• ISBN13: 9788126911127
• Binding: Paperback
• Subject: Economics
• Publisher: Atlantic Publishers & Distributors (P) Ltd
• Publisher Imprint: Atlantic
• Publication Date: December 26, 2024
• Pages: 254
• Original Price: INR 595.0
• Language: English
• Edition: N/A
• Item Weight: 420 grams
• BISAC Subject(s): N/A

Using theories in macroeconomics and extensive data, this book focuses on India’s developmental experience, highlighting recent trends in the economy.

This lucid and concise overview of India’s macroeconomy presents a comprehensive assessment of governmental policies and measures crucial to economic growth and stability. Thematically structured, the book discusses the demand and supply-side factors affecting India’s economy, poverty and inequality, remedial measures, fiscal and monetary policies, budget constraints, unemployment and inflation, the post-liberalization era and its effects on the labour and capital markets, future reforms in the economy, and trade and external sector. Grounded in the Indian context, with extensive case studies, illustrations and examples, it relates economic theories to real-world economics.

Dr. Nilanjan Banik is Professor of Economics and Finance at the School of Management, Mahindra University. He holds a Ph.D. in Economics from Utah State University, USA, and a Master's in Economics from Delhi School of Economics, India. His resean focuses applying time series econometrics to international trade, market structures, and on development economics, with expertise in WTO regulations and non-tariff barriers. He has held academic positions at renowned institutions such as Utah State University, USA, University of Durham, UK, University of Greenland, Nuuk, Hankuk University of Foreign Studies, South Korea, Indian School of Business, Hyderabad, and Indian Institute of Management (Indore, Nagpur, Rohtak, and Ranchi). Dr. Banik has also collaborated with esteemed organizations, including World Trade Organization, UNESCAP, Ministry of Commerce, Government of India, and Asian Development Bank. He is currently examining the spatial dimensions of India's growth and development nexus.

• Contents
• List of Figures..ix
• List of Tables…xi
• List of Boxes…xiii
• List of Case Studies…xv
• Preface…xvii
• Chapter 1: Introducing Macroeconomics 1
• • Why Economics…1
• • Demand Management Policies…2
• • Supply Management Policies…4
• • Reconciling Demand and Supply Management…5
• • Controlling Output Gap: An Economist’s Perspective…7
• • Examining GDP…13
• • Demand-Side Components of GDP…14
• • Supply-Side Components of GDP…21
• • How We Measure GDP…27
• • Factors Affecting GDP…29
• Chapter 2: Growth, Development, and Income Distribution 30
• • Growth and Development…30
• • Growth and Inequality…31
• • Understanding Inequality…33
• • Measuring Inequality…35
• • Inequality in India…40
• • Regional Income Inequality….45
• • Why Is Inequality Bad?...53
• • Policy Recommendations…57
• Chapter 3: Demand Management Policies 59
• • Fiscal Policy…59
• • Understanding the Indian Budget…60
• • Reading the Budget…68
• • A Closer Look at Tax Rates…69
• • Application of Laffer’s Principle in India…72
• • Fiscal Deficits and Other Macroeconomic Variables…77
• vi The Indian Economy
• • Monetary Policy…84
• • Money Market Multiplier and Money Supply…87
• • Liquidity Adjustment Facility (LAF)…89
• • The Monetary Side…90
• • Application of Friedman’s Concept in India…92
• • Taylor’s Rule and Monetary Policy…95
• • On Independence of the Central Bank…95
• • Relationship between Real and Financial Sectors…96
• Chapter 4: Inflation and Unemployment 99
• • Types of Inflation…99
• • Measurement of Inflation…100
• • How Is Inflation Calculated...104
• • Inflation in India…105
• • Causes of Food Price Inflation in India …106
• • Supply-Side and Demand-Side Shocks…113
• • Why Is Inflation Bad…114
• • Limitation of the Indexes…115
• • Measuring Unemployment…116
• • Data on Unemployment…118
• • Unemployment Rate in India…118
• Chapter 5: Reforms in India 123
• • Explaining Reforms…123
• • The Pre-1991 Reform Phase…123
• • The 1991 Reform Era…127
• • Bugs in the Present 1991 Reform Era…137
• • Looking Ahead: Scope for Future Reforms…144
• • Policy Prescriptions…150
• Chapter 6: Trade 157
• • Why Do Countries Trade?...157
• • Factors Affecting Trade…160
• • The Indian Case…160
• • Factors Affecting Exports…162
• • Procedures…177
• Chapter 7: External Account and Exchange Rates 181
• • India’s External Sector…181
• • Exchange Rate…184
• • Determining the Value of Exchange Rates…186
• Contents vii
• • Currency Crises and Its Possible Explanations…192
• • International Coordination to Mitigate Crisis: A Note on G-20…193
• • Multilateral Aid and Voting Power…195
• • Sustaining Growth…196
• • Shadow Banking and Financial Crisis…196
• • The Uninvited…197
• Chapter 8: India and the WTO 201
• • GATT and WTO…201
• • WTO Structure… 203
• • WTO Rules…204
• • Negotiations at GATT/WTO… 205
• • Trade Costs…214
• • An Alternative: North-South Negotiation, and India’s Stance at WTO…221
• Index 226
• About the Author 235