Economics with Insight

The objective of planning in India has been to achieve rapid and balanced economic development while addressing the country's social and economic challenges. India is a diverse country with a large population and varied economic and social conditions. Planning has been crucial in ensuring that the benefits of economic development reach all sections of the society . The planning process in India started with the adoption of the First Five-Year Plan in 1951. Since then, India has had a series of Five-Year Plans that have set targets for various sectors of the economy. The objective of these plans has been to accelerate economic growth, reduce poverty, increase employment, and improve the standard of living of the people.   Over the years, India's planning process has evolved to incorporate new challenges and opportunities. The planning process has been decentralized, with greater involvement of the states and local bodies. There has also been a shift towards a more market-orient...

T he rupee in your pocket has a mysterious past. Behind Mahatma Gandhi’s smiling face lies a long history of struggle, exploration, and wealth that can be traced back to the ancient India of the 6th century BC. Let’s demystify this history by bringing you the interesting stories about how Indian currency has evolved over the ages into the rupee of today. Ancient Indians were the earliest issuers of coins in the world, along with the Chinese and Lydians (from the Middle East). The first Indian coins – punch marked coins called  Puranas ,  Karshapanas  or  Pana  – were minted in the 6th century BC by the Mahajanapadas (republic kingdoms) of ancient India. These included Gandhara, Kuntala, Kuru, Panchala, Shakya, Surasena, and Saurashtra. Then came the Mauryas who punch marked their coins with a royal standard. Chanakya, prime minister to the first Mauryan emperor Chandragupta Maurya, mentions the minting of coins such as  rupyarupa ...

India is not a stranger to demonetisation as Prime Minister Narendra Modi recently marked the third time in history that currency notes have been demonetised in India. However, the recent currency ban of Rs 500 and Rs 1000 notes is the biggest currency ban in India’s history, making more than 80 percent of hard cash in circulation effectively worthless. As the country adjusts to the new currency norms, here is a list of other countries that attempted demonetisation, sometimes with not so successful results. Soviet Union In January 1991 under the leadership of Mikhail Gorbachev the country withdrew 50 and 100 ruble notes from circulation in an attempt to remove black money and increase the currency value. The removed notes formed around one third of the total money in circulation. The large scale demonetisation was not successful and Gorbachev faced a coup merely months later in August, however the 1991 attempt led to a successful redenomination of the ruble in 1998 where 3 ze...

Demonetization  is the act of stripping a currency unit of its status as legal tender.  Demonetization  is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.                                   Impacts of  on Indian Economy?                                                              Demonetization is a generations’ memorable experience and is going to be one of the economic events of our time. Its impact is felt by every Indian citizen. Demonetization affects the economy through the liquidity side. Its effect will be a telling one because nearly 86% of currency value in circulation was withdrawn without replacing bulk of it. As a result of ...

Printing and issuing currency notes is the sole authority of the Reserve Bank of India (RBI), which is the central bank of the country. Over the period of time, central banks change the design of banknotes to avoid the problem of counterfeit notes, and sometimes banks take action like the demonetisation of currency notes.

  GST As the name suggests, it is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, excise duty etc. This is how it is done in most developed countries.  It will be a comprehensive nationwide indirect tax on the manufacture, sale, and consumption of goods and services . The aim is to have one indirect tax for the whole nation, which will make India a unified common market. GST will be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method and would make not just manufacturing but also the interstate transportation of goods more efficient.  How will GST work and what all will it subsume? GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage ...

theory writer name theory of clubs james buchanan imposibility therom kenneth arrow political of decision making model anthony downs optimum provison of local public goods  charles tiebout swarn like cluster schumpeter organic composation of capital karl mark sustainable development brundtland report vicious circle of poverty ragner nurkse low level of equilibrium trap nelson inverted v shaped income distribution hypothesis simon kuznets endogenous growth theory robert solow unlimited supply of labour arthur lewis example of dimond and water adam smith the screening hypoothesis  paul w. miier and paul a. volcker job market signalling m. spencer the problem of moaral hazard in case of  J.k. arrow medical insurance the market of lemons george A.Akerlof liquidity trap j.m. keynes d...