZ
2. mxwgZ cwim‡i AvšÍR©vwZK ch©v‡q gy`ªv m„wó Ges
3. ê‡`wkK NvUwZ I DØ„Ë gxgvsmvi wbKvkNi wn‡m‡e Kvh©m¤cv`b|
wØZxqZ: ¯^Y©, Gm.wW.Avi I m`m¨ ivóÌmg~‡ni wbR¯^ gy`ªvi gva¨‡g MwVZ g~jab I wiRvf© Ges AvšÍR©vwZK wewbgq evRvi
†_‡K msM„nxZ F‡Yi gva¨‡g AvB.Gg.Gd ê‡`wkK gy`ªvi wewbgq nvi w¯’i ivL‡Z †Póv K‡i| AvB.Gg.Gd -Gi `„wó‡Kvb
†_‡K eûRvwZK evwY‡Rï fvimvg¨ Dbœq‡bi Rb¨ gy`ªvi wewbgq nv‡ii w¯’iZv Acwinvh©|
Z„ZxqZ: AvB.Gg.Gd wewfbœ †`‡ki Avw_©K bxwZ wba©vi‡Y ¸iæZ¡c~Y© civgk© cÖ`vb K‡i _v‡K|
PZz_©Z: AvB.Gg.Gd m`m¨ ivóÌmg~n we‡kl K‡i AbybœZ ivóÌmg~n‡K cÖwkÿY Ges KvwiMix mnvqZv cÖ`vb K‡i _v‡K|
wekŸe¨vsK (World Bank or IBRD)
DrcwË: AvB.Gg.Gd -Gi g‡Zv wekŸe¨vsK ev AvšÍR©wZK cybM©Vb I Dbœqb e¨vsKI †eÖUb DW&m Kbdv‡i‡Ýi dmj| wØZxq
wekŸhy‡×i d‡j eûRvwZK evwYR¨ cÖwµqv gvivZ¥Kfv‡e ÿwZMÖ¯Í nq Ges wekŸe¨vcx e¨vcK cÖvbnvwb Ges m¤c‡ì webvk
N‡U| weÖ‡Ubmn BD‡iv‡ci wewfbœ ‡`‡ki A_©bxwZ m¤c~Y© †f‡O c‡o| wekŸ †bZ„e„›` hy×-weaŸ¯Í BD‡iv‡ci cyb©MV‡bi
cÖ‡qvRbxqZv Dcjwä K‡ib, mv‡_ mv‡_ GUvI Abyf~Z nq †h, wekŸe¨vcx Av‡qi êlg¨ Ges RxebhvÎvi gv‡bi cv_©K¨
kŸvkŸZ kvwšÍ AR©‡bi c‡_ GK weivU AšÍivq| Dc‡iv³ wØwea Dcjwä †_‡K 1944 mv‡ji 25 †k wW‡m¤î wekŸe¨vsK
cÖwZwôZ nq|
Kvh©vejx: wekŸe¨vsK n‡jv GK ai‡bi AvšÍR©vwZK K‡c©v‡iU cÖwZôvb hv m`m¨‡ì Puv`vi gva¨‡g g~jab M‡o ‡Zv‡j| GLv‡b
D‡jøL¨ †h, †h †Kvb †`k e¨vs‡Ki PvU©v‡i Dchy³ cwigvY Puv`v cÖ`vb K‡i m`m¨c` jvf Ki‡Z cv‡i Ges cÖ‡qvR‡b
m`m¨c` cÖZ¨vnvi Ki‡Z cv‡i| wekŸe¨vs‡Ki cÖavb cÖavb KvR¸‡jv wbæiƒc -
1. Drcv`bkxj wewb‡qv‡Mi gva¨‡g wekŸe¨vsK m`m¨ ivóÌmg~‡ni cybM©Vb I Dbœqbg~jK Kg©Kv‡Û mnvqZv cÖ`vb K‡i
_v‡K|
2. wekŸe¨vsK m`m¨ ivóÌmg~n we‡kl K‡i AbybœZ †`kmg~‡n †emiKvix ê‡`wkK wewb‡qvM DrmvwnZ K‡i _v‡K| FY
cÖ`vb A_ev mivmwi wewb‡qv‡Mi gva¨‡g wekŸe¨vsK †emiKvix cÖwZôvbmg~n‡K wbðqZv cÖ`vb K‡i _v‡K|
3. b¨vqmsMZ k‡Z© †emiKvix g~jab msMÖn Kiv bv †M‡j wekŸe¨vsK wbR¯^ Znwej A_ev aviK„Z Znwej †_‡K mnR
k‡Z© Drcv`bkxj Kg©Kv‡Û FY cÖ`vb K‡i _v‡K|
4. `xN©‡gqv‡` AvšÍR©vwZK evwY‡Rï Dbœqb mvab Ges m`m¨ ivóÌmg~‡ni ‡jb‡`b fvimv‡gï w¯’wZ iÿvi D‡Ïk¨
wekŸe¨vsK m`m¨ ivóÌmg~‡ni Drcv`bkxj m¤c‡ì Dbœq‡bi Rb¨ AvšÍR©vwZK wewb‡qvM DrmvwnZ K‡i _v‡K|
AvšÍR©vwZK Dbœqb ms¯’v (International Development Agency - IDA).

DrcwË: wekŸe¨vs‡Ki GKwU mn‡hvMx cÖwZôvb wn‡m‡e 1959 mv‡ji 1jv A‡±vei AvB.wW.G cÖwZwôZ nq| AvB.wW.G -Gi
aviYvwU cÖ¯ÍvevKv‡i cÖ_g †ck K‡ib Z`vbxšÍb gvwK©b wm‡bUi gb‡ivwb (Monroney) Ges GwU †cÖwm‡W›U AvB‡RbnvIqvi
KZ©„K mgw_©Z nq| †h g~j D‡Ïk¨‡K mvg‡b †i‡L AvB.wW.G cÖwZwôZ nq Zv n‡jv - Dbœqbkxj †`k¸‡jv‡K mnR k‡Z© FY
cÖ`vb| wekŸe¨vsK G aviYvwU mg_©b K‡i KviY wekŸe¨vsK Dcjwä K‡i †h, Dbœqb cÖK‡í mnvqZv cÖ`v‡bi `vwqZ¡
wekŸe¨vs‡Ki cvkvcvwk abx wk‡ívbœZ ivóÌ¸‡jvI enb Ki‡Z cv‡i|
Kvh©vejx: AvB.wW.G g~jZ: `xN©‡gqv`x Dbœqbg~jK cÖK‡í FY cÖ`vb K‡i _v‡K| FY cÖ`v‡bi kZ© wekŸe¨vs‡Ki †P‡qI
mnRZi| D`vniY¯îƒc, 50 eQi †gqv`x F‡Yi †ÿ‡Î AvB.wW.G 10 eQi ÔAwZwi³ mgq' (Grace Period) cÖ`vb K‡i
_v‡K †h mg‡q ïaygvÎ F‡Yi my` cÖ`vb Ki‡Z nq| wekŸe¨vsK A‡cÿv AvB.wW.G -i my‡ì nviI Kg| AvB.wW.G wKQy wKQy
†ÿ‡Î webv my‡` FY cÖ`vb K‡i _v‡K| G mKj †ÿ‡Î ïaygvÎ cÖkvmwbK LiP †gUv‡bvi Rb¨ .75% nv‡i PvR© (charge)
cÖ`vb Ki‡Z nq| `wi`ªZi †`k¸‡jvi Rb¨ AvB.wW.G FY msMÖ‡ni GKwU ¸iæZ¡c~Y© Drm| †h mg¯Í †`k wekŸe¨vs‡Ki
†Ìqv kZ©mg~n cvjb K‡i FYjvf Ki‡Z mÿg bq, †m mKj †`k AvB.wW.G †_‡K FY MÖnY Ki‡Z cv‡i| AvB.wW.G -i
g~j kZ© n‡jv GB †h, cÖ¯ÍvweZ cÖKíwU †`‡ki Dbœq‡bi Rb¨ GKwU AMÖvwaKvi cÖvß cÖKí|
evsjv‡`k I AvšÍR©vwZK A_©ms¯’vmg~n

evsjv‡`‡ki ê‡`wkK mvnv‡hï wØZxq e„nËg Drm n‡”Q AvšÍR©vwZK A_©ms¯’vmg~n| 1988 mv‡ji Ryb gvm ch©šÍ evsjv‡`k
G mKj ms¯’v †_‡K †gvU 5806.7 wgwjqb Wjvi mvnvh¨ jvf K‡i hvi g‡a¨ 1673.9 Wjvi wQj Aby`vb Ges 4132.8
Wjvi wQj FY mvnvh¨| AvšÍR©vwZK A_©ms¯’vmg~‡ni g‡a¨ AvB.wW.G evsjv‡`k‡K me©vwaK cwigvY mvnvh¨ cÖ`vb K‡i‡Q,
1988 mv‡ji Ryb ch©šÍ hvi cwigvY wQj 2748.8 wgwjqb Wjvi| evsjv‡`k wØZxq m‡e©v”P mvnvh¨ jvf K‡i BD.Gb
mgwóK A_©bxwZ
wm‡¯U‡gi wbKU †_‡K| Dch©y³ mg‡q Gi cwigvY wQj 1021.2 wgwjqb Wjvi| Gkxq Dbœqb e¨vsK †_‡K evsjv‡`k G
mg‡q 939.9 wgwjqb Wjvi mvnvh¨ jvf K‡i| 1988 mv‡ji Ryb ch©šÍ evsjv‡`k wewfbœ AvšÍR©vwZK/eûgyLx ms¯’v †_‡K †h
cwigvY mvnvh¨ jvf K‡i Zvi wnmve wb‡Pi mviYx‡Z Dc¯’vcb Kiv n‡jv|
mviYx 8.8: wewfbœ AvšÍR©vwZK/eûgyLx ms¯’v †_‡K cÖvß A_©‰bwZK mvnvh¨, 16B wW‡m¤î 1971 †_‡K 30†k Ryb 1988
mvj ch©šÍ (wgwjqb Wjvi)
ms¯’vmg~n Aby`vb FY ‡gvU
B.B.wm 467.7 48.0 515.7
BDwb‡md 179.7 - 179.7
BD.Gb.wm‡¯Ug 1016.0 5.2 1021.2
G.wW.we. 0.4 931.5 931.9
AvB.wW.G - 2748.8 2748.8
AvB.wW.we 0.4 175.7 176.1
AvB.Gd.G.wW 0.2 88.7 88.9
I‡cK - 124.7 124.7
†dvW©/Gwkqv 9.4 - 9.4
dvD‡Ûkb - 2.3 2.3
AvB.Gd.wm
Drm: evsjv‡`k A_©‰bwZK Rixc, 1989/90, c„t 260
Abykxjb
evsjv‡`k ¯^vaxbZvi ci †_‡K ïiæ K‡i G ch©šÍ wewfbœ A_©ms¯’v ‡_‡K Kx cwigvY mvnvh¨ MÖnY K‡i‡Q| †Kvb& AvšÍR©vwZK
A_©ms¯’v ‡_‡K evsjv‡`k me‡P‡q †ekx A_©mvnvh¨ †c‡q‡Q?
mZ¨-wg_¨v
1. AvB.Gg.Gd Gi hvÎv ïiæ nq 1947 mv‡j - mZ¨/wg_¨v
2. †eÖUb DW&m& Kbdv‡i‡Ý 49 wU †`k AskMÖnY K‡iwQj - mZ¨/wg_¨v
3. wekŸe¨vsK n‡jv GK ai‡bi K‡c©v‡iU cÖwZôvb - mZ¨/wg_¨v
4. AvB.wW.G. Dbœqbkxj †`k¸‡jv‡K mnR k‡Z© FY cÖ`vb K‡i - mZ¨/wg_¨v
5. wekŸe¨vsK A‡cÿv AvB.wW.G -Gi my` †ekx - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. AvšÍR©vwZK A_© Znwe‡ji DrcwË, MVb I Kvh©cÖYvjx we‡kÐlY Kiæb|
2. wekŸe¨vs‡Ki DrcwË I Kvh©vejxi mswÿß eY©bv cÖ`vb Kiæb|
3. AvB.wW.G -i Dci mswÿß UvKv wjLyb|
4. AvšÍR©vwZK A_©ms¯’vmgy‡ni mv‡_ evsjv‡`‡ki m¤cK© we‡kÐlY Kiæb|
ˆbe©¨w³K cÖkœ
1. IMF Gi hvÎv ïiæ nq
K. 1945 mv‡ji 2iv AvM¯U
L. 1947 mv‡ji 1jv gvP©
M. 1947 mv‡ji 30†k gvP©
N. 1950 mv‡ji 21‡k †g|
2. wekŸe¨vs‡Ki Rš§ nq
K. 1944 mv‡ji 20‡k wW‡m¤î
L. 1944 mv‡ji 25†k wW‡m¤î
M. 1944 mv‡ji 27‡k wW‡m¤î
N. 1955 mv‡ji 3iv gvP©|
BDwbU-8 fªù¡-143
weweGm †cÖvMÖvg
3. AvB.wW.G. cÖwZwôZ nq
K. 1951 m‡b
L. 1959 m‡b
M. 1955 m‡b
N. 1960 m‡b|
4. mnRk‡Z© FY cÖ`vb K‡i
K. wekŸe¨vsK
L. AvB.Gg.Gd
M. AvB.wW.G
5. AvB.wW.G. aviYvwU cÖ_g cÖ¯Íve K‡ib
K. AvB‡Rb nvIqvi
L. gvwK©b wm‡bUi g‡bviwb
M. gvwK©b †cÖwm‡W›U wb°b
mgm¨v
evsjv‡`‡ki A_©bxwZ AvR F‡Yi fv‡i RR©wiZ| cÖwZ eQi evR‡‡Ui GKUv D‡jøL‡hvM¨ Ask F‡Yi my` wn‡m‡e miKvi‡K
cÖ`vb Ki‡Z nq| GLb ejyb, †Kvb& AvšÍR©vwZK ms¯’v †_‡K evsjv‡`k me‡P‡q †ekx FY MÖnY K‡i‡Q? F‡Yi cwigvY KZ?
DËigvjv
cvV-1
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. mZ¨, 4. mZ¨, 5. mZ¨
ˆbe©¨w³K cÖkœ
1. L, 2. L, 3. M, 4. M, 5. L
cvV-2
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. mZ¨
ˆbe©¨w³K cÖkœ
1. L, 2. K, 3. N, 4. K,
cvV-3
mZ¨-wg_¨v
1. wg_¨v, 2. wg_¨v, 3. mZ¨, 4. mZ¨, 5. wg_¨v
ˆbe©¨w³K cÖkœ
1. K, 2. K, 3. N, 4. M, 5. L
cvV-4
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. mZ¨
ˆbe©¨w³K cÖkœ
1. K, 2. M, 3. K, 4. L, 5. L
cvV-5
mZ¨-wg_¨v
1. mZ¨, 2. mZ¨, 3. wg_¨v, 4. mZ¨
ˆbe©¨w³K cÖkœ
1. M, 2. L, 3. K, 4. K, 5. M
cvV-6
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. mZ¨, 4. mZ¨, 5. wg_¨v
ˆbe©¨w³K cÖkœ
1. L, 2. L, 3. L, 4. M, 5. L
mgwóK A_©bxwZ
BDwbU
9
miKvwi A_©eë¯’v
Public Finance
A_©bxwZ‡Z miKv‡ii f~wgKv m¤ú‡K© aviYv jvf Ki‡Z n‡j Aek¨B miKvwi A_©eë¯’v m¤ú‡K© ¯úó aviYv _vKv cÖ‡qvRb|
GKwU †`‡ki miKvwi A_©eë¯’v m¤ú‡K© wek` aviYv _vK‡j mn‡RB H †`‡ki A_©bxwZ‡Z miKv‡ii mswkøóZvi gvÎv
m¤ú‡K© Abyaveb Kiv hvq| G BDwb‡U miKvwi A_©eë¯’v eY©bv Kiv n‡q‡Q| cvV-1G miKvwi A_© eë¯’vi msÁv I cwiwa,
cvV-2 G evRvi A_©bxwZi e¨_©Zv, miKv‡ii f~wgKv, cvV-3 G MY`ªe¨: aviYv I ZË¡, cvV-4 G Ki eë¯’v Ges cvV-5 G
ev‡RU miKvix FY I NvUwZ e¨q m¤ú‡K© eY©bv i‡q‡Q|
BDwbU-9 c„ôv-145
weweGm †cÖvMÖvg
BDwbU 9
cvV-1 miKvwi A_© eë¯’vi msÁv I cwiwa (Definition and Scope of Public Finance)
D‡Ïk¨
GB cvV †k‡l Avcwb-
♦ miKvwi A_© eë¯’vi msÁv w`‡Z cvi‡eb
♦ miKvwi A_© eë¯’vi kvLv¸‡jv eY©bv Ki‡Z cvi‡eb
♦ miKvwi A_© eë¯’vi cwiwa m¤ú‡K© ej‡Z cvi‡eb
miKvwi A_© eë¯’vi msÁv

miKvwi A_© eë¯’v A_©bxwZi GgbwKQy A_©‰bwZK Kg©KvÐ wb‡q e¨vL¨v K‡i †hLv‡b miKvi RwoZ _v‡K| GB kv¯¿ miKv‡ii
Avq, e¨q I FY msµvšÍ welqmg~n wb‡q ch©v‡jvPbv K‡i| miKvwi A_© eë¯’v K_vwU miKvi I A_© eë¯’v ev A_©bxwZ Ges
ivRbxwZi mxgv‡iLvq Aew¯’Z| Aa¨vcK Dalton e‡jb, miKvwi A_© eë¯’v n‡jv Hme welqmg~‡ni g‡a¨ GKwU hv
A_©bxwZ I ivRbxwZi mxgv‡iLvq Aew¯’Z| GwU miKvwi KZ©„c‡ÿi Avq I e¨q m¤ú‡K© ch©v‡jvPbv K‡i Ges GKwUi m‡½
Av‡iKwUi mgš^q mvab K‡i|
miKvwi A_© eë¯’v ivRbxwZ‡Z A_©‰bwZK Kg©KvÐ evQ-wePvi Kivi m~Pbv K‡i A_©vr †Kvb KvRwU Kiv DwPZ I †KvbwU Kiv
DwPZ bq- GB cÖkœ‡K mvg‡b †i‡L A_©‰bwZK bxwZ-wba©viY Kivi †Póv K‡i| GRb¨ A_©bxwZi GB Ask‡K Normative
economics ejv nq| miKvwi A_© eë¯’vq ZvwË¡K hyw³ Ges ev¯ÍweK welqmg~n‡K AZ¨waK ¸iæZ¡ w`‡q we‡ePbv Kiv nq|
†Kv‡bv GKwU A_©‰bwZK Kg©KvÐ Ki‡Z †M‡j Zvi gyL¨ I Avbylw½K myweav Ges Amyweavmg~n‡K Zzjbvg~jKfv‡e wePvi K‡i
wm×všÍ MÖnY Kiv nq|
De Macro-Gi g‡Z, ÔmiKvwi A_©eë¯’v iv‡óªi Drcv`bkxj †mBme Kvh©µg‡K we‡kølY K‡i, hv mw¤§wjZ Afve c~i‡Yi
cÖqvm †bq|Õ
Findlay Shirras-Gi g‡Z Ôms‡ÿ‡c miKvwi A_© eë¯’v n‡jv miKvwi e¨q Ges miKvwi KZ©„c‡ÿi dvÛ e„w×i m‡½
m¤úwK©Z bxwZgvjvi we‡kølY|Õ
AviI A‡bK A_©bxwZwe` miKvwi A_© eë¯’vi msÁv w`‡q‡Qb Z‡e †mme msÁvi †Kv‡bvwU A¯úó, †Kv‡bvwU AZ¨šÍ we¯Í…Z
Ges †Kv‡bvwU AZ¨šÍ msKxY©| me welq we‡ePbv K‡i Avgiv miKvwi A_© eë¯’v m¤ú‡K© Ab¨Zg we‡klÁ Aa¨vcK H.
Groves-Gi msÁv MÖnY Ki‡Z cvwi, ÔmiKvwi A_©eë¯’v n‡”Q A_©bxwZi Ggb GKwU Ask hv ivR¨ Ges ¯’vbxq miKv‡ii
Avq I e¨q ch©v‡jvPbv K‡i| AvaywbKKv‡j miKvwi A_©eë¯’vq PviwU wefvM AšÍfz©³ Av‡Q| miKvwi Avq, miKvwi e¨q,
miKvwi FY Ges ivR¯^bxwZ I ivR¯^ cÖkvm‡bi gZ bxwZmn mvwe©K ivR¯^ c×wZi K‡qKwU mgm¨v|Õ myZivs ejv hvq
miKvwi A_© eë¯’vq iv‡óªi me ai‡bi Avq, e¨q, FY I wewb‡qvM msµvšÍ mgm¨v I Zv‡ì mgvav‡bi welq AšÍfz©³ _v‡K|
miKvwi A_© eë¯’vi cwiwa

