BA.LLB (Hons.) 5 Year


Economics – III


Economics – III

Objective: The objective of the paper is to sharpen the analytical ability of the students, by highlighting an integrated approach to the functioning aspects of the Indian economy, keeping in view the scope for alternative approaches. Such an analysis is essential because the Indian economy is a unique combination of alternative competing and often conflicting theories and a proper understanding of its working is imperative if the student is to comprehend the ramifications that underlie most of the observed phenomena in the Indian economic set-up. The emphasis of the paper is on overall social, political and economic environment influencing policy decisions. To develop all these themes, the course is divided into four units.

Module – I           Basic Issues in Economic Development:

  1. Concept and Measures of Development and Underdevelopment; Human Development; 

Overview of Indian Economy:

  1. Understanding the Indian Economy; India on the eve of Independence, Composition of National Income, Occupational structure, the Agrarian scene and Industrial Structure; Phases of Planning in India, Development planning, Poverty and Inequality in India. 

Module – II          The Agricultural Sector: 

Land Reforms, Agricultural Growth and Productivity, Green Revolution and After, Agricultural Price, subsidy and taxation policies, Food security and PDS, Agricultural Labour and rural unemployment, Rural employment schemes, Evaluation of rural credit policies, Microfinance- self-help groups and NGO’s.

Module – III        Industry and Services: 

The evolution of planning and import substituting industrialization, Economic reform and liberalization in 1991, Phases of  Industrialisation – 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

Module – IV        The 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, Before and After Economic Reforms of 1991; Features of Recent Foreign Trade Policy; Export policies and performance; Macro Economic Stabilisation. India and WTO.

Suggested Readings:

  1. Uma Kapila (ed), “Indian Economy since Independence”, Relevant articles.
  2. Deepashree, Indian Economics, Performance and Polices”, ANE Books Pvt. Ltd.New Delhi
  1. Dandekar, V. M.,“Forty Years After Independence” in BimalJalan(ed.), The Indian Economy: Problems and Prospects, Viking, New Delhi.
  1. Nagaraj, R., “Indian Economy since 1980: Vitrious Growth or Polarisation?”, Economic and Political Weekly. pp. 2831-39.
  2. Vaidyanathan, A., “Poverty and Development Policy”. Economic and Political Weekly.
  3. Deaton, A and Jean Dreze., “Poverty and Inequality in India”. Economic and Political Weekly.
  4. Chakravarty, Sukhamoy. “Development Planning The Indian Experience”. Oxford University Press, Delhi.
  5. Jean Dreze and Amartya Sen, “India: Development and Participation”, Oxford University Press, 2nd edition, 2002.
  6. Pulapre Balakrishnan, 2007, “The Recovery of India: Economic Growth in the Nehru Era”, Economic and Political Weekly, November.
  7. Ray, S. K., “Land Systems and its Reforms In India.” Sections II & III, Indian Journal of Agricultural Economics. Vol. 51. Nos. 1 & 2.
  8. Vaidyanathan, A.,“India‟s Agricultural Development Policy”, Economic and Political Weekly.
  9. Bhalla, G. S. “Policy for Food Security in India”.
  10. Reetika Khera, 2011, “India’s Public Distribution System: Utilisation and Impact”,Journal of Development Studies.
  11. Rao, J. Mohan and Servaas Storm. “Distribution and Growth in Indian Agriculture”.in T. J. Byres (ed.). the Indian Economy: Major Debates since Independence, OUP.
  12. Krishnaji, N. “Agricultural Price Policy: A Survey with Reference to Indian Food grain Economy”. Economic and Political Weekly. Vol. 25. No. 26.
  13. Srinivasan, T. N.,“Eight Lectures on India’s Economic Reforms, OUP.
  14. Nayyar, Deepak. (ed.). “Industrial Growth and Stagnation: The Debate in India”.Sameeksha Trust and OUP. pp. (Introduction).
  15. Chandra, Nirmal K., “Growth of Foreign Capital and its Importance in Indian Manufacturing”. Economic and Political Weekly. Vol. 26. No. 11.
  16. Khanna, Sushil.,“Financial Reforms and Industrial Sector in India”. Economic and Political Weekly. Vol. 34. No. 45.
  17. Rangarajan, C. and N. Jadhav. “Issues in Financial Sector Reform”, Bimal Jalan. (ed).The Indian Economy. Oxford University Press, New Delhi.
  18. NCAER (2001), Economic and Policy Reforms in India, New Delhi.
  19. Government of India, Economic Survey (Annual), Ministry of Finance, New Delhi,

(various issues).

  1. Reserve Bank of India, Report on Currency and Finance, (Annual), (various issues).
  2. Misra, S.K. and V.K. Puri (2004), Indian Economy, Himalaya Publishing House, New Delhi.
  3. Datt, R. and K.P.M. Sundharam (2004), Indian Economy, S. Chand & Company Ltd., New