Recent economic development discourses have been more focused on microeconomic aspects both in theory and policy. The shift to microeconomic approach is a consequence of the shift to the ​“micro-foundations” approach in Macroeconomics practiced by the New Keynesian Consensus paradigm in the past decades. As a result, development discourse has got locked into the microeconomic approaches enabled through the experimental methods of policy prescription and implementation. The problem with such an approach is the absence of socio-institutional-political context in an ahistorical analysis of development.

On the other hand, even the current heterodox macroeconomic framework, as developed in the Global North, does not quite deal with, at least not theoretically, the development issues pertaining to the Global South.

In the current context where ecological limits are beginning to have tangible impacts on lives of people across the world, particularly in the Global South, it is imperative that the development discourse is resurrected and rehumanised by bringing the focus of the analysis back to the socio-historical-political context of economies at various stages and their interrelation in the globalised world economy.

The DevMac research network aims to integrate the analysis of development from a macroeconomic structuralist frameworks that view the problem of development through the intersections of socio-historical-political spheres.

This inaugural conference brings together how such a structuralist macroeconomic perspective is employed in the analysis of various aspects of the Indian Economy.