CONTENNT

1.
Indian Economy:A general Introduction.... *****0*3
2. Economic Growth and Development.
3. National Income. oe***e**************ee*e*e.
*****9

4. Economic Planning .. ***e***** 12

5. TOvTl Ly **eeseeeoseeoeseseseeosesaseeoseoeeeceoc****ooeoeereee********e* *******21

6.
Unemployment. **e*eeeeeeooenooeooeesesoseeoass23

7. Currency and Inflation .. ****27

8. Banking in India . eoooo ******]1

9. Financial Market in India

aeoe.********e* eeeedeee*****ece**** ******os39

10. Tax system in India« 0*****ees***00ee**cence4

11. Fiscal Policy and Budget. *°°°°°***°

2 e°****°oe0****eoo*o**esoo.4

12. Agriculture Sector ******o*****esv

.56

13. Land Reform.

14. Industrial Sector and Liberalization, *******s71

15. Infrastructure Develeopment. °**eso*oooo

..85
*°***®eoese**eOt

16. Foreign Trade Policy. ****°************ 9e*°*°*°°°°°°0** *°*°°°o°***@ 98

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17. Balance of Payments of Economies (BOP) . ..103

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18. Foreign Investment In India....

eeeeeeeoeoeoooeeeeeoeeeeeo**oeeceeoeeoeoooooocoeoeo*eesoeeoeoeceeesceesoeoeceoeeeeecee107

