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…
Low per capita real income, high rate of population growth, the cycle of poverty, an agro-based economy, income disparities, slow capital formation, poor infrastructural development, an imperfect market, Lack of skilled manpower, outdated technology, corruption, and a backward society are the basic characteristics of the Indian economy. Per Capita income: India is universally known as…
Before the advent of British colonial rule, India had the ruled by Mughals, Marathas, Local kings, and Nawabs in different parts of India. The economy was largely rural but was independent and self-sustaining. Agriculture was the main source of livelihood for most people in India. Those days agricultural cultivation was mainly for consumption purposes and…
Agriculture was the chief source of livelihood for most people in India, before the advent of British rule. India was also a hub of various kinds of manufacturing activities, particularly well known for its handicraft industries in the fields of cotton and silk textiles metal and precious stone works, etc. Indian products had a worldwide…
In Supersession of earlier BBPS-related guidelines/circulars, RBI on Friday (March 1, 2024) issued the new Directions hereinafter specified. These Directions shall be applicable from April 01, 2024. The provisions of the new Directions shall apply to NPCI Bharat Bill Pay Limited (NBBL) a wholly owned subsidiary of the National Payments Corporation of India); and All…
Updated on 01.03.2024 In supersession of earlier BBPS-related guidelines/circulars, the Reserve Bank of India issued a new direction on March 1, 2024. The earlier circular was suitably modified as under. BBPOUs are the System Participants in the Bharat Bill Payment System (BBPS) BBPS. A BBPOU may function either as a Biller Operating Unit or a…