Government of Tamilnadu

Department of Employment and Training

Course : TNPSC Group II Exam

Subject : Indian Economy
Topic : Nature of Indian Economy

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 INTRODUCTION

Economics : 3. Lionel Robbins’ Scarcity Definition:

 Economics is a social science which  He defined “Economics is the
deals with human wants and their science which studies human
satisfaction. It is mainly concerned behavior as a relationship
with the way in which a society between ends and scarce means
which have alternative uses ".
chooses to employ its scarce
 Book - An Essay on the Nature
resources which have alternative
and significance of Economic
uses, for the production of goods for Science.
present and future consumption. It
4. Samuelson’s Modern Definition of
is simply defined as science of
Economics :
production distribution and
 He defined, “Economics is a
consumption.
social science concerned chiefly
 Political economy is another name
with the way society chooses to
for economics. “Polis” in Greek employ its resources, which have
means a State. alternative uses, to produce
Definitions of Economics : goods and services for present
1. Adam Smith’s Wealth Definition : and future consumption”.
 He has coined the concept of Net
 He defined, “Economics is the
Economic Welfare.
science of wealth”.
 Book - Wealth of Nations - 1776 Net Economic Welfare :
 He is known as the Father of  It is an adjusted measure of total
Economics.(Political Economy). national output that includes only
consumption and investment items
2. Alfred Marshall’s Welfare that contribute directly to economic
Definition: welfare.
 He defined economics as “a Ancient Economic Thought:
study of man’s actions in the  Valluvar’s economic ideas are found
ordinary business of life”. mostly in the second part of the
 Book - Principles of Economics. Thirukkural, the Porutpal or the
part dealing with wealth.
 Amarthya Sen was the first Indian to receive Noble Prize in 1998 for his
work on welfare Economics.

Page 1
 INTRODUCTION

 Kautilya's economic thought was  It advocated protection for new

mentioned in his book Arthasastra. industries through tariffs.
 It was dominant in Germany
Modern Economic Thought : during the second half of the
Mercantilism :
19th century.
 Mercantilism was a policy of power.
 It was followed by European Marxism :
governments between 15th and 18th  Karl Marx is considered as the
century. Father of (scientific) socialism.
 According to Marx, “all history is
The Physiocracy / Physiocrate
a history of class struggle”.
 The term ‘physiocracy’ means ‘Rule
 His teachings resulted in the
of Nature’.
birth of a socialist State in Russia
 Physiocracy was essentially a revolt and China.
by the French against mercantilism.
 They advocated laissez–faire.(non- The Institutional school :
interference by the governments in  It emphasizes the role of
the economic system) institutions in economic life.
 It is of American origin.
Classical school :
 J.A. Schumpeter considered
 Adam smith (first development
economic life mainly as a
economist) was interested in the
nature and causes of the wealth of process of change and
nations. development.
 Ricardo was interested in the The Keynesian Revolution :
problems of distribution.  Father of new economics - John
 Malthus, who gave the theory of Maynard Keynes.
population was interested in  Keynes suggested a greater role
finding out why some countries for government and a bold fiscal
were prosperous at one time and policy to tide over the crisis
why they were poor at other times. during great depression (1920-
 J.S. Mill believed in individualism 1930).
as well as socialism and also  The New Deal policy of America
advocated socialist reforms in was greatly influenced by
distribution as the laws of Keynesian policy.
distribution were different from
the laws of production. Basic Divisions in Economics :
1. Production
The Historical school :
2. Distribution
 It was a revolt against the
3. Consumption
classical school.
4. Exchange

Page 2
 INTRODUCTION

1. Production : 2. Distribution :
 Production refers to the creation of  An act of sharing the products to
wealth. the consumer.
 It deals with all activities which are
undertaken to produce goods 3. Consumption :
which satisfy human wants.  Consumption deals with the
Factors of Production: satisfaction of human wants.
1. Land When a want is satisfied, the
2. Labour process is known as consumption.
3. Capital
4. Entrepreneur / organization

4. Exchange : Micro economics :

 An act of giving one thing and  In microeconomics, we deal with
receiving another in return. problems such as the output of a
 If Goods are exchanged for Goods, single firm or industry, price of a
we call it barter. single commodity and spending
on Goods by a single household.
Divisions of Economic theory:
Types of Economy:
Macroeconomics :
 Open Economy – Free from trade
 Macroeconomics studies the
barriers. (free export & import)
economic system as a whole.
 Closed Economy – No activity
 It is a study of the relations
conducted outside the Economy.
between broad economic
Sectors:
aggregates such as total
1. Primary (Raw materials/ Natural):
employment, saving and
Agriculture, Forestry, Fishing.
investment.
 The Nobel Prize in Economic Science was established by Sweden’s
central bank in 1968.

