RPSC RAS Mains Exam Paper-I:Unit II-Part A- Indian Economy: Rajasthan Administrative Services Mains Exams Indian Economy Study Material. RPSC RAS Indian Economy
The Indian economy was in distress at the brink of the country’s independence. Being a colony, she was fulfilling the development needs not of herself, but of a foreign land. The state, that should have been responsible for breakthroughs in agriculture and industry, refused to play even a minor role in this regard. On the other hand, during the half century before India’s independence, the world was seeing accelerated development and expansion in agriculture and industry – on the behest of an active role being played by the states. RPSC RAS Indian Economy
India has the world’s sixth largest economy in measures of GDP. It has the third largest purchasing power in the world. When we talk about the global economy, India is one of its fastest emerging players. Since our liberalization in 1991, the economy has opened up and given us plenty of opportunities to succeed.
- Major Sectors of Economy: Agriculture, Industry & Service- Current Status, Issues and Initiatives
- Banking: Concept of Money supply & High Powered Money. Role and Functions of Central Bank & Commercial Banks, issues of NPA, Financial Inclusion. Monetary Policy- Concept, objectives & Instruments
- Public Finance: Tax reforms in India- Direct & Indirect, subsidies- Cash Transfer and other related issues. Recent Fiscal Policy of India
- Recent Trends in Indian Economy: Role of Foreign Capital, MNCs, PDS, FDI, Exim Policy, 12th Finance Commission, Poverty alleviation schemes.
In the Indian economy, both private sector and public sector companies co-exist in perfect harmony. The big industries, especially those for vast public use, are public sector companies. Some examples are MTNL, Mahanagar Gas etc. And the economy has seen a huge boost in the private sector as well since the liberalization in 1991. Hence India is the perfect example of a mixed economy.
One major advantage of India’s vast population is within the scope of human capital. And most of these human resources are youths. They are educated and skilled, giving India a huge advantage in the global market. They now need adequate employment opportunities to be successful.