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Indian Economy

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Home/Indian Economy/Page 18

Mains Answer Writing Latest Questions

varun kumar Parkala
  • -1
varun kumar ParkalaBegginer
Asked: July 19, 2024In: , , , , , , , , , , , , , , , ,
  • -1

What is mean by inflation.In which do you think it is growing and why ?

  1. Vaidika Punna
    Vaidika Punna Begginer

    Inflation is nothing but general increase of lives in the products whichever we buy, which leads to decrease in purchase power. We measure inflation with: Consumer Price Index(CPI):average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. ProdRead more

    Inflation is nothing but general increase of lives in the products whichever we buy, which leads to decrease in purchase power.
    We measure inflation with:

    Consumer Price Index(CPI):average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

    Producer Price Index (PPI): Measures the average change over time in the selling prices received by domestic producers for their output.

    Several Factors affecting Inflation are:

    1. Demand pull inflation: It occurs when the demand for that product increases i.e., lesser the goods the more it costs.
    2. Built-In Inflation: When workers demand higher wages and, in response, companies increase the prices of their products to cover higher wage costs.
    3. Global Factors: International events, such as geopolitical instability or changes in global supply chains, can impact inflation. For example, the COVID-19 pandemic disrupted supply chains worldwide, leading to increased prices for many goods and services.
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Salman Bashir
  • 0
Salman BashirBegginer
Asked: July 19, 2024In: , , ,
  • 0

What are the major economic reforms in India since 1991, and how have they impacted the country’s growth, development, and global economic position?

developmenteconomic growthglobalizationindian economy
  1. Ahmed
    Ahmed Begginer

    Economic Reforms Since 1991: Impact on India's Growth and Global Position In 1991, India initiated significant economic reforms that marked a shift from a closed, centrally planned economy to a more open and market-oriented one. These reforms have had profound impacts on India's growth and global poRead more

    Economic Reforms Since 1991: Impact on India’s Growth and Global Position

    In 1991, India initiated significant economic reforms that marked a shift from a closed, centrally planned economy to a more open and market-oriented one. These reforms have had profound impacts on India’s growth and global position.

    Key Reforms:

    1. Liberalization: Reduction in government control over businesses and the opening up of various sectors to private and foreign investments.
    2. Privatization: Transfer of ownership of state-owned enterprises to private entities.
    3. Globalization: Integration with the global economy through trade and investment.

    Impact on Growth:

    1. Economic Growth: Post-1991 reforms led to higher GDP growth rates, with the economy expanding at an average rate of about 6-7% annually.
    2. Foreign Investment: There was a significant increase in Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII), boosting capital inflows.
    3. Industrial Growth: The deregulation of industries spurred growth in manufacturing and services sectors, contributing to employment and GDP.

    Impact on Global Position:

    1. Trade Expansion: India’s share in global trade increased due to reduced tariffs and trade barriers.
    2. IT and Services Sector: India emerged as a global hub for IT and services, earning substantial foreign exchange and creating millions of jobs.
    3. Global Integration: India became an integral part of global supply chains and improved its position in international economic forums like the WTO, G20, and BRICS.

    Overall, the 1991 economic reforms significantly accelerated India’s growth, transformed its economic landscape, and enhanced its global economic stature.

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Utkarsha Jadhav
  • 0
Utkarsha JadhavBegginer
Asked: July 20, 2024In: , ,
  • 0

What are the major challenges facing the Indian economy today, and how can they be addressed?

economy.indian economyquestion
  1. Kousalya Krishnan
    Kousalya Krishnan Begginer
    This answer was edited.

