SVKM’s NMIMS ASMSOC – Course Outline

Course 742EC0C002
Code
Course Indian Economy in Global Scenario
Title
Course Dr. Mona Bhalla, Dr. Swarita De, Dr. Charu Bhurat, Dr. Jyoti Sarkar
Instructor/s
Course 4
Credit
Program BBA
and Semester-III
Semester
Pre- Basics of Indian Economy, Macroeconomics
Requisite
Learning 1. To understand the concepts of economic growth and
Objectives economic
development. (PLO1a)
2. To discuss how different policy regimes and institutions
have shaped India’s growth story. (PLO1a, PLO1c)
3. To understand the various distributional issues: poverty,
inequality and unemployment (PLO4a)
4. To analyse India’s demographic trends and understand its
impact on
Indian economy. (PLO1a, PLO2a)
5. To describe the changing sectoral distribution of India’s GDP
and understand the growth
dynamics of different sectors (Agriculture, Industry and Trade)
(PLO1a, PLO2a)
Learning After completion of the course, students would be able to :
Outcomes 1. Students will be able to understand and distinguish between
the concepts of economic growth and economic development
and understand the challenges in achieving these objectives.
2. Students will understand how Indian economic policies
have evolved over the years and their impact on India’s growth
story.
3. Students will become aware about the difficult challenges of
poverty, unemployment and inequality.
4. Students will understand how India’s demography is a
blessing and a challenge for India’s economy.
5. Students will be able to analyse the growth trends of different
sectors of Indian economy and understand the various
challenges they face.
Course As the Indian economy becomes more integrated with the rest of the world,
Description the demand for sound policy-making is on the rise. India’s economy needs
a greater participation from those well-versed with economic principles, to
guide the discussions in corporate boardrooms and governmental
organisations so that the country can achieve more inclusive and
sustainable growth. With more than seven decades of independence, India
still suffers from acute poverty, widespread unemployment and inequality.
Thus, for economic management, issues related to both social and economic
 indicators assume importance in the contemporary times. The course Indian
Economy in Global Scenario provides a comprehensive coverage of issues
related to the Indian Economy.
Evaluation Specific % AOL Intended CLOs to
Pattern Assessment Weightage Instruments be Assessed
Methods /
Task
C CL CL CL CL
L O2 O3 O4 O5
O
1
Internal Test 20 marks Written √ √ √ √ √
40% Test
Research 10 marks Research √ √ √ √ √
Paper 20% paper
Presentation 10 marks Presentation √ √ √ √ √
and Viva 20%
Article 10 marks Class √ √ √ √ √
Discussion 20% Discussion
 Course Session Plan

Session Topics / Module Chapters (Mention Page

Numbers) / Articles /
Cases / Material and
Activities
1. Issues in Economic Development: IndianEconomy:
Performance and Policies
1 Economic growth and Economic development Chapters 1,2
2 Human Development Index-components and (Uma Kapila)
construction
3 India’s ranking in HDI, why is India’s ranking Video : Different
low. Policies to improve the ranking. ideologies of Dr. Jagdish
Bhagwati and Amartya
Sen on Economic
development and
economic growth of
India

Human Development Index

(HDI)
https://hdr.undp.org/data-
center/human-development-
index#/indicies/HDIHuman

https://hdr.undp.org/system/f
iles/documents/global-
report-document/hdr2023-
24snapshoten.pdf

https://www.undp.org/india/
press-releases/india-shows-
progress-human-
development-index-ranks-
134-out-193-countries

Development Report
2023/2024 technical notes
https://hdr.undp.org/sites/def
ault/files/2023-
24_HDR/hdr2023-
24_technical_notes.pdf

The Indian economy: A

Review, January 2024, Page
39-47
https://dea.gov.in/sites/defaul
 t/files/The%20Indian%20Eco
nomy%20-
%20A%20Review_Jan%202
024.pdf

2. Features of the Indian Economy at IndianEconomy:

Independence: Performance and Policies
4 Composition of national income and Chapter 3 (Uma Kapila)
occupational structure
5 The agrarian scene and industrial structure
3. Policy Regimes Pre-Read: Patnaik, P. (2015).
6 The evolution of planning From the planning commission
7 Three phases of planning to the NITI
8 Changing role of state over the years Aayog. Economic and Political
Weekly, 50(4),10-12
9 Changing role of state over the years
(https://www.epw.in/journal/2
10 Economic Reforms and liberalization- 015/4/co mmentary/planning-
Stabilization Policy and Structural Reforms commission-niti-
aayog.html?0=ip_login_no_ca
11 Planning Commission to NITI Aayog che%3D4373a7a5552184e4bf
12 Major Structural Reforms Undertaken as 98a5f821436e6c)
a Part of Atmanirbhar Bharat Package
Indian Economy:
Policy Response to Covid-19: Once In A Performance and Policies,
Century ‘Crisis’ Chapters 4, 5(Uma Kapila)
13 Policies and Drivers of Growth in the last
decade (2014-2024) The Indian Economy- A
Review, Jan 2024
Chapter 1, Page 6-8
Chapter 2, Page 14-24
https://dea.gov.in/sites/defaul
t/files/The%20Indian%20Eco
nomy%20-
%20A%20Review_Jan%202
024.pdf
Economic Survey 2020-21,
Volume I, Chapter 1, Pg. 35-
38
https://www.indiabudget.gov
.in/budget2021-
22/economicsurvey/doc/vol1
chapter/echap01_vol1.pdf

