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The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development.
India has 25 items on the sensitive list for the LDCs and 695 for the non-LDCs. Manmohan Singh, then Indian Prime Minister, announced in September in Dhaka that he will reduce the Sensitive List by 46. Bhutan has 150 items for both the LDCs and non-LDCs and has no plan of shortening its list. Nepal has 1,257 for the LDCs and 1,295 for the non ...
A tariff is called an optimal tariff if it is set to maximise the welfare of the country imposing the tariff. [73] It is a tariff derived by the intersection between the trade indifference curve of that country and the offer curve of another country.
The economy of India is a developing mixed economy with a notable public sector in strategic sectors. [5] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 141th by GDP (nominal) and 125th by GDP (PPP). [58]
The Customs & Central Excise department was established in the year 1855 by the then British Governor General of India, to administer customs laws in India and collection of import duties/land revenue. It is one of the oldest government departments in India.
The Licence Raj was believed by some to be hindering economic growth and preventing the Indian economy from reaching its full potential. This belief was based on the idea that the government's heavy intervention in the market was stifling economic activity and hampering the ability of the economy to grow and develop. [38]
In economics, the Metzler paradox (named after the American economist Lloyd Metzler) is the theoretical possibility that the imposition of a tariff on imports may reduce the relative internal price of that good. [1] It was proposed by Lloyd Metzler in 1949 upon examination of tariffs within the Heckscher–Ohlin model. [2]
The Indian economy was controlled under the rule of the British East India Company from 1757 to 1858. This period mainly involved British protectionist policies, restricting sales of Indian goods and services within Britain while flooding Indian markets with low cost British goods and services, including the introduction of machine-made goods ...