Course Outline

Academic T1 T2 T3×
Year 2021-22
Term T4 T5 T6

1 Page
Functional Areas Economics Core Elective

Title India and World Economy Abbreviation IWE

Course Aviral Kumar Tiwari Teaching Aviral Kumar Tiwari

Coordinator Members

Course Revision Record

Version Version Date Recommendation

Credits 1.5 Contact 15 Learning Office

Hours Hours Hours

Contact Details Aviral Kumar Tiwari: Ph. +9696357274

Course e-Mail Aviral Kumar Tiwari: aviral.t@iimbg.ac.in

Course Descriptor

Course The international economic environment plays a key role for businesses in the
Overview global world. The globalisation has given a rise to both new opportunities and
(200 words) challenges. There is a large implication of global economy in India. This course
is designed to understand the issues related to the Indian economy in the context
of globalisation.

Prerequisites/ None
Co-requisites

Learning 1) To develop necessary awareness and equip participants to understand the

Objectives issues related to global and Indian economy.

2) This course will develop global perspectives in PGP participants and

help them to evolve as global business leaders (PLC 3).
PLC 2 Our students will have a global business perspective.
Teaching Reading based classroom discussion and seminar based.
Methods

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 Course Outline

For Internal Use Only

Session Plan (Each session of 1.5 hours)

2
Session Topic

Page
No
1 India’s Economic Reforms: An Overview

Reading: Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991.
SAGE Publications India Pvt. Ltd. Chapter 1, page 1.

1.a The History of Economic Development in India since Independence, Education About ASIA
Volume 20, Number 3 Winter 2015 (NIMISH ADHIA)

1.b Chapter: The Economic Reforms in India: A Hist

ECONOMY: Past reforms and challenges Srivastava ahead”

1.c Chapter 5: The Indian Economy A Macroeconomic Perspective by NILANJAN BANIK (SAGE)

Additional Reading:
1.d Liberalization, Growth and Regional Disparities in India by Madhusudan Ghosh (Springer)

1.e The Effects of Liberalization on the Indian Economy A Labour Force Perspective:
Management and Labour Studies 38(4) 373– 398 (Chetan Agrawal)
1.f DEEPAK NAYYAR (2006). India's Unfinished Journey Transforming Growth into
Development. Modern Asian Studies, 40, pp 797-832 doi:10.1017/
S0026749X06002393

2 Indian Financial System: Evolution, Reform, and Way Forward

Reading: Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991.
SAGE Publications India Pvt. Ltd. Chapter 2, page 19.
2.a Financial Sector Reforms in India: Policies and Performance Analysis. Economic and
Political Weekly, Mar. 19-25, 2005, Vol. 40, No. 12, Money, Banking and Finance (Mar. 19-
25, 2005), pp. 1106-1112+1115-1121 (Rakesh Mohan)

2.b Financial Sector Reforms: Realities and Myths. Economic and Political Weekly, MAY 8-
14, 2010, Vol. 45, No. 19 (MAY 8-14, 2010), pp. 48-61 (R H PATIL)

2.c Issues in Financial Sector — I: Transparency in Monetary Policy. Economic and Political
Weekly, MARCH 20-26, 2010, Vol. 45, No. 12 (MARCH 20- 26, 2010), pp. 22-28 (EPW
RESEARCH FOUNDATION)

2.d. Chapter 12: Does Local Financial Development Matter for Growth? Evidence
from Indian Districts (Samaresh Bardhan and Rajesh Sharma): In: Indian Economy: Reforms
and Development Essays in Honour of Manoj Kumar Sanyal
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 Course Outline

3 Indian Banking Sector: History, Reform and Progress

3 Page
Reading: Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991.
SAGE Publications India Pvt. Ltd. Chapter 3, page 37.

3.b Part 4 of Indian Economy: Reforms and Development Essays in Honour of Manoj Kumar
Sanyal

3.c Chapter 13. Financial Sector in India: An overview. InA Concise

“ Handbook of the Indian
Economy in the 21st Century”

4 Indian Agriculture: Features, Policies and Reforms/

Reading: Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991.
SAGE Publications India Pvt. Ltd. Chapter 12, page 189.

4.a. Chapter 11. Agriculture in India: Performance, Challenges, and Opportunities in “A

Concise Handbook of the Indian Economy in the 21st Century”

4.b. Indian Agriculture after the Green Revolution Changes and Challenges Edited by
Binoy Goswami, Madhurjya Prasad Bezbaruah and Raju Mandal” (Taylor &
Francis)—Chapter 2, 5-6, 8-9, 12-13-14.