miKvwi A_© eë¯’v Adam Smith Kw_Z (invisible hand) ev Laissez faire aviYvi wec‡ÿ DÌvcb g‡Zi Øviv
MwVZ| †hLv‡b miKvi GKwU bxie hš¿ bq, eis miKvi GKwU kw³kvjx PvwjKv kw³| miKvi RbM‡Yi myL-`ytL fv‡jv-g›`
m„wói Rb¨ †Kv‡bv As‡k Kg `vqx bq| Kv‡RB miKvwi A_©eë¯’v RbKj¨vY‡K ¸iæZ¡ w`‡q we‡ePbv K‡i|
miKvwi A_© eë¯’v ïay miKv‡ii Av‡qi Drm I e¨‡qi aib wb‡q e¨vL¨v K‡i bv, cÖ‡qvRb‡ev‡a F‡Yi mieivn †Kv_v †_‡K
Avm‡e Ges wKfv‡e Zv e¨q Kiv n‡e Zv wb‡qI e¨vL¨v K‡i|
eZ©gvb we‡k¦ `wi`ª †`kmg~‡ni `vwi‡`ªï `yóPµ (Vicious Circle of Poverty) †f‡O †djvi Rb¨ miKvwi Avq-e¨q
cÖwµqv eënvi Kiv nq| Low Level equilibrium trap KvwU‡q IVvi Rb¨ A_©bxwZwe`‡ì Kw_Z Minimum
Critical Effort MÖn‡Yi `vwqZ¡ miKvwi Avq-e¨‡qi; hv miKvwi A_© eë¯’vq wba©viY Kiv nq|
miKvwi A_© eë¯’v wZbwU kvLvq (Branch) wef³ :
(i) Allocation branch
(ii) Distribution branch
(iii) Stabilisation branch
BDwbU-9 c„ôv-146
mgwóK A_©bxwZ
(i) Allocation branch A_©bxwZ‡Z wewfbœ Drm †_‡K wKfv‡e Avq Avm‡e; †Kvb LvZ †_‡K KZUzKz Avq Avm‡e Zv
e¨vL¨v K‡i|
mvgvwRK `ªe¨ h_v : cÖwZiÿv, eb¨v wbqš¿Y cÖKí, iv¯Ív-NvU, nvmcvZvj BZ¨vwì Rb¨ wK cwigvY A_© cÖ‡qvRb Zv Kvg¨fv‡e
wba©viY KivB Allocation branch-Gi KvR|
(ii) A_©‰bwZK Kj¨vY e„w×i ¯^v‡_© miKv‡ii ivR¯^ e¨q wewfbœ Lv‡Z e›Ub KivB Distibution branch-Gi `vwqZ¡|
(iii) Ab¨w`‡K Stabilisation branch-G wKfv‡e A_©bxwZ‡Z c~Y© wb‡qvM eRvq ivLv hvq Ges gy`ªvùxwZ I gy`ªv ms‡KvPb
Ae¯’v †iva Kiv hvq Zv e¨vL¨v K‡i|
eZ©gvbKv‡j wewfbœ Kvi‡Y miKvwi A_©eë¯’vi ¸iæZ¡ e¨vcKfv‡e e„w× †c‡q‡Q| ZvB AvaywbKKv‡j miKvwi A_©eë¯’v ïay
miKvi wKfv‡e Avq K‡i Ges wKfv‡e Zv e¨q K‡i Zv Av‡jvPbv K‡iB ÿvšÍ nq bv| miKv‡ii Avq-e¨q bxwZ, RvZxq
Drcv`b, A_© m¤ú‡ì e›Ub, wewfbœ cÖKvi eëmvq, wewfbœ †kªYxi †jvK BZ¨vw`‡K wKfv‡e cÖfvevwš^Z K‡i ZvI G kv‡¯¿i
Av‡jvP¨ welq| GK K_vq, miKvwi Avq-e¨‡qi AšÍwb©wnZ hveZxq A_©‰bwZK Dcv`vb Ges Gi cÖwZwµqvmg~nI miKvwi A_©
eë¯’vi Awe‡”Q`¨ A½|
G kv¯¿ cÖK…Zc‡ÿ ivR¯^bxwZ MÖnY I ev¯Íevqb‡KB ch©v‡jvPbv K‡i| miKvwi A_© eë¯’vq g~jZ cuvPwU welq wb‡q
ch©v‡jvPbv Kiv nq|
1| miKvwi Avq (Government Revenue) :

miKvwi A_© eë¯’v miKv‡ii ivR¯^ Avq e„w×i c×wZmg~n Ges K‡ii bxwZgvjv wb‡q e¨vL¨v K‡i|
2| miKvwi e¨q (Government Expenditure) :
miKvwi A_© eë¯’v miKvwi e¨‡qi bxwZ Ges miKvwi e¨‡qi cÖfvemg~n wb‡q ch©v‡jvPbv K‡i|
3| miKvwi FY (Public Debt) :
miKvwi A_© eë¯’v miKvwi FY MÖn‡Yi c×wZ Ges miKvwi FY eë¯’vcbv wb‡q ch©v‡jvPbv K‡i|
4| Avw_©K cwiPvjbv (Financial Management) :
miKvwi A_©eë¯’vi GKwU As‡k miKv‡ii ev‡RU cÖYqb Ges wnmve-wbKvkmg~n wb‡q Av‡jvPbv Kiv nq|
5| A_©‰bwZK w¯’wZkxjZv (Economic Stability) :
miKvwi A_© eë¯’vi GKwU As‡k ivR¯^bxwZi gva¨‡g A_©‰bwZK w¯’wZkxjZv iÿv Kivi Rb¨ eë¯’v MÖnY Kiv nq|
Dcmsnv‡i, Avgiv ej‡Z cvwi, GUv A_©bxwZi Ggb GKwU Ask †hLv‡b miKv‡ii Avq-e¨q I FY msµvšÍ Kvh©µ‡gi Øviv
RbM‡Yi mvwe©K Kj¨vY e„w× K‡i Avq, wb‡qvM, Drcv`b e„w×i gva¨‡g gy`ªvùxwZ I gy`ªvms‡KvPb Ae¯’v cÖwZ‡iva Ki‡Z wK
cÖwµqv MÖnY Kiv DwPZ Avi †KvbwU DwPZ bq, Zv e¨vL¨v K‡i|
mZ¨-wg_¨v
1. miKvwi A_© eë¯’v ïay miKv‡ii Av‡qi Drm I e¨‡qi aib wb‡q e¨vL¨v K‡i| mZ¨/wg_¨v
2. mvgvwRK `ª‡eï Rb¨ wK cwigvY A_© cÖ‡qvRb Zv Kvg¨fv‡e wba©viY KivB Allocation Branch-Gi KvR|
mZ¨/wg_¨v
mswÿß DËi cÖkœ

1. miKvwi A_© eë¯’v KqwU kvLvq wef³? wjLyb|
iPbvg~jK cÖkœ
1. miKvwi A_© eë¯’vi msÁv I cwiwa Av‡jvPbv Kiæb|
BDwbU-9 c„ôv-147
weweGm †cÖvMÖvg
cvV-2 evRvi A_©bxwZi e¨_©Zv, miKv‡ii f‚wgKv

(Failure of Market Economy, Role of Government)
D‡Ïk¨
♦ evRvi A_©bxwZi e¨_©Zvi aib we‡kølY Ki‡Z cvi‡eb
♦ miKvwi A_© eë¯’vi f‚wgKv eY©bv Ki‡Z cvi‡e
f~wgKv
K¬vwmK¨vj Aeva evRvi eë¯’v aviYvwU c~Y© cÖwZ‡hvwMZvg~jK evRvi eë¯’vi Ici wfwË K‡i M‡o D‡VwQj| †hLv‡b-
(1) AmsL¨ †µZv I AmsL¨ we‡µZv
(2) mgRvZxq `ªe¨
(3) Drcv`b †ÿ‡Î Aeva cÖ‡ek I cÖ¯’v‡bi AwaKvi
(4) evRvi m¤ú‡K© c~Y© Ávb
(5) miKvwi n¯Í‡ÿc _vK‡e bv
(6) Dcv`vbmg~‡ni c~Y© MwZkxjZv Ges
(7) cwienb LiP †bB
kZ©mg~n a‡i †bIqv nq, Gi †cÖwÿ‡Z Pvwn`v I †hvMv‡bi NvZ-cÖwZNv‡Z m¤ú‡ì Kvg¨ e›Ub wbwðZ Ki‡e| `ÿ e›Ub n‡jv
Ggb Ae¯’v hLb KvD‡K ÿwZMÖ¯Í bv K‡i A‡bï Kj¨vY evov‡bv hvq bv| A_©vr K¬vwmK¨vj Aeva evRvi eë¯’v †c‡i‡Uvi
Kvg¨Zvi kZ© cvjb K‡i| MY `ªe¨ bv _vK‡j, cwienb LiP k~b¨ n‡j Ges GK‡PwUqv Kvievi bv _vK‡j †fv³v I
Drcv`K‡ì g‡a¨ `ªe¨ Dcw¯’Z _v‡K, Z‡e evRvi eë¯’v Kvh©Ki n‡e bv| Ab¨w`‡K c~Y© cÖwZ‡hvwMZvi kZ©mg~‡ni jsNb
NU‡j `ÿ e›Ub wbwðZ nq bv| Avevi †Kv‡bv mgq me kZ© we`¨gvb †_‡K MY `ªe¨ AeZ©gvb _vK‡jI evRvi eë¯’v `ÿ
m¤ú` e›U‡b e¨_© nq| G‡K A‡b‡KB evRvi eë¯’vi e¨_©Zv e‡j D‡jøL K‡ib| cÖK…Z c‡ÿ GwU evRvi eë¯’vi e¨_©Zv ejvi
†P‡q evRvi Z‡Ë¡i e¨_©Zv ejvB †kªq; evRvi ZË¡ e¨vL¨vq A‡bK RwUj Dcv`vb‡K eR©b K‡i e¨vL¨v Kiv n‡q‡Q|
evRvi A_©bxwZi e¨_©Zvi aib t
1. AbywgZ k‡Z©i Aev¯ÍeZv t
†hme AbywgZ kZ© †bqv n‡q‡Q Zv ev¯Í‡e Lyu‡R cvIqv KwVb| ev¯Í‡e GK‡PwUqv Kvievi, GK‡PwUqv cÖwZ‡hvwMZv, Wz‡qvcwj
I Awj‡Mvcwj evRvi eë¯’vi cÖvavb¨ †ewk| ZvB c~Y© cÖwZ‡hvwMZvi fvimv‡gï †h kZ©mg~n _vKv cÖ‡qvRb Zv evRvi eë¯’vq
cÖwZdwjZ nq bv| Ac~Y© cÖwZ‡hvwMZvg~jK evRv‡i `vg _v‡K †ewk I Drcv`b nq Kg| ZvB Ac~Y© cÖwZ‡hvwMZvq evRvi ZË¡
e¨_© nq| G Ae¯’vq miKvi GK‡PwUqv Kvievi wbqš¿Y Ki‡Z cv‡i, hv `vg Kg Ges Drcv`b †ewk Ki‡Z mnvqZv K‡i|
A_ev c~Y© cÖwZ‡hvwMZvi evavmg~n `~ixKiY Ki‡Z cv‡i|
2. c~Y© cÖwZ‡hvwMZv I Externalities :
m¤ú‡ì Kvg¨ e›Ub ej‡Z ¯^xKvi Kiv nq Pvwn`v I †hvMvb †iLvmg~‡n †fv³v‡ì cÖK…Z cQ›` Ges Drcv`bKvix‡ì cÖK…Z
Li‡Pi cÖwZdjb NU‡e| ev¯Í‡e A‡bK `ª‡eï Pvwn`v †iLvq †fv³v‡ì cÖK…Z cQ‡›ì cÖwZdjb N‡U bv| †hgb GKRb
GKwU d¬¨vU evwoi GKvsk fvov wb‡Z Pvq| d¬¨v‡Ui AvqZb I AvK…wZ Abymv‡i fvov †bq Ges LvRbv cÖ`vb K‡i| d¬v‡Ui
wbP Zjvq GKwU dz‡ji evMvb _vKvq (A‡bï evMvb) d¬¨v‡Ui Pvwn`v †iLvq †h Kj¨vY cÖKvk K‡i Zv dzj evMv‡bi Kj¨vY
we‡ePbv K‡i bv| evRvi Pvwn`v †iLv †fv³v‡ì cÖK…Z cQ›` cÖKvk Ki‡Z cv‡i bv| abvÍK ewn¯’ †fvM cÖfve _vK‡j cÖK…Z
cQ‡›ì evRvi Pvwn`v †iLv _v‡K `„k¨gvb evRvi Pvwn`v †iLvi Ic‡i|
3. Avq e›U‡b evRvi e¨_©Zv :
aiv hvK cÖwZwU evRv‡i cÖK…Z cQ›` I cÖK…Z Li‡Pi cªwZdjb Øviv c~Y© cÖwZ‡hvwMZvg~jK evRvi M‡o DV‡jv| Gici cÖ‡Z¨K
Drcv`bKvix gybvdv me©vwaK Ki‡e Ges Dcv`vbmg~‡ni Drcv`bkxjZv Abymv‡i g~j¨ cÖ`vb Kiv n‡e| wKš‘ PvjvK,
kw³kvjx, cwikªgx, `ÿ, we‡klÁ, ˆcZ…K m¤ú‡ì AwaKvix‡ì Avq evRvi cÖwµqvq A‡bK †ewk| Avevi †evKv, Ajm I
A`ÿ‡ì Avq evRvi cÖwµqvq A‡bK Kg n‡e| G Ae¯’vq mgv‡Ri Avq êlg¨ cÖKU iƒc aviY Ki‡e| evRvi eë¯’v G
mgm¨vi mgvavb w`‡Z cv‡i bv| ivR‰bwZK cÖwµqvq cÖMwZkxj Ki I e¨q cÖwµqvq Giƒc mgv‡R e›U‡b mgZv Avbv m¤¢e|
5. MY`ª‡eï †ÿ‡Î evRvi Z‡Ë¡i e¨_©Zv :
A‡bK cY¨ I †mev _v‡K hv RbMY Drcv`b K‡i bv; wKš‘ †fvM K‡i| hv MY `ªe¨ wn‡m‡e cwiwPZ| Giƒc `ª‡eï êwkó¨
n‡jv : (1) AwefvR¨ `ªe¨, (2) mw¤§wjZ †fv‡Mi my‡hvM Ges (3) cÖvwšÍK LiP k~b¨| †hLv‡b evRvi ZË¡ cY¨ g~j¨ wba©vi‡Y
e¨_© nq| †mLv‡b evRvi Z‡Ë¡i ms‡kvab K‡i g~j¨ wba©viY Kiv nq| wb‡Pi Q‡K †`Lv‡bv n‡jv|
BDwbU-9 c„ôv-148
mgwóK A_©bxwZ
evRvi e¨_©Zvi KviY
AcÖwZØ›Øx †fvM ewnt¯’cÖfve GK‡PwUqv Kvievi

