Category: Industry

Despite the burgeoning development of industry and services in India, agriculture remains the mainstay of our economy. It contributes about 20 per cent of the Gross Domestic Product (GDP) and provides employment to 65-70 per cent of the country’s total population. It also accounts for about 14 per cent of India’s total export earnings, besides providing raw material to a large number of industries. It is a major source of domestic saving and, by and large, the only means of food security for the nation.The performance of Agriculture Sector has not been up to the mark in the recent years. As against the target of annual growth of 4 per cent during the Tenth Five-Year Plan (2002- 07), the growth of agriculture was -6.9 per cent in 2002-03 because of…

When India achieved independence in 1947, about 80 per cent of its population lived in rural areas. Today, over 60 years afterwards, this percentage has fallen by around 15 per cent, and now, about 65 per cent of the country’s population lives in villages. Evidently, there has been a migration of people from rural areas to urban and semi-urban areas. In terms of the number of people such migration has been of a very high magnitude. In 1947, India’s population was about 33 crore, of which about 8 crore occupied the cities. Today, the country’s population is nearly 107 crore, and those living in cities number about 30 crore-nearly the entire number of people at the time of independence.Such a heavy migration has impacted India’s socio-economic structure in various ways.…

The gifts of science can be felt in every walk of life. Its services to humanity are immiscible. Science and its wonders appear to be unalloyed blessing. It impacts can be felt in all spheres of life, namely health care, education, communications, agriculture, industry, etc.It has made our life longer, easier and comfortable. Moreover, it has brought about a change in our outlook. Undoubtedly, science has revolutionised our life. Practically, no field of our activity is untouched by the impact of science.The phenomenal development of modern technology and the spectacular successes of researchers in various branches of science are the bases of all those remarkable things which have sprung from the brains of our scientists. In fact these brains are the perennial source of the miraculous wonders which appeared in…

The word ‘tourist‘ is believed to have been stemmed from Latin word ‘TORNUS’ which means a tool for describing a circle or a turner’s wheel. In the sense of the word of origin, tourist is a person who undertakes a circular trip, i.e., ultimately comes back to the place from where he sets about his journey.As late as 1643, the term was first put to use for describing persons travelling from place to place, effecting an excursion, performing a journey and during the course of that visiting a number of places in a region or in an order. In the 17th and early 18th century, the English, the Germans, and others travel on a Grand Tour of the continent came to be recognized as tourists.Around the early nineteenth century, the…

The model comprises of three basic elements are as follows: Elements (1) Tourists: The tourist is the key player in this system. Tourism, in fact, is a human experience, enjoyed, anticipated and recalled by a lot as a historic and/or life time aspect. Therefore, defining the tourist and its classification turns out to be equally relevant. Image Source: i.huffpost.com (2) Geographical Elements: Leiper describes three main geographical elements in his system’s model. These are: ADVERTISEMENTS: (i) Traveller-generating region(ii) Tourist destination region(iii) Transit route region ADVERTISEMENTS: The traveller-generating region (TGR) exemplifies the area breeding markets for tourism, and practically acts as the ‘push’ force to motivate and stimulate i.e., set off and encourage travel.It is this region where the tourist tries to seek information, goes for reservations and makes the departure.…

Privatisation is only a modern name assigned to the concept of laissez-faire advocated by Adam Smith and other classical economists. But in the environment of mixed economy, it has a new significance.The world economists have adopted it as a tool of new economic prosperity. It is expected that the new liberal era of industrialisation will open a new chapter in the field of productivity, efficiency, cost consciousness, competitiveness and management. The participation of the private sector in the development process is not an option; it is an essential requirement of development.Earlier private enterprises which got into financial difficulties were taken over by the government in most of the countries. Now the policy has completely changed. Public enterprises which got into financial difficulties are transferred to a private agency. Image Source:…

Major causes leading to inflation are as follows: Causes 1. Increase in money supply: Over the last few years the rate of increase in money supply has varied between 15 and 18 per cent, whereas the national output has increased at an annual average rate of only 4 per cent.Hence the rate of increase in output has not been sufficient to absorb the rising quantity of money in the economy. Inflation is the obvious result. Image Source: weknowyourdreams.com 2. Deficit financing: When the government is unable to raise adequate revenue for its expenditure, it resorts to deficit financing. During the sixth and seventh Plans, massive doses of deficit financing had been resorted to. It was Rs. 15,684 crores in the sixth Plan and Rs. 36,000 crores in the seventh Plan.…

Constructed in different parts of India some more youth hostels are coming up in the north-eastern region. In order to consider and recommend measures necessary for the promotion of tourist traffic to India from other countries and from one part of the country to another, a Tourism Advisory Board has been constituted. The Board reviews the tourist trends and suggests appropriate measures.In October 1966, a public sector enterprise called India Tourism Development Corporation (1TDC) was set up for the progressive development of tourist infrastructure. It operates India’s largest accommodation chain-the Ashok Group-comprising several hotels spread throughout India. In January, 1983, the Government set up the Indian Institute of Tourism and Travel Management. This Institute organises seminars, workshops on Hotel Management, restaurant management, tourism planning, etc.As a matter of fact, India…

In a mixed economy, the entire economic system is divided into three parts:(i) Sectors which are exclusively controlled and managed by the private enterprise subject to the general control and regulation by the State; ADVERTISEMENTS: (ii) Sectors which are exclusively controlled and managed by the State; and(iii) Sectors which are jointly managed and controlled by the state and private enterprise. Image Source: i.ytimg.com Essential Parts of the Economic System 1. Private Sector: There is a vast private sector in India dealing with both production and distribution of goods and services. The private ownership has taken many forms—single proprietorship, partnership, joint stock companies and co-operatives.The private sector produces and distributes a major proportion of the total product of the country. This is quite clear from the fact that it contributes to…

Anybody would know an underdeveloped country when he sees one. It is a country characterised by poverty, with beggars in the cities, and villagers eking out a bare subsistence in the rural areas.It is a country lacking in factories of its own. It usually has insufficient roads and rail-roads, insufficient government services and poor communication. It has few hospitals and few institutions of higher learning.Most of its people cannot read and write. In spite of the generally prevailing poverty of the people, it may have isolated islands of wealth with a few persons living in luxury. Its banking system is poor, small loans have to be obtained through money-lenders who are little better than extortionists. Image Source: cdn.publishyourarticles.net ADVERTISEMENTS: The exports of an underdeveloped country usually consist of raw materials…