According to P.R. Brahmananda:" the great trinity of pre-independent and post independent Indian economists consisted of D.R. Gadgill, CN. Vakil and V.K.R.V. Rao. These scholars were imbibed with a missionary zeal and analyzed the Indian economic problems with a view to designing and propagating economic policies/programmes and plans to India's national advantage." V.K.R.V.Rao was a prolific writer. V.K.R.V.Rao was deeply interested in three large themes. They were:
(i) National Income,
(ii) Food, nutrition and the distribution of good; and
(iii) Employment and occupational distributions.
(i) National Income Methodology: As an applied economist, Rae's name is remembered for his pioneering work on the enumeration of national income of India. Rao was a pupil of J.M. Keynes and he worked with Colin Clark H.W Singer considered V.K.R.V.Rao as "the best equipped of all Keynes' pupils". He attempted
(a) to develop the national income concepts suited to India and developing countries generally;
(b) to analyze the concepts of investment, saving and the multipliers in an underdeveloped economy; and
(c) to study the compatibility of the national incomes of industrialized and underdeveloped countries. Rao's paper on "Full Employment and Economic Development" was 'one of the earliest contributions in the field of development towards employment.
(ii) International Food Aid: Rao was influential in creating ideas and shaping policy in the international attack on world poverty, not only through his contributions to the question of international aid and improved flows of external resources, but also through his activities in the field of food aid.
(iii) Support for Socialism: During the early phases of planning in India, Rao supported the case of a socialist India, where the state would control the commanding heights of the economy and the public sector would play a dominant role in economic development.
(iv) Rao's Views on Industrialisation: In his pamphlet "What is wrong with Indian Economic Life?" (1938), Rao gave the following reasons for low per capita income and low levels of per capita nutrition in India.
(a) Uneconomic holdings with subdivisions and fragmentation;
(b) Low levels of water availability for crops;
(c) Excess population pressure on agriculture due to the absence of a large industrial sector;
(d) Absence of capital;
(e) Absence of autonomy in currency policy, and in general in monetary matters encouraging holding of gold.
(v) Village Clusters: Rao felt that rural communities had to be given a viable base. Therefore he suggested that a cluster of villages should form a unit for rural development, so that both social and economic interactions between villages could develop, and they could effectively generate and fashion their own development with a more meaningful participation by people.
(vi) Investment, Income and Multiplier: Rao's examination of the "interrelation between investment, income and multiplier in an under developed economy" (1952) was his major contribution to macroeconomic theory. As a thinker, teacher, economic adviser and direct policy maker, V.K.R.V.Rao followed the footsteps of his great teacher, John Maynard Keynes.
(vii) Institution Builder: He founded three national level research institutes namely Delhi School of Economics, Institute of Economic Growth (both at Delhi) and Institute for Social and Economic Change (Bangalore).

Monetary reforms aimed at doing away with interest rate distortions and rationalising the structure of lending rates. The new policy tried in many ways to make the banking system more efficient. Some of the measures undertaken were:
(i) Reserve Requirements: Reduction in Statutory Liquidity Ratio (SLR) and the Cash Reserve Ratio (CRR) were recommended by the Narasimham Committee Report, 1991. It was proposed to cut down the SLR from 38.5 percent to 25 percent within a time span of three years. Similarly, it was proposed that the CRR be brought down to 3 to 5% over a period of four years.
(ii) Interest Rate Liberalisation: Earlier, -RBI controlled
(a) the interest rates payable on deposits,
(b) the interest rates which could be charged for bank loans.
(iii) Greater competition among public sector, private sector and foreign banks and elimination of administrative constraints.
(iv) Liberalisation of bank branch licensing policy in order to rationalize the existing branch network.
(v) Banks were given freedom to relocate branches and open specialized branches
(vi) Guidelines for opening new private sector banks.
(vii) New accounting norms regarding classification of assets and provisions of bad debt were introduced in tune with the Narasimham Committee Report.

