GDP contribution of different sectors: Agriculture, Industry, Services
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).…
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Difference between the primary, secondary, and tertiary sectors
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…
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List of different Revolutions in Primary (Agriculture) Sector of India
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…
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Important Sectors of the Economy: Primary, Secondary, Tertiary, Quaternary and Quinary
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…
Read article RBI revises Priority Sector Lending (PSL) Guidelines, fresh categories included
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…
History of Economic Planning in India
In 1934, Bharat Ratna Sir M. Vishveshvaraiah published a book titled “Planned Economy in India”, in which he presented a constructive draft of the development of India in the next ten years. The central idea envisaged by Sir M.Vishveshvaraiah was to lay out a plan to shift labour from agriculture to industries and double up…
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