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Economic World : Problems faced by backward countries in implementa... :  Problems faced by backward countries in implementation of globalization policies  Many economists consider it unclear how far international...

  Development Indicator: Only GDP is not a Parameter India is currently the fifth largest economy in the world in terms of Gross Domestic Product (GDP). The International Monetary Fund (IMF) has confirmed that India has overtaken Britain and taken that status. Analysis has recently come to light that Germany, which is one step above India, will surpass Japan this year. India will become the third largest economy by the year 2030 after both Germany and Japan, S&P Global Market Intelligence's latest estimate says. There are rumors that India, which is a three and a half trillion dollar economy, will expand to 7.3 trillion dollars in the next seven years. By then, only America and China were ahead of India. This is a gratifying development, but on deeper analysis - different angles are revealed. On the basis of GDP growth rate, India seems to be creeping up the ladder. India is a lower middle income country in terms of GDP per capita. It is a stark truth that India, with a populat...

  My Bharat' to keep up with the changing times. Introduction : India is moving fast in the digital world.  The Center is launching a digital platform 'My Bharat' to keep up with the changing times.  The center hopes that this will stimulate and utilize the intellectual power and energy of the youth for the progress of the country.  It is believed to become a tool of coordinated action.  Governments should take all precautions to ensure that educated Indian youth plays a vital role in the international economic system.  Constructive measures should be taken under vision 2007 to bring the youth of villages, cities and small towns on a single platform.  In this process, the Center hopes that the My Bharat platform will help empower the youth to realize their dreams, share innovative ideas with each other and become drivers of development.  Apart from indigenous youth in the age group of 15-29 years who are classified as youth under the National Educ...

Price determination in perfectly Competitive Markets A perfectly competitive market is rare in the modern world. It can be said that this is not the case in the industrial sector. Similarly, a monopolistic market is rare in the private sector. Markets between these two are widely prevalent. Monogamous power exists in all these in varying degrees. It results in misuse of resources. Marginal cost pricing method is followed in public sector organisations to prevent such misuse of resources. Only short- run marginal cost considerations come into play. The net social benefit is maximised. Because many industries have credit exposures, marginal costs of exposure are subsumed under social marginal costs. If that happens, over production will be reduced and social benefit will be achieved. In industries that follow the marginal cost pricing system, long- run costs are declining and they incur losses. Burying them is difficult. Marginal cost measurement is complicated. Full cost pricing approac...