Category: Economics

A Non – Resident Indian (NRI) is a citizen of India who has migrated to another country. Non – Resident Indian also refers to a person of Indian origin who resides out of India.A person of Indian origin who is born outside India is also called a non – resident Indian. Since time immemorial India has been a part of the world, with its people interacting with the rest of the world. ADVERTISEMENTS: History tells us how India was once the Mecca for trade, tourism and philosophy. People from all over the world flocked to India. In time Indians have travelled to other parts of the world in search of better education and better job opportunities.Today, non resident Indians that inhabit almost all the different countries of the world amount…

The demerits of classical theory result from three main facts, viz.:i. The extreme complexity and dynamism of modern economies,ii. The policies pursued by national government and economically powerful business corporations, and ADVERTISEMENTS: iii. The restrictive nature of the assumptions made by the theory, such as absence of trading costs and non-price competition, etc.Let us have a brief look at these limitations. blueinteractiveagency.com 1. Labour Theory of Value: Ricardian theory of international trade assumes the application of labour theory of value which is not able to provide a satisfactory explanation of the determination of either commodity prices or factor prices in a modern economy. ADVERTISEMENTS: It is because labour theory itself is based upon highly unrealistic assumptions. For example, we have noted above that for it to be valid, labour should…

Between 1744 and 1763, the British and the French were involved in two wars in Europe. At the same time, British and French trade interests clashed in South India.These factors led to three major wars, called the Carnatic Wars.The First Carnatic War (1744-1748) was an echo of a war in Europe, in which Britain and France took opposite sides. J F Dupleix, the French governor of Pondicherry, captured Madras, but restored it to the British after the war in Europe ended. ecx.images-amazon.com ADVERTISEMENTS: British and French involvement in the local politics of Hyderabad and the Carnatic caused the Second Carnatic War (1748-1754). The Carnatic, with its capital at Arcot, was a province under the Nizam of Hyderabad. However, the Nawab of Arcot was almost free from the Nizam’s control.The death…

Chinese market is a huge one and expanding at a fast rate. In 2002, Chinese imports were $ 295 billion compared with Indian imports of $56 billion. It is for this reason that even countries like USA are eager to strengthen their trade ties with China.Studies show that there is vast scope for expansion of Indo- Chinese trade. To avail of this opportunity, however, India would have to learn the reasons for rapidly expanding Chinese foreign trade and its ability to attract huge amounts of FDI.Currently, both India and China are actively engaged in expanding their mutual trade. Government of India and Indian business community are both participating in this venture. previews.123rf.com ADVERTISEMENTS: FICCI has established links with China Council for Promotion of International Trade (CCPIT), and has opened an…