Page 3
 INTRODUCTION

2. Secondary (Manufacturing) :  All decisions regarding

Mining, Manufacturing, production and distribution are
Electricity, gas and water taken by the central planning
supply, construction. authority.
3. Tertiary (Service): Business,  Hence it is also called as planned
Transport, Banking, Tele economy.
communication, Real Estate etc..,  E.g: China, Vietnam, Laos, Cuba
and North Korea.
Economic Systems:
 Economic system refers to the way 4. Mixed economy :
in which resources are allocated in  Mixed economy is one in which
both public and private sectors
the economy.
co-exist.
Economic system can be classified into:  In the real world no economy is a
1. Traditional economy on Self pure traditional economy, a pure
contained economy : capitalist economy or a pure
 This type of economy which are socialist economy.
governed by customs and  E.g: India.
conventions.
 It is also called village economy Basic terms and concepts in
or closed economy. Economics:
2. Capitalist economy or Market 1. Market: It is a place where goods
economy : are bought and sold.
 It is an economic system in 2. Trade: Buying and selling of
which the production and commodities.
distribution of commodities take 3. Wealth : Stock of goods existing
place through the mechanism of at a given time that have money
free markets without the value
government interferences. 4. Goods: Anything that satisfies a
 Hence it is also called as market
human want can be considered as
economy or free trade economy.
“good” in economics. It refer to
 Eg: United States, Canada, Great
material and non-material things.
Britain.
3. Socialist economy or 5. Value: The term “value” refers to
Command economy : the exchange qualities of a good.
 It is an economic system in It is generally measured in money
which the means of production 6. Price: When value is expressed in
are owned and operated by the money, it is called price.
State.

Page 4
 INTRODUCTION

7. Labour : It refers to any work 9. Entrepreneur : It is a person who

undertaken for securing an combines the different factors of
income or rewards. It is the production, in the right
employer of capital. proportion and initiates the
8. Capital : It refers to part of man- process of production and also
made wealth which is used for bears the risks .
the further production of
wealth.

Econometrics : It is the application of statistical and mathematical theories in

economics.

Some Important Books on Economics

The Wealth of Nations Adam Smith
Money illusion Irwin Fisher
Capital and Growth Hicks
Central Theory of Employment, Interest and Money J.M. Keynes
Planned Economy for India M. Vishveshwaraiya
The Value and Capital Hicks
The Canon (theory) of Consumer’s Surplus Marshall
Big Push Theory A.R. Rodon
Datt & Sundharam Indian Economy Gaurav Datt and Ashwani
Mahajan

Adam Smith is the father of modern capitalism

Page 5
 INTRODUCTION

BASIC FEATURES OF INDIAN Income is 11.9%.

ECONOMY (b) According to Planning
Characteristics of Indian commission of India’s report,
Economy India has 27 crore people or
 Main Characteristics and various 21.9% population living below
Poverty Line (as on 31st March
aspects of Indian Economy are:
2012).
1. Agrarian Economy : Even after
BPL: According to the
six-decades of independence, 48.9% Rangarajan Committee, 30.95%
of the work force of India is still people in rural areas and 26.4% in
agriculturist and its contribution to urban areas (as compared to
25.7% and 13.7% respectively as
National Income in 2013-14 is
per the Tendulkar Methodology
13.9% / 2017-18 = 16.4% were below the poverty line in
2. Mixed Economy : Indian 2011-12.
Economy is a unique blend of public Source : The IE 4 July 2015.
and private sector, i.e. a mixed
economy. After liberalisation, (c) Level of unemployment is very
Indian Economy is going ahead as a high. Unemployment in India is
capitalist economy or market mainly structural in nature
economy.
because the productive capacity is
3. Developing Economy : The
inadequate to create sufficient
following facts show that Indian
number of jobs.
Economy is a developing economy :
There is an acute problem of
(a) National Income : (is the net
disguised unemployment in the
national income of factor cost) of
rural areas.
India during 2013-14 at current
A person is considered employed if
prices is estimated at ` 92.4 lakh
he/she works for 273 days of a year for
crore and at constant (2004-05)
eight hours every day.
prices, at 49.3 lakh crore.
(d) Savings are low in India due to
At constant (2004-05) prices, the
low national income and high
National Income has shown a
consumption expenditure. The
growth of 4.2%, while at current
low savings results in shortage of
prices the growth rate of national
The term capitalism was introduced by Karl Marx.