Ges ewÂZ KiY
†bB
abvÍK FYvÍK
Drcv`‡b evRvi
evRvi ewnt¯’ wnmve
AcviM evRvi ewnt¯’ LiP wbæ Drcv`b n‡e I
myweav Ki‡Z cv‡i
wnmve Ki‡Z cv‡i bv `vg †ewk
bv Ges wbæmieivn
Ges AwZmieivn Ki‡e
MY`ªe¨ Ki‡e
Gi Drcv`b A‡bï
wgkª `ªe¨
¶wZ K‡i Ges
GKR‡bi †fvM
µq K‡i I µq bv Ab¨R‡bi ¶wZ K‡i
K‡i DcK…Z n‡e
Laissez-Faire aviYv :
Laissez-Faire aviYvwU me©cÖ_g hy³iv‡óª weKwkZ nq| wesk kZvãxi K¬vwmK¨vj A_©bxwZwe`MYB Laissez-Faire-Gi
cÖe³v| Gi g‡a¨ Graham Summer-B Laissez-Faire-Gi w`K-wb‡`©kbv cÖ`vb K‡ib| Zviv ¯^xKvi K‡ib, m¤ú‡ì
AwaKvi _vK‡e cÖMwZkxj Drcv`‡Ki| D”P †gavm¤úbœ, m¤ú`kvjxivB A_©bxwZ wbqš¿Y Ki‡e| miKvi mxwgZ cwim‡i
wbqš¿Y Av‡ivc Ki‡e| mvgvwRK wbivcËvi Rb¨B miKvi Ki Av‡ivc Ki‡e|
K¬vwmK¨vj A_©bxwZweìv g‡b Ki‡Zb, ivóªxq e¨q gv‡bB Abyrcv`bkxj e¨q| e¨w³MZ e¨q ivóªxq e¨‡qi Zzjbvq
Drcv`bkxj| myZivs miKvwi e¨q †gUv‡bvi Rb¨ Ki avh© Ki‡j mgv‡Ri Drcv`bkxjZv n«vm cv‡e| †Kbbv Ki e¨w³MZ
K‡g©v`¨gmn mg¯Í †ÿ‡Î e¨w³¯^vZš¿¨ ÿzYœ K‡i| cÖL¨vZ divwm A_©bxwZwe` †R. we. †m (J. B. Say) e‡jwQ‡jb, me Avw_©K
cwiKíbvi g‡a¨ ¯^í e¨q DËg Ges mKj cÖKvi K‡ii g‡a¨ †mwU DËg hvi cwigvY me‡P‡q Kg| e¨w³¯^vZš¿ëv‡` wek¦vmx
†Kv‡bv †Kv‡bv K¬vwmK¨vj A_©bxwZwe` ZvB Af¨šÍixY kvwšÍ-k„•Ljv I †`‡ki mve©‡fŠgZ¡ iÿvi Rb¨ †hUzKz e¨‡qi cÖ‡qvRb
Zv‡K miKvwi e¨q I K‡ii mxgv wn‡m‡e wb‡`©k K‡i‡Qb|
wKš‘ AvaywbK A_©bxwZweìv miKvwi e¨q I Ki m¤ú‡K© Dchy©³ gZev` MÖnY K‡ibwb| Zuv‡ì g‡Z, cÖwZwU Ki Lvivc
GBiƒc g‡b Kivi †Kv‡bv KviY †bB| †hgb gv`K `ª‡eï Ici D”Pnv‡i Av‡ivwcZ Ki Gi eënvi n«v‡mi gva¨‡g g‡`
Avm³ e¨w³‡ì RxebgvÎvi gvb e„w×‡Z mvnvh¨ Ki‡Z cv‡i| Avevi A‡bK †ÿ‡Î e¨w³i Zzjbvq miKvi AwaKZi
Drcv`bkxjfv‡e A_© e¨q Ki‡Z cv‡ib| D`vniY¯îƒc ejv hvq ¯‹zj, K‡jR, nvmcvZvj BZ¨vw` ¯’vc‡bi Rb¨ miKvwi e¨q
wbtm‡›`‡n mgv‡Ri Kj¨vY e„w× K‡i| Z‡e †h‡Kv‡bv miKvwi e¨q DËg bq| †hgb- AcÖ‡qvR‡b hy‡×i Rb¨ e¨q wbtm‡›`‡n
mgv‡Ri Rb¨ AKj¨vYKi|
myZivs †`Lv hvq e¨q I K‡ii Zzjbvg~jK cÖwZwµqv we¯Í…Zfv‡e ch©v‡jvPbv e¨ZxZ miKvwi A_© eë¯’vi MÖnY‡hvM¨Zv m¤ú‡K©
my¯úó †Kv‡bv e³e¨ cÖKvk Kiv hvq bv| Z‡e G K_v ejv hvq, miKvwi Avq I e¨q bxwZ Ggbfv‡e cwiPvwjZ nIqv DwPZ
hv‡Z mgvR GUv †_‡K me©vwaK myweav ev Z…wß AR©b Ki‡Z cv‡i| A_©vr Avq I e¨‡qi wfwË‡Z †Kv‡bv e¨w³ †hgb me©vwaK
myweav AR©b Ki‡Z Pvq, †miƒc miKv‡iiI DwPZ Zvi Ki I e¨q bxwZ Ggbfv‡e cwiPvjbv Kiv hv‡Z mgvR me©vwaK Kj¨vY
¯Í‡i †cuŠQv‡Z cv‡i| AvaywbK Kj¨vYKvgx ivóª Aek¨ G D‡Ïk¨ mvg‡b †i‡L Gi Avq-e¨q bxwZ cwiPvjbv K‡i|
GLb cÖkœ n‡”Q, wKfv‡e miKvwi Avqe¨q bxwZ mgv‡Ri Kj¨vY m‡e©v”P ¯Í‡i DcbxZ Ki‡Z cv‡i? GB cÖ‡kœi DË‡i ejv hvq,
miKvwi Avq I e¨‡qi cwieZ©b mgv‡Ri GK †kªYxi †jv‡Ki KvQ †_‡K Ab¨ †kªYxi †jv‡Ki Kv‡Q µq ÿgZv n¯ÍvšÍi Ki‡Z
cv‡i| Avevi m¤ú‡ì eënvwiK Drm ¯’vbvšÍi K‡i Drcv`‡bi cÖK…wZ I KvVv‡gv‡Z cÖ‡qvRbxq cwieZ©b mva‡b mÿg|
Z`ycwi G Dfq bxwZ cÖZ¨ÿ I c‡ivÿfv‡e Kg©ms¯’v‡bi cwieZ©b K‡i _v‡K| Gme cwieZ©b hw` mvgwMÖKfv‡e mvgvwRK
myweav m‡e©v”P ch©v‡q DcbxZ n‡Z mvnvh¨ K‡i Z‡e miKv‡ii Avq I e¨q Kvh©µg DËg Ges MÖnY‡hvM¨|
me©vwaK mvgvwRK myweav AR©‡bi j‡ÿ¨ miKvwi Avq-e¨q bxwZ wb‡æv³fv‡e cwiPvjbv Kiv ìKvi :
BDwbU-9 c„ôv-149
weweGm †cÖvMÖvg
(i) miKvwi e¨‡qi mvgvwRK myweav µgn«vmgvb A_P K‡ii mvgvwRK e¨q / fvi / Z¨vM µgea©gvb| GRb¨ Avq I e¨q
Ggb ¯Í‡i wba©viY Kiv DwPZ hv‡Z e¨‡qi cÖvwšÍK mvgvwRK myweav K‡ii cÖvwšÍK Z¨vM ev e¨‡qi mgvb nq|
(ii) miKvwi e¨q wewfbœ †ÿ‡Î Ggbfv‡e e›Ub Ki‡Z n‡e hv‡Z cÖ‡Z¨K Drm †_‡K cÖvwšÍK mvgvwRK myweav mgvb _v‡K|
(iii) Kifvi wewfbœ Dr‡mi g‡a¨ Ggbfv‡e e›Ub Kiv ìKvi †h, cÖwZwU Dr‡mi cÖvwšÍK mvgvwRK fvi/Z¨vM mgvb nq|
ev¯Í‡e Aek¨ Z¨vM ev myweav cwigvc Kiv cÖvq Am¤¢e| GRb¨ Aa¨vcK H. Dalton I U.K. Hicks g‡b K‡ib, miKvwi
Avq-e¨q Kvh©µg hw` (i) Drcv`b I †fvM †ÿ‡Î Dbœqb; (ii) e›U‡bi †ÿ‡Î êlg¨ n«vm (iii) c~Y© wb‡qvM AR©b Ges (iv)
A_©‰bwZK w¯’wZkxjZv eRvq BZ¨vw` D‡Ïk¨ mvab Ki‡Z cv‡i Z‡e me©vwaK mvgvwRK myweav AwR©Z n‡q‡Q e‡j
†gvUvgywUfv‡e a‡i †bqv hvq|
Drcv`b I †fvM †ÿ‡Î Dbœqb
Drcv`b I †fvM †ÿ‡Î Dbœqb g~jZ m¤ú‡ì Kvg¨ e›U‡bi Ici wbf©i K‡i| Drcv`b †ÿ‡Î g‡bvcwj ev Iwj‡Mvcwji
Aw¯ÍZ¡ _vK‡j A‡bK mgq mvgvwRK Kj¨v‡Yi cwicš’x cY¨ AwaK cwigv‡Y cÖ¯‘Z n‡Z cv‡i| †Zgb Ae¯’vq miKvi Ki ev
fZz©wK bxwZ cÖ‡qvM K‡i m¤ú‡ì e›Ub Kvg¨ ¯Í‡i DbœZ Ki‡Z cv‡ib hv‡Z mvgvwRKfv‡e cÖ‡qvRbxq c‡Yï Drcv`b e„w×
cvq| †Kbbv †Zgb Ae¯’vq mvgvwRK Kj¨vY D”PZi ¯Í‡i †cuŠQ‡Z cv‡i|
Avq e›U‡b êlg¨ n«vm
mvgvwRK myweav m‡e©v”P ch©v‡q †cuŠQv‡bvi Rb¨ miKvi mgv‡Ri Avq êlg¨ `~ixKi‡Y Ki ev e¨q bxwZ cÖ‡qvM Ki‡Z cv‡ib|
cÖMwZkxj Ki bxwZi gva¨‡g miKvi GB D‡Ïk¨ wKfv‡e mvab Ki‡Z cv‡ib Zv wb‡Pi mviwY‡Z wb‡`©k Kiv n‡jv t
we‡eP¨ †jvK‡ì Avq¯Íi K‡ii nvi Ki cÖ`v‡bi Ki cÖ`v‡bi ci c~e©eZ©x êlg¨ cieZ©x êlg¨
†kªYx (UvKv) cwigvY Avq¯Íi
A 10,000 35 35000 6500 - -
B 7,000 25 1750 5250 3000 12500
C 4,000 12 480 3520 3000 1730
D 2,000 10 200 1800 2000 1720
E 1,000 0 - 1000 1000 800
mviwY †_‡K †evSv hvq, miKvi mgv‡Ri wewfbœ †kªYxi Avq êl‡gï cwiwa cÖMwZkxj Ki bxwZi gva¨‡g n«vm Ki‡Z cv‡i|
Ab¨w`‡K Kijä Avq mgv‡Ri `~e©j †jvK‡ì Kj¨vY e„w×i Rb¨ e¨q Ki‡Z cv‡i| GB wØgyLx miKvwi Kvh©µg mvgvwRK
myweav e„w×i mnvqK|
c~Y© wb‡qvM AR©b
†hme †`‡k evRvi eë¯’vq Ac~Y© wb‡qvM Ae¯’v eZ©gvb, †mLv‡b miKv‡ii Avq-e¨q bxwZi gva¨‡g A_©bxwZ‡Z c~Y© wb‡qvM
AR©‡b h‡_ó mnvqZv Ki‡Z cv‡i|
A_©‰bwZK w¯’wZkxjZv iÿv Kiv
c~Y© wb‡qvM w¯’wZkxj ch©v‡q a‡i ivLvi Ici mvgvwRK Kj¨v‡Yi ¯Íi A‡bKUv wbf©i K‡i| miKv‡ii wewfbœ Avw_©K nvwZqvi-
†hgb Ki, e¨q, fZz©wK BZ¨vwì mvnv‡h¨ Dchy©³ D‡Ïk¨ AR©‡b D‡jøL‡hvM¨ f‚wgKv cvjb Ki‡Z cv‡i| †hgb gy`ªvùxwZi
mgq DØ„Ë ev‡RU Ges gy`ªv ms‡KvP‡bi mgq NvUwZ ev‡R‡Ui Avkªq MÖnY Ki‡Z cv‡ib|
Dchy©³ Av‡jvPbvi †cÖwÿ‡Z ejv hvq miKvi A_© eë¯’vi Kvh©µg myôz I cwiKwíZfv‡e AbymiY Ki‡j GUv mvgvwRK myweav
m‡e©v”P ch©v‡q DcbxZ Ki‡Z mÿg n‡Z cv‡i|
mZ¨-wg_¨v
1. Ac~Y© cÖwZ‡hvwMZvq evRvi ZË¡ e¨_© nq| mZ¨/wg_¨v
2. miKvi mgv‡Ri wewfbœ †kªYxi Avq êl‡gï cwiwa cÖMwZkxj Ki bxwZi gva¨‡g e„w× K‡i _v‡K|mZ¨/wg_¨v
mswÿß DËi cÖkœ
1. MY`ª‡eï †ÿ‡Î evRvi Z‡Ë¡i e¨_©Zv wK?
iPbvg~jK cÖkœ
1. evRvi Z‡Ë¡i e¨_©Zvi aib wK?
2. evRv‡ii e¨_©Zvq miKvwi A_©eë¯’vi f‚wgKv Av‡jvPbv Kiæb|
BDwbU-9 c„ôv-150
mgwóK A_©bxwZ
cvV-3 MY`ªe¨ : aviYv I ZË¡ (Public Goods : Concept and Theory)

D‡Ïk¨
♦ e¨w³MZ `ª‡eï msÁv w`‡Z cvi‡eb
♦ mvgvwRK ev MY`ª‡eï eY©bv Ki‡Z cvi‡eb
♦ MY`ª‡eï g~j¨ wba©viY cÖwµqv we‡kølY Ki‡Z cvi‡eb
♦ m¨vgy‡qjm‡bi cY¨ wefvRb g‡Wj eY©bv Ki‡Z cvi‡eb|
Aa¨vcK R.A.Musgrave `ª‡eï cÖK…wZ Abymv‡i `ªe¨‡K wZbwU fv‡M wef³ K‡ib, hv miKvwi A_©eë¯’vq LyeB ¸iæZ¡
iv‡L| wZwb `ªe¨‡K-
(i) e¨w³MZ `ªe¨
( ii) mvgvwRK ev MY`ªe¨
( iii) Quasi-social goods wn‡m‡e wef³ K‡ib|
Gme `ªe¨mg~‡ni `vg wba©viY, Kvg¨ e›Ub Ges Drcv`b cÖwµqv miKvwi A_© eë¯’vi Av‡jvPbvq ¯’vb cvq| cÖv_wgKfv‡e G
wZb ai‡bi `ª‡eï cÖK…wZ wb‡q Av‡jvPbv Kiv cÖ‡qvRb|
(K) e¨w³MZ `ªe¨ ( Private goods) t

e¨w³MZ `ªe¨ ej‡Z Avgiv Ggb me `ªe¨‡K eywS †h `ªe¨¸‡jv GKRb e¨w³ Aev‡a Drcv`b I †fvM Ki‡Z cv‡i| `ªe¨¸‡jv
ÿz`ª ÿz`ª GK‡K wefvR¨ _v‡K| GKRb †fv³v ev cwievi Aev‡a †fvM Ki‡Z cv‡i| GKR‡bi †fvM e„w× Ab¨Rb‡K ewÂZ
Ki‡e| GKwU kvwo, GKwU wd«R, GKwU wmMv‡iU, evRv‡ii me‡P‡q eo gvQwU- e¨w³MZ `ª‡eï D`vniY|
1. e¨w³MZ `ª‡eï g~j¨ evRv‡i Pvwn`v I †hvMv‡bi mgZv Øviv wba©vwiZ n‡e| †hLv‡b `ª‡eï cÖvwšÍK Dc‡hvM=`vg Ges
`vg=cÖvwšÍK LiP kZ© (P=MC) mv‡c‡ÿ Pvwn`v= †hvMvb (D=S) kZ© cvwjZ n‡e| evRvi eë¯’v Gme `ª‡eï †ÿ‡Î
Kvh©Ki|
2. `ªe¨¸‡jv ÿz`ª ÿz`ª GK‡K wefvR¨ ev Degree of jointness n‡jv k~b¨|
3. Gme `ª‡eï †ÿ‡Î ewÂZKiY bxwZ Z_v Principle of Exclusion cÖ‡hvR¨| GKR‡bi †fvM Øviv Ab¨Rb weZvwoZ
nq| GKwU eo Bwjk gvQ evRv‡i `kRb †µZv cQ›` Kij, GKRb wKbj, evwK bqRb ewÂZ n‡e| ZvB weï×
e¨w³MZ `ª‡eï †ÿ‡Î ewÂZKi‡Yi gvÎv ev Degree of Exclusion nj Ô1Õ-Gi mgvb|
4. Giƒc `ª‡eï †ÿ‡Î GKRb Drcv`bKvix Øviv Ab¨ Drcv`bKvix cÖfvweZ nq|
5. e¨w³MZ `ª‡eï †ÿ‡Î Drcv`bKvixiv gybvdv cÖe„wË Øviv cwiPvwjZ| gybvdv Av‡Q Drcv`b n‡e; gybvdv bvB, Drcv`b n‡e
bv|
6. e¨w³MZ `ª‡eï †ÿ‡Î Externality _vK‡Z cv‡i| †fvM Ges Drcv`b Dfq †ÿ‡Î Externality _vKv ¯^vfvweK|
(L) mvgvwRK ev MY`ªe¨ (Social or Pure public goods ) t

mvgvwRK `ªe¨ ev MY`ªe¨ ej‡Z Avgiv Ggb me `ªe¨‡K ey‡S _vwK †h `ªe¨¸‡jv mgv‡Ri cÖ‡Z¨‡KB mw¤§wjZfv‡e †fvM K‡i|
Giƒc `ªe¨¸‡jv ÿz`ª ÿz`ª GK‡K wefvR¨ bq| G¸‡jv we‡kl Drcv`b eë¯’vq Drcvw`Z nq, hv cÖ‡Z¨K †fv³v cÖ‡qvRb g‡Zv
eënvi Ki‡Z cv‡i| †hgb- †`‡ki cÖwZiÿv eë¯’v| cÖwZiÿv eë¯’v bv _vK‡j cª‡Z¨K e¨w³ ev wkícwZi GKwU K‡i
kw³kvjx cÖwZiÿv eë¯’v M‡o Zzj‡Z n‡Zv| wKš‘ ivóªxq cÖwZiÿv eë¯’v _vKvq Giƒc cÖwZiÿvi djvdj mevB †fvM K‡i|
Abyiƒcfv‡e cywjk, wewWAvi, dvqvi mvwf©m, GKwU gnvmoK cÖK…Z MY`ªe¨| MY`ª‡eï K‡qKwU êwkó¨ Av‡Q| †hgb-
1. MY`ªe¨ †hŠ_fv‡e †fvM Kiv nq| mKj e¨w³i mgvb AwaKvi _v‡K| †mLv‡b Degree of jointness Ô1Õ-Gi mgvb|
†ewk †ewk A_© Øviv †ewk †fvM Kiv hvq bv| Gme `ªe¨ ÿz`ª ÿz`ª GK‡K wefvR¨ bq|
2. MY`ª‡eï †ÿ‡Î Principle of Exclusion Kvh©Ki bq| MY`ª‡eï †fvM KvD‡K ewÂZ Ki‡Z cv‡i bv| Gme `ª‡eï
Drcv`‡b e¨w³MZ D‡`¨vM cÖvqB cwijwÿZ nq bv| MY`ª‡eï †ÿ‡Î Degree of Exclusion n‡jv k~b¨-Gi mgvb|
3. MY`ª‡eï cÖvwšÍK e¨q MCi(Y)=0 ev k~b¨ _v‡K| Z‡e my‡hvM LiP k~b¨ bq|
4. MY`ª‡eï †ÿ‡Î evRvi ZË¡ Kvh©Ki nq bv| e¨w³MZ `ª‡eï g~j¨ †hfv‡e wba©viY Kiv nq MY`ª‡eï †ejvq Zv Kvh©Ki
bq|
BDwbU-9 c„ôv-151
weweGm †cÖvMÖvg
5. MY`ª‡eï †ÿ‡Î Drcv`‡b ewn¯’ cÖfve _vK‡e I †fv‡Mi †ÿ‡Î Zv _v‡K bv| GKR‡bi †fvM Øviv Abïv cÖfvweZ nq bv
e‡jB GB myweav we`¨gvb _‡K|
6. MY`ª‡eï Drcv`b cÖvqB e„n`vqZb| ZvB Drcv`b †ÿ‡Î µgn«vmgvb LiP Ae¯’v _vK‡Z cv‡i|
7. MY`ª‡eï g~j D‡Ïk¨ n‡jv mgvRKj¨vY e„w× Kiv|
(M) Quasi-Social goods t
wKQy wKQy `ªe¨ ev †mev Av‡Q hv miKvi mieivn K‡i| Z‡e G‡ÿ‡Î GKR‡bi †fvM Ab¨Rb‡K ewÂZ Ki‡Z cv‡i| mgv‡Ri
Drcv`b `ÿZv e„w×i ¯^v‡_© G ai‡bi †mev I `ªe¨ Drcv`b Kiv nq| G `ªe¨ ev †mevmg~n mgv‡Ri Rb¨ cÖ‡qvRbxq, hv
e¨w³MZ ch©v‡q mieivn Kiv n‡jI RbM‡Yi Rb¨ cy‡iv Kj¨vY w`‡Z cv‡i bv| G¸‡jv ¸YMZ I cwigvYMZfv‡e ÿz`ª ÿz`ª
GK‡K wefvR¨ n‡Z cv‡i| miKvwi ¯‹z‡j †jLv-cov mxwgZ Avm‡bi| ¯^í g~‡j¨ QvÎ‡ì Rb¨ `ycy‡ii Lvev‡ii eë¯’v Kiv,
¯^í g~‡j¨ wPwKrmv wefvR¨ cÖK…wZi ev whwb †ewk A_© †`‡eb wZwb †Kwe‡b _vK‡eb Ges whwb Kg A_© †`‡eb wZwb mvaviY
†e‡W _vK‡eb| Abyiƒc miKvwi Avevm f‚wg, ÔmiKvwi †jK, meB Quasi-Public goods| ZvB Quasi-Public
goods-Gi †ÿ‡Î Degree of jointness Kg Ges Exclusion †ewk| G ai‡bi `ª‡eï g‡a¨ Publicness †hgb
Av‡Q, †Zgwb PrivatenessI Av‡Q|
MY`ª‡eï g~j¨ wba©viY cÖwµqv (†¯^”Qv wewbgq ZË¡)
MY`ª‡eï we‡kl wKQy êwkó¨ Av‡Q hv g~j¨ wba©vi‡Y RwUjZv m„wó K‡i|
cÖ_gZ : MY`ªe¨ †hŠ_ cY¨, Z_v AwefvR¨ cY¨| †h Rb¨ †Kv‡bv †fv³v Kg Ges †Kv‡bv †fv³v †ewk †fvM Ki‡Z cv‡i bv|
mevB‡K mgvb †fvM Ki‡Z nq|
wØZxqZ: G¸‡jv mw¤§wjZfv‡e †fvM Kiv nq| †hRb¨ GKR‡bi †fvM Øviv Ab¨R‡bi †fvM cÖfvweZ nq bv| A_©vr
Principle of Exclusion Kvh©Ki nq bv Ges
Z…ZxqZ : Gi cÖvwšÍK LiP cÖvqB k~b¨ nq|
Gme êwk‡óï Kvi‡Y e¨w³MZ `ª‡eï g‡Zv MY`ª‡eï g~j¨ wba©viY Kiv hvq bv| Gi †cÖwÿ‡Z MY`ª‡eï g~j¨ wba©vi‡Y H.
R. Bowen Ges Eric Lindahl †¯^”Qv wewbgq ZË¡ (Voluntary Exchange Principle) cÖ`vb K‡ib| e¨w³MZ
`ª‡eï evRvi Pvwn`v †iLv Avbyf‚wgKfv‡e †hvM K‡i cvIqv hvq| MY `ª‡eï evRvi Pvwn`v †iLv Gfv‡e cvIqv hvq bv|
MY`ª‡eï evRvi Pvwn`v †iLv Dj¤^fv‡e (Vertical) †hvM K‡i A¼b K‡ib Bowen| wZwb `ª‡eï cig g~‡jï †cÖwÿ‡Z
`ª‡eï Pvwn`v cÖKvk K‡ib| hv‡K ‘Bowen scale’ e‡j| Ab¨w`‡K Lindhahl `ª‡eï g~‡jï Av‡cwÿK †kqvi‡K
we‡ePbv K‡i g~j¨ wba©viY K‡ib hv‡K Lindahl scale e‡j| Bowen e¨w³MZ Pvwn`v †iLv‡K Dj¤^fv‡e (Vertical)
†hvM K‡i evRvi Pvwn`v †iLv A¼b K‡ib| MY`ªe¨ †f‡O weµq Kiv hvq bv e‡jB Giƒc Kiv nq|
Bowen Model-Gi †iLv wPÎ cÖKvk t

