Read Chapters: Introduction, National Income Accounting, Money and Banking, Income Determination, The Government Budget and the Economy, Open Economy Macroeconomics, Glossary, Data Tables,
After studying this chapter, the learners will figure out comparative trends in various economic and human development indicators of India and its neighbours, China and Pakistan assess the strategies that these countries have adopted to reach their present state of development.
In economic policies, Statistics plays a vital role in decision making. For example, in the present time of rising global oil prices, it might be necessary to decide how much oil India should import in 2025.
The central government must ensure inter-generational equity and long-term macro-economic stability by achieving sufficient revenue surplus, removing fiscal obstacles to monetary policy and effective debt management by limiting deficits and borrowing. The rules under the Act were notified with effect from July, 2004. Main Features 1.
Economic development can be measured and income is the most common method for measuring development. However, the income method, though useful, has several weaknesses. Hence, we need newer ways of looking at development using indicators of quality of life and environmental sustainability.
Economic activities require loans or credit. Credit, as we saw can have a positive impact, or in certain situations make the borrower worse off. Credit is available from a variety of sources. These can be either formal sources or informal sources. Terms of credit vary substantially between formal and informal lenders.
A cashless society describes an economic state whereby financial transactions are not connected with money in the form of physical bank notes or coins but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.