Economics is the study of by which given stock can be used effectively to produce valuable outputs. Economy is the framework for a country which deals with the system of production and distribution.
Human survival is dependent on the consumption of various raw materials which are made up of the resources available on earth. There is no limit to human wants; we need infinite resources to satisfy our needs. But the resources are limited! it is up to the individual and humanity that how they can proceed in competing needs to get fulfilled by the limited resources.
In the subject Indian Economy we deal with economic framework with limited of National Boundary. We learn about various production activities we are performing in our country, what there outcomes and how productivity of certain activity has been accelerated. For example, Green Revolution has accelerated the production of agricultural goods. Also, we will discuss about various economic reforms made by government to enhance productivity and promote employment and entrepreneurship. For example, the government promoted globalization by making changes in its policies in 1991. We will discuss how much the nature of economy is capitalist or socialist. Capitalist economy endorses free market, private ownership and no intervention of state in economy, while the socialist economy promotes major role of state in the economy. Indian economy (most of economies in world) is having mixed economy. That means, Indian economy has ideas from both ideas of functioning of economy.
Indian Economy covers a wide spectrum representing its functioning, development and Sustainability.
Read about Indian Economy
Indian Economy
• History of Indian Economy After Independence
• Planning in Indian Economy
→ NITI Aayog
5. Banking System in India
– RBI
– Credit and Monetary Policy
.CRR
.SLR
.Repo Rate
.Reverse Repo Rate
.Base Rate
– NBFCs
– SBI
– Nationalised Banks
– RRBs
– NPA
– Cooperative Bank
– Insolvency and Bankruptcy
– CAR
– Basel Norms
– Payment Banks
– Pradhan Mantri Jan Dhan Yoina
6. Insurance Policy in India
-Definition
-Industry
-IRDA
-LIC
-AICIL
-Insurance Reforms
7. Fiscal Policy and Deficit
– Definition
– Deficits
. Revenue Deficit
. Fiscal Deficit
. Budget Deficit
8. Inflation
-Defining Inflation
-Causes of Inflation
-Types of Inflations
-Base Effects
-Effects of Inflation in India
9. Agriculture Based Economy and Food Management
-Introduction
-Kharif and Rabi
– Food Philosophy
– Land Reforms
– Green Revolution
-Cropping Pattern
-MSP
-Buffer Stock
10. Industrial Economy
11. Service Sector
12. Securities in India
13. Tax Structure
14. Human Development Index
Primary sector like agriculture has been the major contributor of economy initially. Now there is shift toward tertiary and secondary sector. The tilt is more toward service or tertiary sector.
It is also important to learn how Indian Economy was before Independence. British not only drained out Indian economy by demotivating Indian manufacturing, but also exploited farmers to get raw materials of their industries. It is interesting to learn how India evolved from that situation.
Economic Planning for India consider vision of Great Nationalist leaders as well as renowned Personalities. Initially planning was centralized. Later Planning was started getting decentralized. Moreover, the replacement of Planning commission, the NITI Aayog is more advisory body not a planning body.
The role of Banking, Insurance and Security sector is important to understand. It is important to understand the role of regulators like RBI and SEBI.