The micro, small and medium enterprises (MSMEs) are often known as the backbone of the Indian economy. This sector contributes more than 29% to the GDP and is responsible for around 50% of India’s total exports. MSMEs also contribute one-third of India’s manufacturing output and employ people living in semi-urban and rural areas. The MSME…
The idea of the Government on the MSME sector has been to manufacture goods in the country with “zero defects” and to ensure that the goods have “zero effect” on the environment. That is to say that we should manufacture goods in such a way that they carry zero defects and that our exported goods…
Secondary sector in an economy that is accountable for securing and processing raw materials into finished goods. Some of the manufacturing industries like Automotive, Electrical, Textiles, Chemicals, Food Processing, Steel, Transportation Equipment, Cement, Mining, Petroleum, and Machinery are considered secondary sectors. The employment growth in the secondary sector in India is marked by the inability…
A Sunrise industry is a new business or relatively new sector with the potential for rapid growth. Sunrise industries are often in their infancy stage showing promise of rapid growth. The IT industry is called the sunrise industry because of its high growth rates, startups, and huge capital funding. Some of the sunrise sectors in…
In the process of classifying economic sectors, economists have divided economic sectors based on the type of work performed and the goods and services produced. These are even further categorised as an organised and unorganised sector of job conditions. The organised sector comprises formally registered businesses, having employees and employee unions, adhering to labour laws,…
This year you have received salary arrears or commutation of pension, or gratuity about previous years, and now you may fear it’s going to move you up a tax slab with the additional tax burden. This is because tax rates may be higher in the year arrears are received as compared to the year to…
Gross domestic product (GDP) is the total value of the goods and services produced in a country during a specific period, usually a year. There are three methods to calculate GDP. These methods are: The Output Method (all value added by each producer), The Income Method (all income generated) and. The Expenditure Method (all spending).…
In the process of classifying economic sectors, economists have divided economic sectors based on the type of work performed and the goods and services produced. These sectors are initially classified as primary, secondary, and tertiary Sectors. The number of sectors grew as new types of work developed, and economists defined new sectors like Quaternary and…
In India, after independence, there have been several different revolutions in the primary sector (agricultural revolutions) such as Green Revolution, Evergreen Revolution, Yellow Revolution, Blue Revolution, Golden Fiber Revolution, Golden Revolution, Grey Revolution, Pink Revolution, and many others. These revolutions significantly enhanced the production processes in India and increased the agricultural output. Let us learn…
In the process of classifying economic sectors, economists have divided economic sectors based on the type of work performed and the goods and services produced. These sectors are initially classified as primary, secondary, and tertiary Sectors. The number of sectors grew as new types of work developed, and economists defined new sectors. Currently, there are…