Economics Project 2021-22 - Tarun Robins Xii C 3
Economics Project 2021-22 - Tarun Robins Xii C 3
Economics Project 2021-22 - Tarun Robins Xii C 3
PROJECT
2021-22
INDEX:
1. Topic 1- Contributions of different sectors of the economy during the
planning period.
2. Topic 2- Socio-economic Survey
3. Acknowledgement
4. Bibliography
Topic 1-
Compare the contribution made by different sectors of the
economy towards GDP growth during the planning period.
INTRODUCTION:
The planning period in India refers to the period in which the Planning
Commission of India (or PCI) functioned and made decisions and policies
regarding the country’s economy. The objectives and policies of the
Commission were carried out through certain ‘Five Year Plans’.
Five-Year Plans (FYPs) are national economic initiatives that are controlled and
coordinated. In 1928, Joseph Stalin created the first Five-Year Plan in the Soviet
Union. They were afterwards adopted by the majority of communist regimes as
well as a number of capitalist countries. China continues to employ FYPs, albeit
the Eleventh FYP, from 2006 to 2010, was termed a guideline (guihua) rather
than a plan (jihua) to reflect the central government's less hands-on approach to
development. Under the socialist influence of India's first prime minister,
Jawaharlal Nehru, India established the First FYP in 1951, right after
independence.
The Planning Commission, which had been established in 1950, was replaced by
NITI Aayog or National Institution for Transforming India, which was
established by the Government of India. This action was taken to better fulfil the
people's needs and ambitions. NITI Aayog, was formed via a resolution of the
Union Cabinet on 1 January 2015. It is the premier policy think tank of the
Government of India, providing directional and policy inputs. Apart from
designing strategic and long-term policies and programmes for the Government
of India, NITI Aayog also provides relevant technical advice to the Centre,
States, and Union Territories.
The Gadgil Formula:
Dhananjay Ramchandra Gadgil, a social scientist and the first critic of Indian
planning, inspired the Gadgil formula. It was developed in 1969 in India to
determine the distribution of central aid for state programmes.
The Gadgil formula was developed in conjunction with the development of the
third five-year plan for the allocation of plan transfers across states. It was named
after D. R. Gadgil, the Planning Commission's vice chairman at the time. The
central support envisioned in the first three plans and yearly plans of 1966–1969
lacked impartiality in its design and did not result in equitable and balanced
growth in the states.
Provisions-
1. Special Category states like Assam, Jammu and Kashmir and Nagaland were
given preference. Their needs should first be met out of the total pool of Central
assistance.
Despite its good intentions, the Gadgil Formula had little effectiveness in
eliminating inter-state inequities. For example, Andhra Pradesh and Tamil
Nadu, which were low-income states at the time, got below-average Plan help,
while Bihar and Uttar Pradesh only received Plan aid equivalent to the
national average. As a result, there was a rising desire for the formula to be
changed, particularly from economically underdeveloped countries.
On the eve of the Sixth Plan's development, the formula was adjusted. The
10% indication for ongoing power and irrigation projects was removed, and
the portion of per capita income was increased to 20%, to be awarded to states
with per capita incomes below the national average. For the Sixth and Seventh
Plans, the modified Gadgil formula was used. In comparison to the allocations
made during the Fourth and Fifth Plans, the allocations made during the Sixth
and Seventh Plans demonstrate a clear change in favour of poorer states.
1. Agriculture:
Agriculture has a long history in India, dating back to the Indus Valley
civilisation and even earlier in some regions of southern India. Agriculture
is one of the most significant businesses in the Indian economy, which
means it employs a large number of people. Around 60% of the Indian
population is employed in the sector, which accounts for approximately
18% of India's GDP. This proportion generally declines with each passing
year, as other sectors of the country's economy grow.
Agriculture includes
forestry & fishing,
crops, livestock, forestry & logging, fishing and
aquaculture. We see that in the early years of the
planning period, agriculture has a high share in the
country’s GDP as the economy was extremely
dependent on this particular sector as it was largely
underdeveloped. The country was still recovering from
the parasitic policies of the previous rulers, the British,
who left the nation’s economy in ruins.As the years go
on, we see that the economy’s dependence on agriculture gradually
decreases and primarily focuses on the service sector.
