Course Outline: Indian Economic Policy (IEP)

Course code: Click or tap here to enter text.

Credit:0.75 , Core Course
Area: Economics
Program: PGDM-B&FS
Term 1 Academic Year 2020-21
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Instructor(s) Name Ayona Bhattacharjee
Room no. 509
Email [email protected]
Phone (Extn no.) 129
Meeting Hours TBA
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1. COURSE DESCRIPTION

To help the Indian economy sustain its growth path and emerge as an economic superpower, the financial sector
has a crucial role to play. The focus is thus on the future managers in the banking and financial sector to provide
support in developing a robust financial system in the economy. For a manager it is crucial to understand the
economic environment where the interpretations of fiscal and monetary policies are crucial inputs for business
decision-making. To form the base for understanding and analysing such policies, this course will provide the
theoretical foundation, applied to real life examples, in the Indian context. The course will also equip the future
managers with the tools and techniques to analyse an array of issues confronting the Indian economic
environment and how these are likely to change in response to changes in both domestic and global forces.
Understanding the relevance of the existing policies or how the implementation of a new policy can influence
a sector has implications for the strategies adopted by businesses.

2. COURSE OUTCOMES (COs)

After going through the course, the students would be able to:

Course Outcome 1 (CO1): Decipher the role of policy-making in the Indian economy
Course Outcome 2 (CO2): Identify sectoral impact of domestic policies in the Indian economy
Course Outcome 3 (CO3): Analyse the effects of global economic conditions on policy-making in
India

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 3. MAPPING OF THE PROGRAM OUTCOMES (POs) AND COURSE OUTCOME (COs)
Course Outcomes (COs)
Program Outcomes (POs)
CO1 CO2 CO3

PO1: Student should be able to write well organized and grammatically correct
business reports and letters.

PO2: Student should be able to make effective oral presentations.

PO3: Student should be able to demonstrate critical thinking skills by understanding 3 3

the issues with a strong focus on banking and financial services, evaluating
alternatives on the basis of multiple perspectives and presenting a solution including
conclusions and implications

PO4: Student should be able to demonstrate problem solving skills by understanding

and defining the problem related particularly to banking and financial services,
analyzing it and solving it by applying appropriate theories, tools and techniques.

PO5: Student should be able to illustrate the role of responsible leadership in

management.

PO6: Student should be able to identify social concerns and ethical issues in
management.

PO7: Students should be able to identify challenges faced by banks and financial 3
institutions in the global business environment.

PO8: Student should be able to take decisions in the global business environment
with special focus on banking and financial institutions.

4. PEDAGOGY
The class will be centered on the class lectures, which is typical for courses of this genre. Students
are however strongly encouraged to participate in proceedings, both by feeling free to seek
clarification and asking pertinent questions. To enable meaningful participation, students need to
regularly review the material covered in class, stay in-step with readings. This would benefit both
students’ understanding, while enriching the learning environment in the class.

5. COURSE EVALUATION COMPONENTS (CECs)

5.1 End Term (60%): End term exam will cover the full syllabus and be given during the end term
examination week. It will assess the understanding of the subject application of concepts to analyze
real life business situations.

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5.2 Quizzes (30%): Two quizzes will be given in regular interval during the term. Total marks scored
in both the quizzes will be considered while calculating the final grade of the course. There will
be no make-up quizzes or “extra-credit” opportunities.

5.3 Class Participation (10%): Multiple in class activities will constitute the class participation.
These include but not limited to explaining a concept to the fellow students, presenting data
relevant for a discussion, discussing readings etc.

There will be no “extra-credit” opportunities. Make-up opportunities for missed assignments/end-

term will be allowed only for genuine reasons (as per the rules defined in the Student Handbook)
with prior approval from Dean, Academic.
6. MAPPING BETWEEN COs, POs and CECs
Cos POs Course Evaluation Components (CECs)
Quizzes Class End-Term
participation
CO1 PO3 √
CO2 PO3 √
CO3 PO7 √ √

7. RESOURCES
7.1 Textbook
The course will cover select topics from different books and reputed journal articles. Some more
reading materials shall be shared with the students during lectures. Students are required to refer
to these as additional resources for discussions.