P a DM
S
b
P V
P0 S
S T
Q
U W
R X DM
b
Y a
O
M1 ME M2
wPÎ 9.1 : Bowen Model
wPÎ 9.1G j¤^ A‡ÿ MY`ª‡eï `vg I f‚wg A‡ÿ Pvwn`v I †hvMv‡bi cwigvY cÖKvk Kiv n‡q‡Q| hLb aa I bb
n‡jv A I B e¨w³i Pvwn`v †iLv, hv‡K Vertical †hvM K‡i (M1U+M1T=M1S1, MER+MEQ=MEP,
BDwbU-9 c„ôv-152
mgwóK A_©bxwZ
M2Y+M2X=M2W) evRvi Pvwn`v †iLv AvuKv n‡q‡Q| Ab¨w`‡K MY`ª‡eï †hvMvb w¯’i Li‡Pi m¤§yLxb e‡j f‚wg
A‡ÿi mgvšÍivj †hvMvb †iLvi Øviv MEP=0P `vg wba©vwiZ nq| Bowen- Gi g‡Z, ME cwigvY Drcv`b n‡e|
OM1 Drcv`b n‡j Pvwn`v `vg †hvMvb `v‡gi †P‡q †ewk| d‡j `ª‡eï cwigvY evo‡e| Avi OM2 Drcv`b n‡j
Pvwn`v `vg †hvMvb `v‡gi †P‡q Kg| d‡j `ª‡eï cwigvY Kg‡e| Kv‡RB ME Drcv`‡b MEP `v‡gi B Ask MEQ
†fv³v Ges MEQ Ask A †fv³v enb Ki‡e| Gfv‡e MY`ª‡eï `vg wba©vwiZ n‡e|
Lindhal model (Voluntary Exchange theory) t

aiv hvK, mgv‡R `yÕRb e¨w³ A I B| mevB X, Y `ywU e¨w³MZ `ªe¨ Ges g GKwU MY`ªe¨ †fvM K‡i|
100% 0%
a
75% 25%
b
15% 45%
E0
50% 50%
25%
75%
a
0% E2 E E1 100%
wPÎ 9.2 : Lindhal Model
wPÎ 9.2G aa nj A e¨w³i MY`ª‡eï Pvwn`v †iLv Ges bb n‡jv B e¨w³i Pvwn`v †iLv| evg w`‡K Dj¤^fv‡e B e¨w³ KZ
Ask enb Ki‡Z Pvq Zv †`Lv‡bv n‡q‡Q| Wvbw`‡K Dj¤^fv‡e B e¨w³ Ici †_‡K wb‡Pi w`‡K KZUzKz Ask enb Ki‡Z Pvq
Zv †`Lv‡bv n‡q‡Q| `ywU †iLv wb‡Pi f‚wg I Ici w`‡K f‚wg A‡ÿ MY`ª‡eï Pvwn`v cwigvc K‡i| E2 `ª‡eï †ÿ‡Î A e¨w³i
100% Ki ev g~j¨ cÖ`vb Ki‡Z Pvq Ges B e¨w³ Pvq 75%; d‡j 175% g~j¨ cÖ`vb Ki‡Z cÖ¯‘Z|
Kv‡RB MY`ª‡eï Pvwn`v †ewk I `ªe¨ evo‡e| Avevi E1 `ª‡eï †ÿ‡Î A enb Ki‡Z Pvq 25% I B enb Ki‡Z Pvq 25%
A_©vr †gvU 50% e¨q enb Ki‡Z cÖ¯‘Z| Kv‡RB MY `ª‡eï cwigvY Kg‡e| E cwigvY `ªe¨ A e¨w³ 55% Ges B e¨w³
45% enb Ki‡Z Pvq hv 100%-Gi mgvb| Kv‡RB OE0 fvimvg¨ MY`ªe¨| Gfv‡e MY`ª‡eï g~j¨ cwigv‡ci †ÿ‡Î eëüZ
†¯‹j‡K Lindhal Scale e‡j| G Z‡Ë¡ †h e¨w³ hZUzKz Kj¨vY †fvM K‡i †m ZZUzKz g~j¨ cÖ`vb Ki‡e|
m¨vgy‡qjm‡bi cY¨ wefvRb g‡Wj (mvaviY fvimv‡gï gva¨‡g MY`ª‡eï g~j¨ wba©viY) t
Paul Samuelson 1955 mv‡j ÔThe Review of Economics and StatisticsÕ-G Zvi cY¨ wefvRb g‡Wj e¨vL¨v K‡ib|
Exclusion cost or Transaction cost k~b¨ Ae¯’vq MY`ªe¨ I e¨w³MZ `ª‡eï `ÿ
e›Ub cÖwµqv e¨vL¨vq wZwb mvaviY g‡Wj
eënvi K‡ib| †hLv‡b MY`ªe¨ I e¨w³MZ `ª‡eï cv_©K¨, Drcv`b m¤úK© Ges LiP enb cÖwµqv GB g‡W‡j e¨vL¨v Kiv
nq| GKB m‡½ MY`ª‡eï eënvi Øviv mgvRKj¨vY e„w× cv‡e; Kg‡e bv| GwU mvaviY fvimv‡gï gva¨‡g cÖ`vb K‡ib|
m¨vgy‡qjmb weï× MvwYwZK I R¨vwgwZK c×wZ‡Z Zvi cY¨ wefvRb g‡Wj e¨vL¨v K‡ib| GB cY¨ wefvRb g‡WjwU wP‡Îi
gva¨‡g my›ìfv‡e cÖKvk K‡ib| wPÎ 9.3 G K I M wP‡Îi gva¨‡g m¨vgy‡qjm‡bi g‡WjwU e¨vL¨v Kiv n‡jv| aiv hvK
†fv³v‡ì cQ›` A‡cÿK †`qv Av‡Q| K wP‡Î j¤^ A‡ÿ MY`ª‡eï cwigvY Ges f‚wg A‡ÿ e¨w³MZ `ª‡eï cwigvY †`Lv‡bv
n‡q‡Q| EF n‡jv e¨w³MZ I Drcv`b m¤¢vebv †iLv| †`q `ªe¨ `ywU A I B e¨w³i g‡a¨ e›Ub Kiv n‡e| MY `ª‡eï Kj¨vY
cÖPwjZ Avq e›Ub †_‡K cwigvc Kiv m¤¢e| e¨w³MZ c‡Yï AvKv‡i A e¨w³i Avq n‡jv OC Ges B e¨w³i Avq n‡jv
CD| mgv‡Ri †gvU Avq n‡jv OC+OD=OE cwigvY| OE †gvU Av‡q A e¨w³i †kqvi n‡jv OC/OE Ges B e¨w³i †kqvi
n‡jv OD/OE|
BDwbU-9 c„ôv-153
weweGm †cÖvMÖvg
(L) I2 (M)
F (K)
N M
I2 I1
I1
G V G W
G
J P J T
J
O L U E O S QC O R K D
wPÎ 9.3 : mvaviY fvimv‡gï gva¨‡g MY`ª‡eï g~j¨ wba©viY
miKvi RbM‡Yi Kj¨vY m‡e©v”PKiY Ki‡Z Pvq| KvD‡K ÿwZ bv K‡i A‡bï Kj¨vY evov‡bv miKv‡ii D‡Ïk¨| MY`ª‡eï
Abycw¯’wZ‡Z A e¨w³ I1 wbi‡cÿ †iLvi C we›`y‡Z †fvM K‡i
(L wP‡Î) Ges B e¨w³ I1 wbi‡cÿ †iLvi D we›`y‡Z †fvM K‡i (M wP‡Î)|
wbi‡cÿ †iLvmg~n MY`ªe¨ I e¨w³MZ `ª‡eï cQ›`bxqZv cÖKv‡k mÿg| cÖv_wgK Ae¯’vq miKvi hw` OG cwigvY MY`ªe¨
mieivn K‡i Z‡e e¨w³MZ `ª‡eï †hvMvb n‡e OL cwigvY| GB cwigvY `ª‡eï ga¨ †_‡K A e¨w³i Dc‡hvM wVK ivL‡Z
n‡j Zv‡K I1 wbi‡cÿ †iLvq OG cwigvY MY`ªe¨ I OS cwigvY e¨w³MZ `ªe¨ †fvM Kivi my‡hvM w`‡Z n‡e| ZvB B e¨w³
OG cwigvY MY`ªe¨ Ges OL-OS=OK cwigvY e¨w³MZ `ªe¨ †fv‡Mi my‡hvM cv‡e| Gi d‡j B †fv³v I2 wbi‡cÿ †iLvq
Ae¯’vb Ki‡e| A-Gi Kj¨vY K‡gwb A_P B e¨w³i Kj¨vY †e‡o‡Q| ZvB OG cwigvY MY`ªe¨ mgvRKj¨vY e„w× K‡i| OG
cwigvY MY`ªe¨ †fv‡Mi Kvi‡Y A e¨w³i e¨w³MZ †fvM Z¨vM Ki‡Z nq OC-OS=SC cwigvY| Ges B e¨w³i OD-OK=KD
cwigvY hv miKvi OG cwigvY MY`ª‡eï g~j¨ wn‡m‡e A I B e¨w³i KvQ †_‡K Av`vq Ki‡e|
†hLv‡b-
MVGPA+MVGPB=MCG......…….................(i)
P=PA+PB ................................................. (ii)
G=GA=GB ............................................... (iii)
Ic‡ii (i), (ii) I (iii) bs mgxKi‡Yi Øviv Kvg¨ Ae¯’vi kZ© cvwjZ nq| (i) bs mgxKi‡b MVGPA+MVGPB=MCG Øviv cÖKvk
cvq e¨w³MZ `ª‡eï (P) wfwË‡Z MY`ª‡eï (G) cÖvwšÍK Kj¨vYmg~‡ni (A) I (B) e¨w³i †hvMdj Aek¨B e¨w³MZ `ª‡eï
wfwË‡Z MY`ª‡eï cÖvwšÍK LiP ci¯úi mgvb n‡e| (ii) Øviv cÖKvk cvq †gvU e¨w³MZ `ªe¨= A I B e¨w³i †fvM ev
OL=OS+OK Ges (iii) bs mgxKi‡Y cÖKvk cvq me †fv³vB mgcwigvY MY`ªe¨ †fvM Ki‡e|
miKvi hw` OJ cwigvY MY`ªe¨ mieivn K‡i Z‡e e¨w³MZ `ª‡eï mieivn n‡e OU cwigvY| G‡ÿ‡Î B e¨w³i Dc‡hvM
(I1) G w¯’i ivL‡j B e¨w³ e¨w³MZ `ªe¨ †fvM Ki‡e OR cwigvY| (M) wP‡Î T we›`y‡Z A e¨w³ OJ cwigvY MY`ªe¨ I OQ
cwigvY e¨w³MZ `ªe¨ †fvM K‡i| (L) wP‡Î P we›`y‡Z A-Gi Kj¨vY †e‡o I2 wbi‡cÿ †iLvq †cuŠ‡Q| G‡ÿ‡Î A e¨w³ OJ
cwigvY MY`ªe¨ †fv‡Mi Rb¨ QC cwigvY e¨w³MZ `ªe¨ g~j¨ wn‡m‡e cÖ`vb Ki‡e Ges B e¨w³ OJ cwigvY MY`ª‡eï Rb¨
RD cwigvY g~j¨ cÖ`vb Ki‡e| †hLv‡b (i), (ii) I (iii) bs kZ© Kvh©Kix n‡e| wPÎ L †Z NPC †hvM K‡i A e¨w³i †fvM
m¤¢vebv †iLv Ges MWD †hvM K‡i B e¨w³i †fvM m¤¢vebv †iLv cvIqv hvq|
ZvB wm×všÍ n‡jv mvgwMÖK fvimvg¨ we‡køl‡Yi Øviv e¨w³MZ I MY`ªe¨ Kvg¨ e›U‡b I LiP en‡b m¨vgy‡qjm‡bi cY¨ wefvRb
g‡Wj ¸iæZ¡c~Y© Ae`vb iv‡L| GKB m‡½ MY`ª‡eï cÖ‡qvRbxqZv Ges mgvRKj¨vY e„w×‡Z MY `ª‡eï f‚wgKv GB g‡W‡j
¯úó n‡q I‡V|
mZ¨-wg_¨v
1. e¨w³MZ `ªe¨ ej‡Z Ggb `ªe¨‡K †evSvq hv GKRb e¨w³ Aev‡a Drcv`b I †fvM Ki‡Z cv‡i| mZ¨/wg_¨v
2. mvgvwRK `ªe¨ ÿz`ª ÿz`ª GK‡K wefvR¨| mZ¨/wg_¨v
mswÿß DËi cÖkœ
1. e¨w³MZ `ª‡eï êwkó¨¸‡jv wK?
2. mvgvwRK ev MY`ª‡eï êwkó¸‡jv wK?
iPbvg~jK cÖkœ
1. †¯^”Qv wewbgq ZË¡ Av‡jvPbv Kiæb|
2. m¨vgy‡qjm‡bi cY¨ wefvRb g‡WjwU Av‡jvPbv Kiæb|
BDwbU-9 c„ôv-154
mgwóK A_©bxwZ
cvV-4 Ki eë¯’v (Taxation System)

D‡Ïk¨
♦ K‡ii msÁv eY©bv Ki‡Z cvi‡eb
♦ cÖZ¨ÿ I c‡ivÿ K‡ii cv_©K¨ ej‡Z cvi‡eb
♦ Ki-fvi, Ki-AvcZb, Ki-Pvjbv cÖf„wZ aviYvi e¨vL¨v Ki‡Z cvi‡eb
♦ AvbycvwZK, cÖMwZkxj I cZbkxj Kiv‡ivc c×wZi g‡a¨ cv_©K¨ ej‡Z cvi‡eb
♦ Ki wba©vi‡Yi cÖavb cÖavb bxwZ¸‡jv e¨vL¨v Ki‡Z cvi‡eb
♦ wewfbœ cÖKvi K‡ii eY©bv cÖ`vb Ki‡Z cvi‡eb|
f~wgKv
cÖwZwU †`‡ki miKvi‡K †`‡ki AvBb-k„sLjv, wkÿv-cÖwkÿY, Dbœqbg~jK KvR cÖf„wZ cwiPvjbvi Rb¨ wewfbœ Drm †_‡K
Avq AvniY Ki‡Z nq| Zš§‡a¨ cÖavb Drm n‡”Q Ki-Drm| G cv‡V K‡ii msÁv, K‡ii †kªYxwefvM I Ki wba©vi‡Yi cÖavb
cÖavb bxwZ¸‡jv eY©bv Kiv n‡q‡Q|
Ki -Gi aviYv
miKv‡ii mvaviY Kvh©vejx Ges Dbœqbg~jK cÖK‡íi ev¯Íevq‡bi Rb¨ cÖPzi A‡_©i cÖ‡qvRb nq| G Rb¨ miKvi cÖwZeQi
wewfbœ Drm †_‡K ivR¯^ msMÖ‡ni †Póv K‡i _v‡K| miKvix ivR‡¯î me‡P‡q eo Drm n‡”Q Ki| Ki-ivR¯^ Av‡qi mv‡_
Ki-ewnf©yZ ivR¯^ Av‡qi GKwU †gŠwjK cv_©K¨ i‡q‡Q| Ki n‡”Q GK ai‡bi eva¨Zvg~jK cÖ`vb hvi Rb¨ Ki`vZv
miKv‡ii wbKU †_‡K †Kvb cÖKvi mywbw`©ó cÖwZ`vb Avkv Ki‡Z cv‡ib bv| Ab¨w`‡K Ki-ewnf©y³ ivR‡¯î †ÿ‡Î mywbw`©ó
cÖwZ`vb GKwU ¯^vfvweK welq| D`vniY¯îƒc, g‡b Kiæb Avcwb GKwU bewbwg©Z †mZz (aiæb †gNbv †mZz) eënvi Ki‡Z
Pvb| G‡ÿ‡Î Avcbv‡K wd cÖ`vb Ki‡Z n‡e| wd cÖ`v‡bi mv‡_ mv‡_B Avcwb D³ †mZzi Dci w`‡q Mvox Pvwj‡q hvevi
AwaKvi AR©b Ki‡jb, wKš‘ e¨w³MZ AvqKi cÖ`v‡bi gva¨‡g Avcwb miKv‡ii wbKU †_‡K cÖZ¨ÿ †Kvb cÖwZ`vb `vex
Ki‡Z cv‡ib bv|
Ki n‡”Q e¨w³ ev e¨w³eM© A_ev AvBbvbyMfv‡e cÖwZwôZ †Kvb ms¯’vi Dci Av‡ivwcZ `vq| Ki GK ai‡bi `vq| Ki
Av‡ivc Kiv nq Ggb e¨w³ ev e¨w³eM© A_ev cÖwZôv‡bi Dci hviv e¨w³MZ Avq ev Ab¨vb¨ Drm †_‡K Kiv‡ivc‡hvM¨
b~¨bZg Avq AR©b K‡i _v‡Kb A_ev Zviv Ggb me m¤c‡ì gvwjK ev Ggb me A_©‰bwZK Kvh©vjxi cwiPvjK †h¸‡jv‡K
K‡ii AvIZvf~³ Kiv n‡q‡Q|
cÖZ¨ÿ I c‡ivÿ Ki
K‡ii AvcZb (incidence) Ges Ki-fvi Kvi Dci eZ©vq †mB `„wó‡Kvb †_‡K Ki‡K cÖZ¨ÿ Ges c‡ivÿ -G `yfv‡M fvM
Kiv nq|
cÖZ¨ÿ Ki: e¨w³ ev eëmvq cÖwZôv‡bi Dci avh©K„Z Ki hv e¨w³ ev cÖwZôvb‡K mivmwi cÖ`vb Ki‡Z nq Zv‡K cÖZ¨ÿ Ki
ejv nq| Ab¨fv‡e ejv hvq, cÖZ¨ÿ Ki n‡”Q Ggb ai‡bi Ki hv e¨w³we‡kl ev cÖwZôvb A‡bï Dci Pvjbv (shift) K‡i
w`‡Z cv‡i bv| D`vniY¯îƒc, g‡b Kiæb, Avcbvi evwl©K Avq bxU 1 jÿ UvKv| AvBbvbyhvqx, 60 nvRvi
Ki-fvi, Ki-AvcZb I Ki-Pvjbv (Impact, Incidence and Shifting of Taxes): Ki-fvi n‡”Q K‡ii cÖv_wgK ¯Íi hv
Ki cÖ`v‡bi Rb¨ wba©vwiZ ev mve¨¯ÍK„Z e¨w³ ev cÖwZôv‡bi Dci c‡o| Ki-AvcZb ej‡Z K‡ii P‚ovšÍ cwiYwZ‡K eySvq|
me©‡k‡l, Ki-Pvjbv ej‡Z K‡ii `vqfvi A‡bï Dci Pvwj‡q †Ìqvi cÖwµqv‡K eySvq| cÖZ¨ÿ K‡ii †ejvq Ki-fvi I
Ki-AvcZb GKB e¨w³ ev cÖwZôv‡bi Dci eZ©vq| Ab¨w`‡K, c‡ivÿ K‡ii †ÿ‡Î K‡ii `vqfvi A‡bï Dci Pvjbv K‡i
‡Ìqv hvq|
UvKvi AwZwi³ Av‡qi Rb¨ Avcbv‡K GKwU wbw`©ó nv‡i Ki cÖ`vb Ki‡Z n‡e| G Ki Avcbv‡KB mivmwi ev cÖZ¨ÿfv‡e
cÖ`vb Ki‡Z n‡e| Ab¨ Kv‡iv Dci K‡ii `vqfvi Pvjbv K‡i †Ìqv hv‡e bv| A_©vr AvqK‡ii †ÿ‡Î Ki-fvi Ges Ki-
AvcZb GKB e¨w³ ev cÖwZôv‡bi Dci c‡o| myZivs AvqKi GKwU cÖZ¨ÿ Ki|
c‡ivÿ Ki: e¨w³ ev cÖwZôv‡bi Dci avh©K„Z Ki hvi `vqfvi e¨w³ ev cÖwZôvb AvswkK ev m¤c~Y©fv‡e A‡bï Dci Pvwc‡q
ev Pvjbv K‡i w`‡Z cv‡i Zv‡K c‡ivÿ Ki e‡j| Ab¨K_vq, c‡ivÿ K‡ii †ÿ‡Î Ki-fvi I Ki-AvcZb wfbœ wfbœ †kÖYxi
BDwbU-9 c„ôv-155
weweGm †cÖvMÖvg
e¨w³e‡M©i Dci c‡o| D`vniY¯îƒc, f¨‡Ui D‡jøL Kiv hvq| f¨v‡Ui Ki-fvi hwÌ cÖv_wgKev‡e we‡µZvi Dci eZ©vq,
we‡µZv `ª‡eï `vg evwo‡q c‡ivÿfv‡e G Ki †µZv‡ì wbKU †_‡K Av`vq K‡i wb‡Z cv‡i| Abyiƒcfv‡e, weµqKi, ïé
cÖf„wZI c‡ivÿ Ki|
mvaviYfv‡e, Drcv`b I Av‡qi Dci Av‡ivwcZ Ki cÖZ¨ÿ Ki wn‡m‡e cwiwPZ Ges †fvM I e¨‡qi Dci avh©K„Z Ki
c‡ivÿ K‡ii AvIZvf~³|
Abykxjb
wb‡Pi †Kvb&wU cÖZ¨ÿ Ki I †Kvb&wU c‡ivÿ Ki: weµq Ki, Avg`vwb ïé, AvqKi, K‡c©v‡iU Ki, m¤c` Ki|
AvbycvwZK, cÖMwZkxj I cZbkxj Ki

