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Page 1 Basics of Economy (Economy) Visit our website www.sleepyclasses.com or our YouTube channel for entire GS Course FREE of cost Also Available: Prelims Crash Course || Prelims T est Series Page 2 Basics of Economy (Economy) Visit our website www.sleepyclasses.com or our YouTube channel for entire GS Course FREE of cost Also Available: Prelims Crash Course || Prelims T est Series 1. Capitalism 1 .................................................................................................... 2. Socialism 1 ....................................................................................................... Important T erms to remember 1 ................................................................................ 3. About India 1 .................................................................................................. 4. India’s Transition 1 ....................................................................................... 5. India’s GDP 2 .................................................................................................. Population Wise 2 .......................................................................................................... 6. GDP – Gross Domestic Product 2 ......................................................... Economic T erritory Covers 2 ........................................................................................ 7. Real GDP vs Nominal GDP 3 ................................................................... Real GDP 3 ....................................................................................................................... Nominal GDP 3 ............................................................................................................... 8. Base Year 3 ...................................................................................................... 9. Net Domestic Product 3 ............................................................................ Per Capita Income 4 ....................................................................................................... GDP at Factor Cost and Market Price 4 ................................................................... 10. Measuring GDP 4 ......................................................................................... Income Method 4 ............................................................................................................ Expenditure Method 4 .................................................................................................. 11. Components of India’s GDP 5 ................................................................. 12. Changes Happening With Time 6 .......................................................... 13. Changes made to GDP Calculations 6 ................................................. Improvements in the Revised Series include 6 ........................................................ 14. About MCA-21 7 .......................................................................................... The MCA21 application offers the following bene?ts 7 ...................................... 15. Gross value Added 7 ................................................................................... 16. GDP vs GVA 7 ................................................................................................ www.YouTube.com/SleepyClasses www.SleepyClasses.com T able of Contents Page 3 Basics of Economy (Economy) Visit our website www.sleepyclasses.com or our YouTube channel for entire GS Course FREE of cost Also Available: Prelims Crash Course || Prelims T est Series 1. Capitalism 1 .................................................................................................... 2. Socialism 1 ....................................................................................................... Important T erms to remember 1 ................................................................................ 3. About India 1 .................................................................................................. 4. India’s Transition 1 ....................................................................................... 5. India’s GDP 2 .................................................................................................. Population Wise 2 .......................................................................................................... 6. GDP – Gross Domestic Product 2 ......................................................... Economic T erritory Covers 2 ........................................................................................ 7. Real GDP vs Nominal GDP 3 ................................................................... Real GDP 3 ....................................................................................................................... Nominal GDP 3 ............................................................................................................... 8. Base Year 3 ...................................................................................................... 9. Net Domestic Product 3 ............................................................................ Per Capita Income 4 ....................................................................................................... GDP at Factor Cost and Market Price 4 ................................................................... 10. Measuring GDP 4 ......................................................................................... Income Method 4 ............................................................................................................ Expenditure Method 4 .................................................................................................. 11. Components of India’s GDP 5 ................................................................. 12. Changes Happening With Time 6 .......................................................... 13. Changes made to GDP Calculations 6 ................................................. Improvements in the Revised Series include 6 ........................................................ 14. About MCA-21 7 .......................................................................................... The MCA21 application offers the following bene?ts 7 ...................................... 15. Gross value Added 7 ................................................................................... 16. GDP vs GVA 7 ................................................................................................ www.YouTube.com/SleepyClasses www.SleepyClasses.com T able of Contents 17. Discrepancy 8 ................................................................................................ 18. Analysing trends 8 ....................................................................................... 