SEMESTER -II

[100) Marks (60+40) Weightage: 100 Marks End Sem., 20 Marks Mid Sem., 10 Marks Surprise
Test, 05 Marks Assignment/ Presentation, 05 Marks Attendance percentage]

CORE-1.3
(MAJOR) BASIC ECONOMICS II
Course Description:This course is designed to expose the students to the basic principles of how the
economy works at the microeconomic level with some basic concepts like production, firms and input
markets. This course also aims to introduce the students to the basic macroeconomic concepts of
money, inflation, and the theories of determination of income and employment in the aggregate
economy.

Course Outcomes

1. To have a clear idea about the principles that govern the economy's running at the micro and
macro levels.
2. To understand about the working of the input market.
3. To gain clarity about dynamic concepts of Inflation, Employment, money, and income.
4. To understand of the theories of determination of income and employment in the aggregate
economy.

Unit I: The Firm and Market Structures

Cost concepts; Production and Costs; The various measures of cost – Fixed and Variable cost, Average
and Marginal cost; Cost curves and their shapes; Costs in the short run and the long run; Economies and
diseconomies of scale. Firms in Competitive Markets – What is a competitive market; Profit
maximization and the competitive firm‘s supply curve; The marginal cost curve and the firm‘s supply
decision; Firm‘s short-run decision to shut down; Firm‘s long-run decision to exit or enter a market;
The supply curve in a competitive market – short run and long run

LO: Upon completion of this module, the students will have a clear understanding of the traditional
theory of cost and different cost concepts, and be able to distinguish between short-run and long-run
costs, and relate them to a firm’s decision-making under competitive markets.

Unit II: The Input Markets

The Demand for Labour – The production function and the marginal product of labour; Value of the
marginal product of labour and demand for labour; Shifts in labour demand curve; The supply of labour
– the trade-off between work and leisure; Shifts in the labour supply curve; Equilibrium in the Labour
Market; Other factors of production: Land and Capital; Linkages among factors of production

LO: Upon completion of this module, the students will get an insight into the analysis of demand and
supply of inputs and the linkages among the factors of production.

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Unit III: Money and Changes in its Value

Evolution and Functions of Money, Quantity Theory of Money – Cash Transactions, Cash Balances
and Keynesian Approaches, Value of Money and Index Number of Prices

Inflation – Meaning, Causes, and Anti-Inflationary Measures; Classical, Keynesian, Monetarist and
Modern Theories of Inflation, Inflationary Gap, Deflation- Meaning, Causes, and Anti- Deflationary
Measurers, Depression and Stagflation; Inflation vs. Deflation

LO: Upon completion of this module, the students shall understand the evolution of money and the
classical theories of money supply and be able to explain the causes of inflation and deflation in an
economy and the impact and solution thereto.

Unit IV: Determination of National Income

The Classical Approach - Say‘s Law, Theory of Determination of Income and Employment with and
without saving and Investment; Basics of Aggregate Demand and Aggregate Supply and Consumption-
Saving – Investment Functions, The Keynesian Approach – Basics of Aggregate Demand and
Aggregate Supply and Consumption, Saving, Investment Functions; The Principle of Effective
Demand; Income Determination in a Simple 2-Sector Model; Changes in Aggregate Demand and
Income- The Simple Investment Multiplier

LO: Upon completion of this module, the students shall get to know the classical and Keynesian
theories of income and employment determination.

Text Book:

1. Gregory N Mankiw: Principles of Economics, 6th Edition, Cengage Learning India Private
Limited, New Delhi
2. Gregory N. Mankiw (2010): Macroeconomics, 7th edition, Cengage Learning India Private
Limited, New Delhi
3. Government of India (2012): National Accounts Statistics Sources and Methods, CSO, MOSPI

Reference Book:

1. Karl E. Case and Ray C. Fair (2007): Principles of Economics, 8th Edition, Pearson Education
Inc.
2. Richard T. Froyen (2005): Macroeconomics, 2nd Edition, Pearson Education Asia, New Delhi.

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 CORE-1.4
(MAJOR) INDIAN ECONOMY II
Course Description: This course examines sector-specific policies and their impact in shaping trends
in key economic indicators in India. It highlights major policy debates and evaluates the Indian
empirical evidence. Given the rapid changes taking place in the country, the reading list should be
updated annually.

Course Outcomes

1. To analyze the current state of Indian agriculture, including production trends, factors
influencing production, and policy initiatives like land reforms and the green revolution.
2. To evaluate the development of Indian industries, including historical industrial policies,
challenges faced by small-scale industries, and the role of labor.
3. To assess the contribution of the tertiary sector to the Indian economy, and understand the
concept of Human Resource Development (HRD) and its role in India's development.
4. To explain India's foreign trade scenario, including trade composition, export promotion
strategies, and the role of foreign capital.
5. To analyze the environmental policies implemented in India and the global response to climate
change, considering India's specific situation.

