economics notes-indian economy - part 1 _ tnpsc

7/1/2014 General Awareness-Economics Notes-Indian Economy - Part 1 | TNPSC Question Papers

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GENERAL AWARENESS-ECONOMICS NOTES-INDIAN ECONOMY - PART 1

General Awareness - Economics - Indian Economy - Five Year Plans -

Economics Notes for All Competitive Exams - Part I

Important Committees

Ghosh Committee: Bank Frauds

Omkar Gosami Committee: Industrial Sickness and Corporate restructuring

Jhanakiraman Committee: To enquire into the Securities and transaction of the

banks and financial institutions

Jilani Committee: Loan System

Goiporia Committee: Customer Service

Malhothra Committee: Insurance Sector Reforms

Dr. Mehta Committee: Integrated rural Development Programme

Narasimham Committee: Financial Sector Reforms

Nayak Committee: Credit to SSS Sector

Rangarajan Committee: Public Sector disinvestment

Raj Committee: Agricultural holding tax

Khusro Committee: Agricultural Credit

Ram Nivas Mirdha Committee: To enquire into the Securities Scam.

Bhagawati Committee: Public Welfare

Raja Chellaiah Committee: Tax reforms

Five Year Plans

First Five Year Plan: 1951-56

Second Five Year Plan: 1956-61

Third Five Year Plan: 1961-66

Fourth Five Year Plan: 1969-74

Fifth Five Year Plan: 1974-79

Sixth Five Year Plan: 1980-85

Seventh Five Year Plan: 1985-90

Eighth Five Year Plan: 1992-97

Ninth Five Year Plan: 1977-2002

Tenth Five Year Plan: 2002-2007

Tenth Five Year Plan Targets

Reduction of poverty ratio to 20 per cent by 2007 and to 10 percent by 2012.

Gainful employment to the addition to the labour force over the Tenth Plan

period.

Universal access to primary education by 2007.

Reduction in the decadal rate of population growth between 2001 and 2011 to

16.2%.

Increase in literacy to 72% by 2007 and to 80% by 2012.

Reducing of IMR - infant mortality rate to 45 per 1000 live births by 2007 and to

28 by 2012.

Reduction of maternal mortality ratio (MMR) to 20 per 1000 live births by 2007

and to 10 by 2012.

Increase in forest and tree cover to 25% by 2007 and 33 per cent by 2012

All village to have access to potable drinking water by 2012

Cleaning of all main polluted rivers by 2007 and other notified stretches by 2012

Economics Notes

The Gross National Product (GNP) is the money value of all the final goods and

services produced annually in the economy.

The difference between GNP at market prices and GNP at factor cost is equal to

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Current Affairs - May2014 - Date wise Notes

net indirect taxes.

The term 'National Income' commonly refers to NNP at factor cost.

National income doesnt include interest on unproductive national debt

The national income of India is estimated mainly through production and income

methods.

The expenditure method is used to estimate the government's final consumption

expenditure, exports & imports of goods and service and change in inventories.

In India, the national income is estimated by the Central Statistical Organisation

(CSO)

The 'Primary Sector' of Indian economy includes agriculture, livestock and allied

activities, forestry, logging, fishing, mining and quarrying.

The 'Secondary Sector' includes manufacturing, Building construction,

electricity, gas and drinking water supply.

The 'tertiary sector' of an economy refers to the service sector.

Indian economy is the ideal model of a 'mixed economy'.

For the mixed economy Hansen used the term 'dual economy' and Lerner

'controlled economy'.

The 1st effort to initiate economic planning in India was made by M. Visvesvarya

in 1934 through his book entitled 'Planned Economy for India'.

The 'garibi hatao (eradicate poverty) slogan was coined during the Fourth Plan.

In 1938, the Indian National Congress set up the National Planning Committee

(NPC) chaired by

Jawaharlal Nehru.

'Gandhian Plan' which was prepared by Sriman Narayan.

The people's plan was formulated by M.N. Roy, almost at the same time.

Planning Commission was set up in 1950 under the Chairmanship of Prime

Minister.

Dadabhai Naoroji wrote the book 'Poverty and Un-British Rule in India.

The Planning Commission of India: An advisory body.

