Planning Commission of India (For UPSC exams) The Planning Commission was established in March 1950 by the Government of India by a Cabinet resolution, with Prime Minister Jawaharlal Nehru as the chairman. It was set up for the plan formation, resource aspects, implementation, and review on a technical basis. Facts Read more…
National Income National income is the process of counting the value of flow between sectors and then summing them to find the total value of economic activity in an economy. Income as an indicator of progress was tried by many before the idea of the Gross Domestic Product (GDP). GDP Read more…
Santiago Consensus Santiago Consensus is also an alternative to Washington Consensus. The term Santiago Consensus was given by then World Bank Group President D. Wolfensohn in Santiago for the developing countries. The main view of Santiago Consensus: The main idea of the Santiago model is “inclusion” which should be both Read more…
Beijing Consensus The term “Beijing Consensus” was coined by Joshua Cooper Ramo in 2004, also known as the Chinese model of economic development. This refers to the policies which were followed by Deng Xiaoping after the death of Mao Zedong in 1976. It was to frame China’s economic development model Read more…
Washington Consensus The term Washington Consensus was first used by English economist John Williamson in 1989. Washington Consensus is a set of free-market economic reform policies suggested by the International Monetary Fund, World Bank and the US Department of the treasury. As all the institutions were based in Washington so Read more…
Economics: A Brief Introduction of Economic Systems and Sectors in Economy Adam Smith is known as the father of Economics. Definition of economics: The term economics comes from the Greek term ‘Oikonomia’ which is composed of Oikos (house) and nomos (custom or law) meaning the rules of the household. Economics Read more…
Agricultural systems in the world: A brief introduction of agricultural systems definition of Agriculture: Farming or agriculture is the practice of cultivating plants and livestock. It played a very important role in the development of human civilization. The development of agriculture enabled the human population to grow many times larger Read more…
Nobel Prize 2022 The Nobel Prize and the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel were awarded 615 times to 989 people and organizations, between 1901 and 2022. As some received the Nobel prize more than once, this makes a total of 954 individuals and 27 Read more…
Human geography: Nature and scope Human geography deals with the relationship between the physical/natural and the human worlds, the spatial distribution of human phenomena and how they come about, and the social and economic differences between different parts of the world. What is spatial distribution? Spatial distribution in statistics is Read more…
Human Development Index (HDI) 2021-22 Human Development Index (HDI) 2021-22 Release date: 8 September 2022 Released by the Human Development Report Office (HDRO)of the United Nations Development Programme (UNDP) Switzerland ranked first in HDI 2021 with an HDI value of 0.962 India ranked 132 in HDI with a value of Read more…
