Economics and Social Issues Overview for RBI Grade B Phase 2 Exam

It is simply Social Science of the factors influencing “well-being”.

Three types of Economic System:-

MARKET ECONOMY:

Based on division of labour.

SOCIALIST ECONOMY:

In this Economy, Goods and Services are produced to use, not to gain profit.

MIXED ECONOMY:

In this Economy, Private sectors and Government sectors, both take part.

NOTE:India has adopted Mixed Economy.

Economic Growth:

Increase in the capacity of a country to produce the output of goods and services within the country.
Steady increase in the GDP is a good indicator of economic growth.

Economic Development:

Overall development of Economy.
It implies a sustained increase in real per capita income of a country over a period of time.

Micro Economics:

Studies the behaviour of individual, households and firms in making decisions on the allocation of limited resources.

Macro Economics:

Deals with the performance, structure, decision making of the whole economy. This includes national, regional and global economics.

Economics activities can be classified as:-

Primary activities:

Directly dependent on natural resources.
It includes agriculture, mining, fishing, forestry etc.

Secondary activities:

Adding value to the natural resources by transforming raw materials into valuable products.
It includes manufacturing, processing and construction industries.

Tertiary activities:

It includes both production and exchange.
Some of the tertiary activities are trade, transport, communication and services.

Quaternary activities:

Production of information.
It revolves around research and development.

INDIAN ECONOMY

According to World Bank, Indian Economy will accelerate to 7.2% in 2017-18, 7.5% in 2018-19 and 7.7% in 2019-20.

GDP composition by sector (2016 Estimate):

Service sector= 45.4%
Industry sector= 29.8%
Agriculture sector= 16.5%

NOTE:Sources, THE WORLD FACTBOOK.

Indian Economy is the 7th largest Economy by nominal GDP.
3rd largest by purchasing power parity (PPP).
Maharashtra is the wealthiest Indian state.
India ranks 2nd worldwide in farm output.
Indian Economy will become 3rd largest economy by 2030, surpassing 4 developed nations JAPAN, GERMANY, BRITAIN and FRANCE, according to projections by a US government agency.
Sector wise contribution in GDP:


AGRICULTURE

NOTE: ALL NUMERICAL ARE IN %.

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