1.

Importance of the Study of Jurisprudence

The study of jurisprudence is not only limited to the development and evolution of law. The academies who study
jurisprudence also make great contributions to the fields of other social sciences like the political and social fields. This
leads to the overall development of society. The study of jurisprudence also helps to uncomplicate some of the
concepts and complexities of the legal world. It makes them more manageable and rational and thus easier to
understand. This can also lead to a more effective practice of law. We often call jurisprudence the grammar of the law,
It will help a lawyer the basic ideas and reasoning behind the written law. It helps them better understand the
fundamentals of the law and help them figure out the actual rule of the law. The lawyer and judges can use
jurisprudence as a guide to correctly interpret certain laws that require interpretation. The study of jurisprudence does
not serve only academic purposes. It will help lawyers and other practitioners in the practical world as well. It sharpens
their legal knowledge. Also, it trains the mind to find alternate routes and channels of thought in case of difficulty. The
law can mean more than one thing, and this exploration is a direct effect of the study of jurisprudence.

2. Fundamentals of contract laws

Contract, in the simplest definition, a promise enforceable by law. The promise may be to do something or to refrain
from doing something. The making of a contract requires the mutual assent of two or more persons, one of them
ordinarily making an offer and another accepting. If one of the parties fails to keep the promise, the other is entitled
to legal redress. The law of contracts considers such questions as whether a contract exists, what the meaning of it is.
whether a contract has been broken, and what compensation is due the injured party. A contract is a lawful agreement.
In other words, an agreement enforceable by law is a contract.

Contract=Agreement + Legal enforceability Or Contract Legally Enforceable Agreement

A type of agreement which is enforceable by law is a contract (Section 2(h) of the ICA). Enforceable by law means that,
if somebody is aggrieved then he may approach the court for remedies. For example: In case of a Fire Insurance
Contract where Mr. Raj wants to insure his goods in the warehouse, he pays the insurance premium and promises to
avoid insurance fraud whereas the insurance company agrees to compensate losses in case of a fire. So
mathematically.
Agreement+ Enforceable by Law = Contract
When an offer is made with the intention to create a legal obligation it becomes an offer for entering a contract. Thus,
an agreement becomes a contract when there is free consent of the parties, capacity of the parties to contract, lawful
consideration and lawful object or subject: matter.

3. Important of Research and Development (R&D)?

Research and development (R&D) include activities that companies undertake to innovate and introduce new products
and services. It is often the first stage in the development process. The goal is typically to take new products and
services to market and add to the company's bottom line.

Research and Development Important?

Given the rapid rate of technological advancement, R&D is important for companies to stay competitive. Specifically,
R&D allows companies to create products that are difficult for their competitors to replicate. Meanwhile, R&D efforts
can lead to improved productivity that helps increase margins, further creating an edge in outpacing competitors.
From a broader perspective, R&D can allow a company to stay ahead of the curve, anticipating customer demands or
trends.

4. What is the macro-environment?

The macro-environment is more general - it is the environment in the economy itself. It has an effect on how all
business groups operate, perform, make decisions, and form strategies simultaneously. It is quite dynamic, which
means that a business must constantly track its changes. It consists of external factors that the company itself does
not control but is certainly affected by. The factors that make up the macro-environment are economic factors,
demographic forces, technological factors, natural and physical forces, political and legal forces, and social and cultural
forces.

Macro-environment factors

Economic factors

Basically, the very environment of the economy can influence two essential aspects-your company's levels of
production and the decision-making process of your customers.

Demographic forces

Each chunk of the market is affected by universal demographic forces. These are age, education level, cultural
characteristics, country and region, lifestyle, and so on.

Technological factors

These factors are related to skills and ability that are implemented into production, as well as all the materials and
technology that a particular product requires to be made. They are essential and can have a big impact on how well
your business is running. It boils down to even the most basic factors, such as what kind of maintenance trolleys you
use in order to preserve your tools and equipment for as long as you possibly can.

Natural and physical forces

Every business must also consider the very planet and its resources. There are those that can be renewed, such as
forests and agricultural products, and those that cannot, such as coal, minerals, oil, and the like. Both are strongly
related to production.

