Chapter 1

Introduction to Macroeconomics

Emergence of Macroeconomics

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Basic concepts (consumption goods, capital goods, final goods)

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Stocks and Flows

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Gross investment and depreciation

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Circular flow of income

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Chapter 2

National Income Accounting

Methods of calculating National Income

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Value Added method

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Income method

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Expenditure method

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Real and Nominal GDP, GDP and Welfare

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Chapter 3

Money and Banking

Meaning of money and supply of money

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Currency held by public and net demand deposits

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Money creation by commercial banks

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Central bank and its functions

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Control of credit (CRR, SLR, Repo Rate)

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Chapter 4

Determination of Income and Employment

Aggregate Demand and Aggregate Supply

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Propensity to consume and propensity to save (APC, MPC)

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Short run equilibrium output

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Investment multiplier and its mechanism

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Deficient demand and excess demand measures

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Chapter 5

Government Budget and the Economy

Government budget meaning and components

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Objectives of government budget

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Classification of receipts (revenue and capital)

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Classification of expenditure (revenue and capital)

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Measures of government deficit

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Chapter 6

Balance of Payments

Balance of payments account

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Meaning and components of BoP

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BoP Deficit and Surplus

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Foreign exchange rate meaning

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Determination of exchange rate

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Chapter 7

Indian Economy on the Eve of Independence

Low level of economic development under colonial rule

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Agricultural sector status

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Industrial sector status

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Foreign trade status

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Demographic conditions and Infrastructure

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Chapter 8

Economic Reforms Since 1991

Need and main features of liberalisation

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Globalisation strategy

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Privatisation concepts

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Appraisal of LPG policies

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Impact of reforms on agricultural and industrial sectors

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Chapter 9

Current Challenges Facing the Indian Economy

Human Capital Formation

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Rural development (credit and marketing)

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Employment (formal and informal)

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Sustainable Economic Development

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Infrastructure challenges

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Chapter 10

Development Experience of India: A Comparison with Neighbours

India and Pakistan comparative analysis

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India and China comparative analysis

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Issues of economic growth

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Population growth trends

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Sectoral development patterns

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