Volume II, Chapter 1, Pg. 38-

41
https://www.indiabudget.gov.i
n/budget2021-
22/economicsurvey/doc/vol2c
hapter/echap01_vol2.pdf

Article Discussion :
 • The changing the role
of planning w.r.t. NITI
AAYOG
• Impact of COVID-19
on Indian economy
by R. Ramakumar
2021
http://www.revistas.unam.mx/i
ndex.php/rie/article/view/7684
5

4. Growth, Development, Structural

Change and Sectoral Trends:

A. Growth and Structural Change Pre read: China and India:

since 1951 Idiosyncratic paths to High
growth by Kaushik Basu
14 Periodization of Indian Economy
15 Periodization of Indian Economy Indian Economy:
16 Growth Experience 2003-08: Best Phase of Performance and Policies,
Growth Chapter 8 (Uma
17 Post Global Recession (2008-2014)- 2011
Deceleration, Domestic Structural Constraints Kapila)
18 Growth in the last decade (2014-2024)
The Indian Economy- A
19 Impact of Covid-19 (Demand side shocks and Review, Jan 2024,
Supply side shocks; V-Shaped recovery) Chapter 1, Page 5, 9
20 Inter-state Inequality over the years Chapter 2, Page 14-24
21 Challenges confronting the Indian Economy, https://dea.gov.in/sites/default/f
What made the Indian economy Resilient? iles/The%20Indian%20Econo
my%20-
%20A%20Review_Jan%20202
4.pdf

Economic Survey 2020-21,

Volume I, Chapter 1, Pg. 29-
34
https://www.indiabudget.gov
.in/budget2021-
22/economicsurvey/doc/vol1
chapter/echap01_vol1.pdf

Volume II, Chapter 1, Pg.

10,11, 42-47
https://www.indiabudget.gov.i
n/budget2021-
22/economicsurvey/doc/vol2c
hapter/echap01_vol2.pdf

Video: Raghuram Rajan on

Economy Amid COVID-19
Crisis
 https://www.youtube.com/wat
ch?v=wIOKkIs9h_8
B. Poverty in India Indian Economy:
22 Relative and Absolute Poverty, Poverty Performance and Policies,
Line-Tendulkar and Rangarajan Poverty Chapter 9 (Uma Kapila)
Lines
23 Relative and Absolute Poverty, Poverty UNDP Multidimensional
Line-Tendulkar and Rangarajan Poverty Poverty Index 2023
Lines https://hdr.undp.org/content/20
24 UNDP Multidimensional Poverty Index 2023 23-global-multidimensional-
poverty-index-
mpi#/indicies/MPI

C. Unemployment in India: Indian Economy:

25 Concept (LFPR, WPR, Unemployment Rate, Performance and Policies,
Labour Force) and Measurement (UPS, Chapter 10,
UPSS, CWS, CDS), Uma Kapila.
26 Characteristic of Indian Labour Market,
Dualistic Labour Market The Indian Economy- A
27 Pattern of employment growth in India, Review, Jan 2024, Page 48-
sectoral trends in employment, Employment 52
Elasticity, https://dea.gov.in/sites/defaul
28 Case of MGNREGA. t/files/The%20Indian%20Eco
29 Recent developments-Current trends in nomy%20-
employment growth, Labour market Reform,
%20A%20Review_Jan%202
4 Labour Codes
024.pdf

New Labour Codes

https://labour.gov.in/sites/def
ault/files/labour_code_eng.pd
f

Article discussion :
• Critical evaluation
of programmes like
MNREGA
• On Skill India
campaign under
the Narendra Modi
govt. and the role of
NSDA
• Effective Use of
Technology for
Welfare Schemes –
Case of MGNREGS
https://www.indiabudget.gov.i
n/budget2019-
20/economicsurvey/doc/vol1c
hapter/echa p10_Vol1.pdf)
D. Demographic Constraints:
30 Microeconomic Theory of Fertility, Indian Economy:
Interaction between population change and Performance and Policies,
economic development- Savings and Chapter 6 (Uma Kapila)
investment effect
31 Theory of Demographic Transition, India’s Video:
Demographic Transition, TFR, Replacement A big study in The Lancet
Level of Fertility challenges widely- held
32 Demographic Dividend and window of Indian fears of ruinous
Opportunity ‘population explosion’
Experience of Kerala and Tamil Nadu https://www.youtube.com/wat
ch?v=V- o7f5_aEqs
33 Concerns about Population Growth;
India’s Demography at
Significant implications of India’s future 2040: Planning Public
demographic evolution; Policy
Goods Provision for the 21st
intervention century
34 Global Scenario: https://www.indiabudget.gov.i
• Depopulation Dividend for a n/budget2019
Shrinking Japan 20/economicsurvey/doc/vol1c
• China’s declining population and its hapter/echa p07_vol1.pdf
new three-child policy
Depopulation Dividend for a
Shrinking Japan
https://www.researchgate.net/
publication/334450304_Depo
pulation_Dividend_for_a_Shr
inking_Japan

