Saturday, December 16, 2017


  • This term can have a Single Acceptable Definition- What is the development for one may not be the same for other.
  • Sometime two or more person/groups may seek for things which are conflicting.

What is People Seek?-
  • -        Everyone want to work and get rent, wages or share in turn(in case of moneylender timely paid principle with interest is priority)
  • -        But beside this everyone also want basic necessities of human like liberty, equality, justice, freedom, respect and not things like apartheid.
  • -        Similarly for development people looks at a mix set of goals.

National development-
  • -        As stated earlier like the development goals the National development goals also very vastly- That’s why panty politics is prevalent in India.
  • -        Similarly states can also have difference in their opinion on terms of national development.

How to compare development?-

Several factor of are universal in such comparisons like-
  •        Income ( PCI, NI, Avg.Inc. )
  •        GDP and GNP
  •     IMR, LR and Net attendance ratio.

Public Services -

There are many things which money can’t buy (West Bengal Vs Karnataka)
Some other factors that are must for holistic development are-
  •    -    Effective PDS System
  •    -    Accessible health services
  •    -    cleanliness and sanitation
  •    -    corruption free government


Published by UNDP- Health and education standards are considered apart from economics growth-
+ Life expectancy + gross environment ratio
+ PCI + IMR and MMR

Sustainable development-
Sustainable Development = Social development+ Economic development+ Environment.


Economic Sectors -

Primary Sector- The economic activities related to exploiting natural resources- Land, Agriculture etc.
Secondary Sectors- The economic activities related to converting natural resources into other forms – Industry,
Tertiary Sectors – The economic activities that generate services instead of goods. – Services, Transports, Banking etc.

Unemployment –

Labour Effort – effort done by labor while performing economic activities.
-        when people are engaged in working but they are working less this then their potential, this is unemployment-
-        Unemployment is hidden in contrast to some who does not have a job and is clearly visible as in case of unemployment.
-        In short more labour less earning.

Some other Sectors-
-        Organized Sector ( Regular employment)
-        Private Sector (Reliance, Tata, Vapor etc.)
-        Unorganized Sector ( Small sector )
-        Public Sector ( NTPC, BHELL, GAIL )

Government Measure-
MNREGA (for Unorganized Sector), labour law, factories act, Minimum wages Act, Payment of gratuity Act, Shops and establishment Act (for org. sector)

CHAPTER-03 (Money Credit)

Batter System -

To individual each possessing a commodity they other wanted or needed would enter into an agreement to trade their goods-but this system needs double coincidence of wants.

Modern forms of Money -

Metallic   -->    Paper  - ->     Digital     -->      Crypto Coin (bit coin)

CHAPTER-04 (Globalization and indication economy)

Globalization -

It is defined as the rapid instigation or interconnection between countries making the world a small village in which we all feel interlinked.
-        It is also defined as the integration between foreign countries through foreign trade and foreign investments by multinational corporation (MNC)
-        Not only sales but production is also eared out globally and it is organized in increasingly complex ways.


It is a company that owns or controls production in more than one nation.
-        Last 30 years shown a significant rise in MNC in India (why?)
-        Made in china toys, phones  and other electronics items NBFIs etc.

Interlinked production -

Factors that a MNC seek.
1-    Cheap labour
2-    Cheap land and easily availability of capital
Investment- The money that is spent to buy assets.
Foreign investment- Investment made by MNCs

Advantages of MNC to economy –

  • -        Providing money for additional investments.
  • -        brings latest technology for production
  • -        helping the local industry by using them as ‘ancillary units’
  • -        Generating employment
  • -        making the products cheaper for buyers
  • -        Consolidating the secondary and tertiary sectors including the GDP.

Factors that caused Globalization -

Technology- modern age in the age of science and tech. technological advancements in fields of transport and communication played a vital role in making globalization swift.
-        Liberalization policy (LPG reforms) - Government initiatives.
-        Trade barriers- Tax on imports.
-        Removing these barriers by govt is termed as liberalization.

Impact of Globalization for India-
-        Revival of the economy (2nd fastest Grooving) - MN investment boosted up.
-        Indians companies also working hard facing tough competitions.
-        Many Indian companies are expanding overseas.


What are the needs? -

-The prevent the consumers against exploitation.
-        - They prevent the manufactures to sell defected goods.
-        - It protects the consumer health by checking adulterated food items.

Consumer Movement –

This movement worse out of dissatisfaction of the consumers as many unfair practices were being indulged in by the sellers.
-        There was no legal system available earlier for their complaints; hence the only path available to them was to stop purchasing those particular products.
-        Then want to government did?

CoPRA 1986 ( Consumer Protection Act 1986 ) -

3 tier, Quasi
- Judicial mechanism was under it at district, state and National level.
- districts level court deals with cases involving up to Rs.20Lakh and state level court- 20L to 1 cr. and National level more then 1 cr.
- If case is dismissed by lower court then the consumer can appeal to a higher court.
- This enabled us as consumers to have the right to represent in consumer court.

Consumer International -

  • In 1985 the UN adopted the UN guidelines for consumer Protection.
  • it was a tool for nations to protect consumers and consumer advocacy groups.
  • It became a foundation for consumer movement at international level.
  • Now it is an Umbrella body for consumer grievances redressed internationally.

Right to Information ( RTI ) -

2005, consumers ask for various details of the products-
-        In case of some specific products the directions for proper use and side effects/risk are needed to be informed.
-        RTI can also claimed against delaying results, validity of degree of university.

Quality Indications -

ISI Mark-
  • -        Is a certification mark for industrial products in India.
  •      developed by the BIS

-        is a certification mark employed on agricultured product, standard approved by the Directors of marketing and Inspection, is an agency of Govt.Of India.

-        is an official mark or series of marks struck on items made of precious metals
-        Like- Platinum, Gold etc.

ISO (International Standard Org) -
ISO of a quality management system slandered is designed to help organization ensure that they meet the needs of customers and other stakeholders while meeting statutory and regularly requirements related to product.
-        ISO 9000 – deals with the fundamental of quality management system (QMS)
-        ISO 9001 – deals with the requirements that organizations wishing to meet the standard must full fill.




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