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Part A: Introductory Macroeconomics
Unit 1: National Income and Related Aggregates
- What is Macroeconomics?
- Basic concepts in macroeconomics:
- consumption goods,
- capital goods,
- final goods,
- intermediate goods
- stocks and flows
- gross investment and depreciation.
- Circular flow of income (two sector model)
- Methods of calculating National Income
- Value Added or Product method,
- Expenditure method, Income method.
- Aggregates related to National Income:
- Gross National Product (GNP),
- Net National Product (NNP),
- Gross Domestic Product (GDP)
- Net Domestic Product (NDP) – at market price, at factor cost
- Real and Nominal GDP.
- GDP and Welfare
Unit 2: Money and Banking
- Money – meaning and supply of money video on M1 measure of money supply by Biraj Chettri , KV Barkuhi; video on Money Part I (live stream for RO JBP) by Biraj chettri, KV Barkuhi; video on concept of money supply by Biraj Chettri, KV Barkuhi; video on money and its components by Biraj Chettri, KV Barkuhi; video on Barter System and its limitations by Biraj Chettri, KV Barkuhi; video on High Powered Money by Biraj Chettri, KV Barkuhi; video on M2,M3,M4 measures of money supply by Biraj Chettri, KV Barkuhi; Notes on Chapter Money by Biraj Chettri, KV Barkuhi; Assessment 1 based on chapter Money by Biraj Chettri, KV Barkuhi; Assessment 2 of Chapter Money by Biraj Chettri, KV Barkuhi; Assessment 3 of Money by Biraj Chettri, KV Barkuhi; Assessment 4 of Chapter Money by Biraj Chettri, KV Barkuhi
- Currency held by the public and net demand deposits held by commercial banks.
- Money creation by the commercial banking system. Notes of Chapter Banking by Biraj Chettri, KV Barkuhi
Central bank and its functions
- (example of the Reserve Bank of India):
- Bank of issue,
- Govt. Bank, Banker’s Bank,
- Control of Credit through
- Bank Rate,
- Repo Rate
- Reverse Repo Rate,
- Open Market Operations,
- Margin requirement.
Unit 3: Determination of Income and Employment
- Aggregate demand and its components.
- Propensity to consume and propensity to save (average and marginal)
- Short-run equilibrium output
- investment multiplier and its mechanism
- Meaning of full employment and involuntary unemployment.
- Problems of excess demand and deficient demand
- measures to correct them – changes in government spending
- taxes and money supply.
Unit 4: Government Budget and the Economy
- Government budget – meaning
- objectives and components.
- Classification of receipts – revenue receipts and capital receipts
- classification of expenditure –
- revenue expenditure
- capital expenditure.
- Measures of government deficit – revenue deficit
- fiscal deficit,
- primary deficit their meaning.
Unit 5: Balance of Payments
- Balance of payments account – meaning and components
- balance of payments deficit- meaning.
- Foreign exchange rate – meaning of fixed and flexible rates and managed floating.
- Determination of exchange rate in a free market.
Part B: Indian Economic Development
Unit 6: Development Experience (1947-90) and Economic Reforms since 1991:
- A brief introduction of the state of Indian economy on the eve of independence.
- Indian economic system and common goals of Five Year Plans.
- Main features,
- problems and policies of agriculture (institutional aspects and new agricultural strategy),
- industry (IPR 1956; SSI – role & importance) and foreign trade.
- Economic Reforms since 1991:
- Features and appraisals of liberalisation,
- globalisation and privatisation (LPG policy)
- Concepts of demonetization and GST
Unit 7: Current challenges facing Indian Economy
- Poverty- absolute and relative;
- Main programmes for poverty alleviation: A critical assessment;
- Human Capital Formation: How people become resource;
- Role of human capital in economic development;
- Growth of Education Sector in India
- Rural development: Key issues – credit and marketing – role of cooperatives;
- agricultural diversification; alternative farming – organic farming
- Employment: Growth and changes in work force participation rate in formal and informal sectors;
- problems and policies
- Infrastructure: Meaning and Types:
- Case Studies:
- Energy and Health: Problems and Policies- A critical assessment;
- Sustainable Economic Development: Meaning,
- Effects of Economic Development on Resources and Environment, including global warming
Unit 8: Development Experience of India
- A comparison with neighbours
- India and Pakistan
- India and China
- Issues: economic growth, population, sectoral development and other Human Development Indicators