The demand may be defined as the amount of some product a consumer is willing and able to purchase at each price where; The price is what a buyer pays for a specific good or service per unit. The willingness to purchase suggests a desire, based on what economists call tastes and preferences. Being able…
Some recent international economic issues include: Financial conditions: Financial conditions are tightening in most regions. War: The war between Russia and Ukraine has triggered an energy and food crisis. COVID-19 pandemic: The COVID-19 pandemic has hurt the global economy, especially low-income households. Inflation: Inflation has increased significantly in several countries across the world. Between…
The primary, secondary, tertiary, quaternary, and quinary sectors represent various business types and the goods they procure and sell in an economic setup. They differ in the following ways:The primary sector comprises the basic industries for providing basic materials to other industries. This sector encompasses the extraction of raw materials from the environment, such as…
The National Consumer Disputes Redressal Commission is in short known as NCDRC. It is a quasi-judicial commission in India established in 1988 under the Consumer Protection Act of 1986 with its head office in New Delhi. The commission is headed by a sitting or retired Judge of the Hon’ble Supreme Court or sitting or retired…
Economic planning is the procedure through which a State makes or influences key economic decisions. The Indian government has come up with various objectives such as utilizing the country’s human resources by increasing employment level, economic development, self-sufficiency, and social justice, in its economic planning. Economic Development and self-sufficiency are the major objectives of Indian…
Significant achievements of Five Year Plans in India are as follows; Growth of agriculture output: India became self-sufficient in food grains. An increase in farm output during the First Plan helped to end inflation, stabilized the economy, and paved the way for a higher rate of development during the Second Plan. Many irrigation projects were…
It is not possible to give any precise or universally acceptable definition of Economic Planning. There is no unanimity among political thinkers and economists about the concept of planning. Different economists across the world have defined economic planning in a variety of ways. Mrs.Brbara Wooton the Director of studies in economics at Girton defines “Economic…
At the time of Independence, India’s accounted for only three per cent of the world’s GDP, or about Rs 2.7 lakh crores. Per-capita income figures from 1947 are vague but according to some estimates, India’s share of total world income fell to as low as 3.8 percent. India had a population of 340 million and…
In the 1986 Act, the definition of a consumer was only limited to buying goods or services and did not specifically include e-commerce transactions. However, this lacuna has been addressed by the New 2019 Act. Under the Consumer Protection Act 2019, a consumer is defined as a person who “buys any goods” and hires or…
India is the second-largest internet market in the world, with more than 760 million active internet users. Both the Consumer Protection Act 2019 and the Digital Personal Data Protection Act (DPDP Act) of 2023 offer a multi-faceted approach to protecting individuals’ data in the digital age. Data protection laws aim to safeguard the personal information…