Indian Economy

Unit I — Indian Economy in the Pre-Independence Era

Introduction, Structure and Organization of the Indian economy in the Pre-British Period, Changes in the Land System, Towards a Market Economy- Commercialization of Indian agriculture, growth of industries, Policy of discriminating protection, Monetary and currency developments, Taxation system during British Raj.

Unit II — Indian Economy at the Time of Independence

Overall consequences of the British Rule, The Theory of Drain, Salient features of Indian Economy at the time of Independence, Planning exercises in India- National Planning · Committee, Bombay Plan, People’s Plan, Gandhian Plan, establishment of Planning Commission- Objectives; Strategy; Broad achievements and failures.

• Salient features of Indian Economy and Structural changes
• Economic Planning and Mixed Economy — a. Five Year Plans during the Nehru Era b. Mixed Economy(overview)

Unit III — New Economic Reforms

Broad achievements and failures; New economic reforms — Liberalization, Privatization and Globalization; Rationale behind economic reforms; Progress of privatization and globalization. NITI Aayog

• New Industrial Policy,1991
• NITI Aayog — Structure and Functions

Unit IV — Structure of the Indian Economy

Basic features; Natural resources — Land, water and forest resources; Broad demographic features— Population size and growth rates, sex composition, rural-urban migration, occupational distribution; Problem of over-population; Population policy; Infrastructure development; National Income.

• Salient features of Indian Economy and Structural changes
• Population — Size and composition, Causes of high growth and Demographic Dividend
• National Income and its measurement (GDP, NDP, GNP, NNP, PCI, GVA, Green GDP)

Unit V — Agriculture

Nature and importance; Trends in agricultural production and productivity; Factors determining productivity; Land Reforms; New agricultural strategy and Green Revolution; Rural credit, Agricultural marketing

• Causes of Low Agricultural Productivity and Government measures to improve its productivity
• Land reforms — c. Zamindari Abolition and Tenancy Reforms

Unit VI — Industry Nature

Industrial development during the planning period; Industrial policy of 1948, 1956, 1977 and 1991; Industrial licensing Policy — MRTP Act, FERA and FEMA; Growth and problems of small scale industries; Role of public sector enterprises in India’s industrialization.

• New Industrial Policy,1991
• Micro, Small and Medium Enterprises (MSMEs) — Problems and Policies

Unit VII — External Sector

Role of foreign trade; Trends in exports and imports; Composition and direction of India’s foreign trade; Export promotion measures and the new trade policies. Foreign capital — FDI, aid; Multinational corporations (MNCs).

• Structural changes in India's foreign trade since 1991
• Commercial trade policy

Unit VIII — Important Areas of Concern

Poverty and Inequality, Unemployment, Rising Prices and Industrial Relations

• Poverty — Poverty Line, Causes and its alleviation strategies