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8 BUSINESS  STUDIES weak financial system, inadequate The Indian economy is emerging infrastructure and high huge as one of the faster growing economies expenditure on defence, high fiscal in the world today and a preferred FDI deficits and continuous deficits in destination. Rising incomes, savings, balance of payments were evident and investment opportunities, increased international community’s confidence domestic consumption and younger in India’s ability to manage its economypopulation ensures growth for decades was severely affected. The balance of to come. The high growth sectors have payment situation was precarious. been identified, which are likely to As a result, India agreed to economic grow at a rapid pace and the recent liberalisation in 1991. initiatives of the Government of India A three pronged approach of such as ‘Make in India’, Skill India’, stabilisation, restructuring and ‘Digital India’ is expected to help the globalisation of Indian economy was economy in terms of exports and adopted to address the changes in imports with steady and sustainable economic and business scenario and trade balance. its integration with global economy. Government of India announced major Activity economic reform packages aimed at Did you notice how business plays restoring the growth momentum in the economy. Major policy changes were a major role in the growth and development of any nation and why effected since 1991 w.r.t., fiscal, business is regarded as a backbone of monetary, trade, industry, agriculture, the Economy? Discuss in class. infrastructure, foreign exchange and foreign investment since 1991. 1.2 C oncept of Business The term business is derived from the word ‘busy’. Thus, business means being busy. However, in a specific sense, business refers to an occupation in which people regularly engage in activities related to purchase, production and/or sale of goods and services with a view to earning profits. If you look around you will observe thatpeopleundertakevariousactivities to satisfy their needs. These activities may be broadly classified into two groups — economic and non-economic activities. Economic activities are those by which we can earn our livelihood, whereas, non-economic Reprint 2026-27