Glossary - Planning and Development Politics
v Five Year Plan : The Indian economy focussed on centralized and integrated planning since independence. These were carried out through the five year plans of the Planning Commission.
v Welfare State : A welfare state not only protects the people but also takes care of the social and economic wellbeing of its citizens.
v Public Sector : The public sector is that part of the economy which is controlled by the state. It includes public services and public enterprises.
v Private Sector : The private sector is that part of the national economy that is not under direct state control. It is run by private individuals or groups for profit.
v Administrative Reforms Commission: It is the committee appointed by the government of India for giving recommendations for reviewing the public administrative system of India.
v Planned Economy : It is a type of economic system where investment and the allocation of capital goods take place according to economic and production plans.
v Capital Goods : Goods that are used in producing other goods, rather than being bought by consumers.
v Liberalisation : It is any process whereby a state lifts restrictions on some private individual activities. The term is most often used in discussing economic liberalization.
v FERA : Foreign Exchange Regulation Act is an act which was enacted to regulate payments and foreign exchange in India.
v Per Capita Income : Per Capita income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area’s total income by its total population.
v Zamindari System : Zamindari System was introduced during the British rule in India. Zamindars were recognized as owner of the lands and were given the rights to collect the rent from the peasants.
v Land Ceiling Act : The urban land ceiling act was passed in India in 1976. It means fixing maximum size of land holding that an individual can own.
v Urbanization : It is the shift of population from rural to urban areas. It leads to an increase in urban population and has an impact on the individuals and the society.
v Animal Husbandry : It is concerned with animals that are raised for meat, fibre, milk, eggs, or other products. It includes care, breeding and the raising of livestock.
v Rural-Urban Divide : The glaring disparities in income distribution, consumption, and quality of life between rural and urban areas.
v GDP : Gross Domestic Product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time which is often calculated annually.