K‡ii wfwË cwieZ©‡bi mv‡_ mv‡_ Ki-nvi cwieZ©‡bi cÖeYZvi Dci wbf©i K‡i Ki‡K AvbycvwZK, cÖMwZkxj Ges
cZbkxj -G wZb †kÖYx‡Z wef³ Kiv nq| A_©vr Avq evovi mv‡_ mv‡_ K‡ii nvi (Tax Rate) ev‡o, K‡g ev w¯’i _v‡K -
Gi Dci wfwË K‡i Ki †K wZb †kÖYx‡Z fvM Kiv hvq|
AvbycvwZK Ki: K‡ii wfwË evov ev Kgvi mv‡_ mv‡_ K‡ii `vqfvi hw` GKB nv‡i ev‡o ev K‡g Z‡e Zv‡K AvbycvwZK
Ki e‡j| AvbycvwZK K‡ii †ÿ‡Î Mo Ki I cÖvwšÍK Ki ci¯úi mgvb nq Ges K‡ii wfwË evov ev Kgvi d‡j Mo Ki I
cÖvwšÍK K‡ii †Kvb cwieZ©b nq bv| GKwU D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv hvK&| g‡b Kiæb, Avcbvi Ki‡hvM¨
Av‡qi cwigvY 50,000 UvKv Ges Avcbv‡K 10% nv‡i Ki cÖ`vb Ki‡Z nq| G‡ÿ‡Î, Avcbvi Dci avh©K„Z †gvU Ki =
(50,000*10%) = 5,000 UvKv| myZivs K‡ii Mo nvi = (5,000/50,000)*100 = 10%| Avcbvi cÖvwšÍK Ki nvi
= 10%| GLb g‡b Kiæb, Avcbvi Ki‡hvM¨ Avq †e‡o 1 jÿ UvKv n‡jv| Ki nvi hw` 10%-G w¯’i _v‡K Zvn‡j †gvU
K‡ii cwigvY n‡e (1 jÿ * 10%) = 10,000 UvKv| Mo Ki-nvi = (10,000/1 jÿ)*100 = 10%| G‡ÿ‡Î †gvU
K‡ii cwigvY †e‡o‡Q wKš‘ Mo Ki-nvi I cÖvwšÍK Ki-nvi AcwiewZ©Z Ges ci¯ú‡ii mgvb|
cÖMwZkxj Ki: cÖMwZkxj K‡ii †ÿ‡Î K‡ii wfwË evov ev Kgvi mv‡_ mv‡_ Ki nviI ev‡o ev K‡g| G‡ÿ‡Î Ki-wfwË
evovi mv‡_ mv‡_ K‡ii ‡gvU `vqfvi evovi cvkvcvwk Mo Ki-nvi Ges cÖvwšÍK Ki-nvi DfqB ev‡o Ges cÖvwšÍK Ki-nvi
Mo-Ki nvi A‡cÿv †ekx nq| Dc‡ii D`vni‡Y g‡b Kiæb, Avcbvi evowZ Ki-†hM¨ Avq (50,000 UvKv) -Gi Dci
15% nv‡i Ki Av‡ivc Kiv n‡jv| G‡ÿ‡Î cÖvwšÍK Ki-nvi = 15%| †gvU K‡ii cwigvY = (5,000+7,500) =
12,500 UvKv| Mo Ki-nvi = (12,500/1 jÿ) * 100 = 12.5%|
cZbkxj Ki: K‡ii wfwË evov ev Kgvi nv‡ii †P‡q hw` Ki-nvi Kg nv‡i ev‡o ev K‡g Zvn‡j Zv‡K cZbkxj Ki e‡j|
cZbkxj K‡ii †ÿ‡Î Ki-wfwË evo‡j †gvU K‡ii cwigvY ev‡o wKš‘ cÖvwšÍK I Mo Ki-nvi K‡g Ges cÖvwšÍK Ki-nvi Mo
Ki-nv‡ii †P‡q †ekx nv‡i K‡g A_©vr Mo Ki-nvi cÖvwšÍK Ki-nvi A‡cÿv †ekx nq| Dc‡ii D`vni‡Y g‡b Kiæb
AwZwi³ 50,000 UvKvi Rb¨ Avcbv‡K 8% nv‡i Ki cÖ`vb Ki‡Z nq| A_©vr Avcbvi cÖvwšÍK Ki nvi = 8%| K‡ii
†gvU `vqfvi = (5,000+4,000) = 9,000 UvKv| Mo Ki-nvi = (9,000/1 jÿ) * 100 = 9%|
wb‡P wP‡Îi mvnv‡h¨ AvbycvwZK, cÖMwZkxj I cZbkxj K‡ii e¨vL¨v †Ìqv nj:
2 1
3
Ll-q¡l
O
L−ll ¢i¢š f¢lhaÑ−el q¡l
wPÎ 9.4: AvbycvwZK, cÖMwZkxj I cZbkxj Ki|
wPÎ 9.1 G f~wg A‡ÿ K‡ii wfwË cwieZ©‡bi nvi I Djø¤^ A‡ÿ Ki-nvi †`Lv‡bv n‡q‡Q| wP‡Î 1 bs, 2 bs I 3 bs †iLvÎi
Øviv h_vµ‡g AvbycvwZK Ki, cÖMwZkxj Ki Ges cZbkxj K‡ii aviYv †Zv‡j aiv n‡q‡Q| 1 bs †iLvwUi Xvj 1 A_©vr
BDwbU-9 c„ôv-156
mgwóK A_©bxwZ
†iLvwU 45° †iLv| G †iLvi cÖwZwU we›`y‡Z K‡ii wfwË cwieZ©‡bi nvi I Ki-nv‡ii cwieZ©b GKB Kv‡RB GUv
AvbycvwZK aviYv‡K †Zv‡j a‡i‡Q| 3 bs †iLvwU GKwU eµ‡iLv hvi Xvj ax‡i ax‡i nªvm cv‡”Q A_©vr K‡ii wfwË †h nv‡i
evo‡Q Ki-nvi Zvi †P‡q Kg nv‡i evo‡Q| Kv‡RB 3 bs †iLvwU cZbkxj K‡ii aviYv‡K cÖ`k©b Ki‡Q| Ab¨w`‡K, 2 bs
†iLvwU GKwU ea©gvb eµ‡iLv hvi Xvj K‡ii wfwË cwieZ©‡bi nvi e„w×i mv‡_ mv‡_ e„w× cv‡”Q A_©vr K‡ii wfwË †h nv‡i
e„w× cv‡”Q Ki-nvi Zvi †P‡q †ekx nv‡i e„w× cv‡”Q| Kv‡RB GUv cÖMwZkxj K‡ii aviYv‡K cÖ`k©b Ki‡Q|
Ki bxwZ (Principle of Taxation)
Kvg¨ ev KvswLZ Kiv‡ivc bxwZ¸‡jvi g‡a¨ wb‡æv³ PviwU bxwZ ev `„wófsMx (approach) we‡klfv‡e D‡jøL‡hvM¨-
K. Ki Av`v‡qi myweav-bxwZ (The Expendiency Approach)
L. mvgvwRK - ivR‰bwZK bxwZ (The Socio - Political Approach)
M. Ki-cÖ`vb †_‡K cÖvß myweav-bxwZ (The Benefit - Received Approach)
N. Ki cÖ`vb - ÿgZv bxwZ (The Ability to Pay Approach)
wb‡P G mKj bxwZ ev `„wófsMxi mswÿß eY©bv cÖ`vb Kiv n‡jv|
Ki Av`v‡qi myweav-bxwZ: G bxwZi g~jK_v n‡jv GB †h, Ki-cÖ¯Íve ev Ki Av`v‡qi c×wZ Ggb nIqv DwPZ hv ev¯ÍeZvi
mv‡_ msMwZc~Y©| GLv‡b ev¯ÍeZv ej‡Z Ki bxwZi cÖ‡qvM-†hvM¨Zv A_©vr Ki Av`v‡qi myweav‡K eySv‡bv n‡q‡Q| G bxwZ
Abyhvqx, Ki cÖ‡qv‡Mi Av_©-mvgvwRK djvdj †gv‡UB we‡eP¨ welq bq| G bxwZi me‡P‡q eo `~e©jZv n‡jv Gi
AbgbxqZv| A_©bxwZi MwZ-cÖK„wZ Ges mvgvwRK cwiw¯’wZi we‡ePbvq miKvi‡K A‡bK mgq mgš^qKvixi f~wgKv cvjb
Ki‡Z nq| Ki wba©viY bxwZ Ggb nIqv DwPZ hv‡Z ïaygvÎ Ki †_‡K AR©b m‡e©v”P n‡e bv, mgv‡Ri mvwe©K Kj¨vYI
mywbwðZ nq|
mvgvwRK-ivR‰bwZK bxwZ: cÖwZwU A_©‰bwZK wm×v‡šÍi †cQ‡b †Kvb bv †Kvb mvgvwRK - ivR‰bwZK jÿ¨ _v‡K| mvgvwRK-
ivR‰bwZK bxwZi cÖe³v IqvMbv‡ii (Wagner) g‡Z, Ki bxwZ wba©vi‡Yi †ÿ‡ÎI Gme mvgvwRK-ivR‰bwZK jÿ¨
we‡ePbvq ivLv DwPZ| GKwU mgvR e¨w³we‡k‡li †P‡q A‡bK eo| wKQy msL¨K e¨w³i Kj¨vY mvab mgv‡Ri mvwe©K
Kj¨vY wb‡`©k K‡i bv| eis welqwU wecixZfv‡e mZ¨| A_©vr mgv‡Ri mvwe©K Kj¨vY wbwðZ n‡j e¨w³we‡kl †Kvb bv
†Kvbfv‡e DcK„Z n‡eB| GK K_vq, IqvMbvi Ki wba©vi‡Yi †ÿ‡Î AvaywbK Kj¨vY-`„wófsMx Abymi‡Yi cÖwZ wb‡`©k cÖ`vb
K‡ib| IqvMbv‡ii g‡Z, Ki wba©vi‡Yi bxwZ Ggb n‡e hv Av‡qi êlg¨ Kgv‡Z mÿg Ges G jÿ¨ AR©‡bi Rb¨ ¯^í
Av‡qi RbmvaviY‡K Ki cÖ`vb †_‡K Ae¨vnwZ †Ìqv DwPZ|
Ki cÖ`vb †_‡K cÖvß myweav-bxwZ: Ki wba©vi‡Yi eûj Av‡jvwPZ bxwZ `y‡Uvi GKwU n‡”Q Ki cÖ`vb †_‡K cÖvß myweav-bxwZ|
AciwU n‡jv Ki cÖ`vb-ÿgZv bxwZ| Av‡jvP¨ bxwZ Abyhvqx, e¨w³we‡kl miKv‡ii wewfbœ Kg©m~wP ev cÖwZôvb †_‡K cÖvß
myweavi Abycv‡Z Ki cÖ`vb Ki‡e| GwU evRvi †_‡K †Kvb cY¨mvgMÖx †Kbvi Abyiƒc A_©vr Avcwb hw` miKvix cvK©,
iv¯ÍvNvU eënvi K‡i _v‡Kb Zvn‡j eënv‡ii gvÎvbyhvqx Avcwb Ki cÖ`vb Ki‡eb| G bxwZ‡Z, cÖvß miKvix myweav Ges
K‡ii g‡a¨ GK ai‡bi mivmwi m¤cK© we`¨gvb| G bxwZi `~e©jZv n‡jv- G‡Z Avq I m¤c‡ì b¨vqvbyM e›U‡bi
cÖ‡qvRbxqZv‡K cy‡ivcywi A¯^xKvi Kiv n‡q‡Q| wØZxqZt Ki‡K †h A_©‰bwZK cÖe„w× I w¯’wZkxjZv iÿv ev Avbq‡bi
nvwZqvi wn‡m‡e eënvi Kiv hvq †m w`KwU G bxwZ‡Z we‡ePbvq Avbv nqwb|
Ki cÖ`vb-ÿgZv bxwZ: G bxwZ Abyhvqx, Ki wba©viY c×wZ Ggb nIqv DwPZ hv e¨w³e‡M©i Avq I m¤c` A_©vr Ki
cÖ`v‡bi ÿgZvi mv‡_ msMwZc~Y©| A_©vr G bxwZ Abyhvqx, abx e¨w³MY `wi`ª †kÖYx A‡cÿv AwaK Ki cÖ`vb Ki‡eb| Gi
A_© GB bq †h, Ki c×wZ AwZ Aek¨B cÖMwZkxj n‡e| cÖMwZkxj Ki Avewk¨Kfv‡eB Ki cÖ`vb-ÿgZv bxwZi mv‡_
msMwZc~Y©, Z‡e †ÿÎ we‡k‡l AvbycvwZK ev cZbkxj KiI G bxwZi mv‡_ msMwZc~Y©| KviY cZbkxj ev AvbycvwZK Ki
KL‡bv GUv wb‡`©k K‡i bv †h, A‡cÿvK„Z abx e¨w³MY Kg Ki cÖ`vb K‡i _v‡Kb| Ki cÖ`vb-ÿgZv bxwZi we‡klZ¡ n‡jv
-
1. GwU b¨vq wePvi I mgZv bxwZi mv‡_ msMwZc~Y©
2. G‡Z m‡e©v”P mvgvwRK Kj¨vY wbwðZ n‡Z cv‡i
3. GwU cÖ‡qvM Kiv Zzjbvg~jKfv‡e mnR| KviY Ki`vZv‡ì Ki cÖ`v‡bi ÿgZv wbY©q Kivi †ekwKQy gvcKvwV i‡q‡Q,
†hgb - e¨w³e‡M©i Avq, m¤c` I m¤cwË, †fvMe¨q BZ¨vw`|
†h †Kvb miKvi Ki Av‡iv‡ci †ÿ‡Î Dc‡iv³ bxwZ¸‡jv jÿ¨ K‡i Ges miKv‡ii Av`k©, ivR‰bwZK `„wófswM I
A_©‰bwZK j‡ÿï wfwË‡Z †Kvb we‡kl bxwZ ev bxwZgvjv MÖnY K‡i _v‡K|
BDwbU-9 c„ôv-157
weweGm †cÖvMÖvg
KwZcq K‡ii aviYv