Unit I: Agricultural Development in India

Indian Agriculture: nature, importance, trends in agricultural production and productivity, factors
determining production, land reforms, new agricultural strategies and green revolution, rural credit;
Agricultural marketing and warehousing.

LO: Students will be able to analyze the structure, challenges, and advancements in Indian agriculture,
including policies, credit, and marketing.

Unit II: Industrial Development in India

Trends in industrial output and productivity; Industrial Policies of 1948, 1956, 1977, and 1991;
Industrial Licensing Policies – MRTP Act, FERA, and FEMA; Growth and problems of SSIs, Industrial
sickness; Industrial finance; Industrial labor.

LO: Students will know about industrial output and productivity trends, industrial policies, the impact
of licensing policies, small-scale industries' growth, industrial finance, and labor issues in India.

Unit III: Tertiary Sector, HRD, and the External Sector

Tertiary Sector: growth and contribution of the service sector to GDP of India, share of services in
employment; Human development – concept, evolution, measurement; HRD: indication, importance,

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education in India, Indian educational policy; Health and Nutrition. Foreign Trade: role, composition,
and direction of India‘s foreign trade, trends of export and import in India, export promotion versus
import substitution; Balance of Payments of India; India‘s Trade Policies; Foreign Capital – FDI, Aid
and MNCs.

LO: Students will have an understanding of the growth of India's service sector, human development
strategies (education & health), and international trade dynamics (exports, imports, foreign
investment)

Unit IV: Indian Economy and Environment

Environmental Policies in India: The Environment (Protection) Act 1986, The Environment
(Protection) Rules 1986, The National Forest Policy 1988, Policy statement for Abatement ofPollution
1992, National Conservation Strategy and Policy Statement on Environment and Development 1992,
The National Environment Appellate Authority Act 1997, National Environmental Policy 2006; Global
deal with Climate Change: Introduction, Intergovernmental Panel for Climate Change (IPCC), Impact
of Climate Change on India, Global Response on Climate Change, Possible Role of India.

LO: Students will be able to analyze key environmental policies in India, the global deal on climate
change, IPCC's role, climate change impacts, and global responses to India's role.

Text Book:

1. Mishra, S. K. and Puri V. K. Indian Economy — Its Development Experience.

HimalayaPublishing House, Mumbai

Reference Books:

2. Dutt R. and Sundharam K. P. M.: Indian Economy. S. Chand & Company Ltd., New Delhi.
3. Datt and Sundharam, Gaurav Datt and Ashwani Mahajann: Indian Economy, S Chand
Publications, 7th Revised Edition
4. Indian Economy Since Independence, ed by Uma Kapila, Academic Foundation,
RevisedNineteenth Edition 2008-09
5. Government of India (Current Year): Economic Survey, Ministry of Finance, New Delhi

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 CORE-3.1
(MINOR) BASIC ECONOMICS -I
Course Description: This course is designed to expose the students to the basic principles of how the
economy works at the microeconomic level with some basic concepts like markets, and consumer
choice. in macroeconomics. The emphasis will be on thinking like an economist and the course will
illustrate how microeconomic concepts can be applied to analyse real-life situations. This course also
discusses the preliminary macroeconomic concepts associated with the determination and measurement
of aggregate macroeconomic variables like savings, investment, and GDP.

Course Outcomes (COs)

1. To expose the students to the introductory micro and macro-economic concepts.

2. To explain how to think like an economist and illustrate how microeconomic concepts can
be applied to analyses of real-life situations.
3. To introduce preliminary macroeconomic concepts associated with the determination and
measurement of aggregate macroeconomic variables like savings, investment, and GDP.
4. To examine the circular flow of income and expenditure in a 2, 3, and 4-sector economy.

Unit I: Exploring the Subject Matter of Economics, Markets and Welfare

The Ten Principles of Economics: How people make decisions; Working of the economy as a whole;
Thinking Like an Economist: The Economist as Scientist – The scientific method: Observation, Theory
and more observation; Role of Assumptions; Economic Models; Why economists disagree; Graphs in
Economics; The Market Forces; Markets and Competition; The Demand and Supply curves – Market
vs Individual curves, Shifts in Demand and Supply Curves; Market Equilibrium and changes therein;
Price Elasticity of Demand – determinants and computation; Income and Cross Elasticity of Demand;
The Price Elasticity of Supply – determinants and computation; Consumer and Producer Surplus.

