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the objective of this paper is to acquaint students of the BBA course with present and future of Indian Economy, and how Indian economy is influencing the business environment in Indian context.
4 units
Unit 1 will include topics on structure of Indian economy, like basic introduction of type of Indian economy, terms like Economic growth and economic development, trends in occupational pattern or distribution of national income. Change in the contribution of three sectors primary, secondary, tertiary sector. Unit II will focus on planning and economic development and focus on problems in Indian economy. Economic planning and objectives of economic planning, Industrial policy 1991, Disinvestments of public enterprises, discussion on economic problems like poverty, inequality, parallel economy, unemployment, concentration of economic power, balanced regional growth and industrial sickness
Unit 3 this unit emphasize on foreign trade issues. We will study concept, significance, foreign exchange reserve, balance of payments, balance of trade, export import policy, FEMA, export promotion Unit 4 the last unit of the syllabus will be focusing on emerging issue like GATT< TRIMS, TRIPS, FDI, portfolio investment, foreign institutional investors.
books
I C Dhingra, Indian Economy A.N Aggarwal Indian Economy
Economy definition Status of Indian economy Factors affecting the Economy Economic growth vs Economic Development Factors affecting growth and development indicators
Economic growth
Economic growth may be defined as a rate of expansion that can move an underdeveloped country from a near subsistence mode of living to substantially higher levels in a comparatively short period of time. It is a process whereby an economys gross national product increases
Kuznets has emphasized the importance of structural transformation while defining a countrys economic growth as a long term rise in capacity to supply increasingly diverse economic goods to its population, this growing capacity and based on advantage technology and the institutional and ideological adjustments that it demands
This definition underlines three points 1. The sustained increase in national product per capita is a manifestation of economic growth. 2. Advancing technology provides the basis for sustained economic growth. 3. Institutional and ideological adjustments must be made.
low per capita income inequitable distribution of income High incidence of poverty Predominance of agriculture Rapid population growth and high dependency ratio Low level of human development Scarcity of capital Technological backwardness lack of entrepreneurs.
India-developing economy
Indian economy has shown several positive sign of development during the planning era, yet it is considered as a developing economy. The economy of India has possessed all the potential for further development.
characteristics
Planned economy Development of banking and credit facilities Increase in national income Increase in saving and investment Industrial development Increase in agricultural production Efforts to remove poverty Modern agriculture Expansion of social and economic structure
According to this new series, the net national product of India at 1999-2000 prices was Rs 2,04,924 crore in 1950-51 since then it has grown at a moderate rate of 4.6% per annum in the period of economic planning and stood at Rs27,67,682 crore in 2007-2008.
NNP growth
During tenth plan period ( 2002-03 to 2006-07 NNP registered a growth rate of 7.8% per annum. It is far below the rates of growth of some of the east Asian countries. In both China and south korea, the national income has increased during the past two decades at rates exceeding 8.0% per annum
Growth of service sector in this country is a positive development and it should be further encouraged as it may transform India from a agrarian economy to a modern developed economy. According to economists the future of the Indian economy rests with services-led growth.