Micro Economics

May 20th, 2015
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ROLE OF LAW IN ACHIEVINGSOCIO-ECONOMIC OBJECTIVEIN INDIAEC O N O M IC SECO N O M ICS AN D LAW Objectives mentioned in thepreamble of our constitution are:Justice social, economic and political Our economy is a market basedeconomy so to achieve theseobjectives and development of theeconomy we need laws to regulatethe socio economic ethos of thecountryLAW AN D ECO N O M ICS As economics has influenced law. Lawhas also influenced economics. Prof. Barker: If economic factors andeconomic interests have partlydetermined the legal framework it iseven more true that law has furnishedthe whole general framework of ruleswithin which and under which thefactors and interests of economicshave had to work,D EVLO PM EN T PRO CESS IN IN D IA Introduction of various acts in socioeconomic subject: agriclture,industries, labour, social welfare etc. Laws that helped in achieving socioeconomic objectives in India:I. Land Reforms LegislationII. Bonded Labour lawLand Reform s Legislation1) Abolition of Zamindari and during away of middlemen: As soon as the popular Govt came to power in various states theZamindari system, due to which the middlemen earned a lot fromthe farmers, were do away with. Now crores of farmers who wereunder these middlemen came in direct contact of the Govt. Thesemiddlemen child get lot money, as a result of compensation but itgave a thought of relief to crores of agriculturists in this country.

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