Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 9 Development Experiences in India Notes
→ At the time of Independence in 1947, India was a typically backward economy.
→ Liberalization refers to removal of relaxation of governmental restrictions in all stages of industry.
→ Privatization means transfer of ownership and management of enterprises from public sector to private sector.
→ Globalization refers to the integration of the domestic (Indian) economy with the rest of the world.
→ Disinvestment means selling of government securities of Public Sector Undertakings (PSUs) to other PSUs or private sectors or banks.
→ India was at 3rd position after China and Japan among Asian countries. India shared 8.50% of total Asia’s GDP (nominal) in 2016.
→ Agriculture in India is highly prone to risks like droughts and floods.
→ A Kisan Credit Card (KCC) is a credit delivery mechanism that is aimed at enabling farmers to have quick and timely access to affordable credit.
→ Agricultural Produce Market Committee (APMC) is a statutory body constituted by state government in order to trade in agricultural or horticultural or livestock products.
→ The Government of India, Ministry of Commerce and Industry announced New Foreign Trade Policy on 1st April 2015 for the period of 2015-2020.
→ The new EXIM policy has been formulated focusing on increasing in exports scenario, boosting production and supporting the concepts like make in India and Digital India.
→ Goods and Services Tax (GST) is defined as the tax levied when a consumer buys a good or service.
→ The Goods and Service Tax Act was passed in the Parliament on 29th March 2017.
→ Monetary reforms aimed at doing away with interest rate distortions and rationalizing the structure of lending rates.
→ There is no doubt that the Indian economy recorded ample achievements in some sectors after new economic policy.
→ Liberalization: Liberalization refers to the relaxation of the government restriction usually in the area of social and economic policies.
It refers to the participation of private entities in businesses and services and transfer of ownership from public sector to private sector as well.
→ Privatization: Globalization stands for the consolidation of the various economies of the world. The action of a government selling or liquidating public asset.
→ Globalization: Globalization stands for the consolidation of the various economies of the world.
→ Disinvestment: The action of a government selling or liquidating public asset.
→ Industrial delicenscing: Abolishing government control by removing the earlier restriction and licenses.
→ Foreign Direct Investment: An investment in a business by an investor from another country.
→ Foreign Private Investment: It comprises Foreign Direct Investment and Foreign Portfolio Investment.
→ Cold storage: A storage of agricultural commodities in a cold place for preservation.
→ SEZ: It is an area in which business and trade laws are different from rest of the country mainly aiming at increasing trade, investment and job creation.
→ SLR: Statutory Liquidity Ratio refers to the amount that the commercial banks require to maintain in the form of cash or gold or government approved securities before providing credit to the customers.