Minor Course
104-MRC/E 2.1
The Economy of Bharat
Credits: 5 (4 Lectures, 1 Tutorial)
Course Objective: The course aims to provide students with an understanding of the Economy of Bharat
including its Agriculture, Industrial and Service Sector as well as Public Finance and Union Budget of
Bharat.
Course Outcomes: After completion of the course, students will be able to:
CO1: Understand the basics of an Economy and Economy of Bharat.
CO2: Appraise Agricultural Development of Bharat, Reforms and Revolutions.
CO3: Examine the Industrial Sector of Bharat and its role in Development of Economy.
CO4: Gain knowledge about Service Sector in Bharat and its Role in Development of Economy.
CO5: Analyse the Concept of Public Finance and Union Budget of Bharat.
Unit I
Introduction to Economy of Bharat
Concept & Features of Developed and Developing Economy; Nature, Structure and Characteristics of
Economy of Bharat, Challenges before the Economy of Bharat; Planning in Bharat: Planning Commission,
Five Year Plans – Achievements and Failures, NITI Ayog; Economic Growth and Economic Development.
Unit II
Agriculture in Bharat
Features, Importance and Problems of Agriculture in Bharat; Agricultural Development in Planning Era;
Trend and Crisis of Agriculture Sector in India; Land Reforms; Revolutions in Agriculture Sector: Green,
White and Yellow Revolution.
Unit III
Industries in Bharat
Large Scale, MSMEs and Cottage Industry; Industrial Development in Five Year Plans; Industrial Policies,
New Industrial Policy – LPG; Industrial Sickness; Industrial Finance: Sources and Institutions; Government
Initiatives: Make in India and Mudra Yojna.
Unit IV
Service Sector in Bharat
Role of Service Sector in Economy of Bharat – Its Contribution to National Income, Employment and
Export; Service Sector Revolutions; Government Initiatives – Digital India, Start Up India and Skill India;
Issues and Challenges for Service Sector Growth in Bharat; Circular Economy and Bharat.
Unit V
Public Finance and Budget of Bharat
Definition and Scope of Public Finance: Sources of Public Revenues, Public Expenditure, Public Debt;
Concept and Types of Budgets – Traditional Budget, PBB and ZBB; Union Budget of Bharat; Deficit
Financing: Concepts, Deficit financing in India; Fiscal Policy: Objectives and Instruments of Fiscal Policy;
Finance Commissions and Recommendations.
Practical Assignment:
Analyse the Economic Survey of India and Critically Evaluate the Sectoral impact on Union Budget.
Suggested Readings:
1. V. K. Puri, S. K. Misra – Indian Economy, Himalaya Publishing House.
2. Datt & Sundharam – Indian Economy, S Chand and Company Ltd.
3. Ramesh Singh – Indian Economy, McGraw Hill Education (India) Private Limited.
4. Sriram Srirangam and Manish Kumar Rohit Deo Jha – Indian Economy - Principles, Policies, and
Progress, Pearson Education.
5. Kautilya – Arthashastra, Fingerprint Pub.
