Indian Economy and Reform
Guru Ghasidas Vishwavidyalaya · LL.B. Semester 6 · LAIFTY6N
Unit I — Foundations of Indian Economy and Development
Concepts of economic growth and development in 21st-century context · Determinants of growth: Technology, demography, capital, and institutions · Obstacles to growth in developing economies with focus on India · Vicious circle of poverty and inequality · Indian economy as a mixed and transitional economy · Balanced and unbalanced growth strategies · Inclusive growth: Policy initiatives (e.g., JAM trinity, Aspirational Districts Programme) · Sustainable development and India’s commitments to SDGs
Unit II — Indian Agriculture in the Contemporary Era
Structural features of Indian agriculture in the post-Green Revolution phase · Key challenges: Land fragmentation, climate change, Minimum Support Price (MSP) debates, farmer distress · Institutional reforms and government initiatives: e-NAM (National Agricultural Market), PM-KISAN, Pradhan Mantri Fasal Bima Yojana (Crop Insurance) · Agricultural finance : Role of agricultural credit, institutional vs. non-institutional sources, Kisan Credit Card, NABARD, and cooperative banks; financial inclusion and credit accessibility in rural India · Agritech innovations: Use of digital platforms, AI, and data analytics in agriculture
Unit III — Industry, Infrastructure, and Services Sector
Post-1991 industrial transformation: Trends and issues · Startups, MSMEs, and ‘Make in India’ · Public sector reforms, disinvestment, and strategic sale policy · Industrial sickness: Causes, case studies, and legal dimensions (IBC framework) · Infrastructure development: Roads, railways, energy, and digital infrastructure · Growing service sector: IT, fintech, tourism, legal process outsourcing (LPO)
Unit IV — Trade, Capital Flows, and Economic Reforms
Liberalisation, Privatisation, and Globalisation (LPG): An overview of 1991 economic reforms and their long-term impact on India’s economy · India’s foreign trade: Composition, direction, and recent trends · Impact of global trade disruptions (e.g., COVID-19, geopolitical shifts) · Balance of Payments: Concepts and recent status · Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI): Trends and policy · Special Economic Zones (SEZs), Production-Linked Incentives (PLI), and Atmanirbhar Bharat · Recent economic reforms: GST, IBC, Labour Codes, Digital economy initiatives
Unit V — Contemporary Issues and Policy Challenges
Poverty and multidimensional deprivation: Trends and policies (e.g., NITI Aayog reports) · Employment and gig economy: Informalisation, PLFS findings, and skilling programmes · Inflation trends: Supply-side shocks, RBI policies, and monetary-fiscal coordination · Income and wealth inequality: Taxation, redistribution, and inclusive policies · Climate change, urbanisation, and sustainable urban economic development.