Sunday, 12 July 2015

Indian Economy

Economic Planning in India

PLAN
TENURE
OBJECTIVES
GROWTH RATE (AVERAGE %)
GROWTH RATE (ACTUAL %)
First
1951-56
Development of Agriculture
2.1
3.6
Second
1956-61
Rapid Industrialization
4.5
4.27
Third
1961-66
Establishment of Self-reliant and self-generating Economy
5.6
2.84
Three Annual Plans
1966-69
---
--
--
Fourth
1969-74
Growth with stability and progress towards self-reliance
5.7
3.30
Fifth
1974-78
Removal of property (Garibi Hatao) and attainment of self-reliance
4.4
4.8
Rolling Plant
1978-80
---
--
--
Sixth
1980-85
Ensuring continuous decreases in poverty and employment
5.2
5.66
Seventh
1985-90
Rapid growth in food grains productions, increased employment opportunities
5.0
6.01
Eighth
1992-97
Rapid Economic growth, high growth of agriculture and oiled sector.
5.6
6.5
Ninth
1997-02
Growth with social justice and social equality
6.5
5.4
Tenth
2002-07
Development of infrastructure, employment and energy resources
8.6
7.6
Eleventh
2007-12
With rapid economic development increase in per capita income and growth
9.0
--

Agriculture and Industry
Green Revolution
·         Indian Green revolution is associated with the use of HYVS (High Yielding Variety Seeds), chemical fertilizers and new technology which led to a sharp rise in agriculture production during the middle of 1960.
·         The credit of this goes not only to Nobel Laureate Dr. Norman Borlaug, but also to Dr. MS Swaminathan.

Other Revolution
REVOLUTION
AREA
Yellow Revolution
Oil Seeds
White Revolution
Milk
Blue Revolution
Fish
Pink Revolution
Shrimp/Meat
Brown Revolution
Non-conventional energy resources
Grey Revolution
Wool
Golden Revolution
Horticulture


Important Industries of India

Iron & Steel Industry
·         1st Steel Industry was established at Kulti, near Jharia, West Bengal as ‘Bengal Iron Works Company’ in 1870.
·         1st large scale steel plant – TISCO at Jamshedpur in 1907 followed by TISCO at burnpur in 1919, both belonged to private sector.
·         The first public sector unit was ‘Vishveshvarayya Iron & Steel Works’ at Bhadrawati.

Public Sectors Steel Plants

LOCATION
ASSIATANCE
Rourkela (Orissa)
Germany
Bhilai (MP)
Russian Govt
Durgapur (WB)
British Govt
Bokaro (Jharkhand)
Russian Govt
Burnpur (WB)
Acquired from Private sector in 1976
Vishakhapatnam (AP)
Russian Govt
Salem (Tamil Nadu)
--
Vijai Nagar (Karnataka)
--
Bhadrawali (Karnataka)
Nationalization of Vishveshvarayya Iron & Steel Ltd (Owned by Central and State Govt)

Jute Industry
·         1st first modernized industrial unit was established at Reshra in West Bengal in 1855.
·         The Jute industry in the country is traditionally export oriented. India ranks number one in raw jute and jute goods production and number two in export of jute goods in the world.
Cotton and Textile Industry
·         Oldest industry of India, and employs largest number of workers.
·         The first Indian modernized cotton cloth mill was established in 1818 at Fort Gloaster near Kolkata but this mill was not successful. The second mill named ‘Bombay Spinning and Weaving Co.’ was established in 1854 at Bombay by KGN Daber.
Sugar Industry
·         Sugar Industry is the second largest industry after cotton textile industry among agriculture based industries in the country.
·         India is now the largest producer and consumer of sugar in the world. Maharashtra contributes over one-third of the total sugar output, followed closely by UP.
Silk Industry
·         India is the second largest (first being China) country in the world in producing natural silk. At present, India produces about 16% silk of the world.
Petroleum & Natural Gas
·         First successful oil well was dug in India in 1889 at Digboi, Asom.
·         For exploration purpose, Oil & Natural Gas Commission (ONGC) was established in 1956 at Dehradun, Uttrakhand.
Structure of Taxes
Direct Taxes
·         Include taxes on income and property, the important ones being personal income tax, corporate tax, estate duty and wealth tax.
Indirect Taxes
·         Include Sales tax, Excise Duties, Customs Duties, etc.

·         The Government of India earns maximum from Union Excise Duty.

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