Political and legal forces

The market develops according to the political and legal environment in various areas. This means that every business
needs to be up to date with such forces worldwide in order to be able to make Finally, it is crucial to understand that
the product that you bring to the market can have a strong the

5. Monetary policy;
Monetary policy is a set of tools used by a nation's central bank to control the overall money supply and promote
economic growth and employ strategies such as revising interest rates and changing bank reserve requirements. In
the United States, the Federal Reserve Bank implements monetary policy through a dual mandate to achieve maximum
employment while keeping inflation in check. Monetary policy is the control of the quantity of money available in an
economy and the channels by which new money is supplied.

Economic statistics such as gross domestic product (GDP), the rate of inflation, and industry and sector- specific growth
rates influence monetary policy strategy. A central bank may revise the interest rates it charges to loan money to the
nation's banks. As rates rise or fall, financial institutions adjust rates for their customers such as businesses or home
buyers. Additionally, it may buy or sell government bonds, target foreign exchange rates, and revise the amount of
cash that the banks are required to maintain as reserves.

Types of Monetary Policy

Monetary policies are seen as either expansionary or contractionary depending on the level of growth or stagnation
within the economy.

Contractionary
A contractionary policy increases interest rates and limits the outstanding money supply to slow growth and decrease
inflation, where the prices of goods and services in an economy rise and reduce the purchasing power of money.

Expansionary - During times of slowdown or a recession, an expansionary policy grows economic activity. By lowering
interest rates, saving becomes less attractive, and consumer spending and borrowing increase.

Goals of Monetary Policy

Inflation - Contractionary monetary policy is used to target a high level of inflation and reduce the level of money
circulating in the economy.

Unemployment - An expansionary monetary policy decreases unemployment as a higher money supply and attractive
interest rates stimulates business activities and expansion of the job market.

Exchange Rates - The exchange rates between domestic and foreign currencies can be affected by monetary policy.
With an increase in the money supply, the domestic currency becomes cheaper than its foreign exchange.

6. Fiscal Policy
Fiscal policy refers to the use of government spending and tax policies to influence economic conditions. especially
macroeconomic conditions. These include aggregate demand for goods and services. employment, inflation, and
economic growth. During a recession, the government may lower tax rates or increase spending to encourage demand
and spur economic activity. Conversely, to combat inflation, it may raise rates or cut spending to cool down the
economy. Fiscal policy is often contrasted with monetary policy, which is enacted by central bankers and not elected
government officials.

7. Consumer Protection Laws

The Consumer Protection Act, implemented in 1986, gives easy and fast compensation to consumer grievances. It
safeguards and encourages consumers to speak against insufficiency and flaws in goods and services. If traders and
manufacturers practice any illegal trade, this act protects their rights as a consumer. The primary motivation of this
forum is to bestow aid to both the parties and eliminate lengthy lawsuits. This Protection Act covers all goods and
services of all public, private, or cooperative sectors, except those exempted by the central government.

The Rights of the Consumer

Right to Safety- Before buying, a consumer can insist on the quality and guarantee of the goods. They should ideally
purchase a certified product like ISI or AGMARK

Right to Choose-Consumer should have the right to choose from a variety of goods and in a competitive price.

Right to be informed- The buyers should be informed with all the necessary details of the product, make her/him act
wise, and change the buying decision.

Right to Consumer Education-Consumer should be aware of his/her rights and avoid exploitation.

Ignorance can cost them more.

The Responsibilities of the Consumer

• Responsibility to be aware-A consumer has to be mindful of the safety and quality of products and

services before purchasing.

• Responsibility to think independently- Consumer should be well concerned about what they want

and need and therefore make independent choices.

Responsibility to speak out- Buyer should be fearless to speak out their grievances and tell traders
what they exactly want.

How to File a Complaint?

Within two years of purchasing the product or services, the complaint should be filled. In the complaint, the consumer
should mention the details of the problem. This can be an exchange or replacement of the product, compensation for
mental or physical torture. However, the declaration needs to be reasonable. All the relevant receipts, bills should be
kept and attached to the complaint letter. A written complaint should be then sent to the consumer forum via email.
registered post, fax or hand-delivered. Acknowledgement is important and should not be forgotten to receive. The
complaint can be in any preferred language. The hiring of a lawyer not required. All the documents sent and received
should be kept.

8. Globalisation
In simple terms, globalisation is the catch-all term for the process by which items and people move across borders.
From goods and services to money and technology, globalisation promotes and speeds up how we move and exchange
things across the world.

What are the different types of globalisations?