4.c. Reforming Indian Agriculture (Ashok Gulati, Devesh Kapur, Marshall M Bouton)
4.d. Agricultural Reforms in India: Need for a Unique Model (Nitya Nanda)
4.e. Economic Reforms and Agricultural Growth in India (Shantanu De Roy)

Additional Reading:

Part 2 of Indian Economy: Reforms and Development Essays in Honour of Manoj

Kumar Sanyal

Part one of The Routledge Handbook of Post-Reform Indian Economy Edited by

Rajesh Raj S. N. and Komol Singha (ROUTLEDGE publications)

5 Renewable & Green Energy, Sustainability and Climate Change: India and the
world
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 Course Outline

Reading:.
5.a. Electricity consumption and economic growth at the state and sectoral level in India:

4
Evidence using heterogeneous panel data methods: Energy Economics. Volume 94, February

Page
2021, 105064 (Aviral Kumar Tiwari, Leena Mary Eapen, Sthanu R Nair)

5.b. Renewable energy for sustainable development in India: current status, future prospects,
challenges, employment, and investment opportunities: Kumar. J and Majid Energy,
Sustainability and Society (2020) 10:2

5.c. Chapter 5 Environmental sustainability of economic reforms in India (Haripriya

Gundimeda, Gopal Kadekodi and Aparajita Singh) In: The Routledge Handbook of Post-
Reform Indian Economy Edited by Rajesh Raj S. N. and Komol Singha (ROUTLEDGE publications)

Additional Reading:
BP-stats-review-2021-full-report
India Energy Outlook 2021
World Energy Outlook 2021

6 Manufacturing, Service and MSME Sector: Reforms and Development

6.a. Analysing pre and post-liberalisation impact on Indian industries, Int. J. Business and
Globalisation, Vol. 7, No. 2, 2011. (Gunjan Malhotra)

6.b. Part 3 of Indian Economy: Reforms and Development Essays in Honour of Manoj Kumar
Sanyal

6.c. COVID-19 and Indian Economy: Impact on Growth, Manufacturing, Trade and MSME
Sector: Global Business Review 21(5) 1159–1183, 2020 (Pravakar Sahoo and Ashwani)

7 Global Financial Crisis: India’s Response and Lessons Learnt

Reading: Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991.
SAGE Publications India Pvt. Ltd. Chapter 8, page 112.

7.a.1. Jayati Ghosh and C. P. Chandrasekhar. 2009. The costs of 'coupling': the global crisis and
the Indian economy. Cambridge Journal of Economics, Vol. 33, No. 4, Special Issue: The Global
Financial Crisis (July 2009), pp. 725-739

7.a.2. The Global Financial Crisis and the Indian Economy: B.L. Pandit (part 1- Chapter 1 & 2,
and part 2-Chapter 8): Springer Nature Singapore Pte Ltd.

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 Course Outline

7.a. Global financial crisis, extreme interdependences, and contagion effects: The role of
economic structure?. (Riadh Aloui, Mohamed Safouane Ben Aïssa, Duc Khuong Nguyen).
Journal of Banking & Finance 35 (2011) 130– 141

5 Page
Additional Reading:

7.b. Global Economic Crisis and its Impact on India, Rajya Sabha Secretariat New Delhi June
2009

7.c. Global and local banking crises and risk-adjusted efficiency of Indianbanks: Are the
impacts really perspective-dependent? (Rachita Gulati)
7.d. Kumar, R., and P. Vashisht. 2009. The Global Economic Crisis: Impact on India and Policy
Responses. ADBI Working Paper 164. Tokyo: Asian Development Bank Institute. Available:
http://www.adbi.org/working-paper/2009/11/12/3367.global.economic.crisis.india/

7.e. Viswanathan, K. G. (2010) "The Global Financial Crisis and its Impact on India," Journal of International
Business and Law: Vol. 9: Iss.1, Article 2. Available at: http://scholarlycommons.law.hofstra.edu/jibl/vol9/iss1/2

8 India’s Exchange Rate Regime, Behaviour and Policy Responses in the Post-
Reform Period

Reading: Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991.
SAGE Publications India Pvt. Ltd. Chapter 9, page 127.