Page 7
 INTRODUCTION

capital formation. Capital is an  Tertiary sector of Indian Economy

important factor of production. is related to business, transport,
(e) India is the second most communication and services.
populated country of the world.  The best indicator of economic
During 2001-2011, population development of any country is per
increased by 17.69%. With this capital income.
high growth rate of population  The following factors are important
about 1.83 crore new persons are in Economic Development of a
being added to Indian population developing country :
every year. According to 2011 1. Natural resources,
census, the total Indian 2. Capital gain,
population stands at a high level 3. Skilled labour force,
of 121.07 crore which is 17.5% of 4. Surplus sale of agriculture,
the world’s total population. To 5. Justified social organisation,
maintain 17.5% of world 6. Political freedom,
population India holds only 7. Freedom from corruption,
2.42% of total land area of the 8. Technological knowledge and
world. general education.
(f) India lacks in large The Sabbath (weekly day of rest
industrialisation based on concept was introduced by
Hebrews (Israelites).
modern and advanced technology
which fails to accelerate the pace Three Sectors of Indian Economy
of development in the economy. as Divided by CSO
Primary Secondary Tertiary
Important facts relating to Sector Sector Sector
characteristics of Indian It is It is It is
Economy involved in involved involved in
 Primary sector of Indian Economy agriculture in the supporting
and direct large-scale the
is agriculture and the related use of processing activities of
sectors. natural of natural primary and
resources resources; secondary
 Secondary sector of Indian aimed at sectors
Economy is related to industry, value
addition
manufacturing electricity etc.

Page 8
 INTRODUCTION

Ex : Ex : Iron Ex : that order. In brief, India is a

Farming, and steel Banking vast country and has a
Apiculture, industry, transportati
Cattle sugar on, BPO, considerable strategic
Farming, mills, shoe consultancy, significance on account of its
etc. factory, etc.
etc. location, size and economic

I. NATURAL RESOURCES resources.

Guiding Principles of Resource  Standing at the heart of the
Development: Indian Ocean, the country is in a
a. Economic use of resources to
much better position than any
achieve minimum waste
other in that area to control the
b. Sustained use through conservation
Indian Ocean routes, most of
of renewable resources.
which touch the Indian ports.
c. Multi-purpose use of resources
 Most of the air routes between
d. Integrated planning in the use of
Europe, West Asia and Africa
resources
and East Asia, South East Asia
e. Location of industries with a view to
and Japan also pass through
minimize transportation cost
India.
f. Exploitation of natural resources
 It gives India an advantage in
should not result in disturbance of
terms of international mobility
ecological balance.
of persons and commodities.
A. Land
 India has a land frontier of
 Indian measures 3,214 km. from
15200 kms and occupies 2.42
north to south and 2,933 km.
percentage of world area.
from east to west with a total
B. Water resources
land area of 32,87,263 square
 Water is the most important
kms., and a coastline measuring
source of energy in the Indian
7516.5 km.
economy.
 It is the seventh largest
 About 25 per cent of electricity
landowner in the world after
generated in the economy is
Russia, Canada, China, the
from the Tidal sources.
U.S.A., Brazil and Australia in