19. Exchange Rate Determination... .112

20. External Debt of India..

deeeo***********o********************seeo**o*e*******eee*********seenoeo 119

21. Multilateral Financial Institutions. e***** ..122

127
22. PRACTICE QUESTION
* * * * * e * * * * * * * e * * * .
 IndianEcomomy GeneralIntroduction
The applied science of economics can be
broken down into A) Macro Economics which
includes macro economic variables like GDP,
employment, poverty investment and savings
rate, Balance of Payments for reserves etc. B)
Micro Economics which studies the output
trends of individual industries, consumer
Meso economics
behavior, labour wage etc. C)
which studies intermediate level of organizationm.communist economy, Communist economy
of economic activity like institutions, Tegulatory
framework etc.
The economy of any country/region is its
capacity to produce góods/services. The
purpose of economic development and growth
is the well being of Mar) The production of
goods/services and theirconsumption arebasic
economic activities. The factors of production
are land, labour (including the entrepreneur)
and capital. Factor incomesrefer to rentofland,
wages of labour (including profits of the
entrepreneur) and interest paid on capital: The tii) Mixed economy Mixed economy is that
cost of production is the sum of the factor
incomes. The activity of economic production,
leads to output of goods/services whose value
in monetary terms is income
Organising an Economy
(4) Capitalistic Economy It is one ofthe
oldest economic systems and its.origin is
at the time of mid-eighteen century in
England in the wake of 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 free market economy.
According to Karl Marx, in his. 'Das Kapital
the capitalist on an average takes twelve
hours work from the worker and pays him
wages equal to six hours work. According
to Ferguson, "Capitalism is a free- market
form or capitalistic economy may be
characterised as an automatic self-interest
of individual and regulated by competitions.
economic
(i) State Economy:- This kind of
system firstcame up in the erstwhile USSR
after the Bolshevik revolution (1917). This
form of economic system also spred to other
countries in eastern Europe. Here we see
two versions of the state economy in
erstwhile USSR known as the socialist
economy and in pre-1985 China as the
adyocated state ownership ofall properties
including labour and absolute power to
state in running the economny.
This economý decisions related to production,
supply and priceswere all suggested to be
taken bythe state only Such economics were
also known as centralised economy centraly
planned economy. Non-market economy. The
socialist and communise economics used to
criticise capitalisticeconomics of being based
onexploitation.
economy is which both government and
private individuals exercise economic
control. Tt is a golden mixture ofcapitalision
and socialism. Under this system there is
freedomofeconomic activities and government
interferenicesfor the social welfare. Hence it is
ablend of both the economics. The concept of
mixed econömy is of recent origin.
The developing countries like India have
adopted mixed economy to accelerate the
pace of economic development. Even the
developed countries like UK, USA, etc. have
also adopted 'Mixed Capitalist System".
Salient Feature of mdian Economy
() Low Per capita Income:- In India, the
national income and per capita income is
very low and it is considered as one of the
basic features of under development. As per
world Bank estimatex, the per capita
income of India stood at only $720 in 2005.
Keeping aside a very few countries, this
per capita income figure of India is the
lowest in the world and it is even lower
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than China and Pakistan. Thus the standard
of living of Indian people remained all
along very low in comparison to that of
developed countries of the world.
(ii) Excessive dependence of agriculture and
primary producing:. Indian economy is
characteried by too much dependence on
agriculture and thus it is primary producing.
Out of the total working population of our
country, a very high proportion of it is
engaged in agriculture a large share in the
national income of our country.
In 2004, nearly 58 of the total
percent
working population of our country was
engaged in agriculture and allied activities
and was contributing about
21 percent of
the total national income.
(ii) High rate of Population
growth:
India isof
maintaining a very high rate of growth
population since 1950. Thus the presSure
of population in our
country is very heavy
This has resulted from a very high level of
birth rates coupled with a falling level of
death rates prevailling in our
countty:1n
India, the rate of growth of population has
been gradually
increasing 1.77. perent
during 2001-2011
(iv) Existence of chronie
umemployment of
under-employment: Rapid growthand
pOpulation coupled with inadequate growth
of secondary
and tertiary oocupations are
responsible for the occurrence of chronic
umemployment and under employment
problem in our country In India, un-
employment is structural one, unlike in
developed countries, which is of cyclical type.
Here unemployment in
India is the result
of deficiency of capital. Indian
are not getting
industries
adequate amount of capital
for itsnecessary expansion so as to absorb
the entire surplus labour force into it.
(v) Poor rate of Capital Formation:-
Capital
deficiency is one of the characteristic
features of the Indian economy. Both the
amount of capital available per head and
the present rate of capital formation in
India is very low. Consumption of crude
steel and energy are the two important
indicators of low capital per head in the
under-developed countries like India.
(vi) Inequality in the distribution of wealth:
Another important characteristic of the
Indian economy is the maldistribution of
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wealth: The report of the Reserve Bank of
India reveals that nearly 20 percent of the
households owing less than Rs. 1000 worth
of assets prosses only 0.7 percent of the
total assets.
Maldistribution in income is the result of
inequality in the distribution of assets in
the rural areas.
(vi) Lack of infrastructure: - Lack of
infrastructural facilities is one of the
serious problems from which the Indian
economy has been suffering till today.
These infrastructural facilities include
transportation and communication
facilities, electricity generation and dis-
tribution, banking and credit facilities,
economic organisation, health and
educational institutes etc.
(viiPoor quality of human capital:- Indian
economyis suffering from its poor quality
of human capital,Those iliteracy is the root
of this problem and illiteracy at the same
time is retarding the process of economic
growth of our country. As per 2001 census,
65.3 percent of the total population of India
is literate and the
rest 34.7 percent still
remains illiterate
Different sectors of Production
rimary sector This sector includes all
those economic activitiés where there is the
direct use of natural resources as
agriculture, forestry, fishing, fuels, metalds,
minerals, etc. In some of the economies,
mining activities are considered a part of
the secondary sector, through we see direct
use of natural resources here. Broadly,
such economies term their
sector as the
agricultural
primary sector. This is the
case in India.
) Secondary Sector:- This sector is rightly
called the
manufacturing
the produces of the
sector which uses
raw materials. Since
primary sector as its
manufacturing
by the industries this secotr is also
is done
called
the industrial
sectro-bread and biscuits,
cakes, automobiles, textiles, etc.
(ii) Tertiary Sector:- This sector includes
those economic all
activities where different
'services' are produced such as
banking insurance, transporation,education,
 defined
Sustainable development may be
tourism, etc. This sector is also known as
needs of the
the services setor. as the development to meet the
the
present generation without compromisily
Cassification of Different countries needs of the future generations. It is a process
according totheir economy be sustained for
First world Countries:- A group of developed where by the development can the
generation. It affords the future generation
countries, where market price mechanisms to prosper as the
are popular are called the countries of
the same, if not more, capacity
first world, such as America, Canada, present generation.
environment annd
Australia, England etc. Relationship between
sustainable development
(i) Second world Countries:- The world that
is a group of countries where the (i Sustainable development minimizes,
administered price mechanism is adopted degradation. As
environmental
in
is called the countries of the other world. development involves some disturbances
our enviroment
sustainable development
(i) Third world Countries:- Most of the to
countries which were liberated after World has to be understood as an endearor
environmental
War-II adopted the mixed economy for minimize the rate of
ensures that however small
development. These are called the countries degradaion. It
of the third world such as India, Pakistan, a degradation that does occur isasmade
fast
up
in the best acceptable form and as
Nepal etc.
possible.
Sustainable Developmenti Simply speaking
Environment is one of the dimension
sustainable development means the1 of sustainable development. Sustainable
development which should keep going development isone which raises
Ordinarily speaking, it is a situation in which national and per. Capita income by
economic development does not decrease over keeping the environmental damage
time, sustainable development is the- within a tolerable limit so that the future
development that is everlasting. Sustainable generation will get equal benefits in
termsof output and congenial
development is a process in which natural
resource base is not allowed to detoriorate. environment.

