Indian Economy and Public Finance

The course enables the students to get an indepth understanding of Indian Economy and public finance

BCH 205 INDIAN ECONOMY & PUBLIC FINANCE 

Unit I Structure of the Indian Economy- Basic features; Broad demographic features of a developing economy; Problem of over-population; Population policy; Infrastructure development; Poverty, unemployment & inflation—causes, effects, remedies, trends. Planning in IndiaObjectives; Strategy; Broad achievements and failures; NITI AYOG - objectives and working. 

Unit II Economic reforms- Rationale behind economic reforms; Progress of privatization and globalization. Agriculture - nature & importance; Trends in agricultural production and productivity; Factors determining productivity; Land Reforms; New agricultural strategy and Green Revolution; Industrial policy of 1948, 1956, 1977 and 1991; Industrial licensing policy; Growth and problems of small scale industries; Disinvestment policy. Industrial Sickness in India: Causes, Consequences & Remedies: Social Security in India. 

Unit III Definition and scope of Public Finance, Principle of Maximum Social Advantage, Sources of Public Revenues, Types of taxes, Principles / Canons of Taxation, The Benefit Approach of Taxation, The ability-to-pay Approach, Incidence and effect of taxation. Principles of Public Expenditure, Wagner's Law, Wiseman Peacock Hypothesis, Effect of Public expenditure on Production and Distribution, 

Unit IV Public Debt: Classification, effect, burden, repayment and management of Public debt. Objectives and instruments of Fiscal Policy, Indian Federal finance:- financial relations between Central Government, State Government, Finance Commissions and their recommendations. Deficit financing: - Concepts, Deficit financing in India, Union Budget. 

Suggested Readings: Indian Economy: Rudra Datt & Sundharam Indian Economy: Mishra & Puri Indian Economy: A.N.Agarwal Public Finance: T.N.Hajela Public Finance: H.L.Bhatia Public Finance: Musgrave & Musgrave