Page 9
 INTRODUCTION

 The other important use of therefore a continuous flow

water is in irrigation. The throughout the year.
irrigation potential through  During the monsoon months,
major, medium and minor the Himalayas receive a very
irrigation projects has increased heavy rainfall and the rivers
from 22.6 million hectares in discharge the maximum amount
1951 to 102.77 million hectares of water causing frequent floods.
(mha) at the end of 10th plan. The Deccan Rivers are generally
 In a country where agriculture rain-fed and therefore fluctuate
gives twists and turns to the in volume.
whole economy, provision of  The Ministry of Water
water can make all the Resources lays down the policies
difference; it can either and programmes for
stimulate the economic activity development and regulation of
or depress it altogether. the country’s water resources.
 The important sources of water  The National Water Policy,
can be classified into two parts; 2002 lays emphasis on
(i) surface water and (ii) ground integrated water resources
water. Surface water is available development and management
from such sources as rivers, for optimal and sustainable
lakes etc. Ground water is utilization of the available
available from wells, springs etc. surface and ground water.
 The rivers in India may be
C. Forest Resources
classified as
 Forest produces the requisite
(i) The Himalayan rivers
raw materials for industries,
(ii) Deccan rivers
defence, communication,
(iii) Coastal streams and
domestic use and other public
(iv) Rivers of the inland
purposes.
drainage system.
 They contribute to the country’s
 The Himalayan Rivers are
exports and create a large
generally snow fed and have,
volume of employment in the

Page 10
 INTRODUCTION

primary, secondary and tertiary  The State of Madhya Pradesh

sectors. has the largest forest cover in
 They also provide materials like the country, as 77700 sq. km,
fuel wood, small timber, fodder, followed by Arunachal Pradesh
etc. for direct use by the at 67410 sq.km.
agriculturists. D. Mineral Resources
 The benefits from forests in the  The mineral resources of India

matter of soil conservation, encompass a wide range of

recreation, wildlife, etc., have products that are necessary for

been well recognized. a modern developed economy.

 There are, according to the
M. Vishveshwarya, CE. Real GDP
Geological Survey of India, 50
important minerals and 400
Forest Report – 2011
major sites where these
 The Forest Survey of India (FSI)
minerals occur.
has been publishing a series of
 These can be divided into four
biennial assessment reports of the
categories as follows.
forest cover in the country, since
a. Minerals of which India’s
1987.
exportable surplus can
 The India State of Forest Report dominate the world market;
2011, is the twelfth report in the to this category belong iron-
ore and mica;
series.
b. Minerals of which the
 As per the present assessment,
exportable surplus forms an
the forest and tree cover of the
country is 78.29 million important factor; these
hectare, which is 23.81% of the include manganese ore,
geographical area of the
bauxite, gypsum and others;
country.
c. Minerals in which it appears
 In comparison to the 2009
assessment, after taking into that the country is self-
account the interpretational sufficient, like coal, sodium
changes, there is a decrease of
salts, glass sand, phosphates
367 sq km in country’s forest
cover. etc.

Page 11
 INTRODUCTION

d. Minerals for which India has allotment of concessions, in

to depend largely or entirely order to reduce delays, which are
on foreign markets like seen as impediments to
copper, nickel, petroleum, investment and technology flows
lead, zinc, tin, mercury, in the mining sector in India.
platinum, graphite, etc.  The Mining Policy also seeks to
e. The various minerals can develop a sustainable framework
also be classified into three for optimum utilization of the
categories on the basis of country’s natural mineral
their nature and end use. resources for the industrial
These three categories are: growth in the country and at the
 Fuels like coal, lignite, same time improving the life of
natural gas and petroleum people living in the mining areas,
 Metallic minerals like
which are generally located in
bauxite, iron-ore,
manganese etc. the backward and tribal region of
 Non-metallic minerals like the country.
phosphorous, graphite, E. ENERGY Resources
gypsum, limestone, mica etc.  The need for energy in a
developing economy can hardly
Engineers day – Sep 15
be over-emphasized.
National Mineral Policy, 2008  It is a basic input required to
 The new NMP was approved by sustain economic growth and to
the government on March 13, provide basic amenities of life to
2008. It is based on the the entire population of a
recommendations of the country. It is energy, which is the
Anwarul Hooda Committee. dividing line between a
 The new NMP enunciates subsistence economy and a highly
measures like assured right to developed economy. India is the
next stage mineral concession, 7th largest producer and 5th
transferability of mineral largest consumer of energy in the
concessions and transparency in world.

