BBA 503 ECONOMIC PLANNING AND POLICIES

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ASSIGNMENT

DRIVE	SPRING 2016
PROGRAM	BBA
SEMESTER	V
SUBJECT CODE & NAME	BBA 503 ECONOMIC PLANNING AND POLICIES
BK ID	B1851
CREDIT & MARKS	4 CREDITS & 60 MARKS

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Question.1. Briefly explain any 3 types of theory of Economic Development and also discuss the features of a Developing Economy?

Answer: Economic development is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used while discussing economic development. Economic development has a direct relationship with the environment and environmental issues.

Question.2. Explain the role of the Public Sector in India

Answer: Here we detail about the following nine important roles played by public sector in Indian economy, i.e.,

1. Generation of Income: Public sector in India has been playing a definite positive role in generating income in the economy. The share of public sector in net

Question.3. Explain in detail Liberalization, Privatization and Globalization (LPG) Model ofDevelopment with the help of examples.

Answer:After Independent in 1947 Indian government had a main problem to develop economy and to solve this issue it followed LPG Model. The Growth Economics conditions of India in that time were not very good, because we did not have proper resources for the development, not in terms of natural resources but in terms of financial and industrial development. At that time India need the path of economics planning and for that we adopt ‘Five Year Plan’ concept of which we take from Russia and feel that it will provide as fast development like

Question.4. Discuss the Significance of Agriculture in the National Economy?

Answer:India is mainly an agricultural country. Agriculture is the most important occupation for most of the Indian families. In India, agriculture contributes about sixteen percent (16%) of total GDP and ten percent (10%) of total exports.

Over 60 % of India’s land area is arable making it the second largest country in terms of total arable land. Agricultural products of significant economic value

Question.5. Give an Overview of the Services Sector in India.

Answer: The service sector, also called tertiary sector, is the third of the three economic sectors. The other two are the primary sector, which covers areas such as farming, mining and fishing; and the secondary sector which covers manufacturing and making things. The service sector provides a service, not an actual product that could be held in your hand. Activities in the service sector include retail, banks, hotels, real estate, education, health, social work, computer services, recreation, media, communications, electricity, gas and water supply.

The service sector is an important part of the economy. For

Question.6. Write short notes on:

a) Foreign Direct Investment (FDI) in India

Answer:Foreign Direct Investment (FDI) in India is the major monetary source for economic development in India. Foreign companies invest directly in fast growing private Indian businesses to take benefits of cheaper wages and changing business environment of India. Economic liberalisation started in India in wake of the 1991

b) Communication system in India

Answer: The origin of modern postal system – in India can be traced back to 1837 when postal service was opened to the public. The first postage stamp was issued in Karachi in 1852,  ( Oct. 1 ) though it was valid only in Sind. When a separate postal department was set up in 1854, seven hundred post offices were already functioning in the country.

The money order system was introduced in 1880; The Post Office Savings Bank started in 1882, the Postal Life Insurance in 1884, the

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