Tax payment is mandatory for every citizen of the country. There are two types of tax in india i.e. direct and indirect. Taxation in India is rooted from the period of Manu Smriti and Arthasastra. Present Indian tax system is based on this ancient tax system which was based on the theory of maximum social welfare.
Economics is a very crucial subject for all the completive exams like IAS/PCS/SSC/Banking etc. every completive exam ask some questions based on the terminology of economics. So to cater the objectives of the aspirants; Jagran josh is giving some important terms of economics.
Under Article 112 of the constitution, a statement of estimated receipts and expenditure, called the 'Annual Financial Statement'. The finance minister of India presents the annual budget every year in the parliament. There are so many terms used during the full budget presentation which are not known to many peoples. So we are explaining a bit about these terms for the convenience of general public and students.
Since independence India has been a 'Mixed Economy'. Indian economy is basically based in the contribution of service sector (currently provides 60% share of GDP) and near about 53% of its population is dependent on the Agriculture.
Jargons are subject specific words in all the subjects. So is the case with Indian Economy because it helps the students in understanding the meaning of articles/publications/reports etc. (if any student is unable to understand these economics word).
Jargons are subject specific special words or vocabulory used by some subject professionals. These jargons are difficult for common peoples/students etc. So We picked some of the most important words to enhance your knowledge of Economics.
There are different types of indices created by the United Nations to measure the economical, social and educational development of the peoples of the whole world. These indices include Gender Inequality Index, Human Development Index, Multidimensional Poverty Index and the Technology Achievement Index.
Sustainable Development (SD) refers to that development which meets the needs of the present without compromising the ability of future generations to meet their own needs".
The Human Development Index (HDI) is measured on the basis of Life Expectancy Index (Long and healthy life), Education Index (Knowledge) and Income Index (Standard of Living). It was created by Pakistani economist Mahbub-ul-Haq.
In India the planned economic development begin in 1951 with the inception of first five year plan. The main motive of first five year plan was to improve the condition of agriculture in the country.
Five year plans are developed, executed and monitored by the NITI Ayog (Prime Minister is the ex-official Chairman). Till date 12 five year plans have been launched in India. The final approval to any five year plan is given by the National Development Council (NDC).