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Economics Notes

Balance of Payments: Accounting Concepts of Foreign Trade

Balance of Payments (BoP) and Balance of Trade (BoT) are two confusing concepts for even economics graduates. These terms are connected with international trade accounting. In this post, we provide a mind-map approach to study Balance of Payments. We hope the same would help in quick understanding and revision. What is Balance …

How do States get revenue from the Center?

The Center-State finances is a confusing topic. Most of the states depend on the center for the large chunk of their revenue. There are different channels through which the center transfer funds to states. With many organizations like Finance Commission(FC), else while Planning Commission(PC) and the present NITI Aayog  involved, people …

Economic Survey 2014-15 Summary

Economic Survey, the annual flagship document of the Department of Economic Affairs, Ministry of Finance is the best material to study the state of Indian Economy. ClearIAS.com has been publishing short summaries of Economic Surveys for last two years (read Economic Survey 2012-13 summary and Economic Survey 2013-14 summary from …

Factors Responsible for the Location of Primary, Secondary and Tertiary Sector Industries in Various Parts of the World (Including India)

Factors Responsible for the location of primary, secondary, and tertiary sector industries in various parts of the world (including India) is a topic mentioned in General Studies Paper 1(GS1) for UPSC Mains. Basic concepts related to Primary, Secondary and Tertiary Sectors are covered in our post on Sectors of Economy : Primary, Secondary, …

Sectors of Economy: Primary, Secondary, Tertiary, Quaternary and Quinary

Human activities which generate income are known as economic activities. Economic activities are broadly grouped into primary, secondary, tertiary activities. Higher services under tertiary activities are again classified into quaternary and quinary activities. Let us first understand the differences between the different sectors of the economy, so that it will be easier for …

Make In India Initiative

If we count the population employed, India is largely an agrarian country. Nearly 50 percent of Indian population depends on agriculture and allied activities for livelihood. But if contribution to GDP is taken as the parameter, India is predominantly a service economy, and service sector has near 60 percent share of …