India, according to Census 2011, estimates its workforce at 402 million. According to the labour ministry, as of 2016, India’s labour market comprises more than 475 million people. Of this, it is estimated that less than 10% are in formal employment.The inability to create formal economy jobs haunted the United
Shekhar Sengar Demand Led Growth and Export Led Growth International trade is considered as a special case of inter-regional trade. When different nations trade goods and services among them, it is called international trade. Today there is a common understanding among economists and policy makers that trade enhances income, output and employment.
The primary goals of both fiscal policy and monetary policy are “growth” and “price stability.” Although growth in modern economies is understood to be the main concern of the fiscal policy, price stability is considered as the main concern of the monetary policy. Nevertheless, growth is not totally detached from
Public Finance studies the finances of the government, i.e., government’s receipts (revenue receipts and capital receipts) and government’s expenditure (revenue expenditure and capital expenditure). Government’s revenue is called Public Revenue and government’s expenditure is called Public Expenditure. The classical theory and practice of economics were based on “Laissez Faire” or
Definition of Economics According to Adam Smith “Economics” is the science of wealth. However, this definition was a little too materialistic as wealth can be a means to an end; it cannot be an end in itself. The welfare definition of economics was attempted by Alfred Marshall, a pioneer neoclassical economist, to redefine his field
What is GDP? Growth of a country is measured by national income and its variants. GDP is one of the most important indicators among all national income measures. GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of
China’s dollar diplomacy has a darker side. Although China is pursuing what it calls “principle of peaceful rise” rather than military expansionism, its economic engagement with many developing countries is turning a one sided winning gamble. In the first instance developing countries which are deficient of capital are allured by
China announced its first retaliation on March 23 against Donald Trump’s trade measures – levying a high tariff on steel and Aluminium (25 per cent and 10 percent respectively) and fresh tariffs on $50 billion of Chinese imports with indications of more protectionist measures in the future. The Chinese retaliation