Kiv‡iv‡ci Rb¨ wba©vwiZ welqmg~‡ni wfwË‡Z Ki‡K wewfbœ †kªYx‡Z fvM Kiv hvq| D`vniY¯îƒc, Avq Ki I m¤c` K‡ii
D‡jøL Kiv hvq| eZ©gvb cwi‡”Q‡` Avgiv G ai‡bi KwZcq K‡ii mswÿß eY©bv Dc¯’vcb Kie|
Avq Ki: mnRfv‡e ejv hvq, e¨w³e‡M©i Av‡qi Dci avh©K„Z Ki-B n‡jv AvqKi| GLb cÖkœ n‡”Q, Avq Kxfv‡e wba©viY
Kiv n‡e? GKRb e¨w³i Avq‡K wbæwjwLZ welq mg~‡ni †hvMdj wnmv‡e †`Lv‡bv hvq -
1. GKwU wbw`©ó mg‡q e¨w³we‡k‡li †fvM-e¨q hv e¨w³we‡k‡li Dcv`vb-Avq (factor income) A_ev n¯ÍvšÍi cvIbv
A_ev mwÂZ m¤c` †_‡K cÖvß Av‡qi gva¨‡g wbe©vn Kiv n‡q‡Q| Gi mv‡_ hy³ n‡e e¨w³we‡klKZ„©K wbR¯^ eënv‡ii Rb¨
Drcvw`Z `ªe¨mvgMÖx Ges e¨w³we‡klKZ„©K eënƒZ †UKmB `ªe¨mvgMÖxi g~j¨|
2. GKwU wbw`©ó mg‡q e¨w³MZ m¤c‡ì bxU e„w× hv e¨w³ we‡k‡li mÂq †_‡K cÖvß A_ev m¤cwËi g~jë„w×i gva¨‡g
cÖvß|
GLv‡b D‡jøL¨ †h, AvqKi GKwU cÖZ¨ÿ Ki|
K‡c©v‡ik‡bi Avq Ki: K‡c©v‡ik‡bi Avq ev gybvdvi Dci †h Ki avh© Kiv nq Zv K‡c©v‡ik‡bi AvqKi bv‡g cwiwPZ|
K‡c©v‡ik‡bi AvqK‡ii `y‡Uv w`K i‡q‡Q| cÖ_gZt K‡c©v‡ikb Zvi gybvdv ev Avq Askx`vi‡ì g‡a¨ e›Ub bv K‡i
fwel¨‡Z K‡c©v‡ik‡bi AvqZb e„w×i Rb¨ †i‡L w`‡Z cv‡i| wØZxqZt K‡c©v‡ikb Zvi Av‡qi Ask we‡kl A_ev m¤c~Y©
Ask Askx`vi‡ì g‡a¨ e›Ub K‡iw`‡Zcv‡i| Kv‡RB K‡c©v‡ik‡bi Avq †_‡K `yevi Ki cÖ`vb Ki‡Z nq| cÖ_gZt
K‡c©v‡ik‡bi mvgwMÖK Avq ev gybvdv wn‡m‡e Ges wØZxq ch©v‡q Askx`vi‡ì e¨w³MZ Avq wn‡m‡e| e¨w³MZ Avq K‡ii
g‡Zv K‡c©v‡ik‡bi AvqKiI cÖZ¨ÿ Ki|
Avg`vwb-ißvwb ïé: Avg`vwb I ißvwb `ª‡eï g~‡jï Dci †h Ki avh© Kiv nq Zv‡K Avg`vwb I ißvwb ïé ev Ki ejv
nq| Avg`vwb I ißvwb ïé GK ai‡bi c‡ivÿ Ki| KviY Avg`vwb-ißvwbKviK `ªe¨g~j¨ e„w×i gva¨‡g Zv cvBKvix I LyPiv
we‡µZv A_ev †µZv‡ì wbKU †_‡K Av`vq K‡i wb‡Z cv‡i|
AveMvwi ïé: †`‡ki Af¨šÍ‡i Drcvw`Z `ªe¨mvgMÖxi Dci †h Ki avh© Kiv nq Zv‡K AveMvwi ïé ev Ki e‡j| AveMvwi
ïé mvaviYZt `ªe¨cÖwZ ev `ª‡eï GKK cÖwZ wba©viY Kiv n‡q _v‡K| cwifvlvq G‡K mywbw`©ó ïé (Specific tax) ejv
nq| AveMvwi ïé GKwU c‡ivÿ Ki|
weµq Ki: `ªe¨mvgMÖxi weµqg~‡jï Dci †h Ki Av‡ivc Kiv nq Zv‡K weµq Ki e‡j| weµq K‡ii Ki-fvi I Ki-
AvcZb cÖv_wgKfv‡e we‡µZvi Dci c‡o| GB A‡_©, weµq Ki GK ai‡bi cÖZ¨ÿ Ki| wKš‘ weµq K‡ii Aek¨¤¢vex
cwiYwZ n‡”Q `ªe¨g~‡jï e„w× A_©vr we‡µZv Av‡ivwcZ Ki AvswkK ev m¤c~Y©fv‡e †µvZvi Dci Pvjbv K‡i w`‡Z cv‡i|
myZivs weµq Ki g~jZt GK ai‡bi c‡ivÿ Ki|
g~j¨-ms‡hvRb Ki (f¨vU): Drcv`‡bi wewfbœ ¯Í‡i `ªe¨mvgMÖxi weµqg~j¨ I Av‡jvP¨ `ªe¨mvgMÖx Drcv`‡b eënƒZ wewfbœ
cÖKvi Drcvw`Z `ªe¨mvgMÖxi µqg~‡jï we‡qvMdj‡K g~j¨ms‡hvRb ejv nq| aiæb, Avcwb GKwU cvDiæwU Drcv`b K‡i 10
UvKvq weµq Ki‡jb| cvDiæwUwU Drcv`‡b, Avcwb gq`v, wPwb I wWg eve` †gvU e¨q K‡i‡Qb 8 UvKv| G‡ÿ‡Î cvDiæwU
Drcv`‡b, g~j¨ ms‡hvwRZ nj = (10-8) UvKv = 2 UvKv| Gfv‡e ms‡hvwRZ g~‡jï Dci †h Ki avh© Kiv nq Zv‡K g~j¨-
ms‡hvRb Ki (Value Added Tax-VAT) ejv nq| VAT GK ai‡bi weµq Ki| †Kvb †Kvb †`‡k f¨vU‡K c‡Yï
Drcv`b Li‡Pi mv‡_ hy³ K‡i c‡Yï g~j¨ wba©viY Kiv nq, Avevi †Kvb †Kvb †`‡k f¨vU †K g~‡jï evB‡i AwZwi³ †`q
wn‡m‡e †`Lv‡bv nq| d‡j cY¨ µ‡qi iwm‡` VAT c„_Kfv‡e wjLv nq| Z‡e mvaviY weµq K‡ii mv‡_ Gi †gŠwjK
cv_©K¨ n‡jv GB †h, mvaviY weµq K‡ii †ÿ‡Î ïaygvÎ P‚ovšÍ mvgMÖxi weµq g~‡jï Dci Ki Av‡ivc Kiv nq, wKš‘
f¨v‡Ui †ÿ‡Î Drcv`‡bi cÖwZwU ¯Í‡i (cÖv_wgK †_‡K P‚ovšÍ ch©vq ch©šÍ) wewµZ `ªe¨mvgMÖxi Dci Ki avh© Kiv nq| GKwU
D`vni‡Yi mvnv‡h¨ welqwU‡K e¨vL¨v Kiv †h‡Z cv‡i| GKwU kvU© Drcv`‡bi wewfbœ ¯Íi wPšÍv Kiæb|
Drcvw`Z `ªe¨ DcKiY Drcvw`Z `ª‡eï g~j¨ ms‡hvRb g~j¨ ms‡hvRb Ki mvaviY weµq
weµq g~j¨ (UvKv) (UvKv) (5%) (UvKv) Ki (5%)
(UvKv)
Zzjv (1†KwR) Zzjvi exR, 70.00 70.00 3.50
mvi BZ¨vw`
myZv (1†KwR) Zzjv+Ab¨vb¨ 80.00 10.00 0.50
Kvco (1MR) myZv+Ab¨vb¨ 110.00 30.00 1.50
kvU© (1wU) Kvco+Ab¨vb¨ 150.00 40.00 2.00 7.50
†gvU 7.50 7.50
BDwbU-9 c„ôv-158
mgwóK A_©bxwZ
mviYx 9.1: kvU© Drcv`‡bi wewfbœ ¯Í‡i g~j¨ms‡hvRb Ki Av‡ivc

Dc‡ii KvíwbK Q‡K †`Lv hv‡”Q †h, kvU© Drcv`‡bi wewfbœ ¯Í‡i ms‡hvwRZ g~‡jï Dci Ki emv‡bv n‡q‡Q hvnv g~j¨
ms‡hvRb Ki wn‡m‡e we‡ewPZ Ges hw` ïaygvÎ kv‡U©i g~‡jï Dci Ki emv‡bv nq Zv mvaviY wewµq Ki wn‡m‡e we‡ewPZ
nq (mviYxi me©‡kl Kjv‡g Zv †`Lv‡bv n‡q‡Q)| mviYx‡Z †`Lv hv‡”Q, kv‡U©i wewfbœ ¯Í‡i Av‡ivwcZ g~j¨ms‡hvRb K‡ii
†gvU cwigvY 7.50 UvKv Ges mvaviY weµq K‡ii cwigvY I 7.50 UvKv | mvaviY weµq K‡ii †ejvq Ki-fvi
cÖv_wgKfv‡e cy‡ivcywi kvU© we‡µZvi Dci c‡o wKš‘ g~j¨ms‡hvRb K‡ii †ejvq K‡ii fvi cÖv_wgKfv‡e kvU© we‡µZvi
Dci cy‡ivcywi bv ewZ©‡q kvU© Drcv`‡bi wewfbœ ¯Í‡i Zzjv we‡µZv, myZv we‡µZv, Kvco we‡µZv‡ì Dci g~j¨ms‡hvR‡bi
Abycv‡Z eZ©vq|
ejv evûj¨, VAT GKwU c‡ivÿ Ki|
Abykxjb
wb‡Pi †Kvb&wUi Kvi‡Y `ª‡eï g~j¨ e„w× cvq: weµq Ki, AveMvwi ïé, AvqKi, g~j¨ms‡hvRb Ki|
mZ¨-wg_¨v
1. weµq Ki g~jZt GK ai‡bi c‡ivÿ Ki - mZ¨/wg_¨v
2. weµq Ki I VAT -Gi g‡a¨ †Kvb cv_©K¨ †bB - mZ¨/wg_¨v
3. cÖZ¨ÿ K‡ii †ÿ‡Î Ki-fvi I Ki-AvcZb wfbœ wfbœ †kªYxi Dci c‡o - mZ¨/wg_¨v
4. K‡ii AvcZb ej‡Z K‡ii `vqfvi en‡bi P‚ovšÍ Ae¯’v‡K eySvq - mZ¨/wg_¨v
5. cÖMwZkxj K‡ii †ÿ‡Î K‡ii Mo-nvi cÖvwšÍK nv‡ii †P‡q †ekx nq - mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. K‡ii msÁv w`b| cÖZ¨ÿ I c‡ivÿ K‡ii cv_©K¨ wb‡`©k Kiæb|
2. AvbycvwZK, cÖMwZkxj I cZbkxj K‡ii cv_©K¨ wb‡`©k Kiæb|
3. wb‡Pi †Kvb&wU cÖZ¨ÿ Ki Ges †KvbwU c‡ivÿ K‡ii D`vniY? e¨vL¨v Kiæb - (K) AvqKi (L) g~j¨ms‡hvRb Ki
(M) AveMvwi ïé
4. Ki-Av‡iv‡ci bxwZ¸‡jv ms‡ÿ‡c e¨vL¨v Kiæb|
5. g~j¨ms‡hvRb Ki wK? GUv wKfv‡e mvaviY weµq Ki †_‡K Avjv`v?
ˆbe©¨w³K cÖkœ
1. Ki n‡”Q
K. GK ai‡bi `vq
L. GK ai‡bi Rwigvbv
M. GK ai‡bi wd
2. wb‡Pi †Kvb&wU cÖZ¨ÿ Ki?
K. weµq Ki
L. Avq Ki
M. AveMvwi ïé
3. †Kvb&wU c‡ivÿ Ki?
K. Avq Ki
L. weµq Ki
M. Dc‡ii †KvbwUB bq
N. K I L DfqB|
BDwbU-9 c„ôv-159
weweGm †cÖvMÖvg
4. cÖMwZkxj Kiv‡iv‡ci d‡j

K. †ekx Av‡qi †jvK Kg Ki †`q
L. †ekx Av‡qi †jvK †ekx Ki †`q
M. Dc‡ii †KvbwUB bq
N. K I L DfqB mwVK|
5. weµq Ki
K. †µZvi Dci Pvjbv Kiv hvq
L. †µZvi Dci Pvjbv Kiv hvq bv
M. K I L †KvbwUB bq
N. K I L DfqB|
mgm¨v
wb‡Pi ZvwjKvwU jÿ¨ Kiæb:
Drcv`‡bi Drcvw`Z DcKiY Drcvw`Z g~j¨ms‡hvR g~j¨ms‡hvR mvaviY
¯Íi `ªe¨ `ª‡eï b (UvKv) b Ki weµq Ki
g~j¨ (UvKv) (UvKv)
(UvKv)
cÖv_wgK Mg M‡gi 250 - -
(1 gY) exR+Ab¨vb¨

wØZxq gq`v Mg+Ab¨vb¨ 300 - -
(1 gY)

P‚ovšÍ cvDiæwU gq`v+Ab¨vb¨ 400 - - -
(40wU)
K. Dc‡ii ZvwjKvq P‚ovšÍ `ªe¨ †Kvb&wU?

L. cvDiæwU Drcv`‡bi wØZxq ¯Í‡i g~j¨ms‡hvRb KZ UvKv?
M. hw` g~j¨ ms‡hvRb Ki 5% nq, Zvn‡j Drcv`‡bi cÖv_wgK I P‚ovšÍ ¯Í‡i K‡ii cwigvY KZ?
N. †gvU g~j¨ms‡hvRb K‡ii cwigvY KZ?
O. mvaviY Ki nvi 5% n‡j †gvU K‡ii cwigvY KZ n‡e?
P. Ki Avq cÖvwßi †ÿ‡Î g~j¨ms‡hvRb Ki bvwK mvaviY weµq Ki †ekx Kvh©Ki?
BDwbU-9 c„ôv-160
mgwóK A_©bxwZ
cvV-5 ev‡RU, miKvix FY I NvUwZ e¨q (Budget, Public Debt and Deficit)
D‡Ïk¨
♦ ev‡R‡Ui msÁv eY©bv cvi‡eb
♦ ev‡R‡Ui A_©‰bwZK I Kvh©MZ †kªYxwefvM e¨vL¨v Ki‡Z cvi‡eb
♦ mylg, DØ„Ë I NvUwZ ev‡R‡Ui aviYv eY©bv Ki‡Z cvi‡eb
♦ miKvix F‡Yi aviYv Ges cÖ‡qvRbxqZv e¨vL¨v Ki‡Z cvi‡eb
♦ NvUwZ e¨‡qi aviYv I NvUwZ e¨‡qi djvdj e¨vL¨v Ki‡Z cvi‡eb|
f~wgKv
miKvi cÖwZ eQi Ryb/RyjvB gv‡m AvMvgx GK eQ‡i Zvi m¤¢ve¨ Avq-e¨‡qi GKwU weeiY RvZxi m¤gy‡L †Zv‡j a‡ib|
miKv‡ii Avq-e¨‡qi weeiYB n‡”Q ev‡RU| G cv‡V ev‡R‡Ui aviYv, ev‡R‡Ui †kÖYxwefvM miKvix FY, NvUwZ e¨q wbe©vn
cÖf„wZ m¤c‡K© eY©bv Kiv n‡q‡Q|
ev‡RU
ev‡RU Kx? evsjv‡`k miKv‡ii A_©gš¿x cÖwZ eQi Ryb gv‡mi †k‡li w`‡K ev RyjvB‡qi cÖ_g w`‡K RvZxq msm‡`
miKv‡ii c~e©eZx© GK eQ‡ii Avq I e¨‡qi GKwU ms‡kvwaZ wnmve Ges cieZx© eQ‡i miKv‡ii Avq I e¨‡qi GKwU
cÖvK&KwjZ wnmv‡ei eY©bv cÖ`vb K‡ib| miKvix Avq I e¨‡qi Giƒc c×wZMZ eY©bv ev wnmve‡K ev‡RU ejv nq|
AvaywbK hy‡M, ev‡RU cÖYqb GKwU ¯^vfvweK NUbv| cÖwZwU †`‡ki miKvi wewfbœ cÖKvi A_©‰bwZK I A-A_©‰bwZK Kg©m~Pxi
gva¨‡g wewfbœ jÿ¨ AR©‡bi cÖ‡Póv Pvwj‡q _v‡K| w¯’iK„Z jÿ¨ Ges bxwZmg~n‡K mvg‡b †i‡L miKvi cieZ©x GK eQ‡ii
Rb¨ GKwU Avw_©K cwiKíbv cÖYqb K‡i _v‡K| G cwiKíbvq wewfbœ Drmmg~n Ges wewfbœ Kg©m~Px‡Z m¤¢ve¨ e¨‡qi AbycytL
weeiY wjwce× _v‡K| miKv‡ii GB Avw_©K `wjj‡KB ev‡RU ejv nq| myZivs miKvix ev‡RU‡K Avgiv wb‡æv³fv‡e
msÁvwqZ Ki‡Z cvwi -
ev‡RU n‡jv miKv‡ii cieZ©x GK eQ‡ii Rb¨ M„nxZ ev cÖ¯ÍvweZ A_©‰bwZK Kg©KvÛ I Kg©m~Pxi GKwU c×wZMZ weeiY
†hLv‡b D‡jøwLZ eQ‡i cÖ¯ÍvweZ Kg©m~Px ev¯Íevq‡bi Rb¨ cÖ‡qvRbxq A‡_©i †hvMv‡bi Drmmg~n Ges e¨‡qi LvZmg~n mywbw`©ó
Ges we¯ÍvwiZfv‡e mbv³ Kiv n‡q _v‡K|
ev‡R‡Ui wewfbœ Ask

ev‡R‡Ui eY©bv wewfbœ †`‡k wewfbœfv‡e †Ìqv n‡q _v‡K| Avgv‡ì †`‡k GKwU ev‡RU‡K mvaviYZt wZbwU fv‡M †`Lv‡bv
nq| †hgb: ivR¯^ ev‡RU, Dbœqb ev‡RU I g~jab ev‡RU| cÖ_g `yB As‡ki mw¤gwjZ Avq I e¨‡qi wfwË‡Z ev‡RU‡K
DØ„Ë, NvUwZ ev mylg ev‡RU ejv nq| Z‡e Avgv‡ì †`‡k ev‡RU‡K ivR¯^ Avq-e¨‡qi wfwË‡ZB Dc‡ii wZb fv‡M fvM
Kiv nq| ivR¯^ Avq ivR¯^ e¨q A‡cÿv †ekx n‡j Zv‡K DØ„Ë ev‡RU ejv nq| ivR¯^ Avq A‡cÿv ivR¯^ e¨q †ekx n‡j Zv
NvUwZ ev‡RU wnmv‡e cwiwPZ Ges ivR¯^ Avq I ivR¯ê¨q ci¯úi mgvb n‡j Zv‡K mylg ev‡RU e‡j| GwU GKwU
e¨wZµg|
ivR¯^ ev‡R‡U miKv‡ii Avq I e¨q eY©xZ nq| Gi c‡iB †`Lv‡bv nq Dbœqb ev‡RU| mvaviYfv‡e ivR¯^ DØ„Ë ØvivB
Dbœqb ev‡R‡Ui LiP †gUv‡bv nq AZtci †Kvb NvUwZ †`Lv w`‡j miKvi FY, Aby`vb/mvnvh¨ (Af¨šÍixY I AvšÍR©vwZK)
BZ¨vwì gva¨‡g A_ev UvKv Qvwc‡q GB NvUwZ c~iY K‡i|
g~jab ev‡R‡U bZzbfv‡e mwÂZ g~jab m¤c` A_ev ÿqcÖvß ev eënvi-Abyc‡hvMx g~jab m¤c‡ì weeiY wjwce× _v‡K|
ev‡R‡Ui A_©‰bwZK I Kvh©MZ †kªYxwefvM

