Vision ias october 2022 current affairs

If you are thinking of giving the UPSC Civil Services exam this year or next year, then Vision IAS economy notes pdf will play a major role in the upcoming exam for you. Because economics has been considered a compulsory part of the UPSC syllabus – both in IAS Preliminary and Main Examination. Whereas in the Mains exam it has been kept optional. What is the economy The economy of India is characterized as a middle-income developing market economy. It is the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 145th by GDP (nominal) and 122nd by GDP (PPP). Real GDP and Nominal GDP Nominal GDP refers to the current year production of final goods and services valued at current year prices. Real GDP on the other hand refers to the current year production of goods and services valued at base year prices. Such base-year prices are constant prices. Real GDP is a much better way to calculate the GDP because in a particular year GDP may be bloated up because of the high rate of inflation in the economy. Real GDP, therefore, allows us to determine if production increased or decreased, regardless of changes in inflation and purchasing power of the currency. The primary objective was to boost Indian exports alongside strengthening schemes like Make in India, and Digital India, thereby focusing on manufacturing in India along with Ease of Doing ...