19. Gross Domestic Knowledge Product (GDKP) 9 ............................... 20. Some facts about MOSPI 9 ....................................................................... The R.C. Bose Centre for Cryptology and Security 10 ............................................. Committee for Sub-National Accounts 10 ................................................................. National Statistical Commission 10 ............................................................................. Monitoring of Central Sector Infrastructure Projects 10 ........................................ Statistics Day 10 ............................................................................................................... Payroll Reporting in India 11 ......................................................................................... National Indicator Framework (NIF) 11 ..................................................................... SDGs 11 ............................................................................................................................... MDGs 11 ............................................................................................................................. 21. Product T axes/Subsidies 11 ........................................................................ Examples Of Product T axes 11 ...................................................................................... Examples Of Product Subsidies 12 ............................................................................... 22. Production T axes/Subsidies 12 ................................................................. Examples Of Production T axes 12 ............................................................................... Examples Of Production Subsidies 12 ........................................................................ Learning a little extra 12 ................................................................................................. 23. Green GDP 13 .................................................................................................. www.YouTube.com/SleepyClasses www.SleepyClasses.com Page 4 Basics of Economy (Economy) Visit our website www.sleepyclasses.com or our YouTube channel for entire GS Course FREE of cost Also Available: Prelims Crash Course || Prelims T est Series 1. Capitalism 1 .................................................................................................... 2. Socialism 1 ....................................................................................................... Important T erms to remember 1 ................................................................................ 3. About India 1 .................................................................................................. 4. India’s Transition 1 ....................................................................................... 5. India’s GDP 2 .................................................................................................. Population Wise 2 .......................................................................................................... 6. GDP – Gross Domestic Product 2 ......................................................... Economic T erritory Covers 2 ........................................................................................ 7. Real GDP vs Nominal GDP 3 ................................................................... Real GDP 3 ....................................................................................................................... Nominal GDP 3 ............................................................................................................... 8. Base Year 3 ...................................................................................................... 9. Net Domestic Product 3 ............................................................................ Per Capita Income 4 ....................................................................................................... GDP at Factor Cost and Market Price 4 ................................................................... 10. Measuring GDP 4 ......................................................................................... Income Method 4 ............................................................................................................ Expenditure Method 4 .................................................................................................. 11. Components of India’s GDP 5 ................................................................. 12. Changes Happening With Time 6 .......................................................... 13. Changes made to GDP Calculations 6 ................................................. Improvements in the Revised Series include 6 ........................................................ 14. About MCA-21 7 .......................................................................................... The MCA21 application offers the following bene?ts 7 ...................................... 15. Gross value Added 7 ................................................................................... 16. GDP vs GVA 7 ................................................................................................ www.YouTube.com/SleepyClasses www.SleepyClasses.com T able of Contents 17. Discrepancy 8 ................................................................................................ 18. Analysing trends 8 ....................................................................................... 19. Gross Domestic Knowledge Product (GDKP) 9 ............................... 20. Some facts about MOSPI 9 ....................................................................... The R.C. Bose Centre for Cryptology and Security 10 ............................................. Committee for Sub-National Accounts 10 ................................................................. National Statistical Commission 10 ............................................................................. Monitoring of Central Sector Infrastructure Projects 10 ........................................ Statistics Day 10 ............................................................................................................... Payroll Reporting in India 11 ......................................................................................... National Indicator Framework (NIF) 11 ..................................................................... SDGs 11 ............................................................................................................................... MDGs 11 ............................................................................................................................. 21. Product T axes/Subsidies 11 ........................................................................ Examples Of Product T axes 11 ...................................................................................... Examples Of Product Subsidies 12 ............................................................................... 22. Production T axes/Subsidies 12 ................................................................. Examples Of Production T axes 12 ............................................................................... Examples Of Production Subsidies 12 ........................................................................ Learning a little extra 12 ................................................................................................. 23. Green GDP 13 .................................................................................................. www.YouTube.com/SleepyClasses www.SleepyClasses.com 1. Capitalism • Just remember three principles of capitalism: ?Private Property ?Competitive Markets ?Pro?ts • If there is no Private property then we start moving towards Socialism. • Private property can be imagined in a lot of ways. • For example, your mobile is YOUR mobile. You don’t share it with the entire country. • But if you had to share your mobile with all, it would have been a socialist or communist system. • It does not mean that socialist or communist systems are bad or evil. • These systems attempt to create equal societies, as not all are born with money. • And in present world, if we don’t have enough money to get good education or good health then we might not be able to compete with the rest who are born in families with adequate resources and money to take care of all the educational or health needs. 2. Socialism • A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Important T erms to remember • Laissez Faire • Command Economy • Keynes & Lange 3. About India • We are not following any of the ideologies strictly • Every country has different situations and they have adapted the systems according to their needs • India follows a lot of Socialistic ideas along with increasingly more Capitalism • A lot of western countries follow Capitalistic ideas along with increasingly more Socialism 4. India’s Transition • In 1991 India decided to Open-Up in 1990s following Washington Consensus ?A set of 11 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries • By Washington, D.C.–based institutions such as IMF, World Bank, and the US Treasury Department www.YouTube.com/SleepyClasses www.SleepyClasses.com 1 Page 5 Basics of Economy (Economy) Visit our website www.sleepyclasses.com or our YouTube channel for entire GS Course FREE of cost Also Available: Prelims Crash Course || Prelims T est Series 1. Capitalism 1 .................................................................................................... 2. Socialism 1 ....................................................................................................... Important T erms to remember 1 ................................................................................ 3. About India 1 .................................................................................................. 4. India’s Transition 1 ....................................................................................... 5. India’s GDP 2 .................................................................................................. Population Wise 2 .......................................................................................................... 6. GDP – Gross Domestic Product 2 ......................................................... Economic T erritory Covers 2 ........................................................................................ 7. Real GDP vs Nominal GDP 3 ................................................................... Real GDP 3 ....................................................................................................................... Nominal GDP 3 ............................................................................................................... 8. Base Year 3 ...................................................................................................... 9. Net Domestic Product 3 ............................................................................ Per Capita Income 4 ....................................................................................................... GDP at Factor Cost and Market Price 4 ................................................................... 10. Measuring GDP 4 ......................................................................................... Income Method 4 ............................................................................................................ Expenditure Method 4 .................................................................................................. 11. Components of India’s GDP 5 ................................................................. 12. Changes Happening With Time 6 .......................................................... 13. Changes made to GDP Calculations 6 ................................................. Improvements in the Revised Series include 6 ........................................................ 14. About MCA-21 7 .......................................................................................... The MCA21 application offers the following bene?ts 7 ...................................... 15. Gross value Added 7 ................................................................................... 16. GDP vs GVA 7 ................................................................................................ www.YouTube.com/SleepyClasses www.SleepyClasses.com T able of Contents 17. Discrepancy 8 ................................................................................................ 18. Analysing trends 8 ....................................................................................... 19. Gross Domestic Knowledge Product (GDKP) 9 ............................... 20. Some facts about MOSPI 9 ....................................................................... The R.C. Bose Centre for Cryptology and Security 10 ............................................. Committee for Sub-National Accounts 10 ................................................................. National Statistical Commission 10 ............................................................................. Monitoring of Central Sector Infrastructure Projects 10 ........................................ Statistics Day 10 ............................................................................................................... Payroll Reporting in India 11 ......................................................................................... National Indicator Framework (NIF) 11 ..................................................................... SDGs 11 ............................................................................................................................... MDGs 11 ............................................................................................................................. 