(Economic and Functional Classification of Budgets)
miKvix e¨q Ges wewfbœ cÖKvi e¨‡qi A_©vqb cÖwµqv hw` A_©‰bwZK welqvejxi wbwi‡L wef³ Kiv n‡q _v‡K Z‡e Zv‡K
ev‡R‡Ui A_©‰bwZK †kÖYxwefvM ejv nq| myZivs †eZb I gRyix Ges my` eve` e¨q, K‡ii gva¨‡g msM„nxZ A_©, miKvix
FY cÖf„wZi gva¨‡g cÖKvwkZ Avw_©K weeiY‡K ev‡R‡Ui A_©‰bwZK †kÖYxwefvM ejv nq| Ab¨w`‡K, ev‡R‡Ui Kvh©MZ
BDwbU-9 c„ôv-161
weweGm †cÖvMÖvg
†kªYxwefvM ej‡Z wewfbœ ai‡bi Kg©m~Px Ges D‡Ï‡kï wfwË‡Z cÖKvwkZ Avw_©K weeiY‡K eySvq| A_©vr miKvi Kx Kx
e¯ÍyMZ KvR ev †mevag©x KvR ev¯Íevqb Ki‡Z Pvq Zvi Avw_©K weeiY n‡”Q ev‡R‡Ui Kvh©MZ †kªYxwefvM| ev‡RU‡K hw`
wewfbœ cÖKvi A_©‰bwZK Kg©KvÛ I mvgwRK †mev, wkÿv, cÖwZiÿv, ¯^v¯’¨ I cwievi Kj¨vY cÖf„wZi Av‡jv‡K e¨vL¨v Kiv nq
Z‡e Zv n‡e Kvh©MZ †kÖYxwefvM|
mylg ev‡RU (Balanced Budget)

mvaviYZt mylg ev‡RU ej‡Z miKv‡ii ivR¯^ Avq I miKv‡ii mvgwMÖK e¨‡qi mgZv‡K eySv‡bv nq| g‡b Kwi, miKv‡ii
mvgwMÖK e¨q = GE Ges miKvix ivR¯^ Avq = GR| myZivs GE = GR A_ev GE - GR = 0 n‡”Q mylg ev‡R‡Ui wb‡`©kK|
GE>GR Ges GE<GR h_vµ‡g NvUwZ I DØ„Ë ev‡R‡Ui wb‡`©kK| wKš‘ Avgv‡ì †`‡k ïaygvÎ ivR¯^ Avq-e¨‡qi wfwË‡ZB
mylg, DØ„Ë I NvUwZ ev‡R‡Ui e¨vL¨v †Ìqv nq A_©vr hw` G = miKv‡ii ivR¯^ e¨q nq Zvn‡j G = GR, G<GR I
G>GR n‡”Q h_vµ‡g mylg, DØ„Ë I NvUwZ ev‡R‡Ui wb‡`©kK| GUv GKwU AvswkK e¨vL¨v| †Kbbv ivR¯^ e¨q QvovI
miKvi‡K evwl©K Dbœqb Kg©m~wP (GwWwc), GwWwc ewnf©yZ cÖKímg~n, Kv‡Ri wewbg‡q Lv`¨ Kg©m~wP cÖf„wZ‡Z cÖPzi cwigv‡Y
A_©-e¨q Ki‡Z nq (evsjv‡`‡k 1996-97 A_©eQ‡i Gme Lv‡Z cÖ¯ÍvweZ e¨‡qi cwigvY n‡”Q 13,155 †KvwU UvKv)| d‡j
mvgwMÖKfv‡e miKv‡ii Avq †_‡K e¨q †ekx nq, A_©vr mvgwMÖK `„wó‡Kvb †_‡K evsjv‡`‡ki ev‡RU n‡”Q GKwU NvUwZ
ev‡RU hwÌ miKvi ïaygvÎ ivR¯^ Avq I ivR¯^ e¨‡qi wfwË‡Z ev‡RU‡K DØ„Ë ev‡RU e‡j †NvlYv w`‡q _v‡K| ev‡R‡Ui
mwZ¨Kvi wPÎ GLv‡b my‡KŠk‡j Avovj Kiv nq| D`vniY¯îƒc, MZ 28 †k RyjvB 1996 gvbbxq A_©gš¿x RvZxq msm‡`
1996-97 A_©eQ‡ii †h ev‡RU †NvlYv Ki‡jb Zv‡Z ivR¯^ DØ„Ë 5017 †KvwU UvKv †`Lv‡bv n‡q‡Q A_©vr GUv GKwU DØ„Ë
ev‡RU| wKš‘ mvgwMÖK `„wó‡Kvb †_‡K we‡ePbv Ki‡j GUv GKwU NvUwZ ev‡RU| †Kbbv miKv‡ii ivR¯^ Avq †_‡K
miKv‡ii mvgwMÖK e¨q 8,138 †KvwU UvKv †ekx (mviYx 8.2 †`Lyb)| G evowZ e¨q miKvi we‡`kx Aby`vb I FY, †`‡ki
wfZi †_‡K msM„nxZ FY A_ev UvKv Qvwc‡q wgUv‡q _v‡K|
Abykxjb
wb‡Pi †Kvb&wU ev‡R‡Ui †Kvb& As‡ki Av‡jvP¨ welq: ivR¯^ Avq, ivR¯^ e¨q, eënviAbyc‡hvMx g~jab m¤c`, ê‡`wkK
mvnvh¨|
evsjv‡`‡ki 1996/97 A_©eQ‡ii ev‡RU

A_©gš¿x kn& G.Gg.Gm. wKewiqv MZ 28 RyjvB 1996 RvZxq msm‡` †h ev‡RU e³„Zv cÖ`vb K‡ib wb‡æ Dnvi mvi-ms‡ÿc
Dc¯’vcb Kiv n‡jv:
wnmv‡ei cÖavb LvZmg~n ev‡RU ms‡kvwaZ ev‡RU
1996-97 1995-96 1995-96
1| mvaviY ivR¯^ 17120 15512 15450
mimg~n 14025 12233 12205
Ki e¨ZxZ 3095 3279 3245
2| †gvU e¨q 25258 23653 24707
ivR¯^ e¨q 12103 11814 11070
evwl©K Dbœqb Kg©m~wP (GwWwc) 12500 10447 12100
Kv‡Ri webg‡q Lv`¨ Kg©m~wP 50 218 201
GwWwc ewnfy©Z cÖKímg~n 600 540 705
Kv‡Ri wewbg‡q Lv`¨ Kg©m~wP 509 586 767
g~jab e¨q-Abybœqb (weeiYx-5-L-2) 56 605 414
Lv`¨ gRy` eve` bxU g~jab -560 -557 -550
FY I AwMÖg (bxU)
mvgwMÖK NvUwZ (-) -8138 -8141 -9257
3| A_© ms¯’vb 8138 8141 9257
K. we‡`k †_‡K (Aby`vb I FY wnmve) 5594 5321 6591
L. †`‡ki Af¨šÍi †_‡K (FY wn‡m‡e) 2544 2800 2666
mviYx 8.2: evsjv‡`‡ki 1996/97 A_©eQ‡ii ev‡RU
BDwbU-9 c„ôv-162
mgwóK A_©bxwZ
evsjv‡`‡ki 1996/97 A_©eQ‡ii ev‡R‡Ui êwkó¨vejx

• GKk' †KvwU UvKvi K„wl fZ©ywK Znwej| ÿz`ª †mP hš¿ I K„wl‡Z eënvh© wewfbœ hš¿ µ‡qi Rb¨ †`qv K„wl F‡Yi †ÿ‡Î
my` kZKiv 80 fvM nªvm Kivi Rb¨ GB Znwej †_‡K mswkÐó e¨vsK¸wj‡K fZ©ywK †`¨qv n‡e| GQvov cÖvK„wZK
`y‡h©v‡M ÿwZMÖ¯Í K„lK‡ì cybe©vmb, Liv KewjZ GjvKvq †mP Kv‡R eënƒZ wW‡R‡ji Rb¨ Aby`vb cÖf„wZ K„wl
Drcv`b e„w×i wfwfbœ Lv‡Z GB Znwej †_‡K fZ©ywK †`qv n‡e|
• `vwi`ª `yixKi‡Yi Rb¨ bZzb cÖKí MÖn‡Yi j‡ÿ¨ 1 k' †KvwU UvKvi eivÏ| Lv‡`ï wbðqZv weavb, Lv`¨vfvm cwieZ©b,
gwnjv I wkï‡ì cywónxbZv nªvmmn G ai‡bi Ab¨vb¨ cÖK‡í A_© †hvMvb GB eivÏ †_‡K †`qv n‡e|
• grm¨ I cky m¤c` Lv‡Z ivR¯^ I Dbœqb ev‡R‡Ui †gvU eivÏ 8 `kwgK 5 kZvsk evwo‡q 255 †KvwU 77 jvL UvKv
wba©viY|
• cvwb m¤c` Lv‡Z eivÏ weMZ ms‡kvwaZ ev‡R‡Ui Zzjbvq kZKiv 36 fvM evwo‡q 1 nvRvi 21 †KvwU UvKv wba©viY|
• wkÿv Lv‡Z 3 nvRvi 952 †KvwU UvKv m‡e©v”P wba©viY| MZ eQ‡ii ms‡kvwaZ ev‡R‡U Gi cwigvY wQj 3 nvRvi 522
†KvwU|
• cwienb Lv‡Z 2 nvRvi 440 †KvwU UvKv wewb‡qv‡Mi cÖ¯Íve|
• cjøx Dbœq‡b 974 †KvwU 63 jvL UvKv eivÏ cÖ¯Íve|
• ¯^v¯’¨ I cwievi cwiKíbv Lv‡Z MZ eQ‡ii eiv‡Ïi †_‡K AviI 8 kZvsk evwo‡q 1 nvRvi 740 †KvwU UvKv wba©viY|
• bvix I wkï welqK Kvh©µ‡gi Rb¨ †gvU eivÏ 15 kZvsk evwo‡q 52 †KvwU UvKv wba©viY|
• hye Dbœq‡bi Rb¨ †gvU eivÏ 81 kZvsk evwo‡q 150 †KvwU UvKv wba©viY|
• µxov I ms¯‹„wZi Rb¨ eivÏ e„w× K‡i 31 †KvwU 28 jvL UvKv wba©viY|
• '96/97 A_© eQ‡ii g‡a¨ RvZxq Drcv`b (wRwWwc) cÖe„w×i nvi 5 `kwgK 5 kZvs‡k DbœxZ Kiv|
• we‡`kx wewb‡qvM‡K DrmvwnZ Kivi Rb¨ e¨vsK, exgv, A_©jwMœ cÖwZôvb I Awfevmx †Kv¤cvbxi Ki‡cv‡iU Ki 47
`kwgK 50 kZvsk †_‡K nªvm K‡i 45 kZvsk wba©viY|
• †kqvi evRv‡i we‡`kx‡ì Rb¨ Av‡ivwcZ jK-Bb cÖ_v cÖZ¨vnvi|
• †evbvm †kqv‡ii Dci †_‡K †MBb U¨v· cÖZ¨vnvi|
• ißvwbKviK‡ì Drmvn †Ìqvi j‡ÿ¨ ißvwb †ÿ‡Î Drm Ki msMÖ‡ni nvi `kwgK 50 kZvsk †_‡K `kwgK 25
kZvs‡k wba©viY|
• wkwcs G‡R›U, AwWU GÛ GKvDw›Us dvg©, Kbmvj‡UÝx I mycvievBRvwi dvg©, e„nr AvKv‡ii BRviv`vi RvZxq †mev
cÖ`vbKvix‡ì g~j¨ ms‡hvRb K‡ii AvIZvq Avbv|
• wKQy evjvm cY¨ †hgb- Mvwo, GqviKwÛkbvi, wWm G‡›Ubv BZ¨vw` eëmvwqK wewµi Kvh©µg‡K f¨v‡Ui AvIZvq
Avbv|
Abykxjb
evsjv‡`‡ki MZ A_©eQ‡ii ev‡RUwU †`Lyb| G ev‡R‡Ui g~j êwkó¨¸‡jv wPwýZ Kiæb| 1996-97 A_©eQ‡ii ev‡R‡Ui
mv‡_ MZ A_©eQ‡ii ev‡R‡Ui êwkó¨MZ Zdvr Av‡Q wK? wPšÍv Kiæb I wjLyb|
miKvix FY (Public Debt)

†Kvb miKvi hLb ev‡RU-NvUwZi m¤gyLxb nq ZLb †bvU Qvwc‡q A_ev †`‡ki RbmvaviY I ê‡`wkK Drm †_‡K FY MÖnY
K‡i e¨q wbe©vn K‡i _v‡K| miKvix FY cÖavbZt wZb cÖKvi - ¯^í‡gqv`x, fvmgvb Ges ¯’vqx ev `xN©‡gqv`x| ¯^í‡gqv`x
FY mvaviYZt GK eQ‡ii Kg mg‡q cwic° nq| A_©vr GK eQ‡ii Kg mg‡q G ai‡bi FY cwi‡kva Ki‡Z nq| †UªRvix
wej, e¨vswKs †m±i †_‡K M„nxZ FY cÖf„wZ ¯^í‡gqv`x F‡Yi AšÍfy©³| fvmgvb F‡Yi †ÿ‡Î †Kvb mgqMZ evaëvaKZv
†bB, Z‡e wewfbœ kZ© mv‡c‡ÿ Gme F‡Yi Ask we‡kl cwi‡kva‡hvM¨| ¯’vqx ev `xN©‡gqv`x FY GK eQ‡ii AwaK mgq c‡i
cwic°Zv (maturity) AR©b K‡i| †Kvb †Kvb `xN©‡gqv`x F‡Yi †ÿ‡Î cwi‡kv‡ai †Kvb mgqmxgv _v‡K bv| ïaygvÎ F‡Yi
my` cÖ`vb K‡i †M‡jB P‡j|
e¨w³MZ FY I miKvix FY: e¨w³MZ FY I miKvix F‡Yi g‡a¨ mv`„k¨ Ges êmv`„k¨ `yB-B i‡q‡Q| e¨w³MZ F‡Yi
g‡Zv miKvix FYI †fvM A_ev wewb‡qvM e¨‡qi D‡Ï‡k¨ MÖnY Kiv n‡q _v‡K| wØZxqZt Dfq cÖKvi F‡Yi Rb¨ my` cÖ`vb
Ki‡Z nq| wKš‘ e¨w³MZ I miKvix F‡Yi cv_©K¨mg~n AZ¨šÍ my®có| cÖ_gZt miKvi Af¨šÍixYfv‡e A_©vr RbMY I
mvgwMÖK A_©‰bwZK eë¯’v †_‡K FY MÖnY Ki‡Z cv‡i| Ab¨fv‡e ejv hvq, miKvi wb‡Ri wbKU †_‡K FY MÖnY Ki‡Z
cv‡i| wKš‘ GKRb e¨w³ wb‡Ri wbKU †_‡K FY MÖnY Ki‡Z cv‡i bv| wØZxqZt miKvi cÖvwZôvwbK Avq, mwÂZ m¤c`
BDwbU-9 c„ôv-163
weweGm †cÖvMÖvg
A_ev bZzb FY MÖnY Ges †bvU Qvwc‡q cy‡iv‡bv FY cwi‡kva Ki‡Z cv‡i| e¨w³ we‡kl cÖ_‡gv³ wZbwU Dcv‡q FY
cwi‡kva Ki‡Z cvi‡jI †bvU Qvcv‡bvi ÿgZv iv‡L bv| Z„ZxqZt miKvix FY A_©bxwZi wewfbœ w`‡Ki Dci cÖfve †d‡j|
miKvix FY I Gi eënv‡ii d‡j Avq-e›Ub, g~jab mÂq, A_©‰bwZK cÖe„w×, `ªe¨g~j¨, wb‡qvM cÖf„wZ‡K cÖfvweZ K‡i|
e¨w³MZ FY D‡jøwLZ welqmgyn‡K cÖfvweZ Kivi Rb¨ h‡_ó bq|
miKvix F‡Yi cÖ‡qvRbxqZv

miKvi g~jZt wbæwjwLZ Kvi‡Y FY MÖnY K‡i _v‡K -
ivR‡¯î NvUwZ: miKv‡ii ivR¯^ Avq Ges e¨q GKwU wbiew”Qbœ cÖwµqv| Ab¨vb¨ cÖwZôv‡bi gZ miKviI GKwU mËv
(entity)| Gi Avq I e¨q `y‡Uv w`K _vK‡eB| GUv mn‡RB Aby‡gq †h, cÖwZeQi miKv‡ii ivR¯^ Avq ivR¯^ e¨q A‡cÿv
†ekx A_ev mgvb n‡e bv| miKv‡ii ivR¯^ e¨q ivR¯^ Avq A‡cÿv †ekx n‡j miKvi‡K FY MÖn‡Yi gva¨‡g e¨q wbe©vn
Ki‡Z nq|
Riæix cwiw¯’wZi †gvKv‡ejv: hy×-weMÖn, cÖvK„wZK `~‡h©vM, gnvgvix, `ywf©ÿ cÖf„wZ cwiw¯’wZ‡Z miKvi‡K AwZwi³ e¨q Ki‡Z
nq| ivZvivwZ Ki evwo‡q ev Ab¨vb¨ Drm †_‡K AwZwi³ ivR¯^ msMÖn Kiv m¤¢eci bq Ges A‡bK †ÿ‡Î Zv MÖnY‡hvMÏ
bq| G Ae¯’vq miKvi FY MÖnY Ki‡Z eva¨ nq|
RbKj¨vYg~jK Kvh©vejx: GKwU †`‡ki miKvi ïay cÖkvmwbK KvR Ges AvBb-k„sLjv iÿv Kv‡R wb‡qvwRZ _v‡K bv|
Rbmvavi‡Yi mvwe©K Kj¨vY mva‡Yi D‡Ï‡k¨ miKvi‡K ¯‹yj-K‡jR, nvmcvZvj, cvVvMvi, cvK©, iv¯ÍvNvU cÖf„wZ cÖwZôv ev
wbg©v‡Yi `vwqZ¡ MÖnY Ki‡Z nq hv †emiKvix D‡`¨v‡M m¤¢eci bq| ïaygvÎ ivR¯^ Avq †_‡K G mg¯Í cÖK‡íi e¨q-wbe©vn
Kiv KwVb| ZvB miKv‡i‡K FY MÖnY Ki‡Z nq|
Dbœqbg~jK KvR: AbybœZ †`kmg~‡ni A_©‰bwZK Dbœq‡b miKvi‡K ¸iæZ¡c~Y© f~wgKv cvjb Ki‡Z nq| e¯ÍyZt AbybœZ
†`kmg~‡ni A_©‰bwZK AMÖMwZ AR©b eûjvs‡k miKv‡ii ewjô f~wgKvi Dci wbf©ikxj| ZvB we‡kŸi wewfbœ †`‡ki miKvi
A_©‰bwZK Dbœq‡bi Rb¨ wewfbœ cÖKvi `xN©‡gqv`x cwiKíbv cÖYqb K‡i _v‡K| Gme cwiKíbvi myôy ev¯Íevq‡bi Rb¨
cÖ‡qvRbxq A_© K‡ii gva¨‡g msMÖn Kiv m¤¢e bq| ZvB miKvi eva¨ n‡q †`kx-we‡`kx Drm †_‡K FY MÖnY K‡i _v‡K|
g›`v-cwiw¯’wZi †gvKv‡ejv: A_©‰bwZK g›`vi mgq †emiKvix Lv‡Z wb‡qv‡Mi cwigvY D‡jøL‡hvM¨fv‡e nªvm cvq|
A_©bxwZ‡Z wb‡qvM evov‡bvi gva¨‡g w¯’wZkxjZv cybtcÖwZôvi Rb¨ miKvi‡K cÖPzi A_© e¨q Ki‡Z nq| G cwiw¯’wZ‡Z Ki
evwo‡q A_©-ms¯’vb Kiv m¤¢e bq| KviY, Ki evo‡j e¨w³e‡M©i eënvi‡hvM¨ Avq nªvm cvq hvi d‡j mÂqI nªvm cvq|
myZivs Ki evov‡bvi d‡j wewb‡qvM Ges Kg©ms¯’vb `yB-B nªvm cvq| GgZve¯’vq, miKvi Ki bv evwo‡q F‡Yi AvkÖq wb‡q
_v‡K|
gy`ªvùxwZ †iva: miKvi gy`ªvùxwZ †iva Kivi D‡Ï‡k¨ A‡bK mgq Af¨šÍixY Drm †_‡K FY MÖnY K‡i| Af¨šÍixY Drm
†_‡K FY MÖnY Ki‡j A‡_©i cÖPwjZ cwigvY (money in circulation) nªvm cvq| Ab¨fv‡e ejv hvq, G‡Z Rbmvavi‡Yi
µq-ÿgZv nªvm cvq| d‡j mvgwMÖK Pvwn`v Ges `ªe¨g~j¨ nªvm cvq|
Abykxjb
wb‡Pi †Kvb&wU RbKj¨vYg~jK KvR bq: cvVvMvi wbg©vY, nvmcvZvj ˆZwi, cvK© ‰Zwi, eëmv cÖwZôvb ¯’vcb|
NvUwZ-e¨q wbe©vn (Deficit Financing)

