Economy and It's Element:

1. Gross Domestic Product (G.D.P.) :- GDP is the sum of values of all final goods and services produced in a year without making any deduction for the ‘wear and tear’ of the land, building and machinery used in production. India stands at 12 rank in the world so far as GDP is concerned.
2. Net Domestic Product (N.D.P.):- When the depreciation is deducted from GDP, we get NDP.
3. Gross National Product (G.N.P.):- When we add the net earnings from abroad the GDP we call it G.N.P.
4. Net National Product (N.N.P.) :- When we add the net earning from abroad to the NDP we call it the NNP. This is also known as National Income.
5. Per Capita Income:- National Income / Total Population.
6. Inflation:- Incessant increase in the prices is called inflation.
7. Poverty Line:- The people who get minimum of 2200 calories per day are above poverty line. In India, the per capita food intake is 2100 calories Punjab is the richest state while Bihar is the poorest
8. Fiscal Policy of India:- Our economy has a federal structure. This means that the authority of the state is exercised through the Union Government at the center as welt as the various state governments in accordance with the distribution of powers between them as determined by the constitution. The powers of taxation like the other powers, have, therefore, to be exercised by the center and the states. For example, the centre above is empowered to tax incomes the state governments are similarly empowered to impose taxes on the sale of commodities.
9. Monetary Policy:- All monetary controls in the Indian economy rest with the Reserve Bank of India. As the central bank of the country, it is at the head of the banking system. It guides and controls the commercial banks as the custodian of the state’s monetary policy. It acts as an agent of the government and also adds to or reduces the currency supply.
10. Direct Taxes:- This type of tax is paid by the same person from whom this is collected. For example, Wealth Tax, Gift Tax, Expenditure Tax and Income Tax.
11. Indirect Taxes:- These taxes are collected not directly from the payee but are collected on the basis of particular transactions. For example, Stamp Duty, Excise Duty, Sales Tax and Custom Duty.

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DSSSB, CTET & KVS Exam Preparation | Clear CTET: Economy and It's Element
Economy and It's Element
DSSSB, CTET & KVS Exam Preparation | Clear CTET
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