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Aradhya Agarwal 6 years, 5 months ago
Posted by Akansha Kesari 6 years, 5 months ago
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Nagasaki Ali 6 years, 5 months ago
Yogita Ingle 6 years, 5 months ago
Economic development is the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards.
Posted by Dev Nigam 6 years, 6 months ago
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Sia ? 6 years, 5 months ago
RBI was granted its role in currency management on the basis of the Reserve Bank of India Act in 1934. Specifically, Section 22 of the RBI Act gives the bank the authority to issue currency notes. The Reserve Bank of India has printing facilities in Dewas, Mysore and Salboni.
Posted by Lucky Bhatt 6 years, 6 months ago
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Sia ? 6 years, 5 months ago
Impact on foreign exchange rate due to increase in import duty on gold:
- The import of gold will fall when the government increases the import duty on gold.
- This reduces the demand for foreign currency.
- With the supply of foreign currency remaining the same, the foreign exchange rate would fall. This implies an appreciation of rupees.
The given graph clearly shows that when the demand for foreign exchange decreases, then its price also decrease.
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Suraj Kumar 6 years, 5 months ago
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Sia ? 6 years, 6 months ago
- Maintaining a sustained growth in productivity;
- Enhancing gainful employment;
- Achieving optimal utilisation of human resources;
- Attaining international competitiveness and.
- Transforming the country into a major partner and player in the globa arena.
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Gaurav Seth 6 years, 6 months ago
The concept can be explained through Circular flow of Income
Circular flow of income. Circular flow of income refers to continuous circular flow of money income and flow of goods among major sectors of an economy. Flow of money is the aggregate value of goods and services either as factor payments or as expenditure on goods and services. It is circular in nature because it moves in a circle coming back to the starting point. Again it is circular becuase it has neither any beginning nor an end. How? Suppose in an economy, there are two sectors, namely, Household sector and Firm sector. Households supply factor services and spend their income on consumption. The firms hire/purchase factor services from households and produce goods and services. The households as owners of factors of production (land, labour, capital and enterprise) receive the payments in terms of money as reward for rendering productive services. The recipients of these incomes (i.e., households), in turn, spend their incomes on purchase of goods and services (produced by firms) to satisfy their wants. Expenditure by households implies income going back to firms (producers of goods and services) making the circular flow of income complete. In short, income is first generated by production units, then distributed among households for rendering productive services and ultimately comes back to production units by way of expenditure by the households. In this way there is circular flow of income as depicted by outer arrows in Fig(a). (An economy has two types of markets — (i) Product market which is for goods and services, and (ii) Factor market which is for factors of production.)
Principles in circular flow of income. It involves two basic principles:
(i) In an exchange process, the seller (producer) receives the same amount which the buyer (or consumer) spends.
(ii) Goods and services flow in one direction and the money payments to acquire them flow in the return direction giving rise to a circular flow.
Posted by Aniket Nagpal 6 years, 6 months ago
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Aayushi Chauhan 6 years, 6 months ago
Gaurav Seth 6 years, 6 months ago
India did not folow any two known paths to development- it did not accept the capitalist model of development in which development was left entirely to the private sector, nor did it follow the socialist model in which production is controlled by the state. Elements from both these models were taken and mixed together in India. That is why it was described as 'mixed economy'.
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Paavak Bansal 6 years, 6 months ago
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