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The Importance Of Economics In India

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1. INTRODUCTION

Economics deals with the economic activities of man. It deals with production, consumption and distribution of wealth. The economic factors play a vital role in the very aspect of our social life. Total development of individual depends very much on economic factors. Without economic conditions, the study of society is quite impossible. All the social problems are directly connected with the economic conditions of the people. That is why Marshall defines Economics as "on one side the study of wealth and on the other and more important side a part of the study of man."
Startups have been the flavour of the season over the last few years for the Indian markets. This has resulted into the emergence of a number of home grown unicorns …show more content…
Internet penetration and its increasing importance will drive most of the businesses. On account of the consumer demographics, with China being out of bounds, India offers the largest pie of investment opportunity that the world is eyeing. This is despite the multitude of operational, regulatory and taxation issues that surround the business running environment in India. However, 2015 has turned out to be a year offering a bit of a reality check to one and all and redefined the dynamics to a great extent. The year also set the tone for the next stage in the evolution of the startup ecosystem. The maturity in decision making that should ideally come in at this stage would be a step in the right direction taking the startup space in India towards greater heights, as it …show more content…
The Government through this initiative aims to empower Startups to grow through innovation and design. This initiative was announced by the Prime Minister of India, Shri Narendra Modi in his Independence Day speech in 2015. This initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups. The objective is that India must become a nation of job creators instead of being a nation of job seekers. With this Action Plan, the Government hopes to accelerate spreading of the Startup movement from digital/ technology sector to a wide array of sectors including agriculture, manufacturing, social sector, healthcare, education, etc. and from existing tier 1 cities to tier 2 and tier 3 cities including semi-urban and rural areas.
For this purpose, “Startup” has been defined to mean an entity incorporated or registered in India, with an annual turnover not exceeding Rs.25 crore in any preceding financial year, and working towards innovation, development of new products, or services driven by technology or intellectual

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