(i) Uneconomic holdings with subdivisions and fragmentation.
(ii) Low levels of water availability for crops.
(iii) Excess population pressure on agriculture due to fewer industries.
(iv) Absence of capital and autonomy in currency policy.

Sen's 'Choice of Technique' was a research work where he argued that in a labour surplus economy, generation of employment cannot be increased at the initial stage by the adoption of capital-intensive technique.

Resources that are exhaustive and cannot be regenerated is called non-renewable energy.
Eg: fossil fuels - Coal, Petroleum, minerals.

Poverty and inequality:
Amartya Sen studied about poverty and inequality, distribution of income among the people below the poverty line.
The concept of capability:
(i) Capability is the ability to transform Rawlsian primary goods to the achievement of well-being
(ii) This was a better index of well-being then commodities.
Entitlement:
(i) Sen included the concept of entitlement items like nutrition, food, medical and health care, employment, scarcity of food supply in times of famine.
(ii) All this is included in Amartya Sen's Welfare Economics.

Rao's examination of the "interrelation between investment, income and multiplier in an under developed economy" (1952) was his major contribution to macroeconomic theory.

(i) During Nehru's period as Prime Minister planning was introduced in India.
(ii) He said planning is to find the best way to utilize all resources of manpower or money.
(iii) Planning was linked with industrialization leading to self-reliance and economic growth.

Introduction:
(i) Gandhian economics is based on ethical foundations.
(ii) He wrote, "Economics that hurts the moral well-being of an individual or a nation is immoral and so sinful".
Village republics:
(i) To Gandhi, India lives in villages.
(ii) He was interested in developing the villages as self-sufficient units.
(iii) He opposed extensive use of machinery, urbanization and industrialization.
On machinery:
(i) Gandhi described machinery as 'Great sin'.
(ii) It is an evil and would finally end.
Industrialism:
(i) Gandhi considered industrialism as a curse on mankind and would exploit the nation.
Decentralization:
(i) He favoured production in the people's homes at a large number of places on a small scale.
Village Sarvodaya:
(i) He suggested the development of self-sufficient, self-dependent villages.
Bread labour:
(i) Gandhi realised the dignity of human labour. He believed that man should eat his bread by the sweat of his brow. Bread labour or body labour meant manual labour.
Doctrine of trusteeship:
(i) Trusteeship provides a means of transforming the present capitalist order of society into an egalitarian one.
(ii) But India today has casino and crony capitalism.
On the food problem:
(i) Gandhi was against food controls.
(ii) Such controls created artificial scarcity. Today, India tops in the world with large production of fruits, vegetables, milk, egg, meat etc.
On Population:
(i) Gandhi opposed population control through contraceptives.
(ii) He favoured birth control through Brahmacharya or self-control.
(iii) This is the remedy to over population.
On prohibition:
(i) Gandhi advocated total prohibition, regarded use of liquor as a disease.
(ii) But today many states depend on revenue from liquor sales.
Conclusion: If Gandhi's ideas are followed, India will soon become a developed nation.

Introduction:
Indian economy is the seventh largest economy of the world. Its features are:
Mixed economy:
(i) In India private and public sectors co-exist.
(ii) Some fundamental and heavy industries are under public sector.
(iii) Due to liberalization private sector's importance has increased.
Agriculture:
(i) 60 % of Indians depend on agriculture for their livelihood.
(ii) 17 % of GDP is got from agricultural sector.
(iii) Green revolution and inventions in biotechnology have made agriculture self sufficient.
(iv) The export of fruits, vegetables, spices, tobacco, animal skin, vegetable oils also add to foreign exchange earning.
An emerging market:
(i) India has emerged as a vibrant economy sustaining stable GDP growth rate even when there was global downtrend.
(ii) This has attracted foreign capital through FDI and FII.
(iii) India is in the 7^th position in terms of nominal GDP and 3^rd in terms of purchasing power parity.
(iv) India is one among the G20 countries.
Fast growing economy:
(i) With a growth rate of 7.1% in GDP India is the world's fastest growing economy in 2016-17 next to China.
Fast growing service sector:
(i) There has been growth in technical sectors like Information Technology, BPO.
(ii) These emerging services have helped the country to go global.
Large domestic consumption:
(i) The standard of living has improved a lot. There is rapid increase in domestic consumption.
Rapid growth of urban areas:
(i) There has been a rapid growth of urban areas in India after Independence. Improved connectivity in transport and communication, education and health have speeded up urbanization.
Stable macroeconomy:
(i) India is one of the most stable economies of the world.
(ii) The current year's economic survey represents the Indian economy to be a "heaven of macroeconomic stability, resilience and optimism".
Demographic dividend:
(i) The human capital is young.
(ii) They are young, skilled and trained enough to maximize growth.
(iii) This has invited foreign investments and outsourcing opportunities.