Gross Domestic Product

Economy refers to production, distribution and consumption of goods and services in a geographical region. The inputs to the production process are called factors of production. There are three classical factors of production viz. Land, Labour and Capital. Modern economists ..

Concept of Economic Territory

For the purpose of economic calculations such as GDP, GNP, GVA etc. the concept of economic territory is used in place of political or geographical territory. The Economic territory of India includes the following: Political / geographical boundaries of India ..

Convertibility of Rupee in India

The convertibility of a currency such as Rupee has different meanings in different times. In existing standards, it means that the country’s currency becomes convertible in foreign exchange and vice versa in the market. The definition should be seen in ..

India’s Balance of Payment Position

The account book of the Balance of Payments comprises four accounts viz. Current Account, Capital Account, Errors and Omissions, and Change in Foreign Exchange Reserves. Current Account Under current account of the BoP, transactions are classified into merchandise (exports and ..

Balance of Payment Disequilibrium & Adjustment of BoP

The most important feature of the Balance of Payments Accounts is that it is a double-entry system of accounts: a credit entry in the BOP accounts has a corresponding debit entry elsewhere in the BOP accounts. This implies that for ..

Components of Balance of Payments

Balance of Payments refers to the systematic and summary record of a country’s economic and financial transactions with the rest of the world, over a period of time. In a layman’s language, anything that affects the financial and accounting entries ..

Foreign Trade Policy 2015-20

Export promotion being a constant endeavour of the government, export performance is constantly monitored and export strategy and export policies are formulated. In the Foreign Trade Policy for the years 2015-20 announced in April 2015, the Government spelt out a ..

India’s Foreign Trade: Balance of Trade, Export and Import Baskets

Prior to 1947, India’s trade was a typical colonial trade, in which we used to supply raw materials to our colonial master and imported the manufactured goods. So, naturally the industrialization at home was not permitted. The indigenous handicrafts suffered ..

WTO Trade Negotiations: Doha Development Agenda, Bali Package and Nairobi Package

There are more or less 60 agreements which are administered by the WTO. However, there are six agreements which made the foundation of this multilateral organization as follows: The Agreement on Agriculture (AoA) Agreement on Trade-Related Aspects of Intellectual Property ..

WTO Trade Agreements

There are more than different 60 agreements overseen by the WTO. Any country which is accessing to WTO must sign and ratify all WTO agreements. So, far we have discussed the main provisions related to GATT that affect the trade ..