(i) High input costs: The biggest input for farmers is seeds. Before liberalisation, farmers across the country had access to seeds from state government institutions. The institutions produced own seeds and were responsible for their quality and price. With liberalisation, India's seed market was opened up to global agribusinesses. Also, following the deregulation many state government institutions were closed down in 2003. These hit farmers doubly hard: seed prices' shot up, and fake seeds made an appearance in a big way.
(ii) Cutback in agricultural subsidies: Farmers were encouraged to shift from growing a mixture of traditional crops to export oriented 'cash crops' like chill, cotton and tobacco. Liberalisation policies reduced the subsidies on pesticide, fertilizer and elasticity. As a result prices have increased by 300%. However, the prices of agricultural goods have not increased to that extent.
(iii) Reduction of import duties: With a view to open India's markets, the liberalization' reforms also withdrew tariffs and duties on imports. By 2001, India completely removed restrictions on imports of almost 1,500 items including food. As a result, cheap imports flooded the market, pushing prices of crops like cotton and pepper down.
(iv) Paucity of credit facilities: After 1991 the lending pattern of commercial banks, including nationalised bank drastically changed. As a result, loan was not easily adequate. This has forced the farmers to rely on moneylenders who charge exorbitant rate of interest.

Given \(TC(Q)=2Q^{ 3 }+{ 8Q }^{ 2 }+12Q+20\)
To find MC differentiate the function with respect to Q.
\(MC(Q)=\frac { d(TC) }{ d(Q) } =2(3){ Q }^{ 3-1 }+8(2){ \quad Q }^{ 2-1 }+12(1)\quad { Q }^{ 1-1 }+0\)
\(={ 6Q }^{ 2 }+16Q^{ 1 }+12\)
\(When\quad Q=4\)
\(MC(Q)=6{ (4) }^{ 2 }+16(4)+12\)
\(=96+64+12\)
\(MC(Q)=172\)
To find AVC
\(AVC(Q)=TVC(Q)/Q\)
\(AVC(Q)=TC(Q)-TFC(Q)\)
In  TC(Q)-Constant Value is TFC(Q) [\(\therefore \) Value of constant =20]
\(\therefore TFC(Q)={ 2 }Q^{ 3 }+{ 8Q }^{ 2 }+12Q\)
\(AVC(Q)=\frac { TVC(Q) }{ Q } =\frac { { 2Q }^{ 3 }+{ 8Q }^{ 2 }+12Q }{ Q } \)
\(={ 2Q }^{ 2 }+8Q+12\)
\(when \ Q=4\)
\(AVC(Q)=2({ 4) }^{ 2 }+8(4)+12\)
\(=2(16)+8(4)+12=32+32+12\)
\(AVC(Q)=76\)
\(marginal\ cost=172;AV\quad cost=76\)

The matrix form of these equations is
\(\left[ \begin{matrix} 2 & 2 & -1 \\ 1 & 1 & -1 \\ 3 & 2 & -3 \end{matrix} \right] \)
\(=2[-3+2]-2[-3+3]-1[2-3]\)
\(=2[-1]-2[0]-1[-1] =-2+1\)
\(\triangle =-1\)
\(\triangle { x }_{ 1 }=\left| \begin{matrix} 1 & 2 & -1 \\ 0 & 1 & -1 \\ 1 & 2 & -3 \end{matrix} \right| \)
\(=1(-3+2)-2(0+1)-1(0-1)\)
\(=1(-1)-2(1)-1(-1) -1-2+1\)
\(\triangle { x }_{ 1 }=-2\)
\( \triangle { x }_{ 2 }=\left| \begin{matrix} 2 & 1 & -1 \\ 1 & 0 & -1 \\ 3 & 1 & -3 \end{matrix} \right| \)
\(=2(0+1)-1(-3+3)-1(-1-0)\)
\(=2(1)-1(0)-1(1)=2-1\)
\( \triangle { x }_{ 2 }=1\)
\(\triangle { x }_{ 3 }=\left| \begin{matrix} 2 & 2 & 1 \\ 1 & 1 & 0 \\ 3 & 2 & 1 \end{matrix} \right| \)
\(=2(1-0)-2(1-0)+1(2-3)=2(1)-2(1)+1(-1)=2-2-1\)
\(\triangle { x }_{ 3 }=-1\)
\(By\quad Cramer's\quad rule\)
\({ x }_{ 1 }=\frac { \triangle { x }_{ 1 } }{ \triangle } \)
\(=\frac { -2 }{ -1 } =2\)
\({ x }_{ 2 }=\frac { \triangle { x }_{ 2 } }{ \triangle } \)
\(=\frac { 1 }{ -1 } =-1\)
\({ x }_{ 3 }=\frac { \triangle { x }_{ 3 } }{ \triangle } \)
\(=\frac { -1 }{ -1 } =1\)
\(\text {solution set} \left( { x }_{ 1 },{ x }_{ 2 },{ x }_{ 3 } \right) =\left( 2,-1,1 \right) \)

