Indian Economy and Development

Development is critically dependent on the functioning and evolution of the economy and on existing economic and social structures. In this course, students will learn how an economic lens throws light on the problem of development and provides particular analytical traction in confronting the questions of development. The course has three objectives. First, it aims to provide students with a firm understanding of key facets of the Indian economy and a grounding in economic theory at a level appropriate to this understanding. For example, students will learn about standard economics concepts such as an elasticity, or movement towards economic equilibrium or informality as it confronts them in key practical problems and concerns (eg: in labour market policies such as the NREGA). Second, students will be exposed to select basic empirical tools and data for analysis. Third, students will be introduced to the question of economic development through an approach that is historically grounded and that puts real world issues and problems in the forefront. At the end of the course, students should be able to clearly articulate knowledge of the Indian economy, appreciate the role of economic actors and institutions and apply economic theory and concepts to the development context.