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 Nationallncomne
National income estimates are the most
reliable macro economic indicators of an
economy. Therefore, it is essential for students
to be aware of National Income concepts.
Changes in national income measure the rate
of growth of the economy.
Similarly, changs in the structure of
national income of an economy reflect the
changing significance of different sectors. In
India national income as also per capita income,
have been continuously increasing. In more
recent year the rate of growth öf national
income has
accelerated. It indicates that the-
economy has been growing at a faster rate in
recent year than in
the past Along with this,
the structure of national income has also
undergone a change the tertiary sector has
emerged as the dóminant sector of the
kecThe National Income concepts include the
economy.
The task of
preparing national income
estimates has been assigned to,the central
statistical
organisation (CSO) the CSO has
been producing annual official estimates of
national income of India since 1955 and
publising the same in its annual report national
accounts statistics.
Concept of National Income-Nationalincome
accounting comprises of four concepts of
calculations-
GDP, NDP, GNP, NNP.
Here we discuss them and other related
terms in a very objective way.
1 Factor cost is the input cost that producer
has to incur in the process of production.
It includes cost of capital- loan inetrest,
prices of raw naterilas, labour, power, rent
etc. Can be termed as production cost
2. Market cost is calculated after adding
indirect taxes to the factor cost of the
product. It is basically the cost at which the
goods reach the market. Also termed as Ex
Factory price. In India we calculate income
at factor cost because of non-uniform
taxes.
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National Income:- The sum total of factor
of income accruing to the resident of the
country, both from their activities within and
outside the economic territory is the national
income of the country.
National income is calculated for a par-
ticular period, normally a financial year
n India, financial year. Means April 1 to
March 31 of next year).
Netfactor income from abroad is added to
the domesticproduct to get the value of
national income
National ncome C +I +G + (X - M)
Where, C Total consumption expenditure
A- Total investement expenditure
G Total government expenditure
- M=
Export Import.
following important terms:
G r o s s Domestic Product (GDP)
Gross domestic product is the value of al1
final goods and services produced with inn
the boundary of a nation during one year.
In India one year means from Ist April to
31st March of the
next year.
Net Domestic Product (NDP)
NDP is calculated by deducting the depre-
ciation of plant and machinery form GDOP.
NDP Gross Domestic Product-Depreciation
Gross National Product (GNP)
GNP of India, GNP is the value of all final
goods and services produced by the resi-
dents ofa country in a financial year
([st
April to 31st March of the year in India)
While calculating GNP, income of foreign-
in is excluded but income of
ers a country
people who are living outside of that coun-
try is included. It is the GDP of a country
added with its income from abroad.
GNP GDP +X- MM
Where X income of the people of a
=
coun-
try who are living outside of the country.
and M =
income of the foreigners in a country.
India's GNP is
always lower than its GDP. Subsidy:- It is the grant given on current
This is the, national
income according to account by the Government to the private
which the IMF ranks
nations. industries and public corporations for sell-
It allows for
duction
knowledge of factors in pro- certain goods at a price fixed by the
behaviour and pattern of an Government.
economy's dependence on outside world,
nature of human resources internation- NationalTncome Measuremen
ally, position
in world economics. Primary Sector:- All production units en-
It indicates both gaged in exploitation of natural resourcess
qualitative as well as like agriculture, fishing, mining and
quantitative aspects of an economy in a Quarring, forestry and logging.
more exhaustive
fashion than GDP.
Secondary sector:- All production units
Terms of Natioial Income engaged in tranforming one good to another
Intermediate Products
production
=
one like registered manufacture, unregistered,
unit purchassing from other for resale. construction, Electricity Gas water supply.
Final product =
all goods and services
Tertiary sector:- All units engaged in pro-
Purchased for consumption and invest ducing services like Banking & Insurance,
ment and
not for resale. Trade, hotal, restaurant, tansport, storage,
Value added =value of output Interme- real estate dwelling, public administration
diate cost &s. defence other
service.
Gross value
addednet value added Revision in the Ease Year
depreciation The Base year was revised from 2004- 05 to
Indirect Tax =

