Excel Economics

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Do find lecture on ‘National Income Accounting’ on our YT channel.

The session is helpful for upcoming UGC NET/SET/RBI and other PSCs examination.

https://opener.one/yt/l2vnw3

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A short brief about the ‘Father of Microeconomics: Adam Smith’..👨🏻‍🎓

https://beingeconomicalindia.blogspot.com/2021/10/pain-areas-of-widows-in-terms-of.html

Being Economical This page has been created to discuss the latest happenings or the pertaining problems around the world in terms of both the social and the economical perspective.

https://beingeconomicalindia.blogspot.com/2020/08/why-bihar-is-still-considered-as.html

Why Bihar is still considered as a backward state of India? Why Bihar is still considered as a backward state of India? Get link Facebook Twitter Pinterest Email Other Apps August 17, 2020 Let’s go on a journey to Bihar. And, on this journey, being a Bihari, I'll be sharing stuffs as much as I have known and understood about the state ‘Bihar’. I will n...

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•To make an assessment in the material, capital and human resources of India, including technical personal, and augmenting those which are found to be deficient in relation to the nation's requirement.

•To formulate a plan to optimize the use of available resources.

•To define the stages of plans and allocation of resources at different stages.

•To mention the factors that might slow down economic development.

•To mention the conducive environment and conditions to execute the plan effectively.

•To mention the required machinery and tools to implement the plan effectively at each stage.

•To optimize the progress of the plan in each stage and recommend the necessary changes in the policy and measures to execute the plan effectively.

•To recommend things that either need replacement or removal in each stage to successfully implement the plan.

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•Planning commission was an institutional panel set up by the government of India in 1950, which was responsible for formulating five year plans and other development functions.

•Planning commission was replaced by ‘NITI AAYOG’ in 2015. It was decided to adopt planned economic growth post independence and the planning was done by the planning commission.

•The main objective of planning commission was to improve the standard of living of the ordinary citizens by optimizing the use of available human resource, production and creating employment opportunities.

•Today, NITI AAYOG is responsible for periodic economic assessment of resources. Prime Minister was the chairman of the planning commission and all the members were directly reporting to the chairman.

•The surplus income of India was used in setting up the official infrastructure for the British officers.

•During the British period, some of the infrastructure such as road, rail, telegraph, ports, water transport, etc. were developed, but all these were developed not for the benefit of Indians, but, rather to serve the interests of British officials.

•Railway was developed in 1850's
The railway, which was developed in the 1850s broke the barrier of long distance travel and trade. It also fostered the commercialisation of Indian agriculture. But this could hardly be of any help to the farmers.

•The regional disparity was high, as the Madras Presidency (entire South India) was more into manufacturing and services sector and rest of India was in the agricultural sector.

•In India, many industries developed even in the time of crisis. For example, the jute industry in West Bengal and the cotton textile industry in regions of Gujarat and Maharashtra.

•The Industries For Example:
Tata Iron and Steel Company (TISCO) was incorporated in the year 1907.
Tata Iron and Steel Company (TISCO)
By the middle of the 20th century, some other industries such as cement, sugar, paper, etc. were established.

•As all the above discussed industries were concentrated in some specific pockets of the country; therefore, there was no improvement in the condition of the farmers.

•During the colonial period, India became the exporter of jute, cotton, sugar, indigo, wool, etc. and importer of finished products such as cotton and silk fabrics, woollen cloth, machinery, and other items.

•More than 50 percent of India’s trade was directed to Britain; remaining 50 percent were traded in other countries including China, Sri Lanka, and Persia (Iran).

•‘Muslin’ is a type of cotton textile which originated in Bengal, particularly, places in and around Dhaka (previously Dacca), now the capital city of Bangladesh. Hence, it was also popular as ‘Daccai Muslin’.

•Because of its quality, Muslin earned popularity across the world. Sometimes, foreign travelers also used to refer to it as malmal shahi or malmal khas implying that it was worn by, or fit for, the royalty.

•Drought, Flood, Poor irrigation system, Desalination of soil, Absence of technology, and Poverty.
India did not undergo any industrialisation as all the raw materials were exported to the UK.

•Handicrafts and other small-scale industries suffered badly.

•The main intention of British rule was to make India, a market of their finished products.

•In India, many industries developed even in the time of crisis. For example, the jute industry in West Bengal and the cotton textile industry in regions of Gujarat and Maharashtra.

•But Britishers wanted to make India the importer of finished goods and exporter of the raw materials. That is what made India's economy obsolete and the Economy was trapped fully with no growth and development in any sectors.