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Indian Economy PDF Notes For SSC CGL: Candidates appearing for SSC CGL 2019, 2020 should have the knowledge of basic economy, National income & aggregates, Demand, Supply, Foreign exchange, Economic development, Balance of payment and national and international financial institutions.
Why Do Candidates need to study Indian Economics Notes?
- It holds maximum numbers in general awareness section.
- Around 3-5 questions are asked from this section.
- The only subject where you don’t need to put up formulas & tricks or learn vocabulary which will take time, it is easy to learn & score in economics with accuracy.
- Time-saving subject, as it takes 2-3 seconds to answer the economics question.
- Straight forward question based on definitions & concepts of economy.
List of Important topics of Indian economics notes pdf contains:
- Theory of Demand
- Concept of Supply
- Theory of Cost
- Factors of Production
- The Theory of Production: Returns to a factor
- Forms of Market
- Indian Economy
- National Income
- Planning in India
- New Economic Policy (NEP)
- India’s International Trade
- Money and Banking
- Financial Market
- Indian Taxation System
- Socio-Economic Indicators
- Development/Welfare Programs
Around 5-8 questions are asked from below sections which surely makes it important for you to study the topic well for upcoming SSC Exams. Indian Economy PDF Notes.
Brief details of Indian Economy PDF Notes:
Five Year Plans:
When India became an independent country, many questions had arisen in front of the country’s leaders at that time. The British had left the Indian economy handicapped; leaders had the challenges to make the country’s economy strong. A formal model of planning was adopted. The Planning commission was established on 15th March 1950, with Former Prime Minister Jawaharlal Nehru as the Chairman. The Planning Commission is directly reporting to the Prime Minister of India. Now, it is known as NITI Aayog (National Institute for Transforming India Aayog) and established by Prime Minister Narendra Modi on 1st January 2015. The First Five-Year Plan of India was presented by Pandit Jawaharlal Nehru in 1951.
- First Plan (1951-56)
- Second Plan (1956-61)
- Third Plan (1961-66)
- Fourth Plan (1969-74)
- Fifth Plan (1974-79)
- Sixth Plan (1980-85)
- Seventh Plan (1985-90)
- Eight Plan (1992-97)
- Ninth Plan (1997-2002)
- Tenth Plan (2002-2007)
The term economics is derived from the ancient Greek word “oikonomia”, which means “management of a household”.
Adam Smith defined economics “as the study of the nature and causes of the generation of wealth of a nation”. The subject matter of economics has been divided into two parts: Microeconomics and Macroeconomics. These terms were first coined and used by Ragnar Frisch and have now been adopted by economists all over the world.
Microeconomics occupies a vital place in economics and it has theoretical and practical importance. It is microeconomics that tells us how a free-market economy with its millions of consumers and producers works to decide about the allocation of productive resources among thousands of goods and services. Microeconomics analysis is also usefully applied to the various applied branches of economics such as Public Finance and International Economics.
Macroeconomics analyses the behavior of the whole economic system in totality or entirety, such as total employment, national product or income, the general price level in the economy. Therefore, macroeconomics is also known as “aggregative economics”.
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