Semester: VII Indian Economy 2023-24

MAHARASHTRA NATIONAL LAW UNIVERSITY, AURANGABAD

Course: B.A. LL.B. (Hons.)

Class: Fourth Year
Batch: 2020-25
Semester: VII

Course Outline
Subject: Economics-III

Indian Economy

Faculty In-Charge:
Mr. Akash Shahapure
Assistant Professor of Economics

Academic Year: 2023-24

Semester: VII Indian Economy 2023-24

Introduction: The purpose of this course on Indian economy at the B.A. LLB (Hons.)
level is to enable students to have an understanding of the various
issues/components of the Indian economy so that they are able to comprehend and
critically appraise current Indian economic problems. For this, it is essential to have a
good deal of understanding about the major developments in the Indian economy
before Independence, at the time of Independence and during the post- Independence
period. The contents of the different modules have been accordingly devised. Using
appropriate analytical frameworks, this course reviews major trends in economic
indicators and policy debates in India in the post-Independence period, with
particular emphasis on paradigm shifts and turning points. Given the rapid changes
taking place in India, the reading list will have to be updated annually.

Course Objectives: The objective of this course is to familiarise the students of law
stream with the basic concepts, structure, problems and issues concerning Indian
economy
Coverage: The course designed for the odd semester shall be covering the framework
of the Indian economy, Indian economy in the pre-independence and post-
independence period, major structural reforms in the Indian economy since
independence and performance & the role of various sectors in the India’s economic
development.
Teaching-learning methods: Lecture as well as demonstration and interactive
method are considered to be effective for teaching Indian economy. Efforts will be
made to teach the concepts using examples of the contemporary events. Lectures
including special lectures of experts may be a good process of learning. Project
research, paper presentation - these are also good form of teaching-learning. Today in
the world of competition, students also have to prepare for various competitive
examinations like civil service exams etc. So while teaching the regular course,
students will also be given references of the questions asked on the topics of the
syllabus in the various competitive examinations.
Evaluation system: Evaluation is better done through application- ability of the
students to analyse and suggest solutions to the various economic problems. Group
discussion, minor research projects and paper presentation can also be good forms of
evaluation. The evaluation system decided by the university or as per the rules of the
university will be adopted.
Semester: VII Indian Economy 2023-24

Course-Outline

INDIAN ECONOMY

Total Credits: 4 Number of Hours: 48

Module-1: Indian Economy in the Pre-British Period:

Indian economy in the Pre-British Period - Structure and organization of villages, towns,
industries and handicrafts.

Module-2: Towards a Market Economy:

Changes in the land system; Commercialization of agriculture; Policy of discriminating
protection and industrial development; Monetary and currency developments; Commercial
and central banking developments; Taxation system during the British Period.

Module-3: Economic Consequences of the British Rule:

General Overall Impact; Colonial exploitation — forms and consequences; Case for
protection of Indian industries; the theory of drains — its pros and cons.

Module-4: Indian Economy at the Time of Independence:

Colonial economy; Semi-feudal economy; Backward economy; Stagnant economy; Other
salient features; Planning exercises in India — National Planning Committee, Bombay
Plan; People’s Plan; Gandhian Plan; The Planning Commission.

Module-5: 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.

Module-6: Planning in India:

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

Module-7: 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.
Semester: VII Indian Economy 2023-24

Module-8: Industry:
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.

Module-9: External Sector:

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

Module-10: Important Areas of Concern:

Poverty and Inequality, Unemployment, Rising Prices and Industrial Relations.
Semester: VII Indian Economy 2023-24

Recommended Readings

1) Datt, R. and K.P.M. Sundharam (2001), Indian Economy, S. Chand & Company Ltd.,
New Delhi.
2) Dhingra, I. C. (2001), The Indian Economy : Environment and Policy, Sultan Chand &
Sons, New Delhi.
3) Dutt, R.C. (1950), The Economic History of India Under Early British Rule, Low
Price Publications. Delhi.
4) Kumar, D. (Ed.) (1982), The Cambridge Economic History of India, Volume II, 1757-
1970, Orient Longman Ltd., Hyderabad.
5) Misra, S.K. and V.K. Puri (2001), Indian Economy — Its Development Experience,
Himalaya Publishing House, Mumbai.

Additional reading list

1) Gadgil, D.R. (1971), The Industrial Evolution in India in Recent Times, 1860-1939,
Oxford University Press, Bombay.
2) Government of India, Economic Survey (Annual), Economic Division, Ministry of
Finance, New Delhi.
3) Naoroji, D. (1962), Poverty and Un-British Rule in India, Low Price Publications,
Delhi.

4) Planning Commission (1999), Ninth Five Year Plan, Government of India, New Delhi.

5) Singh, V.B. (Ed.) (1965), Economic History of India, 1857-1956, Allied Publishers
Private Limited, Bombay.
6) Ahluwalia, I.J. and I.M.D. Little (Eds.) (1999), India’s Economic Reforms and
Development (Essays in honour of Manmohan Singh), Oxford University Press,
New Delhi.
7) Jalan, B. (1992), The Indian Economy : Problems and Prospects, Viking, New Delhi.

8) Jalan, B. (1996), India’s Economic Policy — Preparing for the Twenty-first Century,
Viking, New Delhi.
9) Parikh, K.S. (1999), India Development Report — 1999-2000, Oxford University
Press, New Delhi.
10) Datt, R. (Ed.) (2001), Second Generation Economic Reforms in India, Deep & Deep
Publications, New Delhi.
Semester: VII Indian Economy 2023-24