INDIAN ECONOMY IMPORTANT FOR ALL COMPETATIVE EXAMS JKSSB

Indian Economy

Indian Economy important for All exams.... 

Economy is a system by which people earn their livelihood.. 

Economy is the careful management of resources to avoid unnecessary expenditure or waste... 

         Basic of Indian Economy.. 

Indian economy comprises of both public and private sector.. So the nature of Indian economy is that a mixed economy..... 

In India " Hindu Rate of Growth " Is associated with national income propounded by Raj krishna.. 

Sino Indian war of 1962 exposed weakness in the economy and shifted the focus towards the defence industry and the Indian Army. 

Indian agriculture is typically characterised as land sarce, labour surplus economy. 

NABARD was established on the recommendation of B. sivaraman. 

The term " Invisible trade" Refer to the trade of the non.. Tangible service like the customer service, bank marine companies and shipping companies.. 

Foreign institutional investor is also known as hot money.. 

The name of Indian currency ie. Rupee has been taken from sher shah suri currency. 

One Rupee note bears the signature of Finance secretary, Government of india and not the signature of RBI Governor.. 

The symbol of Indian Rupee is ₹ and it was designed by udaya kumar... 

       NITI AAYOG

NITI AAYOG OR NATIONAL INSTITUTION FOR TRANSFORMING INDIA AAYOG IS a policy think tank of government of india that has replaced planning Commission and aims to involve the states in economic policy making in India.. 

It was be providing stategic and technical advice to the central and the state government. 

The union government announced formation of NITI Aayog on January 1 2015.

Structure of niti aayog.. 

Prime minister of india as the chairperson. 

Government council comprising the chief ministers of all the states and lieutenant governors of union territories... 

Regional councils are there to adress specific issues and contingencies impacting more than one state or a region. These are formed for a specific tenure. 

Experts specialist and practitioners with relevant domain knowledge as special invitees nominated by the prime minister... 

       GREEN REVOLUTION

Indian Green revolution is associated with the use of HYVS ( HIGH YIELDING VARIETIES) chemical fertilizers and the new technology which led to a sharp rise in agriculture production during the middle of 1960..

The Green revolution was given by American scientists Dr william Gande. 

The credit of this goes not only to Nobel laureate Dr Norman Borlang but also to Dr M. s swaminathan,.. 

Yellow revolution              (oil seeds)

• White revolution        ( milk) 
• Blue revolution           (Fish) 
• Pink revolution           (Shimp, meat, onion, medicine) 
• Brown revolution      (non conventional energy) 
• Grey revolution          (Fertilizer) 
• Golden revolution       (Horticulture / Honey) 
• Golden fibre                ( jute) 
• Red revolution            ( miss/ tomatoes) 
• Silver revolution             ( egg/ poultry farming). 

Evergreen revolution       (Agriculture).. 

Goods and service text ( GST) 

It is an indirect tax which has been livelihood on the manufacturer, sale and consumption of goods and services in India... 

It came into effect from july 1 2017.

However, in jammu and Kashmir it came into effect from july 8 2017 .. 

It was introduced as the constitution (101 ist amendment) at 2016 . 

GST was launched at the mid night of June 30 2017 by the than president pranav mukherjee and prime minister Narendra Modi... 

The launch was marked by a historic midnight joint session of the parliament.. 

The GST is governed by a GST council and it's is chairman is the finance minister of India... 

Under GST GOODS AND SERVICES are taxed at the following rates, 0% , 5%, 12%, 18% and 28%....

States will be Compensated  by the Central government from any revenue loss incurred by them from the date of GST for a period of 5 years...

France was the first country to introduce GST system in 1954 .. 

Taxes replaced by GST... 

GST has replaced almost all vital indirect taxes and cases on goods and services in the country.. 

Example center excise duties service tax additional customs duty, vat, octroi and entry tax, entertainment and amusement tax, luxury tax, taxes on advertisements, purchase tax, taxes on lotteries.. 

 

The following items have been kept out of the ambit of GST..... Potable alcohol, petroleum, products of electricity.... 

India has dual GST where Center and states simultaneously levy it on a common tax base..... 

Thanks for updated.... Important for all competitive exams jkssb... 

Economy means how production, distribution of goods and services in a scarcity.. Production is an important to produce the things and distribution is also important to distribute the things to make profit of goods and services in an sequential order..  Land labor and capital is an important factor in economy to produce the things in an order..