Study on economics and its two major branches

Abstract

Purpose of this journal is to study Economics and its two main branches and overall Indian economy. Economics is a social science that studies the production, distribution and consumption of goods and services. It enquires how a business gets its income and how it’s used. It is a study of wealth as well the study of a business. Economics can be divided into Microeconomics, which concentrates on the behaviour of the aggregate economy and Macroeconomics, which focuses on individual consumers. Every economy whether developed, developing or under developed has to face some economic problems as the means are limited and wants are unlimited. The economy of India is a developing mixed economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks 141st in per capita GDP (nominal) with $2,134 and 123rd in per capita GDP (PPP) with $7,783 as of 2018. After 1991 economic liberalisation, India achieved 6-7% average GDP growth annually. In FY 2015 and 2018 India's economy became the world's fastest growing major economy, surpassing China.