Economics Miscellaneous (Part – II)

The Bhakra Nangal Project is one of the oldest development projects for river valleys established after the Independence of India. This project was operated by Sir Chhotu Ram, the minister of Punjab Revenue and the king of Bilaspur in 1944. This project got the consent of the Indian government on January 8, 1945. The construction of this Dam was started in 1984 by Sir Louis Dane, the Lieutenant Governor of Punjab. Thereafter, this project was delayed and started again under the surveillance of Sir Rai Bahadur, the chief architect of Punjab. This project was finished in 1963 and Jawaharlal Nehru, the Prime Minister of that time, dedicated the dam to the nation. The total cost of this project was approximately 245.28 crores INR and the total steel used in this project was approximately 101600 tonnes.

This includes providing technical inputs, research and development support, and skilled manpower training. The university will also play a role in guiding the government on policy matters related to the textile industry. The Gujarat government is fully funding the university's development with an estimated Rs 800-900 crore.

• Corruption erodes public trust in institutions, making it harder to enforce contracts, protect property rights, and ensure fair competition, all of which are crucial for economic development.
• Businesses are less likely to invest in countries with high levels of corruption due to increased risks, uncertainty, and the potential for unfair competition. Foreign investors are particularly wary of corrupt environments.
• Corruption diverts resources away from productive uses, leading to inefficient allocation of capital, labor, and other resources.
• While some argue that corruption can occasionally stimulate economic activity in certain contexts, the overwhelming evidence indicates its detrimental effects on long-term.

Economic infrastructure typically refers to the fundamental systems and facilities that support economic activity, such as transportation (roads, railways), communication (telecom networks), energy (power plants, electricity grids), and water supply. Coal mines, on the other hand, are extractive industries focused on the production of a specific resource.

• Super bazars are characterized by their large size and self-service format, offering a wide variety of goods under one roof.
• A key function of Super Bazar, the cooperative, was to ensure the availability of essential goods at controlled prices for the public.
• The original Super Bazar was a cooperative society, owned and managed by its members.
• The Delhi Super Bazar faced financial difficulties, leading to its closure.
• Despite its closure, Super Bazar is remembered as a pioneering effort in retail and cooperative enterprise in India.
• Today, the term "Super Bazar" may also be used generically to refer to any large supermarket or grocery store.

He is best known for his book, An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776, which laid the foundation for modern economic thought. He argued that specialization of labor increases productivity. Smith believed that individuals pursuing their own self-interest, guided by an "invisible hand," ultimately benefit society as a whole. He advocated for minimal government intervention in the economy, believing that free markets are the most efficient way to allocate resources. Smith recognized the importance of capital accumulation in economic growth.

He argued that specialization of labor increases productivity. Smith believed that individuals pursuing their own self-interest, guided by an "invisible hand," ultimately benefit society as a whole. He advocated for minimal government intervention in the economy, believing that free markets are the most efficient way to allocate resources. Smith recognized the importance of capital accumulation in economic growth.