Introduction The concept of consumer surplus occupies a central place in the field of welfare economics and microeconomic analysis. It provides an important measure of the benefit or satisfaction that consumers derive from purchasing goods and services in the market. The theory of consumer surplus was first developed by the English economist Alfred Marshall, who…
Introduction In economics, the concept of choice is fundamental because human wants are unlimited, but resources are scarce. Every individual, firm, or nation faces the problem of how to allocate limited resources among competing uses. The Law of Substitution plays a vital role in understanding this process of decision-making and resource allocation. It is based…
Introduction Economic planning has been a cornerstone of India’s developmental journey since independence. When India gained freedom in 1947, it faced widespread poverty, low per capita income, unemployment, underdeveloped industries, and stagnant agriculture. To overcome these structural challenges, India adopted the model of planned economic development, inspired by socialist ideas and the success of the…
Introduction Economic planning has been the backbone of India’s developmental policy since independence. It refers to the systematic and deliberate allocation of resources by the government to achieve national goals like economic growth, poverty reduction, employment generation, and balanced regional development. However, achieving these goals required strategies — broad approaches that determine how the objectives…
Introduction Economic planning in India has been one of the most significant pillars of the nation’s developmental journey after Independence. To ensure the systematic and balanced economic growth of a newly independent nation, the Government of India established institutional mechanisms that could formulate, implement, and monitor development strategies. Two such crucial institutions were the Planning…
Introduction Economic planning has been the cornerstone of India’s development strategy since independence. After centuries of colonial exploitation, India inherited an economy characterized by poverty, unemployment, low productivity, and regional imbalances. To overcome these challenges and promote rapid development, the Government of India adopted a system of planned economic growth, primarily through a series of…
Introduction The Twelfth Five-Year Plan (2012–17) marked the last in the series of Five-Year Plans implemented by the Planning Commission of India before its dissolution in 2014. The Plan was a continuation of the country’s strategy for inclusive, sustainable, and rapid economic growth, building upon the achievements of previous plans. Formulated in the backdrop of…
Introduction Economic reforms refer to structural changes in policies, laws, and institutions undertaken by a government to improve the efficiency, productivity, and growth potential of an economy. They are aimed at liberalizing the economy, reducing inefficiencies, promoting competition, and integrating the country with the global economy. In the context of India, economic reforms have been…
Short intro (what it is):The National Institution for Transforming India, popularly known by its acronym NITI Aayog, is the Government of India’s premier policy think-tank and institutional mechanism for cooperative federalism. Formed to replace the old Planning Commission, NITI Aayog’s role is to provide strategic and technical advice, create knowledge and innovation platforms, and help…
Introduction The National Institution for Transforming India (NITI Aayog) is India’s apex public policy think tank, established on 1st January 2015 by the Government of India. It replaced the Planning Commission, which had been in operation since 1950. The formation of NITI Aayog marked a significant shift from centralized planning to decentralized and cooperative federalism,…