GS Paper 3 (Part 1): ECONOMICS

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GROWTH, DEVELOPMENT & EMPLOYMENT

While GDP growth reflects the quantitative economic growth, Economic development is a wider, qualitative concept, encompassing – social, economic, psychological and emotional well-being.

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INCLUSIVE GROWTH

Inclusive growth refers to an economic growth that creates opportunities for all and distributes the dividends of increased prosperity fairly across society.

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FOREIGN DIRECT INVESTMENT (FDI)

FDI means investment through capital instruments by a person resident outside India in an unlisted Indian company; or in 10% or more of the post issue paid-up equity capital of a listed Indian company.

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PUBLIC-PRIVATE PARTNERSHIP (PPP) MODEL

Public-private partnerships (PPPs) involves a collaboration between government and private sectors to jointly finance, build, operate, and manage projects for the provision of public assets or public services (eg. Transport, Bridges, Parks etc)

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GOVERNMENT BUDGETING

Government Budget is Annual Financial Statement that explains estimated receipts and expenditure in a financial year. It is mandated by Article 112 to be presented in the Lok Sabha

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INFRASTRUCTURE

Infrastructure is a set of physical & social structures that is not only the foundation of industrial and agricultural output, & international and domestic commerce, but also of societal well-being.

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CROPPING & IRRIGATION

Cropping pattern refers to the proportion of area under different crops, changes in this distribution over a period of time, and factors determining this change in distribution.

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FARM SUBSIDIES & MSP

Minimum Support Price (MSP) is a form of market intervention by Central Government to insure agricultural producers against any sharp fall in farm prices, by guaranteeing minimum prices for their produce.

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TRANSPORT & MARKETING

APMC is a statutory market committee constituted by a State Government in respect of trade in certain notified agricultural or horticultural or livestock products, under the Agricultural Produce Market Committee Act issued by that state government.

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LAND REFORMS

At independence, India inherited a semi-feudal agrarian structure, marked by concentration of land in the hands of a few, high rents, exploitative tenancy contracts, and complete unwillingness to improve the land productivity. This called for land reforms post-independence.

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FOOD PROCESSING INDUSTRY

Food processing is the utilization of various methods and technologies to convert raw agricultural materials into edible food products. India has 6th largest food market but contributes only 1.5% in world processed food trade.

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