The Prime Minister of India is the Ex-officio Chairman of the Planning

Commission.

First and Second Plan were based on the Harod-Dornar growth model and

Mahalnobis Model respectively.

Agricultural targets in the First Plan.

Second Plan was on the development of basic and heavy industries .

A plan formulated (by Janta Govt.) for the Period (1978-83) was referred to as

the Rolling Plan.

The second plan saw the setting up of the three steel plants at Durgapur, Bhilai

and Rourkela and the expansion of the Chitteranjan Locomotive Works etc.,

Maharashtra Government introduced the Employment Guarantee Scheme

(EGS) in 1972-73.

The scheme was the first of its kind to give recognition to the 'right to work'

enshrined in the constitution.

The food for work programme was launched in 1977 with the objective of

generating employment opportunities, improving the level of income and

consumption and strengthening the rural infrastructure.

National Rural Employment Programme (NREP) from October 1980

The Integrated Rural Development Programme (IRDP) was initiated on October

2nd of 1980.

The Rural Landless Employment Guarantee Programme (RLEGP) was

launched on the 15th August 1983.

Training of Rural Youth for Self-Employment (TRYSEM) was started in 1979.

28th April. 1989 the Jawahar Rozgar Yojana (JRY) was launched by the then

Prime Minister RajivGandhi.

The poverty line has been defined by the Planning Commission on the basis of

an average daily intake of 2400 calories per person in rural areas and 2100

calories in Urban areas.

Inflation is caused by increase in money supply, decrease in production.

The main problem in India is the high level of birth rate coupled with a declining

death rate.

First the Reserve Bank was nationalised in 1949.

Thereafter in 1955 the Imperial Bank of India, a top Commercial Bank of that

time, was nationalised and renamed the State Bank of India.

In 1969 fourteen big commercial banks were nationalised.

The fifth plan was prepared and launched by D.O . Dhar.

The three main harvesting seasons are kharif, rabi and summer.

Agriculture is-the backbone of Indian Economy.

1969. Commercial Banks are broadly classified into nationalised or public sector

banks and private sector banks. The SBI and its associate banks along with

another 20 banks are the public sector banks.

April 15, 1980 six more commercial banks were nationalised.

ICICI - The Industrial Credit & Investment Corporation of India was setup in 1955

as a private sector development bank.

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3000BC to 1684AD | 1689 to 1914 | 1915 to

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The Export Import (EXIM) Bank of India was established on January 1st 1982.

The National Bank for Agricultural and Rural Development (NABARD) was

established in July 1982 to oversee and develop the entire rural credit system

including agricultural credit.

The Life Insurance sector was nationalised in 1956 into Life Insurance

Corporation (LIC); and the non-life sector was nationalised in 1972 as the

General Insurance Corporation (GIC).

The RBI was inaugurated in April 1935 with a share of capital of Rs.5 crore. It

was nationalised in 1949.

SEBI was accorded statutory status by an act of Parliament effective from Mar

31st, 1992.

Inflation in India has been both a demand pull and a cost push type.

GNP - Gross National Product refers to the money value of total output or

production of final goods and services produced by the nationals of a country

during a given period of time.

GDP - Gross Domestic Product is the total money value of all final goods and

services produced within the geographical boundaries of the country during a

given period of time,

NNP: Net National Product. (NNP = GNP Depreciation)

NDP: Net Domestic Product. (NDP = GDP Depreciation)

National Income calculated by National Product at factor cost.

In India combination of production method and income method is used for

estimating national income.

CSO - Central Statistical Organisation.

CSO regularly publishes national income data .

World population has touched the level of 6 billion on day of October 12th 1999.

UNO has declared October 12 as 'Day of 6 billion'.

Inflation is that state in which the prices of goods and service rise on the one

hand and value of money falls on the other.

Demand pull inflation is that inflation when prices rise due to higher demand for

goods and services over the available supply.

Cost push inflation is another type of inflation in which prices rise due to

increased input costs.

Deflation is the state in which the prices of goods and services fall and the value

of money rises.

Deflation takes place when increase in money circulation loss behind the

increase in production.

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Arivu Kadir March 3, 2014 at 10:56 AM

please update the website.. the information which is given is more useful..

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economics notes-indian economy - part 1 _ tnpsc

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