Economic concepts of India and reviews
Economy has different meanings in different concepts and it has two categories as: Micro Economics and Macro Economics. The concept come with some ideas like: economic activities ,goods & services, value, producers, consumers, economic systems etc. Some roles plays by the State like regulatory roles, planning roles and entrepreneurial roles. These roles have some kind of economic policies where groups or individuals may perform in the specified parameters. There are Govts. Participations in the interest of private sector companies for producing goods and services and it tends to profit that maintained by the government.
Economy in GDP
In terms of GDP (Gross domestic products) Output must not decrease and it should be maintained in (in case of manufacturer or operations), the future in case of supplying of goods and services. As the population is growing the demand has to be maintained by supplying. But how it is possible in the year of a Global Recession?
Agriculture sector, one of the most important part of the India’s national income, has increased and expanded & showed a very good growth. But where Index of industrial production (IIP) goes down and the inflation goes up so it has a very negative approach over the supply. As per the Planning commission The economic growth is 8.5% during 2010-2011 but compared to IIP growth of 9.5% is measureable. And the same time Food Inflation is 16.91% as RBI hiked Rates. Where policy makers are not talented or Government is liable for reasons behind or a bad Politics who is always a close factor in every scenario. Or we can take loads of example of high corruption in our country (like: CWG).
Government has revised the pay scales of Employees working under it, other side the prices touched the sky, savings is less or nil than that of prior to revision of scales.
Another worry point of Indian worst politics is that, Peoples form Rural areas got Extortion Money every month and Rice as low as `2/- per k.g. So what outcomes will come from the agriculture sector which is 70% of rural areas? Where Government should motivate peoples for their agriculture/husbandairy, there they stop working.
And the real per capita income didn’t continue for long run then what will be the economic growth?