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five year plans in India:

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Economic planning  - It is a process in which central government set targets (to accelerate the pace of growth and development) to be achieved within particular period of time. It focuses on economical use of the country's resources. Planning commission is the central authority of India, they formulates five years plans in India. It was established in 1950 under the chairmanship of  P.C Mahalanobis. Prime minister is the chairperson of this. But now it has been abolished. In February 2015,  this has been changed into NITI Aayog ( National Institution For Transforming India). NITI aayog makes policies for the govt. To accelerate the pace of growth and development in the country. Planning are two types - 1. Directive planning  2. Comprehensive planning -  Directive planning   refers to a system in which free play of market forces, demand and supply only directed by the state. In which there is no direct participation ...
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Indian Economy On The Eve Independence

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Indian Economy On The Eve Of Independence                                         img source:- unacadamy.com The economy, that we inherited from the British in 1947 was very stagnant and backward. I provide some information and details about agriculture sector, industrial sector and foreign trade sector. Which usually reflects the critical situations of these sectors at the eve of independence. Agriculture Sector On The Eve Of Independence Agriculture sector was both  backward as well as stagnant because:-  People did subsistence farming ( means farming for self consumption) rather than for generating income from crops.  Level of productivity was low. It yielded low productivity at high cost .                                           Agri...
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What is Economics?

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What is Economics? Economics is all about the studies the production, distribution and consumption of goods and services, also study of decision making.  As well it is about the choices of goods and services. In everyday, we make choices of goods. - which course should we pursue? - how much should we produce the goods for economy? - which share should  we buy or where can we invest our money?   Economics helps us yo answer this question.                       Economics is also a science where we do experiments and observations. To find out the best way of enhancing the production and distribution or decision making. It help us to taking decision and management process like Prof. Henry fayol who gave14 principles of management.or Scientist Taylor who also gave rules for monetary policy. Types Of economics- 1.Micro-economics 2.Macro- economics                   ...
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A small virus shaking the global economy

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How a small virus shaking the global economy? As we see whole world is under lockdown. This is because an ongoing pandemic Covid-19. this pandemic devastated the global economy as well as India's economy. but It has affected Indian economy much, but not very much like US, Japan. If  you watched today news then you absolutely knew that Japan is the first counrty where recession has occured due to amid of covid-19 pandemic. this has hit all the sectors .                                                               This invisible virus remind us humans are very small creatures, even a single virus can affect whole world. If nature become angry, we will have to pay for it. because we played with nature and destroyed it very well by polluting environment. A virus that we cannot see with our naked eyes but it can affect wo...
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