Economics@PayalSingh

Economic Planning:  Means utilisation of country’s resources in different development activities in accordance with national priorities Goals of Planning in India a. Long Term Goals(To be achieved over a period of 20 years) b. Short Term Goals(To be achieved over a period of five years) LONG TERM GOALS I OBJECTIVES OF PLANNING A. Modernisation – Adoption of new technology and changes in social outlook B. Self reliance – Reducing dependence on imports. C. Economic Growth – Increase in the aggregate output of Goods & services. D. Equity – Reduction in inequality of income and wealth E. Full employment – Refers to a situation when all the people in the working age group is actually engaged in some gainful employment. Reforms in Indian Agriculture A. Institutional Reforms also called Land reforms. (i) Abolition of intermediaries. (ii) Regulation of rent. (iii) Consolidation of holdings. (iv) Ceiling on land holdings. (v) Cooperative Farming B. General reforms. (i)

Before British Advent Handicraft – cotton & silk, metal & precious stone Had worldwide market – fine quality & high standards of craftsmanship Muslin (from Dhaka – now in Bangladesh) – finest quality as malmal – known as malmal khas or malmal shahi British Advent Protect & promote British interest Transform India into supplier of raw materials and consumer of finished industrial products from Britain No sincere effort to measure national & per capita income Some efforts - Dadabhai Naoroji, William Digby, Findlay Shirras,  V.K.R.V. Rao (most significant estimates)  and R.C. Desai Agricultural Sector (British Impact) 85% agrarian & in villages – stagnation & deterioration (in contrast to agricultural prosperity in 17 th  century) Agricultural productivity was low - low levels of technology, lack of irrigation facilities and negligible use of fertilizers Stagnation due to land settlement – Zamindari sy

Press Information Bureau Government of India Ministry of Finance 04-July-2019 12:33 IST State of the Economy in 2018-19 - A Macro View GDP to grow at 7% in 2019-20 due to growth of investment & consumption Service exports enhanced to Rs. 14.389 lac cr in 2018-19 from Rs. 0.746 lac cr in 2000-01. India’s share in world service exports increased from 2% in 2005 to 3.5 % in 2017 India’s foreign exchange reserves comfortably placed at US $ 422.2 billion in June 2019. FDI inflows growing at a high rate since 2015-16 in services, automobiles and chemicals Credit to both, large and micro, small and medium enterprises has seen pickup in growth Growth in the industry accelerated during 2018-19 due to improved manufacturing and construction activity 

Press Information Bureau Government of India Ministry of Finance 05-July-2019 13:59 IST Key Highlights of Union Budget 2019-20 The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament. The key highlights of Union Budget 2019 are as follows: 10-point Vision for the decade Building Team India with  Jan Bhagidari : Minimum Government Maximum Governance. Achieving  green Mother Earth  and  Blue Skies  through a pollution-free India. Making Digital India reach every sector of the economy. Launching  Gaganyan ,  Chandrayan , other Space and Satellite programmes. Building physical and social infrastructure. Water, water management, clean rivers. Blue Economy. Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables. Achieving a healthy society via  Ayushman Bharat , well-nourished women & children, safety of citizens. Empha