General Awareness : Geography & Economics

By Asha Gupta|Updated : August 20th, 2021

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The Universe and The Solar System:

The solar system consists of the sun, eight planets, five dwarf planets their respective satellites, and other heavenly bodies. The planets revolve around the sun in the anti-clockwise direction except for Venus and Uranus which revolves in the clockwise direction.

Mercury:

It is the innermost planet and the smallest planet of the solar system. It has the fastest revolution and it completes its one revolution around the sun in around 88 days. It has no atmosphere and no satellites. It is also the Roman god of commerce.

Venus:

It is known as the Earth’s twin as it has a similar size, density, and mass. It is also known as the Morning Star and the Evening Star. It is the hottest planet of the Solar System (due to its high content of Carbon di Oxide CO2). Unlike the other planets, it revolves clockwise i.e. from East to West.

Earth:

It is also known as the Blue planet because of 71% water. It is the third planet of the third planet from the Sun and the fifth largest planet in terms of size. At present, it is the only planet of the solar system which supports all forms of life.

Mars:

It is known as the Red planet due to the high presence of the FeO (Iron Oxide). Olympus Mons is the mountain spotted at Mars and the size of it is approximately three times the size of Mt. Everest.

Jupiter:

The lord of the Heavens is the biggest planet of the Solar System. It has the fastest rotation time i.e. 9.8 hours. It has 63 natural satellites out of which Ganymede is the biggest which is also the biggest satellite of the Solar System.

Saturn:

It is the second-largest planet of the solar system known as the elegant planet. It is surrounded by rings that are made up of particles of dust and ice. It has 62 natural satellites out of which Titan is the biggest.

Uranus:

It is a unique planet as its axis of rotation is inclined at only 80 to its orbital plane. So unlike the other planets which spin on their axis, Uranus actually rolls apparently from North to South.

On the fine bright night when we look up in the sky, it seems to be full of stars, but very few of us know that each of the stars we see is far bigger than the size of the earth on which we live. The galaxy in which the earth is situated is known as Milky Way and it consists of around 1, 00,000 million stars.

Nearest Star (Except Sun) – Proxima Centauri (4.2 light-years) Alpha Centauri (4.3 light-years) Brightest Star                     - Sirius

Star with a Tail - Comet

If the star is large the final stage of the star can be a supernova explosion which sometimes leaves behind neutron stars called pulsars or they can collapse and compact to form black holes.

Drainage System:

The total yield of water in the rivers of India is 18, 58,100 million cubic meters. There are a total of 14 major river basins, 49 medium river basins, and hundreds of minor river basins.

On the basis of the origin, the rivers of India are divided into the Himalayan Rivers and the Peninsular Rivers.

Over 77% of the total drainage area of the country is towards the Bay of Bengal and the remaining 23% towards the Arabian Sea.

Drainage Pattern

  • Following are the major drainage patterns −
    • Dendritic
    • Radial
    • Centripetal
    • Trellis
  • A drainage pattern that looks like tree branches with lots of twigs is known as

Dendritic drainage pattern. For example, the rivers of the northern plain.

  • Radial drainage patterns form when rivers originate from a hill and flow in all For example, the rivers originating from the Amarkantak.
  • The centripetal drainage pattern is formed when rivers discharge their waters from all directions into a lake or a For example, Loktaklake in Manipur.
  • Trellis drainage pattern is formed when the primary tributaries of main rivers flow parallel to each other and secondary tributaries join them at right angles. For example, rivers in the upper part of the Himalayan.

Overview of Indian Economy:

Indian Economy is the third fastest growing economy in the world after China and the United States of India. The GDP of India is 9.4Trillion US$ after China which has a GDP of 23 Trillion US$ and the USA which has a GDP of 19.3 Trillion US$.

India has a population of around 125 crore people and around 55% of the population of the country and around 45% of the land area of India is engaged in agriculture and agriculture-related activities however the share of agriculture in the GDP of India is only 17%.

Poverty in India is widespread and according to the latest report by Mr. C Ranjarajan around 22% of the population of India lives below the poverty line and according to the International Poverty Line by the World Bank around 24 % of the population of India lives below the poverty line.

The rank of India in the Per Capita Income is 140th and it is 1852US$ per person per year The labor force of India is around 52 crores which is the second-largest workforce in the world after China. The rate of Unemployment in India is around 5%.

Socialist Economy:

Socialist means the system under which the economic system is controlled and regulated by the government so as to ensure the welfare and equal opportunity to the people in a society.

Capitalist Economy:

It is one of the oldest economic systems and its origin is in the time of mid-eighteenth century in England in the wake of the Industrial Revolution. It is that system, where means of production are owned by private individuals, profit is the main motive and there is no interference by the government in the economic activities of the economy. Hence, it is known as a free-market economy.

There are three major sectors of the Indian Economy

  1. Primary Sector- It consists of agriculture and agriculture-related activities it consists of 55% of the population and it contributes 17% of the total GDP of India
  2. Secondary Sector- It consists of manufacturing and industries it consists of 25% of the population and it contributes 28% of the total GDP of India
  3. Tertiary Sector/ Service Sector- It consists of business, transport, service, banking, IT, Insurance, etc. it consists of 20% of the population and it contributes 55% of the total GDP of India.

Budget & Taxation:

The term Budget was used for the first time by the British Economist James Wilson in the year 1860

The Budget is the annual financial statement of any country for one financial year in India it is between 1st April to 31st March

The Budget is mentioned under article 112 of the Constitution of India.

Expenditures

It is the money which the government spends in one financial year from the revenues earns by the government in one financial year

The government of India spends money in two ways

  1. Planned Expenditure
  2. Non-Planned Expenditure

Types of Budget:

Balance Budget:

It is the type of Budget in which the revenues and the expenditure are both the same. It is the type of budget which is most common in the developed countries.

Surplus Budget:

It is the type of Budget in which the revenues are greater than the expenditures. This type of budget is most common in underdeveloped countries.

Deficit Budget:

It is the type of Budget in which the expenditure is more than the revenues. This type of Budget is most common in developing countries.

Fiscal Deficit:

Fiscal Deficit= Revenue Deficit + Borrowings +Interest Payments.

Primary Deficit

Primary Deficit= Fiscal Deficit- Interest Payments.

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