Indian economy and issues relating to planning vision ias
Answers
Indian Economy – Issues Related to Planning : Before understanding the issues related to planning, let us start with the broader domain – Indian Economy – first. What does the term economy mean? How is economy different from economics? Definition of the term Economy : The term ‘Economy’ in the present sense denotes the economic system of an area. Economic system comprises of production, distribution and consumption of good and services between two agents.
A simpler definition of economy: The wealth and resources of a country or region, esp. in terms of the production and consumption of goods and services.
[ Extra: Why learn Indian Economy? A person who know Indian Economy well is a person who knows the financial balance sheet of India – he knows about the resources of India, what is good for India, what are the problems of India, what is required to make India a developed nation, future of India and so on. Impressed?:-)]