Indian Economy

Books to read:

1. Economic Survey
2. Budget
3. Indian Economy - Ramesh Singh

GDP Growth projections of India by various agencies

International Monetary Fund (IMF)

5.4 % (2014-15)

4.7 % (2015-16)

World Bank

5.7 % (2014-15)

Asian Development Bank (ADB)

5.5 % (2014-15)

6 % (2015-16)

National Council of Applied Economic Research (NCAER)

5.1-5.5 % (2014-15)

Sectors of Economy

1. Agriculture sector
2. Industrial sector
3. Service sector

FICCI
Confederation of Indian Industries (CII)
National Association of Software and  Service Companies (Nasscom)
K. Natarajan is the chairman of Nasscom.
R. Chandrasekhar is the president of Nasscom.
U.S. is the largest market for Indian IT exports with a share of 62 per cent.

Classification of Industries

1. Small Scale Industries (SSIs)
2. Medium Scale Industries (MSIs)
3. Large Scale Industries (LSIs)

Def. of SSI: An industry with an investment limit of Rs. 100 lakh

Significance of Small Scale Industries (SSI)

Less capital intensive

More labour absorbing

Rural industrialization

Banking

A bank is a financial intermediary between the depositors and borrowers.

Banks may be classified as scheduled banks and non-scheduled banks.

Scheduled banks are the banks that are included in the second schedule of the RBI Act, 1934.

Scheduled banks may be classified as commercial banks and investment bank.

Commercial banks may be classified as public sector banks, private sector banks and regional rural banks.

There are 27 public sector banks:

1. Allahabad Bank 

2. Andhra Bank 

3. Bank of Baroda 

4. Bank of India 

5. Bank of Maharashtra 

6. Bharatiya Mahila Bank 

7. Canara Bank 

8. Central Bank of India 

9. Corporation Bank 

10. Dena Bank 

11. IDBI Bank Ltd. 

12. Indian Bank 

13. Indian Overseas Bank 

14. Oriental Bank of Commerce 

15. Punjab & Sind Bank 

16. Punjab National Bank 

17. Syndicate Bank 

18. UCO Bank 

19. Union Bank of India 

20. United Bank of India 

21. Vijaya Bank

22. State Bank of Bikaner & Jaipur

23. State Bank of Hyderabad

24. State Bank of India

25. State Bank of Mysore

26. State Bank of Patiala

27. State Bank of Travancore

State Bank of India and it's associated banks are called as State Bank Group.

Development Financial Institutions are financial bodies that provide long-term finance to agriculture and industry.

Industrial Finance Corporation Limited is the first DFI in India and is established in 1948.

S.H. Khan committee (1997) recommended transformation of DFI into universal banks.

Reserve Bank of India (RBI) is the central bank of India.

RBI headquarters is at Mumbai.

RBI was established in 1935 and was nationalized in 1949.

RBI has a governor and 4 deputy governors.

RBI governor - Dr. Raghuram Rajan

RBI deputy governors - Dr. K.C. Chakrabarthy, H.R. Khan, Dr. Urjit R. Patel, Anand Sinha.

RBI frames the monetary policy.

Infrastructure

1.Electricity

Total installed electricity capacity 254 GW.

Total installed renewable energy capacity 32.8 GW.

2.Ports

3.Roads

4.Airports