SSC CGL Study Materials - Characteristics of Indian Economy

Friends we've decided to post study materials for upcoming SSC CGL Exam 2014. As you know there are plenty of materials available for Aptitude, Reasoning, English sections. So first we will focus on General Awareness section. We have divided this section into Six parts. Those are 1. Current Affairs 2. Geography, 3. Economy, 4. History, 5. Polity, 6. General Science. As an initiative, today we shall discuss about the Characteristics of Indian Economy. Below are some important points you should know about the Indian Economy.

• 1600 AD - The East India Company came to India as a trader.
• 1757 AD - The Battle of Plassey (British Captured political power in India)
• 1780 - 1820 - Industrial Revolution Period (in England)
• 1857 - British established their authority in India (Sepoy Mutiny / First war of Independence)
• 1948 - The first Industrial Policy in India
• Types of Income (2 Types) :

1. Earned Income : Income Earned through hard Labour.
2. Unearned Income : Income earned through wealth and property.
• Economic Systems (3 Types) :
1. Capitalist Economy : The system where in private individuals own the production and distribution. 
• Ex : America, France, Germany
2. Socialist Economy : The production and distribution of goods and services is owned by public enterprises. 
• Ex : China, Eastern European Countries.
3. Mixed Economy : The system where in both public and private ownership prevails.
• Ex : India and Srilanka
• Economic Drain Theory : Dadabhai Naoroji
• Plunder of Economic Wealth : Dadabhai Naoroji
• Unorganized Sector : Handloom Sector, Beedi Making, Agarbatti Making, Handpaper etc.
• Organized Sector : The large scale Industrial units and large scale Agreicultural Units
• Literacy Rate in India :
• 1947 - 12%
• 1951 - 18.3%
• 1981 - 43.6%
• 1991 - 52.2%
• 2001 - 65.38%
• 2011 - 74.04%
• Crop Seasons - 
• Kharif - Rice
• Rabi - Wheat
• Zayad - Groundnut
• Zamindari System - Lord Comwalis
• Mahalwari System - A small group of Powerful Families
• Ryotwari System - Land is held in a single independent holdings
• Lorenz Curve - Measurement of Income inequality
• Private Sector - The firms owned by Individual Properietors
• Public Sector - The ownership of the State
• Joint Sector - The firms jointly owned by public and private