WBCS Diary

 ☼  The Ministry of Statistics & Programme Implementation released the new series of national accounts on 30th January 2015, revising the base year from 2004-05 to 2011-12. The base year of national accounts was last revised in January 2010. ☼  The Central Statistics Office (CSO) which has the responsibility of preparing national income estimates has divided the economy into 13 sectors, grouped under five main headings. It prepares the estimate of net domestic product. To this is added the net income from abroad to get the estimate of the national product or national income. ☼ These sector headings with the sub-sectors belonging to each are as follows: 1. Primary: (i) Agriculture; (ii) forestry and logging; (iii) fishing; and (iv) mining and quarrying; 2. Secondary: (v) manufacturing, subdivided into (a) registered and (b) unregistered; (vi) construction; (vii) electricity, gas and water supply. 3. Transport, Communication, and Trade: (...

☼ The concept of economic planning in India is derived from Russia (then USSR). India has launched 12 five year plans so far. First five-year plan was launched in 1951. Now the present NDA government has stopped the formation of five-year plans. So 12th five-year plan would be called the last five-year plan of India. 1. First Five Year Plan: I. It was made for the duration of 1951 to 1956. II. It was based on the Harrod-Domar model. III. Its main focus was on the agricultural development of the country. IV. This plan was successful and achieved a growth rate of 3.6% (more than its target) 2. Second Five Year Plan: I. It was made for the duration of 1956 to 1961. II. It was based on the P.C. Mahalanobis Model. III. Its main focus was on the industrial development of the country. IV. This plan was successful and achieved a growth rate of 4.1% 3. Third Five Year Plan: I. It was made for the duration of 1961 to 1966. II. Th...

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