The objectives of the paper are to explain relationships of economic aggregates, portray Indian business environment and acquaint the student with current economic policies.

1. Economic Development and Growth - Factors of Economic Development, Relationships among macro economic variables.

2. National Income Analysis: Concepts of National Income: Methods of Estimation of National Income: Structure of Trends in India's GDP in the Post Independence Period.

3. Theory of Income & Employment determination: Consumption, Saving, Investment functions - Income multiplier, acceleration co-efficient - Equilibrium in real and financial markets; ISLM theory.

4. Structure of Indian Industry: Phases of Industrialisation in India. Performance of selected major industries. Profile of Corporate Sector - Multi National Corporations - Small Scale Industry.

5. Financial System: Role and Working of Commercial Banks, non-banking financial institutions, and all India Financial Institutions; Capital and money markets. Money Market Developments.

6. Economic Policies of India : (a) Industrial Policy : a brief review of industrial policy since independence; Industrial Policy of 1991 and recent developments; Policy on Foreign Investment, (b) Fiscal Policy : Public revenue, public expenditure, public debt; An analysis of current year Central budget, (c) Monetary Policy : Demand for & Supply of Money; Objectives of monetary & credit policy and recent developments, (d) Trade Policy - Balance of Payments, exchange rates - Structure magnitude, direction of Indian International Trade.

Suggested Readings:
1. R.T. Gill : Economic Development - Past & Present.
2. Charles L. Schultze : National Income Analysis
3. Rudiger Dornbusch & Stanley Fischer: Macro Economics, 5th Ed., McGraw Hill International.
4. D.N. Agarwal : Indian Economy
5. Current Year's 'Economic Survey' and Budget Government of India.