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Introduction At the beginning of the eighteenth century, political, religious, social and economic conditions began to change all over the world, due to geographical discoveries, the Renaissance, the Reformation and “the age of kings”. By the time the eighteenth century ended, there were two revolutions: The American Revolution of 1775–83 and the French Revolution of […]
In the age of feudalism, the kings entered into agreement with the nobility for the provision of arms and ammunition during war with enemies. In return the kings offered them knighthood and tax free lands. The ‘fief’ was a land given to the nobles as tax free for services rendered to the kings. This relationship […]
The people of medieval Europe were mainly Christians who believed in the power of god. God-fearing Catholics accepted the role of the Church that acted as the medium between them and god. T he church became the focal point for all the activities of common people from birth to death. In due course of time, […]
The Renaissance and the Reformation were accompanied by fundamental economic changes. The series of economic changes, making the transition from the semi-static, localised, non-profit economy of the late Middle Ages to the dynamic, world-wide, capitalistic regime of the fourteenth and succeeding centuries is known as the Commercial Revolution. This Revolution was gradual. T he causes […]
The Turkish conquests and the fall of Constantinople provided stimulus to the European maritime nations to find a sea route to the East so that they did not have to depend on the old land routes controlled by the Ottomans. These efforts eventually resulted in the great geographical discoveries which revealed to Europeans the existence […]
Significance of Renaissance The word Renaissance, of Latin origin, means rebirth or revival. It signifies the sudden revival of interest in the classical learning of Greece and Rome. In the course of development, however, the Renaissance became more than a mere revival of classical learning. It included an impressive record of new achievements in art, […]
Introduction : Three great events of the fifteenth and sixteenth centuries – the Renaissance, the geographical discoveries and the Reformation – mark a transition from the Middle Ages to the Modern. The essence of Renaissance was the centrality given to the human and the natural, with religion relegated to subordinate place. Renaissance had a profound […]
(a) Education Education and health constitute the social sectors, and the status of education and health indicators are yardsticks for assessing the level of social development in a country. Literacy levels have increased in India from 18.3% in 1951 to 74% in 2011. Female literacy still lags behind the male literacy rate at 65% as […]
India followed the example of the USSR in planning for development through five year plans. The Planning Commission was set up in 1950 to formulate plans for developing the economy. Each Plan assessed the performance of the economy and the resources available for future development. Targets were set in accordance with the priorities of the […]
India was committed to the idea of promoting rapid industrial growth for economic development. Development can be achieved through several pathways. In a country like India with a large population where many raw materials were grown or were available, processing industries which were more labourintensive would have also led to industrial growth. Alternatively, the Gandhian […]
(a) Green Revolution By the middle of the 1960s the scenario with regard to food production was very grim. The country was incurring enormous expenditure on importing food. Land reforms had made no impact on agricultural production. The government therefore turned to technological alternatives to develop agriculture. High Yielding Variety (HYV) of seeds of wheat […]
Under the Constitution of India, agriculture was a ‘state subject’, that is, each state had to pass laws relating to land reforms individually. Thus, while the basic form of land reforms was common among all the states, there was no uniformity in the specific terms of land reform legislation among the states. (a) Zamindari Abolition […]
Introduction : When India became independent in 1947, the economy of the country was very fragile and facing many problems. The level of poverty was very high. Nearly 80% of the population was living in rural areas, depending on agriculture for their livelihood. As the craft-based occupations had suffered during British rule, many skilled artisans […]
Introduction:The subject ‘International Economics’ evolved from a simple theory of international trade was formulated to answer a few basic questions. The subject first originated in Western Europe on account of increasing importance of foreign trade in that part of the world.The contributions of classical economists like Adam Smith, David Ricardo, F.W. Taussig, Haberler, J.S.Mill and […]
1) Commercial Banks: These are the institutions that make short term loans to business and in the process create more. 2) Credit Creation: It means the multiplication of loans and advances. Commercial banks receive deposits from the public and use these deposits to give loans. 3) Non-Bank Financial Institution (NBFI): It is a financial institution […]
Monetary Policy is the macroeconomic policy being laid down by the Central Bank towards the management of money supply and interest rate. It is the demand side economic policy used by the government of a country to achieve macroeconomic objectives like inflation, consumption, growth and liquidity. The monetary policy gained its significance after the World […]
Reserve bank of India and industrial finance Though industries get finance from commercial banks, the quantum and the term will be very much limited generally. Commercial banks lend for short term only, as they get only short-term deposits from the public. Further lending to industries is only a fragment of the total lending by the […]
Farmers in India require mainly medium term and long term loans and they face a lot of difficulties in getting them. The only organization providing long term credit is Land Development Banks which have lagged behind and recorded only limited success. The credit requirements of the agricultural sector are increasing year after year. With the […]
Credit control is the primary mechanism available to the Central banks to realize the objectives of monetary management. The RBI is much better placed than many of credit control. The statutory basis for the control of the credit system by the Reserve Bank is embodied in the Reserve Bank of India Act, 1934 and the […]
A central bank, reserve bank, or monetary authority is an institution that manages a state’s currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. Functions of Central Bank (Reserve Bank of India) The Reserve Bank of India (RBI) is India’s central banking institution, which controls […]