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Economic Development In India
The economic development in India followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence. Since the mid-1980s, India has slowly opened up its markets through economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market economy. In the late 2000s, India's growth reached 7.5%, which will double the average income in a decade. IMF says that if India pushed more fundamental market reforms, it could sustain the rate and even reach the government's 2011 target of 10%. States have large responsibilities over their economies. The average annual growth rates (2007–12) for Gujarat (13.86%), Uttarakhand (13.66%), Bihar (10.15%) or Jharkhand (9.85%) were higher than for West Bengal (6.24%), Maharashtra (7.84%), Odisha (7.05%), P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialist
Socialism is a left-wing economic philosophy and movement encompassing a range of economic systems characterized by the dominance of social ownership of the means of production as opposed to private ownership. As a term, it describes the economic, political and social theories and movements associated with the implementation of such systems. Social ownership can be state/public, community, collective, cooperative, or employee. While no single definition encapsulates the many types of socialism, social ownership is the one common element. Different types of socialism vary based on the role of markets and planning in resource allocation, on the structure of management in organizations, and from below or from above approaches, with some socialists favouring a party, state, or technocratic-driven approach. Socialists disagree on whether government, particularly existing government, is the correct vehicle for change. Socialist systems are divided into non-market and market f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Countries By GDP (PPP)
GDP (PPP) means gross domestic product based on purchasing power parity. This article includes a list of countries by their forecast estimated GDP (PPP). Countries are sorted by GDP (PPP) forecast estimates from financial and statistical institutions that calculate using market or government official exchange rates. The data given on this page are based on the international dollar, a standardized unit used by economists. Certain regions that are not widely considered countries such as the European Union and Hong Kong also show up in the list if they are distinct jurisdiction areas or economic entities. GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing the domestic market of a state because PPP takes into account the relative cost of local goods, services and inflation rates of the country, rather than using international market exchange rates, which may distort the real differences in per capita income. It is however limited wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Reform
Land reform is a form of agrarian reform involving the changing of laws, regulations, or customs regarding land ownership. Land reform may consist of a government-initiated or government-backed property redistribution, generally of agricultural land. Land reform can, therefore, refer to transfer of ownership from the more powerful to the less powerful, such as from a relatively small number of wealthy or noble owners with extensive land holdings (e.g., plantations, large ranches, or agribusiness plots) to individual ownership by those who work the land. Such transfers of ownership may be with or without compensation; compensation may vary from token amounts to the full value of the land. Land reform may also entail the transfer of land from individual ownership—even peasant ownership in smallholdings—to government-owned collective farms; it has also, in other times and places, referred to the exact opposite: division of government-owned collective farms into smallholdings. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incremental Capital-output Ratio
The Incremental Capital-Output Ratio (ICOR) is the ratio of investment to growth which is equal to the reciprocal of the marginal product of capital. The higher the ICOR, the lower the productivity of capital or the marginal efficiency of capital. The ICOR can be thought of as a measure of the inefficiency with which capital is used. In most countries the ICOR is in the neighborhood of 3. It is a topic discussed in economic growth. It can be expressed in the following formula, where ''K'' is capital output ratio, ''Y'' is output (GDP), and ''I'' is net investment. \text = \frac = \frac= \frac According to this formula the incremental capital output ratio can be computed by dividing the investment share in GDP by the rate of growth of GDP. As an example, if the level of investment (as a share of GDP) in a developing country had been (approximately) 20% over a particular period, and if the growth rate of GDP had been (approximately) 5% per year during the same period, then the I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prasanta Chandra Mahalanobis