NvUwZ e¨‡qi aviYv
e¯ÍyMZ `ªe¨mvgMÖx Ges †mev µ‡qi Rb¨ miKv‡ii e¨q Ges n¯ÍvšÍi cÖ`v‡bi †hvMdj Ki Ges Ab¨vb¨ Drm †_‡K cÖvß
Av‡qi †P‡q †ekx n‡j Zv‡K NvUwZ e¨q e‡j| ejv evûj¨, miKvi F‡Yi gva¨‡g NvUwZ e¨q wbe©vn K‡i _v‡K|
NvUwZ e¨‡qi cÖ‡qvRbxqZv
GKwU AbybœZ †`‡ki A_©bxwZ‡Z NvUwZ-e¨q MVbg~jK f~wgKv cvjb Ki‡Z cv‡i| cÖ_gZt A_©‰bwZK cÖe„w×i mv‡_ mv‡_
GKwU A_©bxwZ ea©gvb nv‡i Avw_©Kvq‡bi AvIZvq Av‡m| A_©bxwZwe`‡ì g‡Z, G cwiw¯’wZ‡Z GKwU A_©bxwZ‡Z A‡_©i
†hvMvb GKwU mywbw`©ó nv‡i evwo‡q hvIqv DwPZ| NvUwZ e¨‡qi gva¨‡g Kvh©Kifv‡e A‡_©i †hvMvb evov‡bv hvq| wØZxqZt
†`‡ki g~jab MV‡b miKv‡ii f~wgKv Ab¯^xKvh©| NvUwZ e¨q e¨ZxZ g~jab MVb AZ¨šÍ KwVb GKwU KvR| GUv wVK †h,
miKvi Ab¨vb¨ A_©‰bwZK Kg©KvÛ †_‡K Drcv`bkxj m¤c` mwi‡q G‡b AeKvVv‡gv wbg©vY Ges †gŠwjK wkí KviLvbv
¯’vcb Ki‡Z cv‡i| wKš‘ G‡Z Ab¨vb¨ †ÿ‡Î mvgwMÖK Drcv`b e¨vnZ n‡e| miKv‡ii c‡ÿ Kiv‡ivc K‡iI AeKvVv‡gv
Ges †gŠwjK wkí-cÖwZôvb ¯’vcb m¤¢e bq| myZivs NvUwZ-e¨q Qvov miKv‡ii wbKU Ab¨ †Kvb c_ †Lvjv _v‡K bv|
BDwbU-9 c„ôv-164
mgwóK A_©bxwZ
NvUwZ e¨‡qi djvdj

NvUwZ e¨q ÿY¯’vqx Ges `xN©¯’vqx `yB-B n‡Z cv‡i| GKwU †`k hw` GK ev `yB eQ‡ii Rb¨ ev‡RU-NvUwZi m¤gyLxb nq
Zvn‡j `ªe¨g~j¨ ¯’vqxfv‡e ev‡o| ev‡RU-NvUwZ hw` GKwU `xN©Kvjxb cÖvwµqv nq Zvn‡j gy`ªvùxwZ ¯’vqxfv‡e ev‡o|
cwi‡k‡l, Ki nvi hw` cÖMwZkxj nq Z‡e ev‡RU NvUwZ cÖK„Z A‡_© nªvm cvq| wb‡P G welq¸‡jv we¯ÍvwiZfv‡e Av‡jvPbv
Kiv n‡jv|
cÖ_gZ: aiv hvK&, ev‡RU NvUwZ ¯^íKvjxb (g‡b Kwi, 1 eQ‡ii) Ges miKvi †K›`Öxq e¨vsK †_‡K FY MÖn‡Yi gva¨‡g
NvUwZ-e¨q wbe©vn K‡i| Avgiv Rvwb, miKvix e¨q evovi mv‡_ mv‡_ mvgwMÖK Pvwn`v ev‡o Ges ¯^íKv‡j †h‡nZz mvgwMÖK
†hvMvb w¯’i, †m‡nZz miKvix e¨q evovi mv‡_ mv‡_ `ªe¨g~jÏ ev‡o| GLb cieZ©x eQi hw` miKvix e¨q c~‡e©i ¯Í‡i †b‡g
Av‡m Zvn‡j `ªe¨g~j¨ c~‡e©i ¯Í‡i †b‡g Avm‡e| wKš‘ NvUwZ-e¨‡qi gva¨‡g miKvix e¨q mgvav Ki‡j `ªe¨g~j¨ c~‡e©i ¯Í‡i
†b‡g Avm‡e bv| Gi KviY n‡”Q, NvUwZ e¨‡qi mv‡_ mv‡_ A‡_©i †hvMvb Z_v Rbmvavi‡Yi µqÿgZv ¯’vqxfv‡e ev‡o hvi
cÖfve miKvix e¨q c~e©eZ©x ¯Í‡i †b‡g Avmvi ciI we`¨gvb _v‡K| myZivs miKvix e¨q Kgvi mv‡_ mv‡_ `ªe¨g~j¨ c~e©eZ©x
¯Í‡i †b‡g bv G‡m ¯’vqxfv‡e e„w× cvq| wb‡P wP‡Îi mvnv‡h¨ welqwU †`Lv‡bv n‡jv| wP‡Î AS n‡”Q c~Y©wb‡qvM ¯Í‡ii
mvgwMÖK †hvMvb| AD0 cÖv_wgK mvgwMÖK Pvwn`v †iLv| P0 cÖv_wgK `vg¯Íi|
âhÉj§mÉ
P1
P2
P0
AD1
AD2
AD0
AS
Evf¡ce
wPÎ 9.5: NvUwZ e¨q I `ªe¨g~j¨

g‡b Kwi, miKvix e¨q I NvUwZ e¨‡qi †hŠ_ cÖfv‡e mvgwMÖK Pvwn`v †iLv Wvbw`‡K ¯’vbvšÍwiZ n‡q AD1 nq| G‡Z `ªe¨g~j¨
e„w× †c‡q P1 nq| GK eQi ci miKvix e¨q c~e©eZ©x ¯Í‡i †b‡g Av‡m| wKš‘ NvUwZ e¨‡qi d‡j A‡_©i †hvMvb e„w× cvIqvq
mvgwMÖK Pvwn`v c~e©eZ©x ¯Í‡i †b‡g Av‡m bv eis AD2 ¯Í‡i G‡m ¯’vqx nq| myZivs `ªe¨g~j¨ ¯’vqxfv‡e †e‡o P2 nq|
wØZxqZ: g‡b Kwi, ev‡RU NvUwZ GKwU `xN©Kvjxb welq| A_©vr miKvi cÖwZeQi NvUwZ e¨‡qi gva¨‡g miKvix e¨q wbe©vn
K‡i _v‡K| Dc‡ii Av‡jvPbv †_‡K GUv mn‡R Aby‡gq †h, G‡ÿ‡Î cÖwZeQi `vg¯Íi evo‡e| Ab¨K_vq, ¯’vqx NvUwZ e¨‡qi
†ÿ‡Î gy`ªvùxwZ ¯’vqxfv‡e evo‡e| Z‡e, `xN©Kv‡j †h‡nZz mvgwMÖK †hvMvbI evov‡bv m¤¢e †m‡nZz ÿY¯’vqx NvUwZ e¨‡qi
g‡Zv G‡ÿ‡Î `vg¯Í‡ii e„w× cÖwZ eQi Zzjbvg~jKfv‡e Kg n‡Z cv‡i|
Z„ZxqZ: NvUwZ e¨‡qi d‡j gy`ªvùxwZ evovi GKwU ¸iæZ¡c~Y© w`K i‡q‡Q| Ki nvi hw` cÖMwZkxj nq Z‡e Avq evovi mv‡_
mv‡_ Ki nviI ev‡o A_©vr, †h nv‡i Avq ev‡o Zvi ‡P‡q †ekx nv‡i Ki ev‡o| GgZve¯’vq, miKvix LiP hw` Avw_©K A‡_©
w¯’i nq (fixed in nominal terms) Zvn‡j cÖK„Z A‡_© ev‡RU NvUwZi cwigvY nªvm cv‡e|
Abykxjb
wb‡Pi †Kvb&‡ÿ‡Î NvUwZ-e¨q †ekx dj`vqK: A‡_©i †hvMvb e„w× Kiv, g~jab MVb, AeKvVv‡gv wbg©vY, gy`ªvùxwZ nªvm|
BDwbU-9 c„ôv-165
weweGm †cÖvMÖvg
mZ¨-wg_¨v
1. ev‡RU n‡”Q miKvix Avq-e¨‡qi wnmve -mZ¨/wg_¨v
2. g~jab ev‡R‡U ivR¯^ Av‡qi weeiY _v‡K -mZ¨/wg_¨v
3. `xN©‡gqv`x FY GK eQ‡ii AwaK mgq c‡i cwic°Zv AR©b K‡i -mZ¨/wg_¨v
4. hy×-weMÖ‡ni mg‡q miKvi‡K AwZwi³ e¨q Ki‡Z nq -mZ¨/wg_¨v
5. NvUwZ e¨‡qi d‡j g~`ªvùxwZ e„w× cvq -mZ¨/wg_¨v
iPbvg~jK cÖkœ
1. ev‡R‡Ui msÁv w`b| GKwU cÖwZwbwaZ¡kxj ev‡R‡Ui we‡klZ¡ Kx?
2. ev‡R‡Ui A_©‰bwZK I Kvh©MZ †kªYxwefvM e¨vL¨v Kiæb|
3. mylg ev‡R‡Ui aviYvwU e¨vL¨v Kiæb|
4. miKvix FY ej‡Z Kx eySvq? e¨w³MZ I miKvix F‡Yi g‡a¨ Kx cv_©K¨?
5. miKvi †Kb FY MÖnY K‡i _v‡K?
6. NvUwZ e¨‡qi aviYv I cÖ‡qvRbxqZv e¨vL¨v Kiæb|
7. NvUwZ e¨‡qi djvdj Av‡jvPbv Kiæb|
ˆbe©¨w³K cÖkœ
1. ivR¯^ Avq I ivR¯^ e¨‡qi weeiY‡K
K. Dbœqb ev‡RU
L. g~jab ev‡RU
M. ivR¯^ ev‡RU
2. mylg ev‡RU
K. ivR¯^ Avq = e¨q nq
L. ivR¯^ Avq>e¨q nq
M. ivR¯^ Avq<e¨q nq
3. ¯^í‡gqv`x FY cwic° n‡Z mgq jv‡M
K. 1 eQi
L. 1 eQ‡ii Kg
M. 2 eQi
N. 2 eQ‡ii †ekx|
4. Af¨šÍixY Drm n‡Z FY MÖnY Ki‡j
K. A‡_©i cÖPwjZ cwigvY e„w× cvq
L. Av‡qi cÖPwjZ cwigvY nªvm cvq
M. gvby‡li mÂq e„w× cvq
5. AbybœZ †`‡k NvUwZ e¨q
K. A_©bxwZ‡Z msKU m„wó K‡i
L. A_©bxwZ‡Z MVbg~jK f~wgKv cvjb K‡i
M. K I L DfqB mwVK
N. K I L -Gi †KvbwUB mwVK bq|
BDwbU-9 c„ôv-166
mgwóK A_©bxwZ
mgm¨v
aiæb, GKwU †`‡ki miKv‡ii GKwU wbw`©ó A_©eQ‡i ivR¯^ Avq 2530 †KvwU UvKv Ges ivR¯^ e¨q 2125 †KvwU UvKv|
GKB A_©eQ‡i miKvi Dbœqb Kg©m~wP‡Z 1023 †KvwU UvKv eivÏ K‡i‡Q| GLb ejyb -
K. miKv‡ii ivR¯^ DØ„Ë Av‡Q wK? hw` _v‡K Zvi cwigvY KZ?
L. miKv‡ii NvUwZ e¨‡qi cwigvY KZ?
M. miKvi wKfv‡e NvUwZ e¨q wbe©vn Ki‡e?
N. gy`ªvùxwZ wbqš¿‡Y ivL‡Z n‡j miKvi‡K †Kvb& Dcv‡q NvUwZ e¨q wbe©vn Kiv DwPZ?
DËigvjv
cvV-1
mZ¨-wg_¨v
1. wg_¨v, 2. mZ¨
cvV-2
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v
cvV-3
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v
cvV-4
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. wg_¨v, 4. wg_¨v, 5. wg_¨v
ˆbe©¨w³K cÖkœ
1. K, 2. L, 3. L, 4. L, 5. K
cvV-5
mZ¨-wg_¨v
1. mZ¨, 2. wg_¨v, 3. mZ¨, 4. mZ¨, 5. mZ¨
ˆbe©¨w³K cÖkœ
1. M, 2. K, 3. L, 4. L, 5. L
BDwbU-9 c„ôv-167
weweGm †cÖvMÖvg
bgybv cÖkœ
mgwóK A_©bxwZ
‡Kvm© †KvW :
mgq: 3 NÈv
c~Y©gvb : 80
[Wvb cv‡k¦©i msL¨v cÖ‡kœi c~Y©gvb ÁvcK]
K-wefvM : iPbvg~jK cÖkœ

(†h †Kvb cuvPwU cÖ‡kœi DËi w`‡Z n‡e)
gvb 5×12=60
1| RvZxq Av‡qi mij PµvKvi cÖevnwU we‡kølY Kiæb| 12

2| ‡fvM I †fvM e¨‡qi g‡a¨ Zdvr wK? †fvM †Kb mivmwi cwigvc‡hvM¨ bq? 6+7=12
3| ¸YK wK? ¸YK cÖwµqvwU e¨vL¨v Kiæb| 5+7=12
4| wewb‡qv‡Mi cÖvwšÍK `ÿZv c×wZi mvnv‡h¨ wKfv‡e cÖK‡íi jvfRbK Zv wbY©q Kiv hv? 12
5| FY wbqš¿K wnmv‡e †K›`ªxq e¨vs‡Ki f~wgKv e¨vL¨v Kiæb| †K›`ªxq e¨vsK wK wK c×wZ Aej¤^b K‡i FY wbqš¿Y Ki‡Z
cv‡i? 6+6=12
6| mvgwMÖK Pvwn`v †iLv Wvbw`‡K wbgœMvgx nIqvi wZbwU KviY Av‡jvPbv Kiæb| 12
7| AvšÍR©vwZK evwY‡Rï ¸iæZ¡ we‡kølY Kiæb| 12
8| m¨vgy‡qjm‡bi cY¨ wefvRb g‡WjwU Av‡jvPbv Kiæb| 12
L-wefvM : mswÿß DËig~jK cÖkœ

(†h †Kvb PviwU cÖ‡kœi DËi w`‡Z n‡e)
gvb 4×5=20
9| mgwó A_©bxwZi Av‡jvP¨ welqmg~n wK? 5

10| mvgwMÖK Drcv`b A‡cÿK wK? 5
11| ¯^q¤¢~Z †fvM I cÖ‡ivwPZ †fv‡Mi msL¨v wjLyb| 5
12| fvimvg¨ wewb‡qvM ¯Íi ej‡Z wK eySvq? 5
13| wKfv‡e gy`ªvùxwZ cwigvc Kiv hvq? 5
14| mvgwMÖK †hvMvb ej‡Z wK eySvq? 5
15| ‡jb‡`b fvimv‡gï msÁv w`b| 5
16| GKwU cÖwZwbwaZ¡kxj ev‡R‡Ui we‡klZ¡ wK? 5
BDwbU-9 c„ôv-168

Macro Economics

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Macro Economics

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mgwóK A_©bxwZ

e¨v‡Pji Ae weR‡bm ÷vwWR †cÖvMÖvg

mgwóK A_©bxwZ (MGD 3211) Ges

evsjv‡`k Db¥y³ wek¦we`¨vjq

e¨v‡Pji Ae weR‡bm ÷vwWR †cÖvMÖvg

evsjv‡`k Db¥y³ wek¦we`¨vjq

 evsjv‡`k Db¥y³ wek¦we`¨vjq

Avkv Kwi eBwU cv‡V Avcwb DcK…Z n‡eb|

mgwóK A_©bxwZ: aviYv, ¸iæZ¡ I Kvh©kxjZv

mgwóK A_©bxwZi msÁv

pj¢øL AbÑe£¢al E−õM−k¡NÉ ¢houhÙ¹¤

mgwóK I e¨wóK A_©bxwZ

e¨wóK A_©bxwZ I mgwóK A_©bxwZi 2 wU K‡i Av‡jvP¨ wel‡qi bvg wjLyb|

mgwóK A_©‰bwZK Kvh©kxjZv (Macroeconomic performance)

†gvU RvZxq Drcv`b (Gross National Product, GNP)

bxU RvZxq Drcv`b (Net National Product, NNP)

NNP = GNP - CCA

†gvU †`kR Drcv`b (Gross Domestic Product, GDP)

Avw_©K I cÖK„Z RvZxq Avq

g~j¨ m~PK ev RvZxq Avq wW‡d¬Ui (Price Index or GNP Deflator)

RvZxq Avq wW‡d¬Ui ev g~j¨ m~PK †Kb cÖ‡qvRb?

gv_vwcQy RvZxq Avq (Per Capita National Income)

e¨w³MZ Avq I e¨w³MZ e¨envi‡hvM¨ Avq

RvZxq Av‡qi wewfbœ aviYvi m¤cK©

6. miKvix fZ©ywK AšÍfy©³ _v‡K

myZvi dvg© Kvc‡oi dvg©

K. cÖwZwU dv‡g©i gybvdv KZ †ei Kiæb?

cvV-2 RvZxq Av‡qi PµvKvi cÖevn (Circular Flow of National Income)

RvZxq Av‡qi PµvKvi cÖevn

RvZxq Av‡qi mij PµvKvi cÖev‡ni we‡kÐlY

INCOME (WAGES, INTEREST, RENT, PROFITS)

Av‡qi AvMgb I ewnM©gb (Leakages and Injections)

fÐh¡q-2 Ae¤k¡u£: S¡a£u Bu = jS¤l£+p¤c+M¡Se¡+j¤e¡g¡

B−ul h¢qÑNje (Leakages): g¡jÑpj§qLaªÑL hÉ¢š²hNÑ−L fÐcš B−ul ®pC Awn k¡

cvV-3 RvZxq Av‡qi cwigvc (National Income Measurement)

RvZxq Avq cwigv‡ci c×wZ

Avq c×wZ (Income Method)

4. Avq c×wZ‡Z RvZxq Avq wnmv‡ei mgq

RvZxq Avq cwigv‡ci myweavmg~n

RvZxq Avq cwigv‡ci Amyweavmg~n

evsjv‡`‡k RvZxq Avq cwigv‡ci mgm¨vmg~n

4. Av‡ivcbRwbZ mgm¨v †`Lv †`q

RvZxq Avq wba©viY ZË¡

pj¢øL AbÑe£¢a fªù¡-27

¢Qœ 3.1: ®i¡N A−frL

pj¢øL AbÑe£¢a fªù¡-29

wPÎ 3.2: mÂq A‡cÿK wbY©q

wPÎ 3.3: wewb‡qvM †iLv

pj¢øL AbÑe£¢a fªù¡-31

wPÎ 3.4: mvgwMÖK Drcv`b A‡cÿK

pj¢øL AbÑe£¢a fªù¡-33

hÉhq¡l−k¡NÉ Bu (q¡S¡l V¡L¡)

cvV-2 fvimvg¨ RvZxq Avq I wb‡qvM¯Íi wba©viY

fvimvg¨ RvZxq Avq

fvimvg¨ RvZxq Avq wba©viY: †KBbmxq c×wZ (Keynesian Method)

pj¢øL AbÑe£¢a fªù¡-35

wPÎ 3.6: fvimvg¨ RvZxq Avq

fvimvg¨ RvZxq Avq wba©viY: mÂq I wewb‡qv‡Mi mgZv

wPÎ 3.7: mÂq I wewb‡qv‡Mi mgZv

gy`ªvùxwZRwbZ duvK (Inflationary Gap)

pj¢øL AbÑe£¢a fªù¡-37

wPÎ 3.8: g~`ªvùxwZRwbZ duvK