Southernoxford

Introduction Economy is normally categorized into  three  sectors namely − Primary Sector Secondary Sector Tertiary Sector Primary Sector Primary Sector  is directly dependent on environment for manufacture and production. For example, agriculture, mining, farming etc. Secondary Sector Secondary Sector adds value to the produ by transforming raw materials into valuable products. For example, processing and construction industries. Tertiary Sector Tertiary Sector is involved in production and exchange of services. For example, transportation, communication, and other services of such kind. Tertiary Sector is also known as Services Sector as it facilitates the production and exchanges of services. Measurement of Economy Gross Domestic Product GDP  is the value of all goods and services produced by all the three sectors over a period of time. The majority of workers employed in a particular sector illustrate the economic and technol...

Introduction After independence, one of the most difficult choices that the leaders had to make was to decide the type of economic system that was capable enough to promote welfare equally across the country. Among different types of economic system, Pandit Jawaharlal Nehru, the first Prime Minister of India, suggested  Socialist Economy;  however, it was not the same that was practiced in the USSR. After great efforts, the planning committee decided to adopt a  mixed economic system  − a judicious mix of both socialist and capitalist systems. Mixed economy was finally chosen with the help of  Industrial Policy Resolution of 1948  and Directive Principle of Indian Constitution. Planning Commission was set up in 1950 , and the Prime Minister of India was made the chairperson of the commission. Five-year Plans The First Five-Year Plan was one of the most important as it paved for the development of the country then and for the years to come. ...