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Economic Growth Economic growth means an increase in real GDP. This increase in real GDP means there is an increase in the value of national output / national Join Our Telegram Channel expenditure. Economic growth is an important macro-economic objective because it enables increased living standards and helps create new jobs. Measurement of Subscribe on … Read more

Globalization essentially means integration of the national economy with the world economy. It implies a free flow of information, ideas, technology, goods and services, capital and even people across different countries and societies. It increases connectivity between different markets in the form of trade, investments and cultural exchanges. The concept of globalization has been explained … Read more

Indian Money Market and Banking system is regulated by Reserve Bank of India.The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Main Functions of RBI are as follows:- Monetary Authority: Formulates, implements and monitors the monetary policy. Objective: maintaining price … Read more

VAT is a multi-stage tax levied at each stage of the value addition chain, with a provision to allow input tax credit (ITC) on tax paid at an earlier stage, which can be appropriated against the VAT liability on subsequent sale. VAT is intended to tax every stage of sale where some value is added … Read more

Balance of Payments is a systematic record of all economic transactions undertaken by residents of one country i.e. households, firms and the government with their counterparts in Subscribe on YouTube rest of the world. It consists of: 1. Current Account, 2. Capital Account and 3. Reserve Account. The Current Account covers transactions in goods and … Read more

Fiscal policy is that part of Government policy which is concerned with raising revenues through taxation and other means along with deciding on the level and pattern of expenditure it operates through budget. However, generally the expenditure exceeds the revenue income of the Government. In order to meet this situation, the Government imposes new taxes … Read more

Public expenditure is spending made by the government of a country on collective needs and wants such as pension, provision, infrastructure, etc. Join Our Telegram Channel Until the 19th century, public expenditure was limited as laissez faire philosophies believed that money left in private hands could bring better returns. In democracy, public expenditure is an … Read more

India has a well developed taxation structure. Join Our Telegram Channel Subscribe on YouTube The tax system in India is mainly a three tier system which is based between the Central, State Governments and the local government organizations. In most cases, these local bodies include the local councils and the municipalities. According to the Constitution … Read more

The Indian Government had undertaken industrial policy reforms since 1980, but Join Our Telegram Channel the most radical reforms have occurred since 1991, after the severe economic crisis in fiscal year 1990-91. These reforms mainly aimed at enhancing the efficiency and international competitiveness in Indian industry. Growth in the industrial sector is one of the … Read more

Evergreen Revolution was a term coined by M.S. Swaminathan to indicate the Join Our Telegram Channel development of  technologies that can help in increasing productivity in perpetuity without causing an associated ecological harm.He also stated that to achieve the goal of food security by ending hunger and to promote sustainable agriculture, it is important that in … Read more