7.2 Reference Books

Some of the recommended books for study include:

Indian economy: performance and policies 21st edition 2020-2021 by Uma Kapila (Academic
Foundation)
What The Economy Needs Now by Abhijit Banerjee, Gita Gopinath, Raghuram Rajan and Mihir
S. Sharma (2019)
Ashima Goyal (ed) A Concise Handbook of the Indian Economy in the 21st Century, Oxford
University Press, 2015
India's Economy: Pre-liberalisation to GST: Essays in Honour of Raj Kapila edited by Uma Kapila,
(Academic Foundation)
Indian Economy Since Independence: A comprehensive and critical analysis of India's economy,
1947-2017, 28th Edition, by Uma Kapila (Academic Foundation)
India's Economic Reforms, 1991-2001 by Vijay Joshi and I.M.D. Little (OUP,2004)
Macroeconomic Policy Environment (2nded) by Shyamal Roy (Tata McGraw Hill. 2010)
Indian Economy: Performance and Policies, 18th edition by Uma Kapila (Academic Foundation)

7.3 Online References

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 1. Ideas for India: http://ideasforindia.in/Default.aspx
2. Financial Times : www.ft.com;
3. The Economist : www.economist.com;
4. Wall Street Journal: http://online.wsj.com;
5. For Economics A-Z: http://www.economist.com/;
6. Business Standard: www.business-standard.com;
7. Reserve Bank of India: http://www.rbi.org.in/home.aspx;
8. Ministry of Finance (GoI) : http://finmin.nic.in/;
9. Hindu Business Line: http://www.thehindubusinessline.com/;
10. Economic Times: http://economictimes.indiatimes.com/;
11. Business Standard: http://www.business-standard.com/.

8. SESSION PLAN
Session Topic Readings/Cases

Compulsory Readings:

India’s Economic Development: From the past to present

by Pulin Nayak (2020)

Understanding India’s economic geography by Mckinsey

Macro-economic Outlook (2014)
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for the Indian economy
Macro-economic framework statement 2020-21

Additional Readings:

The Economy and Budget: Diagnosis and Suggestions by

Arvind Subramanian & Josh Felman (2021)

Compulsory Readings:

Bhanumurthy, N. R., Bose, S., & Satija, S. (2019). Fiscal

Policy, Devolution and Indian Economy (No. 19/287).

Ch. 4 from Macroeconomic Policy Environment (2nd ed)

by Shyamal Roy (2010)
2 Fiscal policies in India
Additional Readings:

GDP estimation in India- Perspectives and Facts by B. Deb

Roy, R. Roy, S. Bhalla, C. Singh, A. Virmani (2019)

Garnering the Fiscal Stimulus: A Bargaining Game by

Indranil De & Sanjib Pohit (2021)

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 Compulsory Readings:

Ch.13 from India’s Economy: Pre-liberalisation to GST

(2017)

Ch. 4 from A Concise Handbook of the Indian Economy in

the 21st Century ed. By Ashima Goyal (2015)

Ch. 5 from Macroeconomic Policy Environment (2nd ed)

3 Indian Monetary system
by Shyamal Roy (2010)

Additional Readings:

Ch. 12 & Ch. 13 from What the Economy Needs Now

(2019)

Ch. 5 & Ch. 6 from Evolution of Banking System in India

since 1900 by O.P. Chawla (2019)

Service sector in India-characteristics, growth and

sustainability
Role of Service Sector in
4 Additional Readings:
India’s Growth process
Services in India’s growth process (Ch.30 from Indian
Economy since independence, Uma Kapila (ed.))

Compulsory Readings:

Ch. 5 & 6 from from A Concise Handbook of the Indian

Economy in the 21st Century ed. By Ashima Goyal (2015)

Restricting Third Country Imports by Ram Singh &

Surendar Singh (2021)
Openness & Growth in the Additional Readings:
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Indian Economy
Dhar, B. (2019). India’s Withdrawal from the Regional
Comprehensive Economic Partnership. Economic &
Political Weekly, 54(45), 59.

Chatterjee, S., & Subramanian, A. (2020). India’s Inward

(Re) Turn: Is it Warranted? Will it Work? Ashoka Center
for Economic Policy, Policy Paper, (01)

END TERM EXAMINATION

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9. ACADEMIC INTEGRITY & CLASS RULES

a) Plagiarism is the use of or presentation of ideas, works that are not one’s own and which are not
common knowledge, without granting credit to the originator. Plagiarism is unacceptable in IMI
and will invite penalty. Type and extent of penalty will be at the discretion of the concerned faculty.
b) Cheating means using written, verbal or electronic sources of aid during an examination/ quiz/
assignment or providing such assistance to other students (except in cases where it is expressly
permitted by the faculty). It also includes providing false data or references/list of sources which
either do not exist or have not been used, having another individual write your paper or assignment
or purchasing a paper for one’s own submission. Cheating is strictly prohibited at IMI and will
invite penalty as per policies of the Institute.