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Some criticize industrial policy based on the concept of government failure.Industrial policy is seen as harmful as governments lack the required information, capabilities, and incentives to successfully determine whether the benefits of promoting certain sectors above others exceeds the costs and in turn implement the policies. [29]
The government launched several initiatives to address these shortages, including converting public buildings into COVID-19 care centers and increasing domestic production of medical supplies. Unfortunately, the second wave of COVID-19 hit India in April 2021, resulting in even higher numbers of cases and deaths than the first wave.
The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1) the role of government and/or class and power relationships in resource allocation for each type of economic system; [15] (2) international political economy, which studies the economic impacts of international relations; [16] and (3 ...
Subsidies are helpful for both economy and people as well. Subsidies have a long-term impact on the economy; the Green Revolution being one example. Farmers were given good quality grain for subsidised prices. Likewise, we can see that how the government of India is trying to reduce air pollution to subsidies lpg
[3] The reform process had significant effects on the Indian economy, leading to an increase in foreign investment and a shift towards a more services-oriented economy. The impact of India's economic liberalisation policies on various sectors and social groups has been a topic of ongoing debate.
Schemes that the central government fully funds are referred to as "central sector schemes" (CS). In contrast, schemes mainly funded by the center and implemented by the states are "centrally sponsored schemes" (CSS). [1] In the 2022 Union budget of India, there are 740 central sector (CS) schemes. [2] [3] and 65 (+/-7) centrally sponsored ...
Composition of India's total production of foodgrains and commercial crops, in 2003–04, by weight. India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 18.6% of the GDP in 2005, employed 60% of the total workforce [13] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a ...
A government budget is prepared by the Central government or other political entity. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. The government implements economic policy through this budget and realizes its program priorities. Once the budget is approved, the use of ...