B. Com.: Semester VI
Paper B.C. 6.4: INDIAN ECONOMY
Internal Assessment -30
Term End Exam - 70
Duration: 3 hrs.
Marks: 100
Lectures: 65
Objective: This course seeks to enable the student to grasp the major economic problems in India and their solutions. It also seeks to provide an understanding of modern tools of macro-economic analysis and policy framework.
Contents
Unit 1: Basic Issues and features of the Indian Economy
13 Lectures 20
Concept and Measures of Development and Underdevelopment; Human Development; Composition of national income and occupational structure.
Unit 2: Policy Regimes
13 Lectures 20
a) The evolution of planning and import substituting industrialization.
b) Economic Reforms since 1991
c) Monetary and Fiscal policies with their implications on economy.
Unit 3: Growth, Development and Structural Change
13 Lectures 20
a) The experience of Growth, Development and Structural Change in different phases of growth and policy regimes across sectors and regions.
b) The Institutional Framework: Patterns of assets ownership in agriculture and industry; Policies for restructuring agrarian relations and for regulating concentration of economic power;
c) Changes in policy perspectives on the role of institutional framework after 1991.
d) Growth and Distribution; Unemployment and Poverty; Human Development; Environmental concerns..
e) Demographic Constraints: Interaction between population change and economic development.
Unit 4: Sectoral Trends and Issues
13 Lectures 20
a) Agriculture Sector: Agrarian growth and performance in different phases of policy regimes i.e. pre green revolution and the two phases of green revolution; Factors influencing productivity and growth; the role of technology and institutions; price policy, the public distribution system and food security.
b) Industry and Services Sector: Phases of Industrialization – The rate and pattern of industrial growth across alternative policy regimes; Public sector – its role, performance and reforms; the small scale sector, Role of Foreign capital.
c) Financial Sector: Structure, performance and reforms. Foreign Trade and balance of payments; Structural Changes and Performance of India’s foreign trade and balance of payments; Trade Policy Debate; Export policies and
performance; Macro Economic Stabilization and Structural Adjustment; India and the WTO, Role of FDI, Capital account convertibility.
Unit 5: Inflation, Unemployment and Labour market
23 Lectures 20
Inflation: Causes of rising and falling inflation, inflation and interest rates, social costs of inflation; Unemployment – natural rate of unemployment, frictional and wait unemployment. Labour market and its interaction with production system; Philips curve, the trade-off between inflation and unemployment, sacrifice ratio, role of expectations adaptive and rational.
Suggested Readings:
1. Mishra and Puri, Indian Economy, Himalayan Publishing House
2. IC Dhingra, Indian Economy, Sultan Chand & Sons
3. Gaurav Dutt and KPM Sundarum, Indian Economy, S. Chand & Company
4. Uma Kapila (ed.), “Indian Economy since Independence”, relevant articles
5. Bhagwati, J. and Desai, P. India : Planning for Industrialization, GUP, Ch. 2.
6. Patnaik, Prabhat. Some Indian Debates on Planning. T.J. Byres (ed.). The Indian Economy: Major Debates since Independence, OUP
7. Ahluwalia, Montek S. State-level Performance under Economic Reform in India in A.O. Kruger (ed.) Economic Policy Reform and the Indian Economy, The University of Chicago Press.
8. Mankiw, N. Gregory, Principles of Macroeconomics. Cengage Learning.
9. Rudiger Dornbusch, Stanley Fischer, and Richard Startz, Macroeconomics, McGraw- Hill Education.
10. Oliver, J. Blanchard, Macroeconomics, Pearson Education.
11. G.S. Gupta, Macroeconomics: Theory of Applications, Mc-Graw-Hill Education.
12. Pau A Samuelson, William D. Nordhaus, Sudp Chaudhury, Macroeconomic, McGraw-Hill Education.
Note: Latest edition of text books may be used.
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