Category Archives: economics

Most Favoured Nation status

What is Most Favoured Nation status? Most Favoured Nation is a treatment accorded to a trade partner to ensure non-discriminatory trade between two countries vis-a-vis other trade partners. The importance of MFN is shown in the fact that it is the first clause in the General Agreement on Tariffs and Trade (GATT). Under WTO rules, a member country cannot discriminate

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Five-Year Plans after the LPG Reforms

The Planning Commission was set up in March, 1950 by a Resolution of the Government of India. The economy of India is based on planning through its five-year plans. Five year plans are developed, executed and monitored by the Planning Commission (Prime Minister is the ex-official Chairman). Now the planning commission is being replaced by the NITI Ayog (National Institution

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Five-Year Plans before the LPG Reforms

In India the planned economic development begin in 1951 with the inception of first five year plan. The main motive of first five year plan was to improve the condition of agriculture in the country, because Agriculture is the backbone of the whole country. Second five year plan (based on Mahalanobis model) was dedicated to the industrial development. During this

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