China’s declining
population and its new
three-child policy
https://www.eastasiaforum.or
g/2021/06/07/chinas-
declining-population-and-its-
new-three-child-policy/

5. Sectoral Trends-Performance and

Policies
5A. AGRICULTURE Indian Economy:
35 Importance of Agricultural growth and Land Performance and Policies,
Reform (briefly) Chapter 12,13 (Uma Kapila)
36 Green Revolution - Technological
Characteristics and Economic Aspect The Indian Economy- A
37 Phases of Green Revolution Review, Jan 2024, Page 24-
38 Factors affecting agrarian growth potential 26
39 Phases of Indian Agriculture –Reform Years https://dea.gov.in/sites/default/f
to present scenario iles/The%20Indian%20Econo
40 Reforms in the 3 Is –Investments, Incentives my%20-
and Institutions %20A%20Review_Jan%20202
41 Agricultural Price Policy and its impact 4.pdf
42 Food Management and PDS: Impact and Video:
Challenges What Modi Govt’s 3
43 Recent developments- performance of the Agriculture reform
agriculture sector and agricultural bills mean, political
reforms controversy & hypocrisy
around these
https://www.youtube.com/
watch?v=1UF Qa4Mgsgc
Article Discussion:
Repeal of Farm Bills Agri
reforms important; repeal of
3 farm laws a setback for
doubling farmers' income
https://economictimes.indiatim
es.com/ne
ws/economy/agriculture/agri-
reforms- important-repeal-of-
3-farm-laws-a-setback- for-
doubling-farmers-income-niti-
member- ramesh-
chand/articleshow/90760766.c
ms)
5B.INDUSTRY Indian Economy:
44 Policy Regime and the Pattern of industrial Performance and Policies,
growth Chapters 15, 16, (Uma Kapila)
45 Manufacturing Slowdown
46 Challenges arising out of Govt. Policies The Indian Economy- A
47 MSMEs-Definition, Role and Challenges Review, Jan 2024, Page 26-
48 Improvement in the manufacturing story of 36
India https://dea.gov.in/sites/defaul
49 Steps taken by the government in recent years t/files/The%20Indian%20Eco
nomy%20-
%20A%20Review_Jan%202
024.pdf

Article discussion :
Fully p a v ed w a y fo r
En er g is in g th e M S M E
Sector through entire gamut
of 'Atmanirbhar Bharat
Packages
https://pib.gov.in/PressRelease
Page.aspx? PRID=1628345

Article discussion :
China’s Manufacturing
Success Story
https://iegindia.org/upload/pu
blication/
Workpap/wp344.pdf

5C.SERVICES Indian Economy:

50 Role of Service sector Performance and Policies,
 51 Role of Service sector Chapters 18 (Uma Kapila)
52 India’s Services Trade
53 Recent Performances and policies in Service Article discussion:
Sector Rebooting Economy 58: The
54 Services: Source of Strength; Future untold story of India's services
sector
Challenges
https://www.businesstoday.in/
opinion/co lumns/indian-
economy-the-untold-story-
of-indias-services-
sector-despite-being-
main-driver-of-
countrys-growth-
story/story/427788.html

5D. Foreign Trade and Balance of Indian Economy:

Payments: Performance and Policies,
55 India’s Exports and Imports- Broad Trends Chapters 21,22 (Uma Kapila)
56 Composition and Direction –Exports and
Imports The Indian Economy- A
57 Overview of Trade Policy Review, Jan 2024, Page 53-
58 India’s B.O.P Trends 57
59 Capital Account of B.O.P. (FDI and FII) https://dea.gov.in/sites/defaul
60 Recent performances and policies t/files/The%20Indian%20Eco
nomy%20-
%20A%20Review_Jan%202
024.pdf

Article Discussion:
Why Indian exports are doing
well in 2nd Covid wave and
how new restrictions can hurt
them

https://theprint.in/economy/wh
y-indian- exports-are-doing-
well-in-2nd-covid-wave- and-
how-new-restrictions-can-hurt-
them/661525

Prescribed Text Books:

Uma Kapila, “Indian Economy, Performance and Policies”,24th edition,
Reading 2023-24 Academic Foundation, New Delhi
List and
Referenc References:
es 1. Economic Survey 2022-23
2. Economic Survey 2020-21 Volume I and Volume II
3. The Indian Economy- A Review, Jan 2024,
https://dea.gov.in/sites/default/files/The%20Indian%20Economy%20-
%20A%20Review_Jan%202024.pdf
4. Datt,Ruddar and Sundharam, K.P.M, “Indian Economy” S. Chand
Publications,2020.
 5. Basu,Kaushik and Maertens,Annemie(ed),“The Concise Oxford
Companion to Economics in India”,2010, Oxford Publications.(Last
Edition)

Prepared by Faculty Approved by Program Approved by Associate

Members Chairperson Deans
Dr. Swarita De

Approved by I/C Dean –

ASM SOC