all taxes levied 2011-12. This was done in accordance with the
produc on
tion finally paid by consumer of buyer Execommendation oftheNational statisfical com-
sales tax, excise,
customs mission (NSC). Which had advised to revise the
Subsidies =Financial help given by thebase year of all economicindices every five year.
government to the production units for Methods/of measuring National Income
selling the product at lower prices 1. Value Added Method: This is also called
Net National product
(NNP) NNPGNP output method or production method. In
Depreciation this method the value added by each en-
NNP at factor cost: It is the value of NNP terprise in the production goods and ser-
when the value of goods and services is vices is measured. Value added by an en-
taken at the production cost
terprise is obtained by deducting expendi-
NNP at market price: Itis the valueindis ture incurred on intermediate goods. Such
rect taxes subsidies asraw materials, unfinisihed goods pur-
Closed Economy:- An economy that does chased from other firms from the value of
not maintain any economic relations with output produced by an enterprise
the rest of the world. Value of output produced by an
Economic Goods:- Those goods which are
enterprise
is equal to physical
scarce in supply and hence command a
output (Q) produced
multiplied by the market price (P) that is,
price. P.Q. from the value added by each enter-
Economic Growth:- A sustained increase prise we subtract consumption of fixed
in real national income of a country.
capital (i.e. depreciation) to obtain net value
Nominal National Income:- The money added at market prices
value of all the final goods and services (NVAMp)
However, for estinating national income
produced in an economy during a year,
(that is, Net National product at factor cost
estimated at current prices.
(NNPF we required to estimate net value
Real National Income:- The money value
added at factor cost
of all the final goods and services produced (NVA) by each enter-
prise in the economy. NVA can be found
in an economy during a year, estimated at
some fixed prices.
out by deducting net indirect taxes (1.e.
indirect taxes less subsidies provided by
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 the Government).
Under this method, the economy is divided
into different industrial sectors such a ag-
riculture, fishing, mining, construction,
manufacturing, trade and commerce,
transport, communication and other ser
vices. Then the net value added at factor
cost (NVApo) by each productive enterprise
as well as by each industry or sector is es-
timated. NI or NNPrC = NDPpc+ Ne + Factor
Income from abroad.
2. Income Method: This method approach
national income from distribution side. In
other words, this method measures na
tional income at the pase of distribution
and appears as income
paid and orreceivedd
by individuals of the country. Thus,under
this method, national income is obtained
by summing up of the incomes of all-indi
viduals ofa country. Individuals earn in
come by contributingtheir own services and
the services of
their property such as land
and capital to the national production.
Therefore, national income is calulated bye
adding up the rent of land, wages and sala-
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ries of employex, interest on capital, prof-
its of entrepreneurs (including undistrib-
uted corporate profits) and incomes of self-
employed people. This method of estimat
ing national income has the great advan-
tage of indicating the distribution of na-
tional income among different income
groups such as landlords, owners of capi-
tal, workers, enterepreneurs.
3. Method:-
Expenditure Expenditure
method arrives at national income by add-
ing up all expenditures made on goods and
services during a year. Income can be
spent either on consumer goods or capital
goods.Again, expenditure can be made by
private individuals and house holds or by
government and business enterprises.
Further, people of foreign countries spend
on thegoodsand services which a country
exports to them, Similarly people of a coun-
try spend on imports of goods and services
from other countries. we add up the fol-
lowing type of expenditüre by house holds,
government and by productive enterprises
to obtain national income.
2 Economic Growth and Development

n o w that 'increased growth'

