Social infrastructure refers to the main elements of social change which serve as a base for the process of social development of a country. It contributes to economic processes indirectly and from outside the system of production and distribution.
The main sectors of the Indian economy are the Services. In the last few decades, the development of the primary and secondary sectors has resulted in the rise of several services which are required for the smooth functioning of these sectors such as banking, transport, and insurance.
An institutional unit that can perform economic activities independently is called an economic entity. Consumers, households, firms, and the government are the four basic entities of an economy because they perform the basic economic activities of production and consumption in an economy.
Globalization is the integration of the economy of a country with the world economy. It aims to encourage foreign trade and private and institutional foreign investment.
the Industrial Policy Resolution of 1948. These policy
resolutions divided the economy into public and private sectors. It was based on the assumption that large-scale investment in the public sector, a high level of public investments and public sector investment would encourage the growth and profitability of many private enterprises.
The state plays an important role in the development of an economy by generating employment for the poor and promoting their social welfare.
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.
In pre-independent India, Dadabhai Naoroji was the first person to discuss the concept of a poverty line. Poverty is the inability to secure the minimum human needs of food, clothing, housing, education and health.
The main aim of human capital formation in India is to make human beings in a nation more productive. Expenditure on education and health was incurred through the three tiers of the government—union government, state government and local government.
Various types of unemployment are prevailing in India. Unemployment refers to a situation when all able and willing persons of a country do not get suitable opportunities to work.