Indian Economy Download PDF

As a child anyone will recall, will always ask ‘why’ for anything and everything. Why the sun rises in the east and sets in the west or why should one study, why we sleep at night and are awake in the day time, why not the other way around and so on…

If we go down the memory lane, surely there will be a number of such instances we can recall. Also, remember it is a major irritant for the parents to answer these questions more as they do not have answer to all of these. As we grow up, somewhere down the line we forget the ‘why, and that is the first thing in economics, one should always ask the ‘why. Let me begin with a few basic why’s as far as the economics is concerned.

Why people in the US rich and why Africa and India have poor people?
Why different currencies in the world?
Why so many people in villages?
Why cannot we provide employment to everyone?

The list goes on and on reflection one will realize realms of economics needs a deeper introspection.

So let us begin our journey into the subject economics or rather I would say developing an understanding of the commonly used concepts, terminologies, often loosely defined and the practical and application aspect from the Indian perspective of an economy.

We will go step-by-step building up section-by-section and I request you to please do not skip sections, as otherwise one can lose the link of the previous section.

Let us begin by developing a terminology being used by everyone which is ‘Growth.’ In recent times, there is a lot of discussion on growth slowing down and a major cause of concern for the economies. Or, even the fact that China today is the fastest growing economy. Why is growth important for an economy?
To answer this ‘why, we need to understand what is meant by the output of an economy.

Part A Domestic Economy

Part B External Sector – Looking Outwards

Part C Global Economy and Outlook

Part D Indian Economy Revisited, Outlook and Challenges