8.a. Chapter 11 Post-reform BoP and rupee exchange rate in “Globalization

Economy Roadmap to y convertible Satyendra S. Nayak (Taylor rupee”
& Francis or b
Routledge’s publication)

8.b. Chapter 12 Capital account convertibility 1997 report and after in “Globalizati
Indian Economy Roadmap to convertible (Taylor & Francis or rupee
Routledge’s publication)

8.c. Chapter 13 Towards fuller convertibility i

to convertible rupee” (Taylor
by Satyendra
& FrancisS.
orNayak
Rout

8.d. Chapter 14 Fuller convertibility report and future scenario in “Glo

Economy Roadmap to convertible (Taylor rupee”
& Francis or by
Routledge’s publication)

8.e. CHAPTER 7: External Account and Exchange Rates. In: The Indian Economy A
Macroeconomic Perspective (NILANJAN BANIK)

9 Trade Reforms and Policies in India: An Overview

Reading: Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991.
SAGE Publications India Pvt. Ltd. Chapter 10, page 156.
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 Course Outline

9.a. Chapter: 6. Reforms and Global Economic Integration of the Indian Economy: Emerging Patterns,
Challenges, and Future Directions in “A Concise Handbook of the Indian Economy in the 21st

6
Century”

Page
9.b. Chad P. Bown, Patricia Tovar. 2011. Trade liberalization, antidumping, and safeguards:
Evidence from India's tariff reform, Journal of Development Economics
Volume 96, Issue 1, September 2011, Pages 115-125
http://dx.doi.org/10.1016/j.jdeveco.2010.06.001

Part 2 and part 4 of THE ROUTLEDGE HANDBOOK OF POST-REFORM INDIAN ECONOMY Edited
by Rajesh Raj S. N. and Komol Singha (ROUTLEDGE publications)

10 The World Trade Organization

Reading: Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991.
SAGE Publications India Pvt. Ltd. Chapter 11, page 172.
3.a WTO and Indian Banking Sector: The Road Ahead. Economic and Political Weekly ,
Jun. 15-21, 2002, Vol. 37, No. 24, pp. 2315-2322 (M. Joseph and R. R. Nitsure)
10.a. Chapter 8: The Indian Economy: A Macroeconomic Perspective by Nilanjan Banik (SAGE)
10.b. Understanding the WTO, WTO.
10 .c. Cling, J.-P. (2014), "The future of global trade and the WTO", Foresight, Vol. 16 No. 2,
pp.109-125.

Text Kashyap, M.; Kuruva, M. B. 2015. Economic Reforms in India since 1991. SAGE
Books Publications India Pvt. Ltd.

Other Banik, N. 2015. The Indian Economy. A Macroeconomic Perspective. SAGE

Reference Publications India Pvt. Ltd.
Books and T.C.A. Ranganathan and T. C. A. Srinivasa-Raghavan 2019. All the Wrong
Materials Turns: Perspectives on the Indian Economy. Tranquebar publication (must
read book)
A Concise Handbook of the Indian Economy in the 21st Century Second
Edition Edited by ASHIMA GOYAL, Oxford University Press
Economic Policy in a Liberalising Economy Indian Reform in this Century by
Yoginder Kumar Alagh. Springer Nature Singapore Pte Ltd.
The Routledge Handbook of Post-Reform Indian Economy Edited by Rajesh
Raj S. N. and Komol Singha (ROUTLEDGE publications)
ECONOMIC REVIEW by RBI
Sections 4 to 7 of “The Indian Economy Since 1991” Edited by B. A. Prakash
(Second Edition) Economic Reforms and Performance.
RESTART The Last Chance for the Indian Economy by MIHIR S. SHARMA
More references will be mentioned in the class.
Refer Institutional policies to procure materials

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 Course Outline

Notes & Will be mentioned in class.

Readings

7 Page
Refer Institutional policies to procure materials

Cases N.A.

Refer Institutional policies to procure materials

Simulations N.A.
Refer Institutional policies to procure materials

Evaluation The sources of evaluation in this course shall be as follows:

components Evaluation tool Weightage PLO Assessed
End-Trimester Exam 45 %
Individual Assignment 15 % PLC 2 (Rubrics)
Project Presentation 15 %
Class Participation 10 %
Group Discussion 15 %
Total 100 %
Assessment
Pattern
Refer academic policies and procedures handbook

Course Expectation Students are expected to attend all the sessions.

from the students
Refer academic policies and procedures handbook

Academic Standard Student dishonesty, cheating and plagiarism are not permitted.
and Honesty
Refer Program Specific manuals

Other Relevant
Information
Refer Program Specific manuals

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 Course Outline

For Internal Use Only

8
Details Session Plan (Optional)

Page
Session Date Topics Readings and Cases Assignments Due

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Prior permission must be obtained from Indian Institute of Management Bodh Gaya for use in any other purposes.