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Indian Economy

Syllabus:

• Indian Economy and issues relating to planning
• Mobilization of resources, growth, development and employment.
• Inclusive growth and issues arising from it.
• Government Budgeting.
• Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
• Infrastructure: Energy, Ports, Roads, Airports, Railways etc.
• Investment models.

Sub Topic List:

Indian Economy and issues relating to planning

  • Indian Economy in Pre-independence Period
  • Economy of Eve of Independence
    1. Challenges
    2. Features
  • Post-Independence India
    1. Issues
    2. Agriculture and its development so far
    3. Agricultural Terms
    4. Industry
    5. Services
  • Phases of Economic Development in India
    1. Nehruvian Socialist Economy
    2. Economic Reforms
  • Planning
    1. Objectives
    2. Technical details
    3. Planning History
    4. Analysis of each plan

Resource Mobilization

  • Types of resources: Physical capital and finance capital
  • Need for resource mobilization- Police State and Democratic Welfare State
  • Sources of resource mobilization: Public Sector and Private Sector
  • Savings and investment over the five year plan
  • Budgetary resources: Tax and non tax
  • Role of Public Debt in resource mobilization and effects: Market borrowing, loans, grants etc.
  • Role of fiscal and monetary policies in resource mobilization
  • Role of foreign investment in resource mobilization, desirability and consequences
  • Multilateral agencies and resource mobilisation
  • Physical resources

Inclusive growth and issues arising from it

  • Meaning and concept of Inclusion
  • Why inclusion and India’s experience
  • Social section initiative and inclusion process
  • Ground reality and working of flagship schemes
  • India’s growth story in this context
  • Why India’s growth is not inclusive
  • Rural economy based growth.
  • Sustainable agriculture, food security and resilience for growth.
  • Public distribution schemes: Way to inclusive growth.
  • Financial inclusion as an instrument of inclusive growth.
  • Poverty Alleviation and Employment Generation as a strategy for inclusive growth.
  • Social sector development as an instrument for inclusive growth.
  • Public private partnership for inclusive growth.
  • Industrial Integration for inclusive growth.
  • Sectoral and regional diversification as a tool for inclusive growth.
  • Conclusion on the basis Analysis of 11th and 12 five year plan document – assessment

Government Budgeting

  • Budget terminology
  • Types of budget
  • Features of outcome budgeting
  • Merger of Railway and General Budget
  • Benefits of budgeting
  • Flaws in budgeting process
  • Budget analysis

Industrial policy and industrial development: Main Issues

  • What is an industrial policy?
  • Evolution of India’s industrial policy
  • Mahalanobis strategy and India’s industrial policy-Discussing Industrial policy resolution 1948 and 1956 critically
  • New Economic Policy and Industrial policy under the policy of liberalization, privatization and globalization
  • Phases of Industrial development
  1. Foundational Phase till 1966
  2. Phase of recession and retrogression between 1966-1979
  3. Phase of revival in 1980s till 1990
  4. The phase of reforms since the New Economic Policies, New Industrial policy 1991
  • Main features of Industrial development in India
  1. Sectoral composition
  2. Roles of private sector and public sector, Investment in the industrial sector, employment, productivity, profit etc.
  3. Strategies for disinvestment and privatization
  4. Role of Small, Medium and Micro enterprises, Government Policy, main problems, effects of globalization
  5. New manufacturing policy
  6. Industrial disbursal and Industrial corridors
  7. SEZs- Main issues like land use, relocation of same industries that exist, exports earnings vs loss of tax income
  8. Industrial sickness, institutional mechanism to support the sick industries, exit policy issues
  9. Main constraints in the industrial development of India
  10. Industry in the 11th and 12th plan-Main thrust areas
  • Effects of globalization on industries, Sub-prime crisis and sovereign debt crisis on Industry in India
  • Industrial Finance in India: Role of development banking, commercial banking, venture capital, angel capital in industrialization and promotion of entrepreneurship

Infrastructure: Energy, Ports, Roads, Airports, Railways, etc

  • Hard Infrastructure
  1. Transport Infrastructure
  2. Energy Infrastructure
  3. Water management infrastructure
  4. Communication Infrastructure
  5. Solid waste management
  6. Earth monitoring and measuring networks
  • Soft Infrastructure
  1. Governance Infrastructure
  2. Economic infrastructure
  3. Social infrastructure
  • Critical Infrastructure
  • Urban infrastructure
  • Green infrastructure
  • Importance of Social and Economic overhead Capital in Economic Development
  • Importance of Infrastructure- Economic growth and development, Advantages of connectivity, Enhancing production and distribution, Attracting FDI and domestic investment, improving living Standards etc.
  • The Present State of Infrastructure in India
  1. Roads and Railways
  2. Electricity
  3. Irrigation
  4. Airports and sea ports
  5. Education Infrastructure
  6. Health Infrastructure
  • Infrastructure development programmes in India – the Golden Quadrilateral, National Highway Development Programme, Industrial Corridors, Manufacturing hubs, Sethusamudram project, J&K railway project, weather forecast and disaster management, television and broadcasting, telecommunications
  • Important issues
  1. Ownership and financing
  2. Pricing of Public utilities
  3. Infrastructure as avenues for investment
  4. Project delays-reasons and measures to overcome
  5. Public Private Partnership and related issues
  6. Operation and Maintenance of roads, railways, irrigation and power projects-Main problems and solutions
  7. Impact of Infrastructure-Economic Impacts, impact on social development, Environmental impacts

Investment models

  • Measures of Investment
  • Capital and investment
  • Factors affecting investment
  • Classification of Investment
    1. FDI
    2. Angel Investors and Start-ups
    3. M&A
  • Investment Models
  • Role of State
  • PPP (Public-Private Partnership)
  • Savings and Investment Trends

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