2. Industrial sector:
Another important part of the Indian economy is the
Industrial sector. Its impact on the GDP has greatly
increased since new policies and laws that eased the process of setting up
industries. Proliferation of industries, from conventional iron and steel to
jute and automobiles, autonomy in production, marketing, and distribution,
and encouragement of both local and FDI private investment. Industrial
development is necessary for modernisation of agriculture. It encourages
the development of science and technology.
The industrial sector includes
activities such as mining, quarrying
and manufacturing
From the above data we can say that the GDP share of the industrial sector has
steadily increased. The mining sector increased and peaked about midway
through the planning period and later decreased to its initial numbers towards the
final few Five-Year Plans. Compared to the agricultural and service sector, a
large change in the GDP share over the years is absent. Change is consistent and
the defined.
3. Service sector:
The service sector creates intangible goods, or services rather than goods,
and includes warehousing and transportation services, information services,
securities and other investment services, professional services, waste
management, health care and social assistance, and arts, entertainment, and
recreation. Countries with service-oriented economies are deemed more
advanced than industrial or agricultural economies. The services sector
profited the most from the New Economic Policy. Banking, finance, BPO,
and, most critically, information technology services have all grown by
double digits.
Here, we see a consistent and defined increase in the share
of GDP of the Service sector. A major reason to attribute this increase to would
be the IT boom in India. Another reason could be the development of tourism,
transportation and communication which cater to a large demography.
CONCLUSION-
Introduction:
But despite being different, various economic factors affects society and there are
social processes affect the economy as well. For example, income of a family
increases the status of a family in society increases. Here, the economic factor,
income, has affected society. Similarly, if ‘all’ the people living in a society
receive proper healthcare and education facilities, then they will receive better
jobs with higher incomes. Therefore, there will be economic development. In this
case, social processes have led to economic changes.
Thus, it is clear that society and economy affect each other. In this project, a
socio-economic survey will be conducted in 40 households spread across 3
municipal wards so that the pattern of changes can be studied through the
collected data and analysis can be made to find out the cause of these changes.
Socio-economics:
Socio-Economic Survey:
The above five objectives will help us attain perfect knowledge and
understanding about socio-economic surveys and their uses.
Apart from this, the 3 municipal wards across which the survey is conducted
belongs to different categories. This further mixed distributions.
To personally collect information for this survey from the respondents, the
questionnaire method has been used. The questionnaire contains 16 questions.
These questions are framed in such a way that it is simple and easy to
understand by the respondents. ‘
The questions are designed to cover the main themes of the survey-(i)
Demographic features, (ii) Consumption patterns and (iii)Occupational
structure. None of the questions are open-ended and so the respondents will be
able to give definite, specific, and objective answers.
The questionnaires from the 40 households in this survey has been used as the
primary data for the calculations, graphs and comparative study of the survey.
Example of the questionnaire:
Demographic Features-
1. Size of household-________
2. Sex composition: Male-______, Female-________
3. Age composition of the household:
O-20-________
21-55-________
56 and above-_________
4. Child population (0-6 years)-______
5. No. of literates in the family-______
6. Number of married couples-______
7. The level of education of the members-_______
8. Type of family-
Joint
Nuclear
9. Origin of the head of the family-
Original resident
Migrant
10. Consumption Pattern-
2-5 lakhs
5-10 lakhs
10-20 lakhs
20 lakhs and above
11. Proportion of income spent on necessities-
5-10%
10-20%
20% and above
12. Proportion of income spent on comforts:
0-5%
5-10%
10-20%
20% and above
13. Proportion of income spent on luxuries:
0-5%
5-10%
10-20%
20% and above
Occupational Structure:
DEMOGRAPHIC FEATURES:
1. Size of the household:
0
2 members 3 members 4 members 5 members 6 members
2. Sex composition:
30
25
20
15
10
0
Male Female
Locality
Male Female
76 86
Male Female
3. Age composition:
In all three wards, there are fewer aged people. The number of children and
students (0-20 years) is more than the number of aged people. Majority of
persons however, are a part of the working class (21-55 years).