Page 12
 INTRODUCTION

 Energy in India is produced from  Contrary to that, free gas,

different sources. These can be though occurring in the
classified into two groups. (i) underground reservoirs is not
Commercial Sources – like associated with crude oil and
thermal power, hydro power, can be produced as required.
power from oil, gas, nuclear, etc. Natural gas can be used for both
and (ii) non-commercial sources domestic and industrial
like firewood, dung-cake, etc. Of purposes.
the two sets of sources,  It finds application in the power,
commercial sources occupy a fertilizer and petrochemical
more prominent position. industries.
 The bulk of the commercial G. Production and Consumption
energy is consumed in the  In India, exploration for oil and
industrial sector followed by the gas was taken up first in 1955
transport and household sectors after the ONGC was formed on
whereas a large part of the energy a national scale.
requirement in the rural and  Substantial reserves of gas have
domestic sectors is met from been located in different parts of
non-commercial sources. the country, more important
among which identified are
F. Natural Gas Cambay basin, Upper Assam,
 Natural gas has aptly been Mumbai High, South Bassein
termed as the Prince of and other areas of Indian
Hydrocarbons. It occurs Sedimentary Basin, such as
either as associated gas or free Krishna-Godavari, Jaisalmer,
gas. Associated gas is produced Tripura, Cachar, Bengal and the
from underground reservoirs Himalayan foothills. The
along with crude oil and the geological reserves of gas have
level of production depends been estimated at 1,154 million
entirely on the level of crude oil tonnes (as oil equivalent)
production. presently.

Page 13
 INTRODUCTION

Acquisition of oil and gas assets  In India GNP (Gross National

abroad Product) per capita is Rs.
 In view of the demand-supply gap 111,9191.63 billion in 2013-14 at
in hydrocarbons, national oil market price, roughly one fourth of
companies are encouraged to the population was below the
pursue equity oil and gas poverty line.
opportunities overseas. Oil and  On world scale, income
Natural Gas Corporation Videsh inequalities between the developed
Limited (OVL) produced about and underdeveloped countries are
8.78 million metric tonnes of oil very large.
and equivalent gas during the  According to the World Bank
year 2008-09 from its assets estimates, in 2010 the average
abroad in Sudan, Vietnam, GNP per capita of the high income
Russia, Syria and Colombia. In economies was $38,685, whereas
2008, OVL acquired two oil it was $ 510 in low income
blocks each in Brazil and underdeveloped countries.
Colombia. 2. Predominance of Agriculture
 The largest ever acquisition of a  In India agriculture and allied
foreign company, Imperial sectors contribute nearly 13.7
Energy Plc., UK (IEC) by an percent of Gross Domestic Product
Indian Public Sector company, (GDP) according to the 2013-14
ONGC-Videsh Ltd., took place in estimates released by the Central
2008. Besides IECOVL-IOC Statistics Office (CSO).
alliance, BPCL along with
Nominal GDP – India rank – 7th (in world level)

Videocon, too have acquired oil  Moreover, in India agriculture

assets abroad. provides employment to around
50 per cent of the workforce.
II. SALIENT FEATURES OF  The share of income in agriculture
INDIAN ECONOMY is however, considerably less than
1. Low Income the share of employment in

Page 14
 INTRODUCTION

agriculture which clearly reflects  The Planning Commission

the relatively low productivity per released the second India Human
labour unit in the agricultural Development Report (HDR) 2013.
sector.  The report claims that poverty,
3. Rapid Population Growth Rate unemployment and child labour
and High Dependency Ratio are declining.
 High population growth rate is
 According to this report the
also in indicator of under
absolute number of the poor (27
development.
per cent) stood at 302 million as
 India’s population growth rate
compared to 320 million in 1973.
was 1.64% per annum and
Poverty is widespread in the
17.64% per decade during 2001-
underdeveloped countries, though
2011, which is still very high as
the major progress has been
compared to the developed
registered over the past 25 years,
economies.
the absolute number of poor has in
 Dependency ratio refers to ratio
face increased.
of dependent population (non-
5. Unemployment and
working) to total population. Underemployment
 In India dependency ratio is  Unemployment is a
phenomenon of all economies
around 60% which is very high. whether developed or
This is because of high birth rate underdeveloped.
and social circumstances.  But nature and degree of

4. Mass Poverty unemployment is different in

 According to United Nations developed and underdeveloped

Development Programme’s economies.

