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Public Sector Undertakings In India
Public Sector Undertakings (PSUs) are public sector companies, which are established and owned by the Government of India or State governments of India. The ''public sector undertakings'' are established either by nationalisation or an ''executive order'' in case of ''union government'' and ''state government'' or ''act of parliament'' with the purpose to earn profit for the ''government'', control monopoly of the private sector entities, offer products & services at an affordable price to the citizens, implementation of government schemes and to deliver products & services to remote locations of the country. PSUs are also called government-owned enterprises or government-owned corporations or statutory corporations or nationalised corporations. These establishments are wholly or partly owned by the Government of India and/or one of the many state governments of India. Central Public Sector Undertakings (CPSUs) are wholly or partly owned by the Government of India, while St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Sector
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, infrastructure, public transit, public education, along with health care and those working for the government itself, such as elected officials. The public sector might provide services that a non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service. Public enterprises, or state-owned enterprises, are self-financing commercial enterprises that are under public ownership which provide various private goods and services for sale and usually operate on a commercial basis. Organizations that are not part of the public sector are either part of the private sector or voluntary sector. The private sector is composed of the economic sectors that are intende ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jamsetji Tata
Jamsetji (Jamshedji) Nusserwanji Tata (3 March 1839 – 19 May 1904) was an Indian pioneer industrialist who founded the Tata Group, India's biggest conglomerate company. Named the greatest philanthropist of the last century by several polls and ranking lists, he also established the city of Jamshedpur. Jamshedji Tata is regarded as the legendary "Father of Indian Industry". He was so influential in the world of industry that Jawaharlal Nehru referred to Tata as a One-Man Planning Commission. :"When you have to give the lead in action, in ideas – a lead which does not fit in with the very climate of opinion – that is true courage, physical or mental or spiritual, call it what you like, and it is this type of courage and vision that Jamshedji Tata showed. It is right that we should honour his memory and remember him as one of the big founders of modern India." —Jawaharlal Nehru Tata, who in his early life was a merchant, went on to change the business world o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1991 Indian Economic Crisis
The 1991 Indian economic crisis was an economic crisis in India resulting from a balance of payments deficit due to excess reliance on imports and other external factors. India's economic problems started worsening in 1985 as imports swelled, leaving the country in a twin deficit: the Indian trade balance was in deficit at a time when the government was running on a huge fiscal deficit. The collapse of the Soviet Bloc, with which India had rupee exchange in trade, also caused problems. By the end of 1990, in the run-up to the Gulf War, the dire situation meant that the Indian foreign exchange reserves could have barely financed three weeks' worth of imports. Meanwhile, the government came close to defaulting on its own financial obligations. By July that year, the low reserves had led to a sharp depreciation/devaluation of the rupee, which in turn exacerbated the twin deficit problem. The Chandrasekhar government could not pass the budget in February 1991 after Moody downgr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indira Gandhi
Indira Priyadarshini Gandhi (; Given name, ''née'' Nehru; 19 November 1917 – 31 October 1984) was an Indian politician and a central figure of the Indian National Congress. She was elected as third prime minister of India in 1966 and was also the first and, to date, only female prime minister of India. Gandhi was the daughter of Jawaharlal Nehru, the first prime minister of India. She served as prime minister from January 1966 to March 1977 and again from January 1980 until Assassination of Indira Gandhi, her assassination in October 1984, making her the second longest-serving Indian prime minister after her father. During Nehru's premiership from 1947 to 1964, Gandhi was considered a key assistant and accompanied him on his numerous foreign trips. She was elected president of the Indian National Congress in 1959. Upon her father's death in 1964, she was appointed as a member of the Rajya Sabha (upper house) and became a member of Lal Bahadur Shastri ministry, Lal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Feldman–Mahalanobis Model
The Feldman–Mahalanobis model is a Neo-Marxian model of economic development, created independently by Soviet economist Grigory Feldman in 1928 and Indian statistician Prasanta Chandra Mahalanobis in 1953. Mahalanobis became essentially the key economist of India's Second Five Year Plan, becoming subject to much of India's most dramatic economic debates. The essence of the model is a shift in the pattern of industrial investment towards building up a domestic consumption goods sector. Thus the strategy suggests in order to reach a high standard in consumption, investment in building a capacity in the production of capital goods is firstly needed. A high enough capacity in the capital goods sector expands in the long-run the nation's consumer-goods production capacity. This distinction between the two different types of goods was a clearer formulation of Marx’s ideas in ''Das Kapital'', and also helped people to better understand the extent of the trade off between the ... [...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] |
Industrialisation
Industrialisation ( alternatively spelled industrialization) is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive re-organisation of an economy for the purpose of manufacturing. Historically industrialization is associated with increase of polluting industries heavily dependent on fossil fuels. With the increasing focus on sustainable development and green industrial policy practices, industrialization increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies. The reorganization of the economy has many unintended consequences both economically and socially. As industrial workers' incomes rise, markets for consumer goods and services of all kinds tend to expand and provide a further stimulus to industrial investment and economic growth. Moreover, family structures tend to shift as extended families tend to no longer live ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mixed Economy
A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise. Common to all mixed economies is a combination of free-market principles and principles of socialism. While there is no single definition of a mixed economy, one definition is about a mixture of markets with state interventionism, referring specifically to a capitalist market economy with strong regulatory oversight and extensive interventions into markets. Another is that of active collaboration of capitalist and socialist visions. Yet another definition is apolitical in nature, strictly referring to an economy containing a mixture of private enterprise with public enterprise. Alternatively, a mixed economy can refer to a reformist transitionary phase to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Import Substitution Industrialisation
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 nationalizati ... [...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] |
Prime Minister Of India
The prime minister of India (IAST: ) is the head of government of the Republic of India. Executive authority is vested in the prime minister and their chosen Council of Ministers, despite the president of India being the nominal head of the executive. The prime minister is often the leader of the party or the coalition with a majority in the lower house of the Parliament of India, the Lok Sabha, which is the main legislative body in the Republic of India. The prime minister and their cabinet are at all times responsible to the Lok Sabha. The prime minister is appointed by the president of India; however the prime minister has to enjoy the confidence of the majority of Lok Sabha members, who are directly elected every five years, lest the prime minister shall resign. The prime minister can be a member of the Lok Sabha or of the Rajya Sabha, the upper house of the parliament. The prime minister controls the selection and dismissal of members of the Union Council of Ministers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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