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Important Landmarks of Indian Economic History- Part 3

Green Revolution The term "Green Revolution" was first used in a March 8, 1968, speech by the administrator of the U.S. Agency for International Development (USAID), William S. Gaud, who noted the spread of the new technologies. After the recommendation of a study team of the Ford Foundation, a technological package programme called the “Green

Important Landmarks of India’s economic history: Part 1

National Planning Committee Rudimentary economic planning, deriving from the sovereign authority of the state, was first initiated in India in 1938 by Congress President and Indian National Army supreme leader Netaji Subhash Chandra Bose, who had been persuaded by Meghnad Saha to set up a National Planning Committee. M. Visvesvaraya had

Business Cycle, boom, bust, inflation and recession

business cycle

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

Understanding Economics and Economic Systems

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

National Innovation Foundation – India

National Innovation Foundation – India (NIF) is an autonomous body under the Department of Science and Technology (India), Government of India. It was set up in February 2000 at Ahmadabad, Gujarat, India to provide institutional support for scouting, spawning, sustaining and scaling up the grassroots innovations across the country. It is a national initiative to serve

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