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Indian Economy

Notes 1.6 Keywords

Agriculture: The science, art, or occupation concerned with cultivating land, raising crops, and
feeding, breeding, and raising livestock; farming

Agriculture Credit: Any of several credit vehicles used to finance agricultural transactions,
including loans, notes, bills of exchange and banker’s acceptances.
Cropping: Cultivated plants or agricultural produce, such as grain, vegetables, or fruit, considered
as a group.
Financial Crisis: A loss of confidence in a country’s currency or other financial assets causing
international investors to withdraw their funds from the country.
Industrialization: The process in which a society or country (or world) transforms itself from a
primarily agricultural society into one based on the manufacturing of goods and services.
Production: The action of making or manufacturing from components or raw materials, or the
process of being so manufactured.

Productivity: Productivity is the ratio of output to inputs in production.
1.7 Review Questions

1. What are the issues that are faced by India as a developing country?
2. Explain the nature of the Indian economy.

Answers: Self Assessment

1. Agriculture 2. Price instability
3. 60% 4. economically backwards

5. India 6. Tang
7. because of our large current account deficit and some other domestic factors
8. interests, intellects and standards

1.8 Further Readings

Books Datt and Sundharam. (2008), Indian Economy, S Chand and Company, New Delhi
Misra S.K and Puri (2009), Indian Economy, Himalaya Publication, New Delhi

Kapila Uma (2008), Indian Economy, Academic Foundation Publication, New Delhi
Gupta K.C. and Kaur Harinder, (2004), New Indian Economy and Reform, Deep and
Deep Publication, New Delhi

Online link http://www.economicshelp.org/india/problems-indian-economy/

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