Introduction: Demand is always related to price. Demand is always a specific quantity which a consumer is willing to purchase.
Demand Function: Demand depends upon price. This means demand for a commodity is a functions of price. D = f (P)
Determinants of Demand:
i. Changes in Tastes and Fashions:
 The demand for some goods and services is very susceptible to changes in tastes and fashions.
ii. Changes in Weather:
 An unusually dry summer results in a increase in the demand for cool drinks.
iii. Taxation and Subsidy:
The subsidies will bring down the prices. Therefore taxes reduce demand and subsidies raise demand.
iv. Changes in expectations:
Expectation of rise in price in future results in increase in demand,
v. Changes in savings:
Savings and demand are inversely related.
vi. State of Trade Activity:
During the period of boom and prosperity demand for all commodities tendes to increase. On the contrary, during time to depression, there is general slackening of demand.
vii. Advertisement:
Advertisement is a powerful instrument increasing the demand in the market.
viii. Changes in income:
An increase in family income may increase the demand for durables like video recorders and refrigerators. Equal distribution of income enables poor to get more income.
ix. Change in population:
The demand for goods depends on the size of population. An increase in population tends to increase the demand for goods and a decrease in population tends to decrease the demand (if other things remain constant).

Growth of SGDP in Tamil Nadu has been among the fastest in India since 2005.
Poverty reduction in Tamil Nadu has been faster than that in many other States.
Tamil Nadu contains a smaller proportion of India's poor population.
Tamil Nadu is the second largest contributor to India's GDP.
Tamil Nadu ranks 3rd in Human Development Index (source: UNDP - 2015)
Tamil Nadu is placed third in health index as per the NITI AAYOG  report.
Tamil Nadu has a highest Gross Enrolment Ratio in higher education.
Tamil Nadu has the largest number of engineering colleges
Tamil Nadu has emerged as a major hub for renewable energy.
Tamil Nadu has highest credit Deposit Ratio in commercial and Cooperative banks.
Tamil Nadu has highest ranks first on investment proposals filed by MSMEs.

(i) Land differs in fertility
(ii) The law of diminishing returns operates in agriculture
(iii) Theory assumes perfect competition
(iv) Land is used for cultivation only
(v) Most fertile lands are cultivated first.

Fixed cost and variable cost: Fixed cost and variable cost are helpful in understanding the behaviour of costs over different levels of output.
Meaning of Fixed and Variable factors and costs:
Fixed and variable factors are with reference to short run production function. Short run is a period of time over which certain factors of production cannot be changed, and such factors are called fixed factors. The costs incurred on fixed factors are called fixed costs. The factors whose quantity can be changed in the short run are variable factors, and the costs incurred on variable factors are called variable costs
Fixed costs are those which are independent of output, that is, they do not change with changes in output. These costs are a 'fixed' amount, which must be incurred by a firm in the short run whether the output is small or large. E.g. contractual rent, interest on capital invested, salaries to the permanent staff, insurance premia and certain taxes. Variable costs are those costs, which are incurred on the employment of variable factors of production whose amount can be altered in the short run. Thus the total variable costs change with the level of output. It rises when output expands and falls when output contracts. When output is nil, variable cost becomes zero. These costs include payments such as wages of labour employed, prices of raw materials, fuel and power used arid the transport costs.

1. Price of the commodity
Higher the price larger the supply Price IS the incentive for the producers and sellers to supply more.
2. Price of other commodities
The supply of a commodity depends not only upon its price but also price of other commodities For instance if the price of commercial crops like cotton rise, this may result in reduction in cultivation of food crops like paddy and so its supply.
3. Price of factors
When the input prices go up, this result in rise in cost and supply will be affected.
4. Price expectations
The expectation over future prices determines present supply. If a rise in price is anticipated in future sellers tend to retain their produce for future sale and so supply in present market is reduced.
5. Technology
With advancement in technology production level improves, average cost production level improves average cost declines and as a result supply level increases.
6. Natural factors
 In agriculture, natural factor like monsoon, climate etc. play a vital role in determining production level.
7. Discovery of new raw materials The discovery of new raw materials which are cheaper and of high quality tends to increase supply of the product.
8. Taxes and subsidies
Subsidies for inputs, credit, power etc. encourage the producers to produce more. Withdrawal of such incentives will hamper production. Taxes both dirt and indirect kill the ability and willingness to produce more.
9. Objective of the firm
When the goal of the firm is sales maximisation or improving market share, the supply of the product is likely to be higher.