35
30
25
20
15
10
0
0-20 years 21-55 years 56 years and
above
Out of the total populations, 35% belongs to the age group 0-20 years
(children and students), 52.5% belongs to the working class (21-55 years)
and 12.5% belongs to the age group 56 years and above.
Age composition of the locality
Infants and children form a very small portions of the locality. They
compare only 2.5% of the total population.
Child population (0-6 years)
2.5
1.5
0.5
0
No. of children
In total, there are 41 married couples in the locality. This means that there
are 82 married and living persons. These persons form 50.6% of the
population. Most of these couples are a part of the age group 22-55 years
(working class). No married couples between 18-20 years.
No. of married couples
15.5
15
14.5
14
13.5
13
12.5
12
No. of married couples
6. Number of literates:
Out of the population of 162 persons, 4 persons are children (0-6 years).
They cannot possibly be literate. The total number of literates in the locality
is 158.
Illiteracy
53
52
51 Total population 162
50 Less: Children (0-6 years) 4
49
48
Less: No. of literates 150
47 No. of illiterates 8
46
No. of illiterates
16
14
12
10
0
Middle School 10th grade 12th grade Undergraduate Postgraduate
Locality
Middle Stage 12
Secondary Stage 34
Senior Secondary Stage 19
Undergraduate 51
Postgraduate 34
8. Type of family:
Type of family
14
12
10
8
6
4
2
0
Joint Nuclear
Joint Nuclear
0
Original residents Migrants
Though the origins of the head of the family is different for all wards, on an
overall basis, 50% of the heads of families are original residents and 50%
are migrants. This shows that over a period of about 3 decades, the number
of people who have migrated to the city or locality has increased two-fold.
Locality
Original residents 20
Migrant 20
Origin of head of the family
CONSUMPTION PATTERN:
10. Income groups:
Banaswadi ward consists of mainly middle class people earning about 5-20
lakhs per year.
Ramamurthy Nagar ward consists of all class of people receiving different
incomes per year.
Ulsoor ward has a he difference between the rich and the less fortunate.
Many people earn a high salary/income (20 lakhs and above) and many
people earn very low incomes of 2-5 lakhs.
Income groups
7
0
2-5 lakhs 5-10 lakhs 10-20 lakhs 20 lakhs and above
Income Gropus
10
0
5-10% 10-20% 20% and above
Locality
0
0-5% 5-10% 10-20% 20% and above
Locality
0
0-5% 5-10% 10-20% 20% and above
Locality
OCCUPATIONAL STRUCTURE:
14. Occupation of the head of the household:
3
2
0
Profession Business Employment
Locality
Locality
Conclusion-
Through this survey, a lot of information has been collected and many
features of the urban locality has been identified. This has helped in
determining the social and economic structure of the community under
study.
The demographic features are similar to those of any developing
metropolitan city in India. Small nuclear families, higher number of
working class persons, favourable sex composition and satisfactory literacy
rates are a few of the main features.
The consumption pattern is also similar to big cities. Most of the
households spend a major part of their income only on necessities and
comforts. Very few households spend a lot on luxuries.
The occupational structure is however different in certain ways. Unlike
other cities, where business is the main type of occupation undertaken, this
locality has more people occupied in professional services. This is probably
because of the growing IT sector in the city which provides numerous
professional job opportunities.
There are however lesser number of working women in this locality. It
shows how mordernisation and urbanization has not caused much change in
the social and family structure, which expects women to stay at home and
take care of household affairs. The social structure has led to the wastage of
valuable manpower which could otherwise be utilized to fasten economic
growth and development.
ACKNOWLEDGEMENT-
Firstly, I would like to thank our Economics teacher for giving us the
necessary guidance and assistance with regards to this project. Secondly, I
would like to express my gratitude towards my parents for providing me
with the resources required to complete this project. Lastly, I would like to
thank my friends who gave me the motivation and support required to
finish this assignment.
BIBLIOGRAPHY-
1. www.ibef.org
2. niti.gov.in
3. en.wikipedia.org
4. www.economicsdiscussion.net
5. corporatefinanceinstitute.com
6. www.jstor.org
7. www.statista.com
8. planningcommission.gov.in
9. www.investindia.gov.in