Vision IAS Indian Economy Material Class Notes 2023 PDF [Free Download]
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What is Economy?
The economy of India is characterized as a middle-income developing market economy. It is the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 145th by GDP (nominal) and 122nd by GDP (PPP).
Real GDP and Nominal GDP
Nominal GDP refers to the current year production of final goods and services valued at current year prices.
Real GDP on the other hand refers to the current year production of goods and services valued at base year prices. Such base-year prices are constant prices.
Real GDP is a much better way to calculate the GDP because in a particular year GDP may be bloated up because of the high rate of inflation in the economy. Real GDP, therefore, allows us to determine if production increased or decreased, regardless of changes in inflation and purchasing power of the currency.
- National Income Accounting
- Money and Banking
- Central Bank and Monetary Policy
- Fiscal Policy
- Government Budgeting
- External Sector and Currency Exchange
- Economic Reforms
- Industrial Policy
- Land Reforms
- Investment Model
- Agriculture Subsidies and MSP
- PDS, Buffer Stock and Food Security
- Economics of Animal Rearing
- Technology Mission
- Major Crops and Cropping Pattern
- Irrigation System
- Food Processing Industries
- E-Technology in the Aid of Farmers
- Indian Economy and Issues Related to
Mobilisation of Resources
- Storage, Transport, and Marketing of Agricultural
Produce and Issues and Related Constraints
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