(UNDP) Global Human  In developed economies most of

Development Index 2013, India is the unemployment is cyclical

ranked 135th among 187 countries. which arises because of

The report says 55.3 per cent of the fluctuations in business cycles.

Indians suffer from In underdeveloped economies

multidimensional poverty. like India, chronic

unemployment is found which
Page 15
 INTRODUCTION

results from the structural rural assets. This disparity is

defects in the economy. more intensive in urban areas.
 Moreover, underemployment is 7. Security of Capital
widespread in underdeveloped  Capital is considered as the
countries. most important factor in the
 Underemployment is a development of an economy.
condition in which a person is  In underdeveloped economies
getting work but not according like India, capital availability
to his/her capacity and per person is very low which
qualifications. results in low productivity and
 The 68th round (2011-2012) of low per capita income.
NSSO survey on employment-  Low per capita income again
unemployment indicates a results in low savings, low
creation of 4.68 million work investment and low capital
opportunists between 2009-10 formation. Thus
and 2011-12. Underdeveloped Countries
 The Twelfth Five Year Plan aims (UDCs) are caught in the grip of
at generating 58 million work vicious circle of poverty.
opportunities in twenty-one  Lack of capital does not allow an
high growth sector. economy to introduce the latest
6. Inequality technologies. Thus, economy
 Inequality in distribution of becomes technologically
income and wealth is found in backward and internationally in
every country but this is much competitive.
wider in underdeveloped 8. Low Level of Human
economies. Development
 Human Development Index
 In India bottom 40% of rural
(HDI) constructed by United
population posses only 5% of
Nations Development
rural assets while 8% top
Programme (UNDP) has
households posses 46% of total
become an important indicator
of development.

Page 16
 INTRODUCTION

 HDI is a composite index of country and rest of the world.

three important parameters of BoP of a country is also an
development in education, indicator of development or
health and income. underdevelopment of the
 Every year, in Human country.
Development Report (HDR)  BoP of UDCs like India shows
value of HDI is calculated for that these countries export
each country and then they are primary (agricultural) products
ranked and classified in to three and raw material and import
categories high, medium and final products and technologies
low human development from developed countries.
countries.  They invite foreign capital to fill
 According to the UNDP Global their investment deficiency.
Human Development Index  India’s BoP is generally
(HDI) 2018, India is ranked unfavourable i.e., it faces deficit.
130th among 189 countries. To fill this deficit it has to
borrow from other countries
Lowest forest cover state in
India Haryana and international organisations
like IMF, World Bank, ADB, etc.
9. Balance of Payments (BoP) In lieu of loans, these
 BoP is the systematic record of organisations interfere in
all economic transactions like important policy matters and
trade of goods, trade of services, impose their terms and
unilateral transfers, foreign conditions.
investment, etc. between a

Page 17
 INTRODUCTION

AREA
Total area of the country 3287263 sq.km
Percentage of world area 2.42 per cent (7th Place)
Forest & tree cover area 782871 sp.km (23.81% of the total area)
Total forest cover area (including 4662 692027 sq.km. (21.05% of the total
km2 area under geographical area) mangroves)
Agricultural land / cultivable land / 191.98 million hectares
Arable land (2011-12)
Cultivated Land (2013-14) 142.60 million hectares
New sown area (2011-12) 140.80 million hectares
Cropping Intensity (2013-14) 135.1%

Page 18
 INTRODUCTION

Net irrigated area 91.53% million hectares

Gross irrigated area 91.53 million hectares (46.9% of Gross

Sown Area)

Rainfed are as of the net sown area 53.1%

Largest state (area wise) Rajasthan

Smallest state (area wise) Goa

State touching boundaries of Uttar Pradesh (Touches boundaries of 8

maximum states States-Uttarakhand, Himachal Pradesh,
Haryana, Rajasthan, M.P., Chattisgarh,
Jharkhand and Bihar)

Area under food grains 125 million hectares (88.7 of per sown area)

Per Capita Land Availability (2011-12) 0.151 hectare

M.P. (Madhya Pradesh) – 1st state to shift financial year from Jan to Dec.

Page 19