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Economics Study Notes Sem2

The document outlines key economic reforms and structural changes in India, highlighting the shift from agriculture to industry and services driven by policy reforms since 1991. It details the New Economic Policy's features, including liberalization and privatization, as well as the challenges and measures in agriculture and the industrial sector. Additionally, it discusses the importance of technology, productivity, and various policies aimed at improving the rural economy and industrial growth.

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59 views5 pages

Economics Study Notes Sem2

The document outlines key economic reforms and structural changes in India, highlighting the shift from agriculture to industry and services driven by policy reforms since 1991. It details the New Economic Policy's features, including liberalization and privatization, as well as the challenges and measures in agriculture and the industrial sector. Additionally, it discusses the importance of technology, productivity, and various policies aimed at improving the rural economy and industrial growth.

Uploaded by

zoyarizvi588
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

Economics Study Notes - Semester 2

Unit 1 - Economic Reforms and Structural Changes in India

1. Structural Changes in the Indian Economy

- Shift from agriculture-based to industry and services.

- Happened due to policy reforms, tech, and globalization.

2. Key Policy Reforms Areas (1991)

- Industrial, trade, financial, tax, and foreign investment reforms.

3. New Economic Policy 1991

- Introduced due to economic crisis.

- Aimed to open and strengthen the economy.

4. Main Features

- Removed License Raj, promoted private sector, FDI.

5. LPG Model

- Liberalization, Privatization, Globalization.

6. Impact on Business

- More freedom, jobs, foreign investment.

7. Major Reforms

- Bank, trade, tax, stock market, disinvestment.


8. New Industrial & Trade Policy 1991

- Eased business rules, encouraged exports.

9. Fiscal, Monetary & Capital Market Reforms

- Reduced deficit, inflation control, stronger markets.

10. Privatization & Methods

- Disinvestment, strategic sale, IPOs.

11. Trade Policy (2009-2014), EXIM Policy

- Export incentives, ease of doing trade.

12. Small Sector Industry Policy

- Support for employment and small businesses.

Unit 2 - Indian Agriculture and Rural Economy

1. Features of Indian Agriculture

- Monsoon-dependent, small farms, traditional tools.

2. Technology & Agriculture

- HYV seeds, irrigation, tech = more output.

3. Problems

- Low productivity, poor storage, credit issues.

4. Types of Farming
- Subsistence, commercial, plantation, mixed.

5. Important Policy Measures

- Green Revolution, irrigation projects, subsidies.

6. Causes of Low Productivity

- Lack of inputs, education, credit, land size.

7. National Agricultural Policy

- Growth, sustainability, equity.

8. Measures to Increase Productivity

- Better seeds, training, irrigation, credit access.

9. Role of Agriculture

- Food supply, jobs, raw materials, trade.

10. Land Reforms

- Abolition of zamindari, tenancy reforms, consolidation.

11. Poverty in India

- High due to unemployment, inequality, low wages.

12. Poverty Alleviation

- Five-Year Plans, rural jobs, food schemes.

13. Agricultural Marketing


- Need better roads, storage, regulated markets.

14. Rural Finance

- PACS, SCBs, RRBs, NABARD, non-institutional sources.

Unit 3 - Industrial Sector in India

1. Industrial Policy

- Government rules for industry growth.

2. Objectives

- Jobs, poverty reduction, growth.

3. Policy Resolutions

- 1948 to 1991 - mixed economy to liberalization.

4. New Industrial Policy 1991

- FDI allowed, deregulated industries, private role.

5. Industrial Sickness

- Reasons: poor management, finance issues.

6. Remedies

- Government & banks support, tech upgradation.

7. Industrial Relations

- Labour rights, dispute resolution.


8. Trade Unionism

- History, weaknesses, improvements needed.

9. Social Security Measures

- Insurance, PF, maternity benefits.

10. Industrial Finance

- Credit sources: banks, IDBI, SIDBI, etc.

11. Major Industries

- Textiles, steel, cement, IT.

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