APSC Prelims and Mains Notes, APSC Test Series
Market Economy and its social consequences In primitive societies the usual system of exchanging goods vas barter system. At that time the idea of profit did not exist, ‘people accumulated goods not for making profit during the days of scarcity but to gain prestige. The system of trading often consisted if giving and … Read more
Rig Vedic economy was primarily pastoral. They domesticated Pashu (which included cattle, horse and even human beings), as opposed to Mriga, i.e. wild animals. Cattle was synonymous with wealth and a wealthy person was called Gomat. Cattle was so important that the terms of battle were derived from Gau itself, such as Gavisti, Gosu, Gavyat, … Read more
Current trends and challenges in the Indian Economy Good news is underway for India as its economy is poised to win back its tag of the fastest growing economy in the world. The recent upgrade of India’s rating by the US based credit rating agency Moody’s (Baa2 from Baa3) in recognition of the … Read more
a) Tax havens: A tax haven is a country or territory where certain taxes are levied at low rate or not at all. The basic features of tax havens are nil or nominal rates, lack of effective exchange of information, no requirement of substantive local presence. b) BEPS: Base erosion and profit sharing … Read more
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Low per capita income: In India, the national income and per capita income is very low and it is considered as one of the basic features of underdevelopment. As per World Bank estimates, the per capita income of India stood at only $ 1900 in 2017. Excessive dependence of agriculture and primary producing … Read more
Medium of Exchange The only alternative to using money is to go back to the barter system. However, as a system of exchange the barter system would be highly impracticable today. For example, if the baker who supplied the green-grocer with bread had to take payment in onions and carrots, he may either not like … Read more
It was in the wake of the Liberalisation in 1991 that it cecame imperative for the government to reform the financial sector in order to reinvigorate the economy. GOI set up committee under the guidelines of Narsimha. Recommendation: It advised the RBI not to use CRR as a principal investment of monetary and credit control … Read more
USA is a knowledge based economy which is growing at a sustained rate. This type of economy adds more value to its available resources and hence ensure better growth. The major concern with India in realising the potential of knowledge base economy are: Lack of adequate funds for investing in R&D sector. Our … Read more