Economic globalisation

The ongoing development of processes, seizing of opportunities, and solving of the challenges of economic activity
around the world. Examples include the spread of capitalism, an increase in market trading and exports, and the
forming of global economic policies.

Cultural globalisation

The sharing and trading of cultural beliefs, traditions, and ideas. Examples of this include the rise of K-Pop (Korean pop
music).

Digital globalisation

The sharing of data and information on digital platforms that speeds up and improves how we connect to people
around the world. Examples include big tech platforms like Facebook, Instagram, and YouTube.

Financial globalisation

The rise in global financial systems and the exchanging of money globally. Examples include the global stock market,
which relies on the economy as a whole and where a decline in one market has a knock-on effect on others.

Geographic globalisation

The ever-changing organisation of different regions and countries around the world. Examples include the sharing of
visas between certain countries which enable people to work, live, and travel easily in countries other than their own.

Political globalisation

The development and influence of international organisations which decide on actions and laws at an international
level. Examples of such organisations include the European Union, the UN, and even the World Health Organisation.

GATT
General Agreement on Tariffs and Trade (GATT), set of multilateral trade agreements aimed at the abolition of quotas
and the reduction of tariff duties among the contracting nations. When GATT was concluded by 23 countries at
Geneva, in 1947 (to take effect on Jan. 1. 1948), it was considered an interim arrangement pending the formation of
a United Nations agency to supersede it. When such an agency failed to emerge, GATT was amplified and further
enlarged at several succeeding negotiations. It subsequently proved to be the most effective instrument of world trade
liberalization, playing a major role in the massive expansion of world trade in the second half of the 20th century. By
the time GATT was replaced by the World Trade Organization (WTO) in 1995, 125 nations were signatories to its
agreements, which had become a code of conduct governing 90 percent of world trade.

What Is the World Trade Organization (WTO)?

Created in 1995, the World Trade Organization (WTO) is an international institution that oversees the rules for global
trade among nations. It superseded the 1947 General Agreement on Tariffs and Trade (GATT) created in the wake of
World War II. The WTO is based on agreements signed by most of the world's trading nations (The main function of
the organization is to help producers of goods and services, as well as exporters and importers, protect and manage
their businesses) As of 2021. the WTO has 164 member countries, with Liberia and Afghanistan the most recent
members, having joined in July 2016, and 25 "observer" countries and governments.

9. NITI AYOG
NITI Aayog (National Institution for Transforming India) NITI Aayog stands for "National Institution for Transforming
India," which was formed on 01 January 2015, by the Prime Minister of India as a replacement for the Planning
Commission, which had a legacy of 65 years. The significance and work of the Planning Commission had been
questioned for a long time. Therefore, the NITI Aayog was formed to maximize governance, promoting national
economic interests and cooperative federalism.

Niti is a Sanskrit word that means moral guidance and making policies. Keeping this essence in mind, on January 1st,
2015, Prime Minister Narendra Modi introduced the NITI Aayog, which stands for National Institution for Transforming
India, NITI Aayog is considered a booster for the economic growth of the country. which will further help India evolve
as a strong economy on a global platform.

What are NITI Aayog Hubs?

Team India Hub acts as interface between States and Centre.

Knowledge and Innovation Hub builds the think-tank acumen The Aayog planned to come out with three documents-
3-year action agenda, 7-year medium-term of NITI Aayog

NITI Aayog PLANED strategy paper and 15-year vision document.

What is the Importance of NITI Aayog?

The 65-year-old Planning Commission had become a redundant organization. It was relevant in a command economy
structure, but not any longer. India is a diversified country and its states are in various phases of economic
development along with their own strengths and weaknesses. In this context, a "one size fits all' approach to economic
planning is obsolete. It cannot make India competitive in today's global economy.

What are Its Key Objectives?

To foster cooperative federalism through structured support initiatives and mechanisms with the States on a
continuous basis, recognizing that strong States make a strong nation. To develop mechanisms to formulate credible
plans at the village level and aggregate these progressively at higher levels of government. To ensure, on areas that
are specifically referred to it, that the interests of national security are incorporated in economic strategy and policy.

To pay special attention to the sections of our society that may be at risk of not benefitting adequately from economic
progress.