We have been
Introduction
a witness to a number of notions
by
means
'increased output' and 'increased income' of an
income for factors of
coming in from the literature of Economics in economy with increased
this area-starting with a very humble and production which sets off a circular motion of
further increase in income.
layman's word like 'progress' to technical terms
like 'growth', 'development' and 'human Increased Income Increased purchasing
development. With greater dependence on the power Increased demand for goods and
Increased
idea of the economic man', the world services> Increased production -
created output
immense wealth in the post- War decades. ncreased income
Increased income -> Increased savings
Economic Growth
A term coming from the life sciernces,'erowth ncreased investment > Increased output

in economics means economic growth. An Increasedincomee

Thus, increasing growth of an economy
increase in economic variables over a period of
economy. Jobs get
time is-economic growth The term can/bes1gnities wel1- being of that
created, income levels increase and overall
used in an individual case or in the caseof an wealth of an economy increases. For this very
economy or for the whole world. The mostreason, every economy would like to increase
important aspect of growth is its quantifiability its overall growth. India. was believed till the
i.e., one can measurementit in absolute.terms.reforms were initiated, caught in a low-growthh
All the units of measurement may be applied to eycle with low levels of incomes, thereby
show it, depending upon theeconomicvariableresultinginlow savings,which is known as the
where the growth is being studied We have a 1ow-growth cycle
few examples: The21st century has been good for India's
An economy might have been able to seeas growth rates had started moving upwards
growth in food a decade
production during on andon were the verge of
achieving a double-
digit growth, probably for the first time, except
which could be measured.in tonnes.
may be for a year briefly in the 1980s. Though
ii) The growth of road network in an economy but it has not made
W n rates nave increased
might be measured for a decade or any any perceptible impact on the poverty,
period in miles or kilometres unemployment, inter-/intra-regional and
(ii) Similarly, the value of the total production income imbalances. Despite the high growth
of economy might be measured
an in rates achieved, we have not got the desired results.
currency terms which means the economy There has been a distinct deceleration in growth

is growing since 2010 sliding down to the lowest in last

(iv) Per capita income for an economy might be decade of 4.4 percent. But the larger question
measured in monetary terms over a period. remains of high growth achieved had not yielded
growth is tangible benefits to the Indian economy.
say that economic
a
We
quantitative progress. Economid Developient
For a comparatively longer period of time after
Growth Rate of Indian Economy ot remained
has witnessed ne DIrtno n economics, economists
Until now, the world economy aspects of expanding th quantity
the grean depression during
1929-1933. (We cused
of production and income of a country's
about this aspect in the
shall discuss m o r e
economy. The main issue economists discussed
Chapter on Global Outlook). was-how to increase the quantity of production
As we have discussed earlier, growth plays and income of a country or a nation-state. It was
economy. As we know
an important role in an believed that once an economy is able to increase
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and there will be an automatic betterment inclusive growth has both growth and
(quality increase) in the lives of the people of the development as components, not to be seen as
economy. There was no conscious discussion separate, but viewed as together, today and also
over the issue of
quality expansion in the lives in the future.
of the people. Economics
growth was considered Inclusivity would imply more equitable
as a cause and effect for the
betterment of lives distribution of the gains achieved through
of the people. This was the reason why higher growth. But, equitable distribution is not
economists till the 1950s failed to
between growth and development
distinguish about equal distribution in an economy,
thought they arithmetically. This is possible only in theory.
knew the difference between these terms. Equitable distribution is all about fair and just
It was during the 1960s and in the later
share' for the masses, especiatBly the poor. It is
not about the rich getting richier, as long as the
decades that economists came across many
countries where the growth was poor are also moving up the ladder in terms of
comparatively income and welfare, even though less
higher, but the quality of life was comparatively
low. The time had come to define economic proportionately than the privileged sections of
development differently from what the meant the economy.
by economic growth. For economistsS As long as both the subsets in an economy
development indicates the quality oflitein the are moving up in the same direction, have
economy which might be seenin accordancemeansoflivelihood, are economically better off
with the availability of so many variables such and their basi needs are met, the objective of
as: equitable distribútion is being achieved. Hence,
The level
of nutrition inequitable distribution would mean the rich
getting richer and thepoor remaining poor, or
(ii) The expansion and the reach of healthcare the worse, still becoming poorer.
facilities-hospitals, medicines, safe As we have been discussing that inclusive
drinking water, vaccination, sanitation, eto growth is oriented towards masses, what should
(ii) The level of education among the people inclúsive growth give? or when can we say that
(iv) Other variables on which the quality of life growth has become inclusive and begun to
depends. deliver?
nclusivegrowth should lead to:
We can
that economic
say developmentis
quantitative as well as qualitative progress in 1Employment opportunities for the masses
an economy. It means, when we,use the term a t the entrylevel, providing livelihood,
growth we mean quantitative progress and when means of income, increasing their
we use the term development we mean purchasing power and improving their
quantitative as well as qualitative progress. If well-beingness This should result in
economic growth is suitably used for development, reducing absoluté poverty levels.
it comes back to accelerate the growth and 2Reduction of inter-intra-regional imbalances.
ultimately greater and greater population brought Create opportunities for skill development/
under the area of development. formátion.
The Government having realized that Better dispersal of industries.
benefits of increased growth has not been 5. Increased agro-based industries
reaching the people and hence now discontinued 6. A gradual shift away from the excessive
using nomenclature of 'development' and has economic dependence on the agricultural
replaced it by the term "inclusive growth'. sector through employment-driven and
It is not a new concept but only how positive migration.
7. Increased vocational employment
development is n o w being viewed by the
government. The earlier belief was that
for (carpentry, repairs to cars/scooters/TV/
development to take place, growth w a s a mobiles, gardening etc).
The changed notion of
necessary condition. Measuring Development
inclusive growth is that any growth should Although economists were able to articulate the
benefit the people by and large which means differences between growth and development
that the benefits of growth should be more (Mahbub ul Haq, a leading Pakistani economist
broad-based, should have a n orientation had done it by the early 1970s), it took some
towards 'masses' and not only 'classes'. Thus more time when the right method of measuring

