Agricultural Production and Productivity-During the 11th Plan, the rate of growth in yield showed that there was an impressive growth in crops such as wheat, bajra and cereals
Trends in Agricultural Production and Productivity Read More »
The role of Agriculture in the Indian Economy is as follows – Share in national income: Because of the development of the primary and secondary sectors, the share of agriculture in the national income has decreased from 61% in 1950–51 to 14.6%in 2009–10.
The state plays an important role in the development of an economy by generating employment for the poor and promoting their social welfare.
Direct taxes are those taxes whose burden cannot be shifted to the others. Tax on individual income and profits of business enterprises are examples of direct tax. After the reforms, there were reductions in the tax rates of individual income.
Indirect taxes are those taxes whose burden can be shifted to the others, e.g. tax on commodities. Many reforms are initiated to encourage the taxpayers by lowering the tax rate.
Fiscal policy refers to the revenue and expenditure policies of the government and helps to correct the situations of excess and deficient demands. It is also called the budgetary policy of the government.
Public sector enterprises play a dominant role in India. Their contributions are a strong industrial base, export promotion and import substitution, generation of employment, and reduction in income inequalities.
They are owned and controlled by the government.
A market structure refers to the number of firms operating in the industry, the nature of competition between them and the nature of the product.
Market refers to a mechanism or an arrangement that facilitates contact between buyers and sellers for the sale and purchase of goods and services.
Perfect competition is a form of market where there are a large number of buyers and sellers of a commodity. A homogeneous product is sold in the market. An individual firm has no control over the price. It is a price taker.
What is Perfect Competition? | Definition, Features Read More »