Industrialization trends and industrial policy;

At the time of Independence, the Indian economy was facing severe problems of illiteracy, poverty, low per capita
income, industrial backwardness, and unemployment. After India attained its Independence in 1947, a sincere effort
was made to begin an era of industrial development. The government adopted rules and regulations for the various
industries. This industrial policy introduction proved to be the turning point in Indian Industrial history. Industrial policy
is a document that sets the tone in implementing promoting the regulatory roles of the government. Let's understand
the journey of various industrial policies.
1. Industrial Policy of 1948

The first industrial policy after independence was announced on 6th April 1948. It was presented by Dr. Shyama Prasad
Mukherjee then Industry Minister. The main goal of this policy was to accelerate the industrial development by
introducing a mixed economy where the private and public sector was accepted as important in the development of
the economy. It saw the Indian economy in socialistic patterns. The large industries were classified into four categories:

Industries with exclusive State Monopoly/Strategic industries: It included industries engaged in the activity of atomic
energy, railways and arms, and ammunition.

Industries with Government control: This category included industries of national importance. 18 such categories
were mentioned in this category such as fertilizers, heavy machinery, defence equipment, heavy chemicals, etc.

Industries with Mixed sector: This category included industries that were allowed to operate independently in the
private or public sector. The government was allowed to review the situation to acquire any existing private
undertaking.

Industry in the Private sector: Industries which were not mentioned in the above categories fall into this category.
High importance was granted to small businesses and small industries, leading to the utilization of local resources and
creating employment.

II. Industrial Policy Resolution, 1956

This second industrial policy was announced on April 20, 1956, which replaced the policy of 1948. The features of this
policy were:

A new classification of Industries. Non-discriminatory and fair treatment for the private sector.

Promotion of village and small-scale industries. To achieve development by removing regional disparity. Labour
welfare.

III. Indian Policy Statement, 1973

Indian Policy Statement of 1973 identified high priority industries with investment from large industrial houses and
foreign companies were permitted. Large industries were permitted to start operations in rural and backward areas
with a view to developing those areas and enabling the growth of small industries around. And so, the basic features
of Indian Policy Statement were: The policy was directed towards removing the distortions, it provided for closer
interaction between agriculture and industrial sector. Priority was given towards generation and transmission of
power. The list of industries reserved for the small-scale sector was expanded.

V. Industrial Policy, 1980

The Congress government announced this policy on July 23rd, 1980. The features of this policy are Promotion of
balanced growth Extension and simplification of automatic Taking over industrial sick units. expansion. Regulation and
control of unauthorized excess production capabilities installed for industrial houses

Redefining the role of small-scale units, Improving the performance of the public sector.

VI. New Industrial Policy, 1991

The features of NIP, 1991 are as follows:

Public sector de-reservation and privatization of the public sector through disinvestment. Industrial licensing.

Amendments to Monopolies and Restrictive Trade Practices (MRTP) Act, 1969. Liberalized Foreign Investment Policy.

Foreign Technology Agreements (FTA). Dilution of protection to SSI and emphasis on competitiveness enhancement.

The all-around changes introduced in the industrial policy framework have given a new direction to the future
industrialization of the country. There are encouraging trends on diverse fronts. Industrial growth was 1.7 percent in
1991-92 that has increased to 9.2 percent in 2007-08. The industrial structure is much more balanced. The impact of
industrial reforms is reflected in multiple increases in investment envisaged, both domestic and foreign.

MSME
In India, MSMEs contribute nearly 8% of the country's GDP, around 45% of the manufacturing output, and
approximately 40% of the country's exports. It will not be wrong to refer them as the "Backbone of the country."

The Government of India has introduced MSME or Micro, Small, and Medium Enterprises in agreement with Micro,
Small and Medium Enterprises Development (MSMED) Act of 2006. These enterprises primarily engaged in the
production, manufacturing, processing, or preservation of goods and commodities. MSMEs are an important sector
for the Indian economy and have contributed immensely to the country's socio-economic development. It not only
generates employment opportunities but also works together towards the development of the nation's backward and
rural areas.

Following are a few highlighting features of new MSMES –

A provision of Collateral Free Loans to MSMEs

An arrangement of loans to MSMEs worth of Rs. 3 lac crores

An offer for MSMEs to get a Moratorium period of 12 months

Consideration of Manufacturing and Service MSMEs as the same entities

MSM is a granted a repayment Tenure of 48 months.