LO: Upon completion of this module, students will get a basic idea about the basic underlying
principles followed in economics and get a formative perspective to concepts of elasticity of demand
and supply.

Unit II: Theory of Consumer Choice

The Budget Constraint; Preferences – representing preferences with indifference curves; Properties of
Indifference Curves; Two extreme examples of indifference curves; Optimization – Equilibrium;
Change in equilibrium due to changes in income, changes in price; Income and Substitution Effect;
Derivation of Demand Curve; Three applications – Demand for Giffen goods, Wages and Labour
Supply, Interest rate and Household saving.

LO: Upon completion of this module, the students can understand the problem of choice and decision-
making by consumers and have a vivid understanding of optimization and equilibrium.

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Unit III: Basic Concepts in Macroeconomics

Macro vs. Micro Economics; Limitations of Macroeconomics; Stock and Flow variables, Equilibrium
and Disequilibrium, Partial, and General Equilibrium Statics – Comparative Statics and Dynamics;
National Income Concepts – GDP, GNP, NDP, and NNP at market price, factor cost, real and nominal;
Disposable Personal Income.

LO: Upon completion of this module, the students will be introduced to concepts of macroeconomic
variables and the basic concept of National Income Accounting.

Unit IV: Measurement of Macroeconomic Variables

Output, Income and Expenditure Approaches; Difficulties of Estimating National Income; National
Income Identities in a simple 2-sector economy and with government and foreign trade sectors; Circular
Flows of Income in 2, 3 and 4-sector economies; National Income and Economic Welfare; Green
Accounting.

LO: Upon completion of this module, the students will be familiarized with the estimation of National
Income and understand the circular flow of income and expenditures in a closed and open economy.

Text Book:

1. Gregory N Mankiw: Principles of Economics, 6th Edition, Cengage Learning India Private
Limited, New Delhi
2. Gregory N. Mankiw (2010): Macroeconomics, 7th edition, Cengage Learning India Private
Limited, New Delhi
3. Government of India (2012): National Accounts Statistics Sources and Methods, CSO,
MOSPI

Reference Book:

1. Karl E. Case and Ray C. Fair (2007): Principles of Economics, 8th Edition, Pearson
Education Inc.
2. Richard T. Froyen (2005): Macroeconomics, 2nd Edition, Pearson Education Asia, New
Delhi.

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 MDC-2
INDIAN ECONOMY AND SOCIETY
(THIS FOR THE STUDENTS WHO DO NOT HAVE OPTED ECONMICS IN
CORE 1, 2 & 3)

Course Description

This course aims to provide an overview of the contemporary discussions on economy, policy, gender
and labour issues and environmental issues. This course will serve as a general studies paper for many
competitive examinations and keep the student updated with the contemporary socio-economic issues.
The course is multi-disciplinary one covering economics, political sciences, sociology and
environmental sciences.

Course Outcomes

1. To gain the basic ideas on the Indian Economy, Indian political system, environmental
concerns, gender perspectives, and issues of labour rights.
2. To understand the growth of the Indian Economy and its sectoral composition.
3. To know the distribution of powers between centre state and local governments; and the role of
finance commissions in transferring funds to PRIs and ULBs.
4. To familiarise and sensitize students about gender concerns and labour rights issues, besides the
environmental concerns, and national and global initiatives to halt the degradation of the
environment.

Unit I: Macroeconomic scenario: GDP Growth and Sectoral composition

India‘s GDP growth in recent years. Contribution of Agriculture and allied activities, Industry and
service sectors to GDP and growth of these sectors in the recent years. Major government initiatives
taken by the government to strengthen the economic growth and sectoral growth.

LO: This module will educate the students on India’s recent scenarios of GDP growth, sectoral
composition, and government initiatives to strengthen economic growth.

Unit II: Indian polity: Centre and state relation, role of PRIs and ULBs

Division of power between centre and states: Union List, State list and Concurrent list. Major
expenditure obligations and revenue raising abilities of the Union and the state government. 73rd and
74th Constitutional amendments PESA. Status of State Finance Commissions and devolution of
functions .functionaries and funds to PRIs and ULBs in India

LO: This module will educate the students on the distribution of powers between unions, states, and
local governments and the status of state finance commissions in the devolution of funds to Panchayat
Raj Institutions and Urban Local Bodies.
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Unit III: Gender and Labour issues:

The ideas of Gender. Gender, work and organisation: accounting women's work; impact of policies of
globalization on women's work; gender inequality and labour force participation; gender justice and
human rights

Labour Market: wage employment vs self-employment; wage differentials; skill mismatch and
productivity; reasons for declining labour share in national income, social security and labour welfare;
Labour market regulations and it's impact on employment

LO: This module will educate students about the basic concepts of gender-related issues, and labour
rights.