Introduction:
(i) H.H Gossen first formulated this law.
(ii) So Jevons called it "Gossen's First law of consumption"
(iii) Marshall perfected it on the basis of cardinal analysis.
(iv) It is based on the satiable character of human wants.
Definition
Marshall states the law as "the additional benefit which a person derives from a given increase of his stock of a thing, diminishes with every increase in the stock that he already has".
Assumptions
(i) Utility can be measured - 1,2,3.
(ii) Marginal utility of money is constant.
(iii) The consumer is rational. He wants maximum satisfaction.
(iv) The units consumed must be reasonable in size.
(v) The commodity must be homogeneous.
(vi) The consumption must be continuous.
(vii) There is no change in taste, habit, preferences, fashion, income & character of the consumer.
Illustration:
(i) Suppose a consumer wants to consume 7 apples one after another.
(ii) The utility from the first apple is 20.
(iii) The utility from the 2^nd apple is less than the first (15), the utility from the 3^rd apple is less than the 2^nd (10) and so on.
(iv) Finally the utility from the 5th apple becomes zero and the utility from the 6th apple is -5.

Number of Apples	Total utility	Marginal Utility
1	20	20
2	35	15(35 - 20)
3	45	10(45 - 35)
4	50	5 (50 - 45)
5	50	0 (50 - 50)
6	45	-5 (45- 50)
7	35	-10 (35-45)

Explanation:
(i) TU goes on increasing but at a diminishing rate.
(ii) MU goes on diminishing
(iii) When MU is zero TU is maximum.
(iv) When MU becomes negative, TU diminishes.
Criticism:
(i) Utility is subjective so cannot be measured numerically.
(ii) The assumptions are unrealistic.
(iii) The law is not used for indivisible commodities.
Exceptions:
(i) Hobbies
(ii) Drunkards
(iii) Readings
(iv) Misers
(v) Music
(vi) Poetry
Importance:
(i) It is a fundamental law of consumption.
(ii) It is the basis for the law of demand, elasticity of demand, consumer's surplus.
(iii) Finance Minister uses it for progressive taxation.
(iv) Redistribution of income is justified.
(v) Adam Smith uses it for his "diamond water paradox".
Conclusion:
The law of diminishing marginal utility is of great use in our daily life.

ICT is the infrastructure that enables computing faster and accurate. In economics, the uses of mathematical and statistical tools need the support of ICT for data compiling, editing, manipulating and presenting the results. SPSS and Excel packages are often used by researchers in economics. Such software is designed to do certain user tasks. Word processor, Spreadsheet and web browser are some of the examples which are frequently used while undertaking analysis in the study of economics.

(i) Adam Smith (1723 - 1790) in his book "An Inquiry into Nature and Causes of Wealth of Nations" (1776) defines "Economics as the science of Wealth" 
(ii) He explains how a nation's wealth is created and increased.
(iii) He considers that the individual in the society wants to promote his own gain and led by an "invisible hand".
(iv) He states that every man is motivated by his self-interest
(v) Severe competition in factories and the society help in bettering the product
Criticism:
(i) Economics consists of wealth-getting activities and wealth-spending activities.
(ii) He ignores human welfare as an essential part of economics.
(iii) Smith gives his definition when religious and spiritual values are held high.
(iv) Ruskin and Carlyle criticized economics as a 'dismal science'. 'pig science' etc

Introduction :
(i) Small scale industries play an important role for the development of Indian economy.
(ii) 60 - 70% of total innovations in India comes from SSIs.
Provides employment:
(i) SSIs use labour intensive techniques.
(ii) They provide employment to artisans, technically qualified persons and professionals, people engaged in traditional arts, people in villages and unorganized sector.
(iii) The employment-capital ratio is high.
Brings balanced regional development:
(i) SSIs are set up in backward and rural areas.
(ii) This promotes decentralised development of industries.
(iii) They reduce congestion, slums, sanitation and pollution in cities since they are found outside city limits.
(iv) They improve the standard of living of people in suburban and rural areas
(v) The entrepreneurial talent is tapped from different regions.
Helps in mobilization of local resources:
(i) SSIs mobilize and use local resources like small savings, entrepreneurial talent etc of the entrepreneurs which might have remained idle.
(ii) It promotes traditional family skills and handicrafts.
Paves for optimisation of capital:
(i) SSIs needs less capital. They give quick profit due to shorter gestation period.
(ii) SSIs functions as a stabilizing force by providing high output-capital ratio and high employment capital ratio.
(iii) They encourage people living in rural areas to save and channelize them into industrial activities.
Promotes export:
(i) Since they do not need sophisticated machinery, import of machinery from abroad is not needed.
(ii) There is great demand for goods produced by SSIs.
(iii) They reduce the pressure on balance of payment as they earn foreign exchange
Complements large scale industries:
(i) They provide components, parts, accessories to large scale industries.
(ii) They serve as ancillaries to large scale units.
Meets consumer demand:
(i) SSIs produce a wide range of consumer products.
(ii) They serve as an anti-inflationary force by providing goods of daily use.
Develops entrepreneurship:
(i) SSIs help to develop entrepreneurs.
(ii) They help the job seekers to become job givers.
(iii) They promote self-employment and a spirit of self-reliance.
(iv) It increases the per capita income of India.
(v) There is development of backward areas and weaker sections.
(vi) It helps in equitable distribution of income.

