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8/8/2019 Indian Economy Session 1
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INDIAN ECONOMY: GLOBAL PERSPECTIVES
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What is an Economy?
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Why do we need to study Economics?
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What do you mean by developed and
developing economy?
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What type of Economy is Indian Economy?
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Whatare the characteristics of Indian Economy?
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8/8/2019 Indian Economy Session 1
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What is so unique about Indian Economy?
Forany developing country
For India
GDP
Adriculture-30%
Industry-
40%
Servicesector-30%
GDP
Agriculture-20%
Industry17.5%
Service
sector-62,5%
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Some more informationabout Indiaand Indian
Economy
Federal State with 28 Statesand 7 Union Territories
Trillion dollar economy
Forex Reserves USD
287.37 billion Unemploymentrate 10.7%
Main Industries:Telecommunications,textiles, chemicals, food
processing, steel,transportation equipment,cement, mining, etc.
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Major Export Partners: U.S. UAE, China,
Major Import Partners China, Saudi Arabia, U.S.,
UAE etc.
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Indian Economy- 1947 to Present
After Independence, India decided to gofor planned Economy
The planning commission was setup with
the Prime Ministeras the Chair person.2nd , 6th and 8th Five Year plans areimportant
There are achievements as well as failures
of Indias plans.
Eleventh Five Year Plan is in progress.
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Indian Economy opened up in 1991.
Indian Economy was facing major Balance Of
Payment Problem.
Indiahad to take loans from IMF & World
Bank
India followed the model of LPG in 1991-
Liberalisation, Privatisationand Globalisation
New Industrial Policy and New Trade Policy
were announced.
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Comparison between a Developing Economy ( India)
& a Developed Economy ( U.S)
Country Population Land mass
India 1.15 b 3.2 m sq km
USA 0.30 b 9.6 m sq km
Can India follow the same strategy for
developmentas followed by U.S. ?
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Economic reforms and New Economic Policy( NEP)
Objectives of NEP were-
NEP
Liberalisation
Privatisation
Globalisation
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Ownership
measure
10O % transfer of ownership
Throughjoint venture-partial transferto private ownership.
OrganisationalMeasure
Leasing
Financial & basic restructuring
Operational
Measure
Grant of autonomy to PSEs
To ensure privatisation following measures
were taken-
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De-licensing
No. of PSEs werereduced
MRTP Act was amended
To ensure liberalisation following measures were taken
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RECENT DEVELOPMENT AND INDIAN
ECONOMY
Impact ofglobal Meltdown was less
compared to other western countries.
Regulated Banking System helped India.
The revival ofthe World Economy was led by
Indiaand China.
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