    India is a diverse and rapidly developing country with fifth largest in the world by nominal GDP, and it is characterized by a mixed economic system. Over the past few decades, India has experienced rapid economic growth, and it is now considered to be a major player in the global economy. Despite tRead more

    India is a diverse and rapidly developing country with fifth largest in the world by nominal GDP, and it is characterized by a mixed economic system. Over the past few decades, India has experienced rapid economic growth, and it is now considered to be a major player in the global economy. Despite this growth, the country still faces numerous challenges, including

    Challenge

    1. Growth: Economic Reforms such as GST and FDI liberalization has boosted economic activity, yet uneven execution presents hurdle.
    2. Demographic dividend.
    3. Agriculture crucial for employment, faces productivity challenges due to small landholdings, inadequate technology access, and dependence on monsoon.
    4. Increase in non-performing assets in financial sectors.
    5. External factors such as Global economic conditions and oil price volatility.
    6. Development: Poverty, Inequality in income and Unemployment.
    7. Mobilization of resources: Limited access to the credits, Lack of proper infrastructure, Shortage of skilled labor in emerging technology and manufacturing, Resource allocations.
    8. Employment: Unemployment, Underemployment, Lack of Labor protection.

     

    Summary:

    The Indian economy and issues related to growth and development are still a challenge for the country. These include poverty, income inequality, unemployment, and environmental degradation. To address these challenges, the Indian government has implemented several policies and initiatives aimed at promoting sustainable and inclusive economic growth, improve access to education, healthcare, and social services, as well as efforts to reduce pollution and protect the environment.

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Anil Bhargav
  • 2
Anil BhargavBegginer
Asked: July 20, 2024In:
  • 2

What does GDP (gross domestic product) mean to you? How is the computation made? Additionally, set it apart from the GNP, or gross national product.

upsc: economic planning
  1. Babita Singh
    Babita Singh Begginer

    Gross Domestic Production (GDP) refers to the total monetary value of all final goods and services produced in the domestic territory of a country in a given period of time, usually, a financial year. Final goods here refer to those goods which are directly consumed and not used in further productioRead more

    Gross Domestic Production (GDP) refers to the total monetary value of all final goods and services produced in the domestic territory of a country in a given period of time, usually, a financial year. Final goods here refer to those goods which are directly consumed and not used in further production processes. GDP can be calculated at factor cost (FC) as well as market prices (MP), i.e. GDP at market price = GDP at factor cost + Net indirect taxes (indirect taxes – subsidies).

    The three main methods of GDP calculation are:

    I.Expenditure Method: It measures the aggregate value of spending for final goods and services in an economy. It includes:

    • Consumption Expenditure (C): Aggregate final private consumption expenditure in the economy.
    • Government Expenditure (G): Aggregate final expenditure of the government of the economy (does not include government investment).
    • Investment Expenditure (1): Aggregate investment expenditure received by all firms in the ceconomy (from both private sector and government).
    • Net Exports (NX): Difference between aggregate exports (X) and imports (M) in an economy.
    • Thus, GDP=C+G+I+NX

    II. Product or Value Added Method

    • GDP is calculated using the aggregate annual value of goods and services produced by all firms in an economy.
    • Value added by a firm is the total value of production of the firm minus the value of intermediate goods used by the firm. Thus, Gross value added of firm i (GVAi) = Gross value of the output produced by the firm i – Value of intermediate goods used by the firm i.
    • Thus GDP = Sum total of gross value added of all the firms in the economy.

    III. Income Method It measures the sum total of all factor payments (remuneration from the factors of production i.e. rent from land, wages from labour, interest from capital, and profit from entrepreneurship). GDP is then estimated by calculating the sum total of all the rents, wages, interests, and profits in a particular year.

    Difference between GDP and GNP:

    GNP refers to the total monetary value of all final goods and services produced by the normal residents of a country during a financial year. GDP, on the other hand, is the monetary value of all final goods and services produced within the domestic territory of the country. In GDP calculation, all production done by the national residents and non-residents in a country gets included, regardless of whether production is owned by a local company or a foreign entity. The output produced outside the domestic territory of the country is not included in GDP. i.e., GNP GDP Income Earned by Nationals Outside Income earned by the foreign nationals inside or, GNP = GDP + net factor income from abroad (NFIA)

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