Introduction:
The classical theory of rent is called Ricardian Theory of rent.
Definition:
(i) According to David Ricardo "Rent is that portion of the produce of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil".
Assumptions:
(i) Land differs in fertility and has original & indestructible powers.
(ii) Rent depends on fertility and location of land.
(iii) There is perfect competition and is applicable in long run.
(iv) Land is used for cultivation only and there is marginal land or no-rent land.
(v) Most fertile lands are cultivated first.
Illustration:
1. Assume a group of people go to a newly discovered island and settle down there.
2. They will first cultivate the most fertile land 'A'.
3. Since land is abundant & idle they need not pay rent.
4. Given labour and capital yield per acre on 'A' grade land is 40 bags of paddy.
5. Suppose another group of people settle down in the same island. The demand for agricultural produce increases.
6. Because of the law of diminishing returns A grade land alone cannot produce all the food needed.
7. So less fertile land B is cultivated.
8. For the same amount of labour and capital only 30 bags of paddy are produced.
9. The surplus of 10 bags per acre on 'A' grade land is the economic rent of 'A' grade land.
10. If yet another group of people goes and settles down in the same island, the least fertile 'C' grade land will be cultivated.
11. For the same amount of labour and capital the yield per acre is 20 bags of paddy.
12. The surplus of 20 bags for 'A' grade land and 10 bags for 'B' grade land is their economic rent.
13. The cost of production of 'C' grade land is just equal to the price of its produce and so there is no rent.
14. 'C' grade land is 'no rent land' or 'marginal land'.
15. Land which yields rent is intra marginal land.
16. Rent is the differential advantage of the superior land over the marginal land.
Grades of Lands Production Rent  A 40 40-20=20 B 30 30-20=10 C 20 20-20=0
Diagram Explanation:
X axis- grades of land.
Y axis-yield per acre.
OA, AB, BC are grade A, B, C lands.
(i) The use of equal amount of labour and capital on each of them gives yield 40, 30 & 20.
(ii) The economic rent yielded by A & B grade land is the shaded area.
(iii) They are intra marginal lands.
(iv) 'C' grade land is no rent land.
Criticism:
(i) The order of cultivation from most fertile to least is historically wrong.
(ii) In reality rent enters into price.
Conclusion:
(i) Thus Ricardo explains how rent arises on land.

People related problems:
The problems related to individuals and their standard of living consist of illiteracy, lack of technical know how, low level of confidence, dependence on sentiments, and beliefs.
Agriculture related:
1. Lack of expected awareness, knowledge, skill and attitude.
2. Unavailability of inputs
3. Poor marketing facility.
4. Insufficient extension staff and services.
5. Multidimensional tasks to extension personnel.
6. Small size of land holding.
7. Sub-division and fragmentation of landholdings.
8. Absence of infrastructure to work and stay in rural areas.
9. Primitive technology and low adoption of modern technologies
10. Reduced public investment and absence of role for farmers in fixing price for their products.
Infrastructure related:
Poor infrastructure facilities like water, electricity, transport, educational institutions, communication, health, employment, storage facility, banking and insurance are found in rural areas.
Economics related:
(i) There is inability to adopt high cost technology, high cost of inputs, under privileged rural industries, low income, indebtedness and existence of inequality in land holdings and assets.
(ii) Infertile areas, a few absentee landlords own large area and they do not show any interest in improving the performance of agriculture.
Leadership related:
Leadership is in the hands of inactive and incompetent people, self-interest leaders, biased political will, less bargaining power and dominance of political leaders.
Administrative Problems:
There is political interference, lack of motivation, low wages in villages, improper utilization of budget, absence of monitoring and implementation of rural development programmes.
Conclusion: The problems found in rural economy are endless.