Importance of MSMEs for the Indian Economy

1 MSMEs employ around 120 million persons, becoming the second-largest employment generating sector after
agriculture.

2. With approximately 45 lac units throughout the country, it contributes about 6.11% of GDP from manufacturing and
24.63% of the GDP from service activities.

3. MSME ministry targets to increase its contribution towards GDP by up to 50% by 2025 as India moves ahead to
become a $5 trillion economy.

4. "Contributing around 45% of overall Indian exports.

Emerging sectors of Indian economy:

Emerging sector refers to an industry within an economy or a country that is in its initial stage of development, and is
expected to grow rapidly in coming few years. The word sector may also be used for a group of industries. For example,
economists generally divide all the industries in an economy in broad groups such agricultural, manufacturing and
service sectors. So, a sector of economy to qualify as emerging sector must satisfy two conditions. The first condition
is that it is a sector which has established its presence but is not very big currently and the other condition is that it is
currently growing fast and holds the promise to become an important sector of the economy in near future.

Food Processing

The Indian food processing industry is a high priority sector and is poised for excellent growth in the coming years
because it holds the vital link between agriculture and industry. India is the world's largest producer of food after
China. With increasing impetus by the government on research, it is estimated that India's food production is likely to
double in the next decade. This opens huge opportunities in food processing areas like canning, packaging, frozen food
and thermos processing.

Healthcare

India's healthcare sector has been growing rapidly driven by several factors such as increasing the average life
expectancy and average income level and rising awareness for health insurance. The Indian healthcare industry, which
comprises hospitals, medicines, infrastructure, and medical devices, outsourcing telemedicine, health insurance and
medical equipment is expected to reach US $100 billion by 2015 from the current US $65 billion, growing at around
20 percent year of year as per rating agency Fitch.

Tourism

India's tourism industry is experienced a strong period of growth, driven by the burgeoning Indian middle class, growth
in high spending foreign tourists, and coordinated government campaigns to promote 'Incredible India. The tourism
industry in India is substantial and vibrant, and the country is fast becoming a major global destination. India's rich
history and its culture and geographical diversity make its international tourism appeal large and diverse. India is a
country with diversified culture and traditions. The natural beauty of India, festivals, dresses, heritage, sites of India
are very popular among tourists. These things fascinate travellers to come here. India has so many sciences blesses
places like Kerala, Shimla. These places are prime attraction of travellers from across the world.

Retail

The Indian Retail Industry is the largest among all the industries, accounting for over 10 per cent of the country's GDP
and around 8 per cent of the employment. The Retail Industry in India has come forth as one of the most dynamic and
fast paced industries with several players entering the market. But all of them have not yet tasted success because of
the heavy initial investments that are required to break even with other companies and compete with them. The India
Retail Industry is gradually inching its way towards becoming the next boom industry.

Design and strategy of economic reforms;

Economic reforms refer to the fundamental changes that were launched in 1991 with the plan of liberalising the
economy and quickening its rate of economic growth. The Narasimha Rao Government, in 1991, started the economic
reforms in order to rebuild internal and external faith in the Indian economy. The reforms intended at bringing in
larger cooperation of the private sector in the growth method of the Indian economy. Policy changes were proposed
with regard to technology up-gradation, industrial licensing, removal of restrictions on the private sector, foreign
investments, and foreign trade. The essential features of the economic reforms are - Liberalisation, Privatisation, and
Globalisation, commonly known as LPG.
Need for Economic Reforms
Poor performance of the industrial sector Adverse balance of payments

Rise in fiscal deficit

Inflation The Gulf War

Examples of Economic Reforms – Liberalisation, Privatisation, Globalisation

Why were Economic reforms introduced in India? Economic reforms were introduced in India because of the
following reasons: Poor performance of the public sector. Public sector was given an important role in development
policies during 1951-1990. However, the performance of most public enterprises was disappointing. They were
incurring huge losses because of inefficient management. Imports grew at a very high rate without matching the
growth of exports. Government could not restrict imports even after imposing heavy tariffs and fixing quotas. On the
other hand, exports were very less due to the low quality and high prices of our goods as compared to that of foreign
goods.

Fall in foreign exchange reserves -

Huge debts on government

Inflationary pressure

Terms and conditions of the World Bank and the IMF - India received financial help of $7 billion from the World Bank
and the IMF on an agreement to announce its New Economic Policy.