Course Outline: Indian Economic Policy

Course code: EC513

Credit: 0.25, Core Course
Area: Economics
Program: PGDM
Term III, Academic Year 2024-25
_______________________________________________________________________
Instructor Name Dr. Neha Jain
Email drjainneha91@gmail.com
Course Coordinator Section C, D & E
Meeting Hours By Appointment over email
______________________________________________________________________
1. COURSE DESCRIPTION

Managers need to deal with the prevailing economic environment at the firm level as well
as at the macro level. Therefore, it is worth understanding how the economic environment
impacts businesses since the interpretations of the policies are extremely important in
business decision-making. The course is intended to introduce future business managers to
an array of issues confronting the Indian economic environment. Understanding the
existing policies or implementation of a new policy aids firms in working towards the
ultimate objective of doing business and formulating relevant strategies towards its goals.
A comprehensive knowledge of the policy environment is a prerequisite for businesses in
an economy experiencing sustained growth. This course draws from the foundations of
Managerial Economics and Macroeconomic Theory and Policy to equip future managers
with knowledge about the economic environment prevalent in India, where businesses
operate. It follows that students are expected to be familiar with the concepts and
information covered in the two economics courses—ME & METP that preceded this
course.

2. COURSE OUTCOMES (COs)

After going through the course, the students would be able to:
Course Outcome 1 (CO1):
Decipher the challenges and opportunities faced by the Indian economy and its secto

Course Outcome 2 (CO2):

Analyze the impact of policies on a business enterprise within the Indian economy
.
Course Outcome 3 (CO3):
Infer the implications of global economic events and policy-making on Indian
 3. MAPPING OF THE PROGRAM OUTCOMES (POs) AND COURSE OUTCOME
(COs)
Program Outcomes (POs) Course Outcomes
(COs)

CO 1 CO 2 CO 3

PO1: Student should be able to write well organized and

grammatically correct business reports and letters.
PO2: Student should be able to make effective oral
presentations.
PO3: Student should be able to demonstrate critical thinking
skills by understanding the issues, evaluating alternatives on the basis of
multiple perspectives and presenting a solution including conclusions and
implications.
PO4: Student should be to demonstrate problem solving skills by
understanding and defining the problem, analyzing it and solving it by
applying appropriate theories, tools and techniques from various
functional areas of management.
PO5: Student should be able to illustrate the role of responsible
leadership in management.
PO6: Student should be able to identify social concerns and ethical issues
in management.
PO7: Student should be able to identify challenges faced by the
organization at the global level.
PO8: Student should be able to take decisions in the global business
environment.

4. PEDAGOGY
The course will be predominantly interaction-based, with the materials drawn from various
sources such as reference books and articles published in journals, magazines, newspapers,
and other supplementary material recommended by the instructors. Students are strongly
advised to be diligent, both by coming prepared to class and by investing time after class to
keep up with the topics covered in class. It is strongly recommended that every student keeps
abreast of current economic issues and debates.

5. COURSE EVALUATION COMPONENTS (CECs)

Assignment (30%)
Class Participation (10%)
End-term exam (60%)

End term exam will cover all the topics taught in class. The set of questions comprises of both
theoretical as well as applied questions.
6. MAPPING BETWEEN COs, POs and CECs
Course Evaluation Components (CECs)
Cos POs Class Quiz End Term
Participation
CO1 PO3, PO7 √ √ √
CO2 PO3 √
CO3 PO7 √

7. RESOURCES
7.1 Textbook
The course will cover select topics from books, journals, and magazine articles. Some
more reading materials shall be shared with the students during lectures. Students are
required to refer to these as additional resources for discussions.

7.2 Reference Books

The Core text followed will be the latest Economic Survey, published by the Office of the
Chief Economic Advisor of the Government of India. Instructors will supplement the
core text with readings they deem relevant to the course.

Other recommended books for study include:

Arvind Panagariya and Jagdish Bhagwati, Why Growth Matters: How Economic Growth
in India Reduced Poverty and Lessons for Other Developing Countries, Public Affairs,
2014.

Kaushik Basu and Annemie Maertens ( edited), The New Oxford Companion to
Economics in India, Oxford University Press, New Delhi, 2018.

Abhijit Banerjee, Gita Gopinath, Raghuram Rajan and Mihir S. Sharma, What the
Economy Needs Now, Juggernaut, 2019.