Introduction:
(i) In order to promote export and industrial growth SEZ was introduced in many countries.
(ii) India was one of the first in Asia to set up EPZ (Kandla, 1965).
(iii) SEZ covers free trade zones, export processing zones, industrial parks, economic and technology development zones, high-tech zones, science and innovation parks, free ports, enterprise zones.
Major objectives of SEZs
(i) To enhance foreign investment, to attract foreign direct investment and increase GDP.
(ii) To increase shares in global export.
(iii) To generate additional economic activity.
(iv) To create employment opportunities.
(v) To develop infrastructure facilities.
(vi) To exchange technology in the global market.
Characteristics:
(i) Geographically demarcated area with physical security.
(ii) administered by single authority.
(iii) Streamlined procedures.
(iv) Having separate custom area.
(v) Governed by more liberal economic laws.
(vi) Greater freedom to firms located in SEZs.
(vii) They need not respect the government's rules and regulations.
(viii) The social and environmental impacts were disastrous.

Steps of Deductive method:
(i) Have a clear idea of the problem to be inquired.
(ii) Define the technical terms used. Assumptions should be precise.
(iii) Deduce hypotheses from the assumptions.
(iv) Verify hypotheses through direct observation of events and statistical methods.
Steps of Inductive method:
(i) The collected data must be systematically arranged
(ii) Based on the data, conclusions are drawn
(iii) Generalization of the hypothesis.
(iv) Verification of the hypothesis.

(i) A monopoly is a one firm industry.
(ii) It has a downward sloping demand or AR curve.
(iii) More units of output are sold at less price.
(iv) MR lies below AR.
(v) The monopolist will continue to sell his product as MR > MC. Equilibrium is when MC = MR.
(vi) Beyond this point the producer has loss.

At OM output MC = MR. Beyond OM he will stop production since MC > MR.
At equilibrium average revenue = QM
Average cost = RM
Profit per unit = RQ
Total profit = PQRS

Introduction:
The mineral resources in India are iron ore, coal, lignite, bauxite, mica, crude oil, gold and diamond.
Iron ore:
(i) India possesses high quality iron ore in abundance.
(ii) There is 14,630 million tonnes of hematite and 10,619 million tonnes of magnetite.
(iii) Hematite iron is found in Chattisgarh, Jharkhand, Odisha, Goa and Karnataka.
(iv) Magnetite iron is available at Western coast of Karnataka, Kerala, Tamilnadu and Andhra Pradesh.
Coal and Lignite:
(i) Coal is the largest available mineral resource. India ranks third in the world after China and USA in coal production.
(ii) The coal centres are in Bihar, W.Bengal, Madhya Pradesh, Maharashtra, Odisha and Andhra Pradesh.
(iii) Bulk of coal production comes from Bengal Jharkhand coalfields.
Bauxite:
(i) Bauxite is the main source of aluminium.
(ii) Major reserves are in East Coast, Odisha and Andhra Pradesh.
Mica:
(i) It is a heat resisting mineral - a bad conductor of electricity.
(ii) It is used as an insulator. India stands first in sheet mica production.
(iii) It contributes 60% of mica trade in the world. Mica bearing pegmatite is found in Andhra Pradesh, Jharkhand, Bihar and Rajasthan.
Crude oil:
Oil is being explored at Assam and Gujarat, Digboi, Badarpur, Naharkatia, Kasimpur, Pallaria, Rudrapur, Shivasagar, Mourn in Assam and Bay of Khambhat, Ankaleshwar and Kalol in Gujarat are the oil exploration places in India.
Gold:
There is only limited gold reserve in three gold mine regions, Kolar Goldfield in Kolar district, Hutti Goldfield in Raichur district (both in Karnataka) and Ramgiri Goldfield in Anantpur district in Andhra Pradesh.
Diamond:
(i) The total diamond reserve of 4582 thousand carats is found in Panna (Madhya Pradesh), Rammallakota of Kurnool district (Andhra Pradesh) and in the Basin of Krishna river.
(ii) The new Kimberlite fields have been discovered in Raipur and Pastar districts of Chattisgarh, Nuapada and Bargarh districts of Odisha, Narayenpet - Maddur Krishna areas of Andhra Pradesh and Raichur-Gulbarga districts of Karnataka.