Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 7 Indian Economy Notes

→ “India will be a global player in the digital economy”. – Sunder Pichai, CEO Google

→ Meaning of Growth and Development: A country’s economic growth is usually measured by National Income, indicated by Gross Domestic Product (GDP).

→ Demographic trends in India: Scientific study of the characteristics of population is known as Demography.

→ Density of population refers to the average number of persons residing per square kilometer.

→ Literacy ratio refers to the number of literates as a percentage of the total population.

→ Coal and Lignite: India ranks third in the world after China and USA in coal production.

→ Economic infrastructure is the support system which helps in facilitating production and distribution.

→ Education in India: Imparting education on an organized basis dates back to the days of ‘Gurukul’ in India.

→ Education in India until 1976 was the responsibility of the State governments.

→ Health in India is a state government responsibility.

→ Thiruvalluvar: The economic ideas of Thiruvalluvar are found in his immortal work, Thirukkural, a book of ethics.

→ Mahatma Gandhi: Gandhian Economics is based on ethical foundations.

→ Jawaharlal Nehru, one of the chief builders of Modem India, was the first Prime Minister of Independent India and he was there in that post till his death in 1964.

→ B R Ambedkar (1891-1956) was a versatile personality.

→ Joseph Chelladurai Kumarappa was bom on 4 January 1892 in Tanjavur, Tamil Nadu. A pioneer of rural economic development theories, Kumarappa is credited for developing economic theories based on Gandhism – a school of economic thought he coined “Gandhian Economics”.

→ Economic Growth: Transformation of an economy from a state of under
development to a state of development which is measured by Gross Domestic Product (GDP).

→ Economic Development: An improvement in citizens quality of life and well being of a country which is measured by per capita income along with several other development indicators.

→ Gross Domestic Product: Total monetary value of the goods and services produced by that country over a specific period of time, normally a year.

→ Per Capita Income: Average national income per head of population. It is obtained by dividing the National Income by population size.

→ Natural Resources: Goods and services provided by the nature. In other words, any stock or reserve that can be drawn from nature.

→ Renewable Resources: Resources that can be regenerated in a given span of time.

→ Non-Renewable Resources: Resources that are exhaustive and cannot be regenerated.

→ Deforestation: Clearing of forests, trees and thereby forest land is converted to
a non-forest use.

→ Energy Crisis: Situation in which energy resources are less than the demand
and there is shortage of energy.

→ Doctrine of Trusteeship: Doners who act as the trustees of their property or business.

Samacheer Kalvi 11th Economics Notes