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The Indian economy is diverse and embraces a huge area including agriculture, mining, textile industry, manufacturer and a vast area of other services.
There is an enormous shift from what the economy used to be in the distant past. Till today, two thirds of the population depends on agriculture directly or indirectly. Indian economy is somewhat socialistic in its approach but presently India is running with other capitalist country.
Pre — Colonial History Pre — colonial implies to the period before the advent of the British. Indus Valley Civilisation is considered to be the first of the permanent settlements in the urban areas. They usually practiced varieties of traders, which include agriculture, domestication of animals, making sharp weapons from copper, bronze and tin and inter-city trading.
Barter system was commonly use in these times although many kings issued coins and revenues were also paid to the rulers. The rise of the Maratha Empire after the falls of Mughals marked the decline of political stability affecting Indian economy.
Colonial History Colonial rule brought along with its change in the economic structure of the country. The whole process of taxation was revised, with effect on the farmers, a single currency system with fixed exchanged rates, standardised weights and measures, free trade was encouraged and a kind of capitalist structure in the economy introduced.
They exported the raw materials and manpower and the finished goods were brought back to India and sold at high rates. These polices were not favourable to Indian Economy. But other developments in transport and communication like introduction of railways, telegraphs and so on were made which affected the economy.
Towards the end of the colonial rule it was seen that development in the Indian Economy was hampered and it was reduced down from its glorious strong economic background. Post — independence History There was a basic stress on few things like industrialisation, large public sector, and business regulation, state intervention in labour and financial markets and central planning during this period.
The economy of the country shifted from agricultural, forestry, fishing and textile manufacturing to heavy industries, telecommunications and transformation industries during late s.
In the s the Indian government had undertaken a chain of plans for the economic development. These plans functioned profitably for a while but then again in the long run they showed lese development. Economic doldrums were a result of structural inadequacies, wars with China inwith Pakistan in and 71, currency devaluation infirst world oil crisis and few natural calamities.
Contemporary Economy Major reforms were being made by Rajiv Gandhi in s by restrictions on capacity expansion for incumbents, removal of price control and reduced co-operate taxes.
Other changes, like abolition of the License Raj, direct investments in many sectors, affected economy. More private sector initiatives were taken up during s and s.
At present, India has a modern stock exchange instead of an outdated one. There has been a rise in the growth in many sectors. State planning and the mixed economy: Indian economy works on the basis of 5-year plans, which enables an effective and equal distribution of national resources for a balanced economic development.
Mixed economy is the merger of the socialist and capitalist economy. In India, the public sector covers the railways and postal services. Nationalisation of banks have also taken place, recently phases of privatisation are on the run.
Public expenditure in India basically constitutes capital and revenue expenditure. These are included in central plan expenditure, central assistance and non- development expenditure.
Central plan expenditure is for the allocation of resources in development schemes given in the plans of the central government and public sector undertakings. Central assistance is the aids provided for plans of state government and union territories. Revenue expenditure consists of revenue defense expenditure, subsidies etc.
Tax system has undergone serious changes or reforms over the years. The Union government levies sales tax on intra-state sale of goods, entertainment, alcohol, transfer of property etc. An economic survey is conducted after the budget which involves various NGOs, business people, women organisation and so on.
These days Rupee currency comes in denominations of 1,2,5,10,20,50, and Rupee is the only payment of debt accepted in India. India has rich reserves of natural resources.Below is a list of essay competitions for students, graduates and professionals from Africa.
Annual National Essay Competition Aug 24, The Nigerian Stock Exchange (NSE) is pleased to announce the commencement of the edition of its annual Essay torosgazete.comsion Deadline: 5th October Offered Annually?.
Each country was responsible for maintaining its exchange rate with in 1 per cent of the adopted par value by buying or selling foreign exchange as necessary. By the early the total value of the US gold stock, when valued at $35 per ounce, fell short of foreign dollar holdings.
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The Nigerian Stock Exchange (NSE) Essay Competition themed “Building a Sustainable Capital Market” is one of the Exchange’s financial education and inclusion schemes geared toward building a financially knowledgeable generation.
The edition of The Nigerian Stock Exchange Annual National Essay Competition has opened for tertiary and secondary institutions in Nigeria.
Deadline is July 29, Entry forms are available at the Nigerian Stock Exchange Branches, all Secondary and Tertiary Institutions, as well as the NSE. A national essay competition that serves as a culminating activity for Stock Market Game ™ students. Capitol Hill Challenge ™ A national financial education competition for junior high and high schools that reaches all 50 U.S.
states and all members of Congress.