Understanding Indian Economy

Changes brought about in the agrarian structure through direct intervention are characterised as Land Reforms. At the time of independence, there were three types of land tenure systems prevailing in the country- the zamindari system, the mahalwari, and the ryotwari system .  In the zamindari system, the land revenues were collected from the farmers by the Zamindars; In the mahalwari system by the village headman on behalf of the whole village; While in the ryotwari system the land revenues were paid to the state directly by the farmers Occupancy tenants, Tenants-at-will and Sub- tenants were used for the cultivation of agricultural land.        Objectives of Land Reforms To stop the exploitation under the zamindari, mahalwari and the ryotwari system the government defined the objectives of Land Reforms as follows:- 1. To remove such impediments to increase in agricultural production as arise from the agrarian structure inher...

Economic Reforms in India started in the year 1985 after Rajiv Gandhi took over as the Prime Minister. On July 23,1991, India launched a process of economic reforms in response to a fiscal and balance of payments (BoP) crisis. The Prime Minister in his first national broadcast said : " The public sector has entered into too many areas where it should not be. We shall open the economy to the private sector in several areas hither to restricted to it." Some of the measures initiated by his government were:- * Electronics industry was freed from the restrictions of the MRTP Act. Foreign firms were welcomed in this area. * The share of free sale sugar was increased to help the sugar industry. * The ceiling on asset limit of big business houses was raised from Rs 20 cr to Rs 100 cr. * A Scheme of broad banding was introduced. This implies that within the overall capacity, firms were free to produce a range of commodities. * Cement was decontrolled and a number of licenses...

Unemployment is a serious problem as it indicates a situation where the total number of job vacancies is much less than the total number of job seekers in the country. Unemployment is a common economic malady faced by each and every country of the world, irrespective of their economic system and the level of development achieved. India is one of those ill-fated underdeveloped countries which is suffering from a huge unemployment problem. Nature of Unemployment in India India is a developing economy, the nature of unemployment therefore sharply differs from the one that prevails in industrially advanced countries. This type of unemployment caused by economic fluctuations did arise in India during the depression in the 1930's which caused untold misery. Similarly, after the Second World War, there was a good deal of frictional unemployment caused by retrenchment in the army, ordnance factories etc. Similarly the process of rationalisation which started in India since 1950, al...

Inclusive growth is a growth process which yields broad based benefits and ensures equality of opportunity for all. Inclusive growth is essential for sustainable growth and impartial allocation of wealth. India is the seventh largest and second most populated developing economies of the world. However, there are regional imbalances in the growth process leading to intra regional disparities and widening per capita income across states. The poverty ratio being so high is a major issue despite genuine growth. The macro level suggestions like better financial regulations, opening FDI, trade liberalization, tax reforms, privatisation, providing social safety, reorientation of public expenses, and lawful and political reforms are helpful in leading policy negotiations for encouraging quick inclusive growth whereas in microlevel, reducing income and non - income associated unfairness, developing infrastructure, education, healthcare, women's empowerment, access to markets , role p...