Economic and Social Development for UPSC

Debt Waivers

Economic Survey 2019-20 (Volume 1, Chapter IV, Part 5): Debt Waivers

Government intervention in credit markets, in the form of full or partial, conditional or unconditional, debt waivers have become increasingly common at the state level in India. The phenomenon of granting debt waivers to farmers just before or after an election, which was to fulfill the promise made in the election manifesto, had died down …

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Government Intervention In Foodgrain Markets

Economic Survey 2019-20 (Volume 1, Chapter IV, Part 4): Government Intervention In Foodgrain Markets

In the foodgrain markets in India, Government has sought to achieve food security while ensuring remunerative prices to producers and safeguarding the interest of consumers by making supplies available at affordable prices. In trying to achieve this, the state controls input prices such as those of fertilizer, water, and electricity, sets output prices, undertakes storage …

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Drug Price Control under ECA

Economic Survey 2019-20 (Volume 1, Chapter IV, Part 3): Drug Price Controls Under ECA

In India, the Government has historically relied on price controls to regulate the prices of pharmaceutical drugs through the National Pharmaceutical Pricing Authority (NPPA) and Drug Prices Control under ECA (Essential Commodities Act). The National List of Essential Medicines (NLEM), prepared by Ministry of Health and Family Welfare, is a list of medicines considered essential …

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Economic Survey 2019-20 (Volume 1, Chapter IV, Part 2): Essential Commodities Act, 1955

Essential Commodities Act, 1955 was enacted to control the production, supply and distribution of, and trade and commerce in, certain goods considered as essential commodities. The Act itself does not lay out Rules and Regulations but allows the States to issue Control Orders related to dealer licensing, regulate stock limits, restrict movement of goods and …

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Who Benefits From Competitive Populism – Poor Or Political Parties?

Is giving free electricity a pro-people policy? Aam Aadmi Party’s recent electoral success is attributed to the so-called pro-people policies like giving free or heavily subsidized electricity to people. According to an estimate, about half of Delhi’s population paid zero electricity bills in the last five months prior to the Assembly Elections. Emboldened by the …

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Government Interventions economic survey 2019-20

Economic Survey 2019-20 (Volume 1, Chapter IV, Part 1): Government Intervention

Government intervention, sometimes though well intended, often ends up undermining the ability of the markets to support wealth creation and leads to outcomes opposite to those intended. This chapter analyses four examples of anachronistic government interventions, though many more abound. Four Anachronistic Government Interventions First, frequent and unpredictable imposition of blanket stock limits on commodities …

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Economic Survey 2019-20 (Volume 01; Chapter III): Pro-Business Versus Pro-Crony

Pro-Business Versus Pro-Crony: India’s aspiration to become a $5 trillion economy depends critically on promoting “pro-business” policy that unleashes the power of competitive markets to generate wealth, on the one hand, and weaning away from “pro-crony” policy that may favour specific private interests, especially powerful incumbents, on the other hand. The relationship between probusiness policy …

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Economic Survey 2019-20 (Volume 01; Chapter II): Entrepreneurship And Wealth Creation At the Grassroots

Entrepreneurship represents a key focus area for many policy makers given its role in economic development and subsequent employment growth. Entrepreneurs are seen as agents of change that accelerate innovation in the economy. Entrepreneurship And GDP The entrepreneurial activity is related to economic growth. Entrepreneurial activity has a significant positive impact on GDDP. A 10 …

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Economic Survey 2020 Chapter 01

Highlights Of Economic Survey 2019-20 (Volume 1): Chapter 01

Economic Survey 2020; Chapter 01; Volume 01: For more than three-fourths of known economic history, India has been the dominant economic power globally. Economic dominance over such long periods manifests by design, and not by mere chance. While Kautilya’s Arthashastra is given as a canonical example, wealth creation as a worthy human pursuit is recognised …

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