Thursday, February 25, 2016

Indian Economics Facts at a Glance

Economy of India
Indian Economy is Twelfth largest in the world and fourth largest by purchasing power parity. In the 21st century, India is an emerging economic power having vast human and natural resources.
Economic Growth: Economic growth has been defined as "an increase in real terms of the output of goods and services that is sustained over a long period of time, measured in terms of value added". Economic growth is a dynamic concept and refers to continuous increase in output.
Factors in Economic Growth: The four factors contributing to growth are
1.human resources (labour supply, education, discipline, motivation)
2.national resources (land, minerals, fuels, environmental quality) formation (machines, factories, roads) (science, engineering, management, entrepreneurship)

Growth and Development
While the term economic growth referees to increases over time in a country's real output of goods and services i.e. product per capita, the term economic development, in contrast, is more comprehensive. It implies progressive changes in the socio-economic structure. Economic growth and development frequently used interchangeably in economic literatures actually are not identical technically.
Difference Between Economic Growth and Economic Development
Economic Growth Economic Development
1.It indicates quantitative improvement in the economic progress of a country
2.It shows growth in natural income and per capita income over time
3.A country may grow but it may not develop
 1.It indicates qualitative improvement in the economic progress of a country
2.It shows not only a sustained increase in national and per capita income but also qualitative changes which leads to higher standard of living.
3.Economic development includes the notion of economic growth.

Economic Growth = Size of output (A Quantitative aspect)
 Economic Development = Size of output + Welfare (A Qualitative aspect)

Gross National Happiness (GNH) : The concept of gross national happiness has been introduced by king of Bhutan, Jigme Singya Wang Chuck, a tiny kingdom on the northern borders of India. The GNH aims to ensure that prosperity is shared across protecting the environment and maintaining a responsive the word happiness, more like what the signers of the Declaration of Independence had in mind when they included the "pursuit of happiness" as an inalienable right equal to liberty and life itself. The index is designed to challenge the well-established indices of countries development. HDI and GDP which are seen as not taking sustainability into account.

GNH Ranking
Ranking Country : : HPI
1 Vanuatu : : 68.21
2 Colombia : : 67.24
3 Costa Rica : : 66.00
4 Dominica : : 64.55
5 Panama : : 63.54
6 Cuba : : 61.86
7 Honduras : : 61.75
8 Guatemala : : 61.69
9 El Salvador : : 61.66
10 St. Vincent of the Grenading : : 61.37
90 India : : 42.46
 India is the 90th happiest country in the world, behind Bhutan(13), China(31), Sri Lanka(13) and Bangladesh(41). It is ahead of Pakistan(112) and Russia(172).
 Seven of the top 10 happiest countries are from western democracies, while countries in Asia, known for their strong cultural values, family ties and collective identities surprisingly scored low-China(31), Japan(95) and Thailand(32)

Millennium Development Goals to be Achieved by 2015
◾Achieve universal primary education
◾Reduce child mortality
◾Improve maternal health
◾Combat HIV/AIDS, Malaria and other diseases
◾Ensure environmental sustainability
◾Develop a global patnership for development
◾Eliminate gender disparities in primary and secondary education, preferably by 2005, and in all levels of education by 2015
◾Halve the proportion of the people suffering from Hunger

Five Years Plans

◾Poverty and Employement/Green Revolutions

Important Industries of India

Indian Economic Revolution
Poverty and unemployment
•Poverty line is defined on the basis of nutritional standards. The list calorie intake is fixed at 2400 Cal/person/day for rural area and 2100 Cal/person/day for urban area. The people below these nutritional is an income standards are considered to be below the poverty line(BPL).
•Presently 24.4% population in India is below poverty line. It is 24.36% in ruler India and 24.50% in urban areas. National Sample survey Organisation(NSSO) conducts this survey.
•Unemployment simply means a situation when able and willing people are not getting jobs as per their own capabilities Green Revolution
•Indian Green Revolution is associated with the use of HYVS(highly yielding variety seeds), chemical fertilisers and new technology which led to a sharp rise in agriculture production during the middle of 1960. •The term "Green Revolution" was given by American scientists, Dr William Gande.
•During the middle of 60s, Indian agriculture scientist developed a number of new highly yielding varieties of wheat by processing wheat seeds imported from Mexico. A similar improvement in variety of rice was also observed.
 •The credit of this goes not only to Nobel Laureate Dr. Norman Borlaug, but also to Dr MS Swaminathan Revolution Area Yellow revolution oil seeds White revolution milk Blue Revolution Fish Pink revolution Shrimp/Meat Brown Revolution nonconventional energy resources Grey revolution wool Golden Revolution horticulture
Revolution : : Area
Yellow revolution : : Oil Seeds
White revolution : : Milk
Blue Revolution : : Fish
Pink revolution : : Shrimp/Meat
Brown Revolution : : Nonconventional Energy Resources
Grey revolution : : Wool
Golden Revolution : : Horticulture

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