External Sector


• The external sector of the economy refers to the international transactions that both the private and public sector conduct with the rest of the world. Such transactions are systematically recorded in detail within a framework that groups them into accounts, where each account represents a separate economic process or phenomenon of the external sector. … Continue reading External Sector

Bureau of India Standards


The Bureau of Indian Standards (BIS) is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution. It is established by the Bureau of Indian Standards Act, 1986 which came into effect on 23 December 1986. The Minister in charge of the Ministry or Department having … Continue reading Bureau of India Standards

Generation of Economic Reforms: Planning


• The reform process in India was initiated with the aim of accelerating the pace of economic growth and eradication of poverty. The process of economic liberalization in India can be traced back to the late 1970s. However, the reform process began in earnest only in July 1991 • With the onset of the reforms … Continue reading Generation of Economic Reforms: Planning

Planning in India- 5 Year Plans and Niti Aayog: Planning


Planning is programming for action for a particular period for achieving certain specific progressive developmental goals. In other words, it is a method of achieving economic prosperity by the optimum utilization of the resources of an organization. It is a tool to bridge the gap between reality and objectives of an organization. Also, it is … Continue reading Planning in India- 5 Year Plans and Niti Aayog: Planning

Subsidies: Fiscal Policy


Definition • Subsidy has been defined as the “money granted by state, public body, etc., to keep down the prices of commodities, etc.” • A subsidy is a grant or other financial assistance given by one party for the support or development of another. • Subsidies affect the economy through the commodity market by lowering … Continue reading Subsidies: Fiscal Policy

Fiscal Policy – Revenue: Fiscal Policy


FISCAL POLICY • The government fiscal policy is used to stabilize the level of output and employment through changes in its expenditure and taxes. The government attempts to increase output and income and seeks to stabilize the ups and downs in the economy. • In the process, fiscal policy creates a surplus (when total receipts … Continue reading Fiscal Policy – Revenue: Fiscal Policy