Economy
Energy Management: Issues and challenges
Energy management includes planning and operation of energy production and energy consumption units. Objectives are resource conservation, climate protection and cost savings, while the users have permanent access to the energy they need.The main objectives of energy management are resource conservation, climate protection and cost savings. The central task of energy management is to reduce costs for the provision of energy in buildings and facilities without compromising work processes. The simplest way to introduce energy management is the effective use of energy to maximize profit by minimizing costs. Energy management could save up to 70% of the energy consumption in a typical building or plant. The Government of ... Read more
Current status of alternative sources of energy and their future prospects
Current status of alternative sources of energy Alternative energy is any energy source that is an alternative to fossil fuel. These alternatives are intended to address concerns about such fossil fuels, such as its high carbon dioxide emissions, an important factor in global warming. Marine energy, hydroelectric, wind, geothermal and solar power are all alternative sources of energy. The nature of what constitutes an alternative energy source has changed considerably over time, as have controversies regarding energy use. Because of the variety of energy choices and differing goals of their advocates, defining some energy types as “alternative” is considered very ... Read more
Causes of low industrialization in Madhya Pradesh
Causes of low industrialization in Madhya Pradesh Madhya Pradesh (MP) has predominantly been an agrarian state economy which shows co-existence of poverty and prosperity in the state. The state’s economic and demographic profile describes an economy of rural mass, poverty and growth led by agriculture. Despite five decades of planned economic development, MP continues to be in the BIMARU state group Madhya Pradesh (MP) has predominantly been an agrarian state economy which shows co-existence of poverty and prosperity in the state. The state’s economic and demographic profile describes an economy of rural mass, poverty and growth led by agriculture. Despite ... Read more
Economic reforms in india
Economic reforms in india New Industrial Policy Under Industrial Policy, keeping in view the priorities of the country and its economic development, the roles of the public and private sectors are clearly decided. Under the New Industrial Policy, the industries have been freed to a large extent from the licenses and other controls. In order to encourage modernisation, stress has been laid upon the use of latest technology. A great reduction has been effected in the role of the public sector. Efforts have been made to encourage foreign investment. Investment decision by companies has been facilitated by ending restrictions imposed ... Read more
Industrial development and Economic reforms in India : Major changes in industrial policy, its impact on industrial growth
The Indian Government had undertaken industrial policy reforms since 1980, but the most radical reforms have occurred since 1991, after the severe economic crisis in fiscal year 1990-91. These reforms mainly aim at enhancing the efficiency and international competitiveness in Indian industry. India’s industrial policy of 1991 towards liberalisation, deregulation, market orientation has been hailed as ushering in a new era of freedom from government controls, licence raj and red carpetism and one which promises greater prosperity for the Indian people. Main Objectives of the Industrial Policy of the Government are – to maintain a sustained growth in productivity; ... Read more
Liberalization
The leading economists of the country differ in their opinion about the socioeconomic and ecological consequences of the policy of liberalisation.Liberalization has led to several positive and negative effects on Indian economy and society. Some of the consequences of liberalisation have been briefly described here: 1. Increase in the Direct Foreign Investment: The policy of liberalisation has resulted in a tremendous increase in the direct foreign investment in the industrial and infrastructural sector (roads and electricity). 2. Enhancement in the Growth of GDP: There is a significant growth in the Gross Domestic Product (GDP). Prior to the liberalisation, the growth rate of ... Read more
Impacts of Privatization
Privatization in generic terms refers to the process of transfer of ownership, can be of both permanent or long term lease in nature, of a once upon a time state-owned or public owned property to individuals or groups that intend to utilize it for private benefits and run the entity with the aim of profit maximization. ADVANTAGES OF PRIVATIZATION Privatization indeed is beneficial for the growth and sustainability of the state-owned enterprises. • State owned enterprises usually are outdone by the private enterprises competitively. When compared the latter show better results in terms of revenues and efficiency and productivity. Hence, privatization can provide the necessary impetus to the ... Read more
Impacts of Globalisation:-
Definition of Globalization :- Its a process(not an outcome) characterized by increasing global Interconnections by gradual removal of barriers to trade and investment between nation and higher economic efficiency through competitiveness. Various economic, political, social and cultural effects of globalization are as follows:- Economic:- Breaking down of national economic barriers International spread of Trade, Financial and productive activities Growing power of transnational cooperation and International financial Institutions(WTO, IMF)Through the process of:- 1- Liberalization- relaxation of restrictions, reduction in role of state in economic activities,decline in role of govt in key industries, social and infrastructural sector. 2- Privatization- Public offering of ... Read more
Infrastructural development and issues
Advance Infrastructure Good quality infrastructure is critical to sustainable growth, especially for rural areas. As over 60 per cent of the population lives in rural areas, with low levels of per capital income, there is need to impart greater attention in improving rural infrastructure. Currently the rural infrastructure is inadequate to support over 600,000 villages. Investment in rural transport infrastructure stimulates the rural economy and hence acts as a tool for poverty reduction. The services in the rural sector, like market access, education, health, and communication depend on the availability of infrastructure. A common observation has been that the rural ... Read more
Poverty and Unemployment
The World Bank defines poverty in absolute terms. The bank defines extreme poverty as living on less than US$1.90 per day> (PPP), and moderate poverty as less than $3.10 a day. Types of Poverty Absolute poverty measures poverty in relation to the amount of money necessary to meet basic needs such as food, clothing, and shelter. The concept of absolute poverty is not concerned with broader quality of life issues or with the overall level of inequality in society. The concept of absolute poverty is based on absolute norms for living (measured in terms of consumption expenditure) laid down according: ... Read more