Prasanta Chandra Mahalanobis OBE, FNA, FASc, FRS (29 June 1893– 28 June 1972) was an Indian scientist and statistician. He is best remembered for the Mahalanobis distance, a statistical measure, and for being one of the members of the first Planning Commission of free India. He made pioneering studies in anthropometry in India. He founded the Indian Statistical Institute, and contributed to the design of large-scale sample surveys. For his contributions, Mahalanobis has been considered the father of modern statistics in India. Early life Mahalanobis belonged to a family of Bengali landed gentry who lived in Bikrampur (now in Bangladesh). His grandfather Gurucharan (1833–1916) moved to Calcutta in 1854 and built up a business, starting a chemist shop in 1860. Gurucharan was influenced by Debendranath Tagore (1817–1905), father of the Nobel Prize-winning poet, Rabindranath Tagore. Gurucharan was actively involved in social movements such as the Brahmo Samaj, acting as i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Import Substitution Industrialization
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production.''A Comprehensive Dictionary of Economics'' p.88, ed. Nelson Brian 2009. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich ListMehmet, Ozay (1999). ''Westernizing the Third World: The Eurocentricity of Economic Development.'' London: Routledge. and Alexander Hamilton.Chang, Ha-Joon (2002). ''Kicking Away the Ladder: Development Strategy in Historical Perspective.'' London: Anthem Press. ISI policies have been enacted by developing countries with the intention of producing development and self-sufficiency by the creation of an internal market. The state leads economic development by nationalizat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jawaharlal Nehru
Pandit Jawaharlal Nehru (; ; ; 14 November 1889 – 27 May 1964) was an Indian anti-colonial nationalist, secular humanist, social democrat— * * * * and author who was a central figure in India during the middle of the 20th century. Nehru was a principal leader of the Indian nationalist movement in the 1930s and 1940s. Upon India's independence in 1947, he served as the country's prime minister for 16 years. Nehru promoted parliamentary democracy, secularism, and science and technology during the 1950s, powerfully influencing India's arc as a modern nation. In international affairs, he steered India clear of the two blocs of the Cold War. A well-regarded author, his books written in prison, such as ''Letters from a Father to His Daughter'' (1929), '' An Autobiography'' (1936) and ''The Discovery of India'' (1946), have been read around the world. During his lifetime, the honorific Pandit was commonly applied before his name in India and even today too. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independence Day (India)
Independence Day is celebrated annually on 15 August as a public holiday in India commemorating the nation's independence from the United Kingdom on 15 August 1947, the day when the provisions of the Indian Independence Act, which transferred legislative sovereignty to the Indian Constituent Assembly, came into effect. India retained King George VI as head of state until its transition to a republic, when the Constitution of India came into effect on 26 January 1950 (celebrated as Indian Republic Day) and replaced the dominion prefix, Dominion of India, with the enactment of the sovereign law Constitution of India. India attained independence following the independence movement noted for largely non-violent resistance and civil disobedience. Independence coincided with the partition of India, in which British India was divided along religious lines into the Dominions of India and Pakistan; the partition was accompanied by violent riots and mass casualties, and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Index Of Economic Freedom
The ''Index of Economic Freedom'' is an annual index and ranking created in 1995 by The Heritage Foundation and ''The Wall Street Journal'' to measure the degree of economic freedom in the world's nations. The creators of the index claim to take an approach inspired by that of Adam Smith in ''The Wealth of Nations'', that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society". Purpose The Heritage Foundation website states that "Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself." By publishing yearly reports th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ease Of Doing Business Index
The ease of doing business index was an index created jointly by Simeon Djankov, Michael Klein, and Caralee McLiesh, three leading economists at the World Bank Group. The academic research for the report was done jointly with professors Edward Glaeser, Oliver Hart, and Andrei Shleifer. Higher rankings (a low numerical value) indicated better, usually simpler, regulations for businesses and stronger protections of property rights. Empirical research funded by the World Bank to justify their work show that the economic growth effect of improving these regulations is strong. Though the first report was authored by Djankov, Klein, and McLiesh, and they continue to be listed as "founders" of the report, some sources attribute the genesis of the idea to Djankov and Gerhard Pohl. The report was discontinued by the World Bank on September 16, 2021, following the release of an independent audit of the data irregularities. The audit documented how bank leadership pressured experts to manip ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the Sustainable Development Goals as well as environmental and social safeguards. , the World Bank is run by a president and 25 executive directors, as well as 29 various vice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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