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Ap huge chapter 3 notea12/21/2023 ![]() Agriculture and agriculture related activities are the primary sectors of economy. That activity comes under the primary sector. Primary Sector: When the economic activity depends mainly on exploitation of natural resources then.Net National Product (NNP) at market prices = Gross National Product at Market Prices – Depreciation foreign payment is larger than the foreign receipt. In India Gross Domestic Product (GDP) is larger than national income because net factor income from abroad Territory of a country during the accounting year. Gross Domestic Product (GDP) is the money value of final goods and services produced in the domestic CSO is assisted by the National Sample Survey Organization (NSSO) in estimating National Income. of India is responsible for estimating the national income.CSO was founded by Prof. > National Income:The national income is the sum total of the value of all the final goods produced and services of the residents of the country in an accounting year.ĬSO: Central Statistical Organization is under the Department of Statistics. ![]() ![]() Uttar Pradesh is the second largest producer of Punjab and is the third largest producer of rice. Rice production:The principal food grain in India is rice. Punjab and Haryana is then the second and the third largest producer of wheat. Wheat production: Uttar Pradesh is the largest producer. India is the second largest sugar producer in the world (after Brazil). This is because Indian economy is based on agriculture.52% of the total population of India depends on agriculture.Īccording to the 2011-2012 survey of Indian agriculture contributes 14.1% of the Gross Domestic Product (GDP). While Indian economy introduction is started, the major focus is always on the agriculture sector. Follows Labour Intensive Techniques and activities.Dualistic Nature of Economy (features of a modern economy, as well as traditional).Mixed Economy.Low rate of capital formation due to less saving rate.Chronic unemployment (A person is considered employed if he / she works for 273 days of a year for eight hours every day.)Unemployment in India is mainly structural in nature.Rapidly growing population with 1.2% annual change.But in USA only 2% of the working population is engaged in agriculture.) (More than 2/3rd of India’s working population is engaged in agriculture. Thats all the history there for time being. Thats when economy of India came into discussion as an entity, prior to that it was just a scramble of princely states and colonisers. His theory is popularly called the Economic Drain Theory. the economic exploitation of India by the British. In his book “Poverty and Un-British Rule in India” he describes his theory, i.e. Dadabhai Naoroji was the first to calculate the national income of India. Dadabhai Naoroji is known as the Father of Indian Politics and Economics, also known as the ‘Grand Old Man of India’. Let’s look at some facts from history regarding India as an Economy. Indian economy growth rate is estimated to be around seven to eight percent by year 2015-16. India is likely to be the third largest economy with a GDP size of $15 trillion by 2030.The economy of India is currently the world’s fourth largest in terms of real GDP (purchasing power parity) after the USA, China and Japan and the second fastest growing major economy in the world after China. For an overview of Indian Economy, we should first go through the strengths of Indian economy. India is a developing country and our economy is a mixed economy where the public sector co-exists with the private sector.
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