Indian Economy and Policy

The reason why the British wanted to export manufactured goods is because selling manufactured goods means making more money as a state. Having more money as a state in return means that it can reinvest and can help its citizens better, or spend the money in any other way it had to, to keep the country going .The Britishers utilized the wealth earned from export not for India's development but to  purchase expensive  and materials from Britain for their own use.

They exported raw materials from India at cheap rates and imported finished goods from Britain which adversely affected the Indian industries and economy as a whole.The British imposed heavy duties on exportation of Indian goods and no duties were levied on British goods which benefited them. The British ruled India to drain its resources and thus turned India into a colonial economy. They adopt various policies and methods which adversely affected the Indian Economy. 

Panned economy is not the main feature of economic reforms. New economic policy was adopted by the Government of India in the year of 1991. It was based on liberalization, privatization and globalization. It helped to create a more free economy.

Tourism promotes national integration, provides support to local handicrafts and cultural pursuits. It also helps in the development of international understanding about our culture and heritage. 

Entrepreneurship Development Programmes aims at building or developing the entrepreneurship skills and potentials among an individual. They assist in accelerating the pace of industrialization in the backward areas and reduce the concentration of economic power in the hands of a few.

The 1991 economic liberalization in India led to Entrepreneurship as a catalyst in growth of business and economic development, that transformed India from a struggling economy to one of the best economies in the world.

Finding causes of high turnover in ABC Ltd. is a micro approach as it is related to a single firm and not to the whole economy.

'Lock out in TELCO' is micro approach, because microeconomics deals with individual part of the society rather than all the units combined.

Macro economics deals in the study of a nation's aggregate demand, aggregate supply, national income, employment, inflation etc. Therefore, it does not deal in individual variables like X and Co , it is micro approach because micro deals with individual part of the society.

Microeconomics deals with the study of individual demand, supply, income, production, etc. so lockout in TELCO which is an individual firm in the industry is a micro concept.

Gulf crisis, bad performance of public sector and inflation led to the need for New Economic Policy in India. New Economic Policy was adopted by the Central government of India in the year of 1991. It has given emphasis on liberalization, privatization and globalization.

Insufficient options to invest in an economy results in low net capital accumulation during a period of time in an economy since the people of that economy is left with very few options to invest.

During the pre-reform period, the import regime was highly restrictive. Permissions were granted primarily for essential inputs required for domestic industrial production, which included capital equipment, machinery, and raw materials, while restricting consumer goods.

Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company's own employees.

The British colonial policy was designed to keep India as a source of raw materials and a market for finished British goods, which actively discouraged or prevented the development of a domestic industrial base.