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Indian Economy For UPSC CSE Part-1 – Free PDF Download


Chapter 1
An Introduction

  • More than a Dismal Science
  • Defining Economics
  • Micro and Macro
  • What is an Economy?

MORE THAN A DISMAL SCIENCE

  • It is called a dismal science
  • Often highlighted as depressing and Poor Science
  • A Failed Science (in wake of 2008 crisis)
  • Yet invaluable in nature

Defining Economics

  • A discourse to study economic activities of the human being
  • All activities involving money are termed as economic activities
  • Going temple and giving Alms

Hence

  • Economics is a study of Goods and Services produced Distributed and consumed in a territory
  • It works on the principle of Demand and Supply
  • Societies capability of using scarce resources

Defining Economics

  • So economy works upon two key ideas
  • goods are scarce and society must use its resources efficiently.

A Working Definition

  • All the activities concerned with profit, loss, livelihood, occupation, wage, employment, etc., are economic activities.

Micro & Macro

  • After Great Depression the economics got divided into two broad branches—the micro- and macro-economics.
  • Keynes is considered the father of macroeconomics
  • Micro deals with bottoms-up approach
  • Macro with top-down approach

Co-relation

  • Micro deals with Demand & Supply, Prices and Income;
  • Macro deals with its effect on Inflation, GDP, Employment

Economics and Economy

Sectors & Types of Economies

W.W. Rostow Perspective (1960)

  • economies grow following five linear stages through the three main sectors i.e., agriculture, industry and services
  • South East Asian countries such as Indonesia, Philippines, Thailand and Vietnam were exceptions

Primary Sector in India

  • If share is more than 50% of GDP country will be agrarian economy

Secondary Sector in India

  • Western countries have witnessed the industrialization phase and are now facing saturation
  • The industrial sectoris at the second spot and contributing around 31% of the Indian GDP

Tertiary Sector in India

  • The services sectoraccounts for 53.66%
  • Maximum growth Is now being accounted from this sector
  • Once heavily industrialized nations America-Europe are now witnessing growth due to 60% contribution of  service sector

Next Topic

  • Economic Systems

 
 

 

Indian Economy | Free PDF

 

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