Unit IV: Environmental Concerns:

Threats of climate change and actions: Observed Changes, Impacts, and attribution; Responses
undertaken to date. Current mitigation and adaptation actions, and Policies are not sufficient;
Understanding Net Zero CO2 and Net zero GHG emissions.

LO: This module will sensitize the students about the threats of climate change, mitigation, adaptation,
and commitment of nations to achieve Net Zero emissions.

Basic Readings:

1. For Module I please refer to Economic Survey of India latest year

2. For Module II, please refer to the 7th Schedule of the Indian Constitution and Latest Finance
Commission of India Report, Chapter on local governments
3. For Module III:
 Government of India (1974), Towards Equality : Report of the Committee on the Status
of Women in India, Dept. Of Social Welfare, Ministry of Education and Social Welfare
 Mazumdar, Vina (1983), Women, Work and Employment: Struggle for a Policy, ICSSR,
New Delhi
 Borjas, George J. Labor Economics. 5th ed. Boston, MA: McGraw-Hill/Irwin, 2010
 OrleyAshenfelter, Richard Layard, David E. Card (1986), Handbook of labor
economics, 1st Edition, North-Holland
4. For Module IV, please refer to the Section 2 of Synthesis Report of The IPCC Sixth Assessment
Report (AR6) longer Report IPCC IPCC_AR6_SYR_LongerReport.pdf

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 SKILL ENHANCEMENT COURSE (SEC-I)
(TO BE OPTED BY STUDENTS OF ECONOMICS AND OTHER DICEPLINE)
Data Analytics I
Course description

This paper helps students to learn the fundamental elements of Data Analytics and to gain
proficiency in working with SPSS. Upon Completing the Course, students will be able to identify
advanced techniques of data analytics using Statistical Package for Social Sciences (SPSS), use
Exploratory data analysis to visualize the data, analyses survey and other data sets using statistical
methods

Course Outcomes:

1. This course is designed to help students learn fundamental elements of Data Analytics and to
gain proficiency in working with SPSS.
2. Upon Completing the Course, students will be able to identify advanced techniques of data
analytics using Statistical Package for Social Sciences (SPSS) software.
3. They will be exposed to exploratory data analysis techniques.
4. This course shall enable them to use statistical tools to visualize and analyze surveys and other
data sets.

Module I:

Introduction to Data Analytics Concept of data analytics; Role of data analyst; Classification of Data-
Structured, Semi-Structured, Unstructured data; Scale of measurement of data; Various Data sources,
Modern Data collection Methods

LO: This module shall help the students to understand the basics of data analytics and identify,
understand, and deal with different types of data sets.

Module II:

Data Visualisation and Basic Statistics Data presentation and visualization, Types of Diagrams;
Descriptive statistics like measure of central tendency, Dispersion, Skewness, Correlation etc.;
Univariate, Bivariate, Multivariate Analysis

LO: Students shall develop proficiency in data visualization to identify patterns, trends, and outliers in
data sets; and be able to understand applied statistics to develop suitable concepts and methods that
will help to analyse data and solve research problems in this module.

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Module III:

Introduction to SPSS Different Menu‘s in SPSS, creating a data file, opening excel files, variables and
labels, selecting cases by filtering, recoding of data, merging of files, Sorting of Cases and Variable,
SPSS Output and its transfer to excel and word.

LO: This module shall enable the students to calculate/recode variables and prepare data for analysis
using SPSS.

Module IV:

Exploratory Data Analysis using SPSS Data visualization using frequency tables and charts, descriptive
statistics, cross tabulations, Compare-Means, ANOVA, Independent Sample t-test, Paired Sample t-test,
One-way ANOVA, chi square tests. Simple and Partial correlation; General Linear Model

LO: Upon completion of this module, the learners shall be able to carry out exploratory data analysis
using SPSS that can test hypotheses.

Text Books

 Brian C. Cronk (2018), How to use SPSS: A Step-By-Step Guide to Analysis and Interpretation,
Tenth edition, Routledge.
 Nancy L. Leech et. al. (2005), SPSS for Intermediate Statistics: Use and Interpretation,Second
edition, Lawrence Erlbaum Associates, Inc.

Additional Reading

 William E. Wagner (2015), Using IBM SPSS statistics for research methods and social science
statistics, Fifth edition, SAGE Publications, Inc.
 IBM 2016, IBM Knowledge Center: SPSS Statistics, IBM, viewed 18 May 2016,
https://www.ibm.com/support/knowledgecenter/SSLVMB/ welcome/ 2.

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