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development could be developed. It was an of education and population of official
established fact that the goal of progress goes school age for each level of education.
beyond mere' increase in income'. International Expected years of schooling is capped at
bodies such as the UNO, IMF and WB were 18 years.
concerned about the development of the com- The UNDP ranked the economies in
paratively underdeveloped regions of the world. accordance of their achievements on the above
EHuman DevelopmesntIndex given three parameters on the scale of one (i.e.,
The dilemma behind comparatively measuring 0.000-1.000). As per their achievements the
the developmental level of economies was solved countries were broadly classified into three
one the United Nations Development categories with a range of points on the index:
Programme (UNDP) published its first Human (i High Human Development countries:
Development Report (HDR) in 1990. The report 0.800-1.000 points on the index.
had a human development index (HDI) which
Human development Countries:
was the first attempt to define and measure the (i) Medium
levels of development. The 'index' was a product 0.500-0.799 points on the index.
of select team of leading scholars, development (il Low Human Development Countries:
practioners and members of the Human 0.000-0:499 points on the index
Development Report office of the UNDP. The first
such team which developed the HD was led by TheHuman development
Report, 2013 is
Mahbub ul Haq and Inge Kaul. The tèrm human discussed in Chapter 22 together with India's
development is a corollary of development inrelative position in the world.
the index.
Happiness
The HDR measures.development by The
world Happiness Report 2013 was
combining three indicatorsHealth, Education
and Standard of
published by the United Nations sustainable
Living into a
converted
composite human development index, the HDI Déyelopment Solutions.Network, in September
The creation of a single statistic in HDIwas a *2013. The reporta 156-nation survey-is
real breakthrough which-was to serve as a frame second ofitskind (after theWHR 2012) released
of reference for both 'social-and "economic by a coalition of researchers. The report
development. measures happiness and well-being in countries
The Education component of the HDI is now
(since HDR - 2010) measured by two other
around the world to helpguide public policy.
The happiness reportranks nations on the basis
indicators-
of six key factors
() Mean of years of schooling (for adults
aged 25 years): This is estimated based ()GDP per capita,
on educational attainment data from Healthy life expectancy,
censuses and surveys available inthe (ii Someone to count on,
UNESCO Institute for Statistics database (iv Perceived freedon to make life
and Barro and Lee (2010) methodology. choices,
() Freedom from corruption, and
(ii) Expected years of schooling (for children (vGenerosity.
of school entering age): These estimates
are based on enrolment by age at all levels

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