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Syllabus
1. History of Development and Planning: Alternative development strategies—goal of self-reliance based on import substitution and protection, the post-1991 globalisation strategies based on stabilisation and structural adjustment packages: fiscal reforms, financial sector reforms and trade reforms.
2. Federal Finance: Constitutional provisions relating to fiscal and financial powers of the states, Finance Commissions and their formulae for sharing taxes, Financial aspect of Sarkaria Commission Report, Financial aspects of 73rd and 74th Constitutional Amendments.
3. Budgeting and Fiscal Policy: Tax, expenditure, budgetary deficits, pension and fiscal reforms, Public debt management and reforms, Fiscal Responsibility and Budget Management (FRBM) Act, Black money and Parallel economy in India—definition, estimates, genesis, consequences and remedies.
4. Poverty, Unemployment and Human Development: Estimates of inequality and poverty measures for India, appraisal of Government measures, India’s human development record in global perspective. India’s population policy and development.
5. Agriculture and Rural Development Strategies: Technologies and institutions, land relations and land reforms, rural credit, modern farm inputs and marketing— price policy and subsidies; commercialisation and diversification. Rural development programmes including poverty alleviation programmes, development of economic and social infrastructure and New Rural Employment Guarantee Scheme.
6. India’s experience with Urbanisation and Migration: Different types of migratory flows and their impact on the economies of their origin and destination, the process of growth of urban settlements; urban development strategies.
7. Industry - Strategy of Industrial Development: Industrial Policy Reform; Reservation Policy relating to small scale industries. Competition policy, Sources of industrial finance. Bank, share market, insurance companies, pension funds, non-banking sources and foreign direct investment, role of foreign capital for direct investment and portfolio investment, Public sector reform, privatisation and disinvestment.
8. Labour: Employment, unemployment and underemployment, industrial relations and labour welfare— strategies for employment generation—Urban labour market and informal sector employment, Report of National Commission on Labour, Social issues relating to labour e.g. Child Labour, Bonded Labour International Labour Standard and its impact.
9. Foreign Trade: Salient features of India’s foreign trade, composition, direction and organisation of trade, recent changes in trade, balance of payments, tariff policy, exchange rate, India and WTO requirements. Bilateral Trade Agreements and their implications.
10. Money and Banking: Financial sector reforms, Organisation of India’s money market, changing roles of the Reserve Bank of India, commercial banks, development finance institutions, foreign banks and non-banking financial institutions, Indian capital market and SEBI, Development in Global Financial Market and its relationship with Indian Financial Sector. Commodity Market in India-Spot and Futures Market, Role of FMC.
11. Inflation: Definition, trends, estimates, consequences and remedies (control): Wholesale Price Index. Consumer Price Index: components and trends.
Suggested Readings and Playlists
Latest Edition of Indian Economy Since Independence by Uma Kapila: This book covers almost all aspects of theorical part of Indian Economy. Hence, it may be a useful study stuff on Indian Economy for you.
India Brand Equity Foundation (IBEF): www.ibef.org is a knowledge centre for global investors, international policy-makers and world media seeking updated, accurate and comprehensive information on the Indian economy, states and sectors. IBEF regularly tracks government announcements in policy, foreign investment, macroeconomic indicators and business trends.
Indian Budget & Economic Survey: indiabudget.gov.in gives you full information about the latest and previous Indian Budgets and Economic Surveys which are very important for Indian Economics paper.
Finance Commission of India: fincomindia.nic.in provides you with complete information about the current and previous Finance Commissions in India which covers a very important topic for IES exam.
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