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,…
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…
Today (September 4, 2020) announced that PSL guidelines have been comprehensively reviewed to align it with emerging national priorities and bring a sharper focus on inclusive development, after having wide-ranging discussions with all stakeholders. “Revised PSL guidelines will enable better credit penetration to credit deficient areas; increase the lending to small and marginal farmers and…
Definition of Economic Planning, History of Economic Planning, Objectives of Economic Planning, Types of Planning, Achievements of Planning, and Financial resources for 5-year plans. Definition: Economic planning is a process to achieve set objectives of economic development of a country in a given period of time. Key economic decisions are made or influenced by the…
Definition: The priority sector is defined as the sectors that the Government of India and Reserve Bank of India consider as important for the development of the basic needs of the country and are to be given priority over other sectors while lending. The role of lenders is assigned by the Reserve Bank of India…
The term “structural change” refers to the major changes in the relative importance of the main sectors of an economy (agriculture, industry, services, and so on) in the course of economic growth. Structural change has often been defined as a process by which the transfer of economic benefits is evidenced in terms of major changes…