Gurcharan Das, India Unbound: from Independence to the Global Information Age,
Penguin Books, 2015.

Nandan Nilekani, Imagining India: The Idea of a Renewed Nation, Penguin India, 2008.

Ashima Goyal, ( ed.) A Concise Handbook of the Indian Economy in the 21 st Century,
Oxford University Press, 2015.

Pulin Nayak ( ed.), , Economic Development of India, Routledge, 2015.

Arindam Banik and Pradip K Bhaumik, Foreign Capital Inflows in India , China and the
Caribbean: Trends, Assessments, and Determinants, Palgrave-Macmillan, London, New
Edition.

For Indian Economy update and data,

Government of India, Economic Survey 1920-23 ( vol.1,2,3), Ministry of Finance , 1921.
 7.3 Online References

Students are strongly encouraged to stay acquainted with current economic and political
events by continually accessing popular newspapers such as the Business Standard,
Economic Times, Financial Express, and Business Line, besides international publications
such as the Financial Times and the ‘Economist’ magazine. This will serve the multiple
purposes of acquainting students with current events, enabling them to understand how
economic policies work in the ‘real’ world. The online resources provided below explain
global events clearly and concisely. Regularly accessing this material would significantly
contribute to the overall learning experience.

1. Ideas for India: http://ideasforindia.in/Default.aspx

2. Financial Times: www.ft.com;
3. The Economist: www.economist.com;
4. Wall Street Journal: http://online.wsj.com;
5. For Economics A-Z: http://www.economist.com/;
6. Business Standard: www.business-standard.com;
7. Reserve Bank of India: http://www.rbi.org.in/home.aspx;
8. Ministry of Finance (GoI) : http://finmin.nic.in/;
9. Hindu Business Line: http://www.thehindubusinessline.com/;
10. Economic Times: http://economictimes.indiatimes.com/;
11. Business Standard: http://www.business-standard.com/.

8. SESSION PLAN

Session
Topic and Cases Readings
No.
 Structural Transformation
of India; Pre- mature Economic survey 2022-23
Deindustrialization
1
 Brief overview of the Relevant Readings to be shared during the
current economic scenario Lectures.
and policies.
Transforming Indian Agriculture: By Loving Some
Agriculture Less and the Rest More
(Arvind Subramanian)
 Indian Agricultural Sector:
2 Successes, Opportunities & Undermining Markets: When Government
Challenges; Way Forward Intervention Hurts More Than It Helps (Economic
Survey Chapter)

Relevant Readings shared during the Lectures.

3  Manufacturing Sector in Clothes and Shoes: Can India Reclaim Low Skill
India: Scope & Primary Manufacturing? (Economic Survey Chapter)
issues, Way ahead
What to Make in India? Manufacturing or Services
 (Economic Survey chapter)

Challenges and Opportunities of India's

Manufacturing Sector (2015), OECD Working
Paper (Isabelle Joumard, Urban Sila, Hermes
Morgavi

Relevant Readings to be shared during the

Lectures.

Critical Issues in India’s service led growth

(Rashmi Banga)

Creating Jobs and Growth by Specializing to

Exports in Network Products (Economic Survey
Chapter)
 Financial Sector: Reforms
4 since 1991. Implications
Chatterjee, S., & Subramanian, A. (2020). India’s
for the wider economy
Inward (Re) Turn: Is it Warranted? Will it Work?
Ashoka Center for Economic Policy, Policy Paper,

Relevant Readings to be shared during the

Lectures.

Relevant Readings to be shared during the

 India, International Trade,
5 Lectures.
and the World economy

FINAL EXAM (AS SCHEDULED)

9. ACADEMIC INTEGRITY & CLASS RULES

a) Plagiarism is the use of or presentation of ideas or works that are not one’s own and
common knowledge without granting credit to the originator. Plagiarism is unacceptable
in IMI and will invite a penalty. The type and extent of the penalty will be at the
discretion of the concerned faculty.
b) Cheating means using written, verbal or electronic sources of aid during an examination/
quiz/ assignment or assisting other students (except in cases where the faculty expressly
permit it). It also includes providing false data or references/a list of sources that either do
not exist or have not been used, having another individual write your paper or assignment
or purchasing a paper for one’s own submission. Cheating is strictly prohibited at IMI
and will invite penalties per the Institute’s policies.