21. Product T axes/Subsidies 11 ........................................................................ Examples Of Product T axes 11 ...................................................................................... Examples Of Product Subsidies 12 ............................................................................... 22. Production T axes/Subsidies 12 ................................................................. Examples Of Production T axes 12 ............................................................................... Examples Of Production Subsidies 12 ........................................................................ Learning a little extra 12 ................................................................................................. 23. Green GDP 13 .................................................................................................. www.YouTube.com/SleepyClasses www.SleepyClasses.com 1. Capitalism • Just remember three principles of capitalism: ?Private Property ?Competitive Markets ?Pro?ts • If there is no Private property then we start moving towards Socialism. • Private property can be imagined in a lot of ways. • For example, your mobile is YOUR mobile. You don’t share it with the entire country. • But if you had to share your mobile with all, it would have been a socialist or communist system. • It does not mean that socialist or communist systems are bad or evil. • These systems attempt to create equal societies, as not all are born with money. • And in present world, if we don’t have enough money to get good education or good health then we might not be able to compete with the rest who are born in families with adequate resources and money to take care of all the educational or health needs. 2. Socialism • A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Important T erms to remember • Laissez Faire • Command Economy • Keynes & Lange 3. About India • We are not following any of the ideologies strictly • Every country has different situations and they have adapted the systems according to their needs • India follows a lot of Socialistic ideas along with increasingly more Capitalism • A lot of western countries follow Capitalistic ideas along with increasingly more Socialism 4. India’s Transition • In 1991 India decided to Open-Up in 1990s following Washington Consensus ?A set of 11 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries • By Washington, D.C.–based institutions such as IMF, World Bank, and the US Treasury Department www.YouTube.com/SleepyClasses www.SleepyClasses.com 1 • Focused on ?Macroeconomic stabilization ?Economic opening ?Expansion of market forces within the domestic economy 5. India’s GDP • Services sector is the largest sector of India. • Services sector accounts for 53.66% of total India's GVA • Industry sector contributes 29.02%. • Agriculture and allied sector shares 17.32% Population Wise • According to economic survey 2017–18 • Services sector accounts for 29% of total India’s Employment • Industry & Construction sector contribute 23%. • 48% of India's total workforce engaged in agriculture 6. GDP – Gross Domestic Product • The ?nal result of production of goods and services is Product. • A product may be a tangible good or intangible service • For example, a dentist does not sell anything but his treatment/diagnosis is his service • When we combine the monetary value of all the ?nal goods and services produced in the domestic territory of a country for a speci?ed time such as a year, this will be called “Gross Domestic Product” • Note - Economic territory is not equal to Political territory Economic T erritory Covers • Political boundaries including territorial waters and air space • Embassies, consulates, military bases, etc located abroad (but excluding those of other countries located within the political boundaries of India) • Ships, aircrafts etc., operated by the residents (need not be citizens) of India between two or more countries • Fishing vessels, oil and natural gas rigs, etc operated by the residents (need not be citizens) in the international waters or other areas over which the country enjoys the exclusive rights or jurisdiction such as territorial waters and exclusive economic zone www.YouTube.com/SleepyClasses www.SleepyClasses.com 2Read More
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FAQs on Basics of Economy - Economy for UPSC 2024 (Pre & Mains)
| 1. Какое значение имеет экономика для России? |  |
Ответ. Экономика играет важную роль в России, так как она определяет уровень производства, доходы населения, инвестиции и другие аспекты национального благосостояния. Основные секторы экономики России включают нефтегазовую промышленность, машиностроение, сельское хозяйство и добычу рудных полезных ископаемых.
| 2. Какие факторы влияют на российскую экономику? | |
Ответ. Российская экономика подвержена различным факторам, таким как колебания цен на нефть и газ, мировые экономические тренды, политическая стабильность, инвестиции и регулирование со стороны правительства, демографические изменения, инфляция и другие макроэкономические переменные. Все эти факторы могут оказывать как положительное, так и отрицательное влияние на экономическую ситуацию в России.
| 3. Каковы основные вызовы, с которыми сталкивается российская экономика? | |
Ответ. Российская экономика сталкивается с рядом вызовов, включая зависимость от экспорта нефти и газа, недостаток разнообразия в экономике, низкую эффективность производства, демографические проблемы, высокую коррупцию, слабые институты и правовую систему, а также санкции со стороны других стран. Эти вызовы могут затруднять экономический рост и развитие в России.
| 4. Какие меры принимает правительство России для поддержки экономики? | |
Ответ. Правительство России предпринимает ряд мер для поддержки экономики, таких как стимулирование инвестиций, развитие инфраструктуры, поддержка малого и среднего бизнеса, улучшение делового климата, снижение налогового бремени, создание специальных экономических зон и торговых партнерств, а также разработка программ поддержки отраслей с национальным приоритетом.
| 5. Каковы перспективы российской экономики в будущем? | |
Ответ. Перспективы российской экономики в будущем зависят от ряда факторов, таких как мировая конъюнктура, цены на энергоносители, эффективность реформ, разнообразие экономики, инвестиции в инновации и человеческий капитал, а также геополитические факторы. Несмотря на вызовы, Россия имеет потенциал для экономического роста и развития, особенно при правильном руководстве и реализации структурных реформ.
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