Course

Unit 1

General Principles 

Economics- Introduction, meaning, definition. Microeconomics and Macroeconomics – feature, scope and difference. Economics as a science and its relevance to Law. Economics as a basis of social welfare and social justice. Free enterprise, planned economy and mixed economy and difference. Scientific methods in economics – meaning, steps, features and limitations. Economic theory/ economic laws – steps, applications, limitations, methods. 

Unit 2

General Principles of Economics 

Demand and Supply. Saving, consumption, investment. Theories of Economic growth and problems of development. Banking and fiscal policy – Changing profile of Indian Banking, RBI and its challenging policy. 

Unit 3

Indian Economics 

Introduction to Indian Economics. Trends in population growth. Estimates of national income in India. – India and Global Economy – WTO, FDI, Make in India, Atma Nirbhar Bharat, Globalization and its impact. Post independence economic policies in India. Current Economic issues – Unemployment, Poverty alleviation program, regional disparity, Black money 

Unit 4

The Logic of India’s development strategy 

Planning process – Central Vs State Planning, Role of NITI Aayog, Co-operative federalism. Liberalization, Privatization, Globalization (LPG) and its impact in India. Priorities between agriculture and Industry. Human development strategy – Education, Health, Skill development and Gender equality. Choice of technology. Digital Economy – Role of IT, E- Governance, Startups and Innovation 

Unit 5

The role of public, private and joint sector. Large, medium and small industries. Role of capital formation, credit and banking system. Recent industrial policies and role of foreign capital in India’s development . 

Course Objectives 

1. This course provides an introduction to basic economic principles and their relevance to law and public policy. It explores the relationship between economics and social justice, highlighting how economic theories influence legal systems, governance, and development strategies. 
2. The course covers fundamental economic concepts such as demand and supply, investment, economic growth, and national income, with a special focus on the Indian economy. 
3. To discuss India’s development strategies, the role of different sectors in the economy, and the functioning of financial institutions like the RBI and banking system. By the end of the course, students will understand how economic thinking can support legal decision making and policy formulation. 

Course outcomes 

By the end of the course the learner would be able to: 

1. Understand the basic principles of economics and how they relate to law, justice, and public welfare. 
2. Explain key economic concepts such as demand,supply, saving, investment, and fiscal policy. 
3. Analyze the structure and trends in the Indian economy, including population growth, national income, and post-independence policies. 
4. Evaluate India’s development strategies, including the planning process and the balance between agriculture, industry, and technology. 
5. Describe the roles of different economic sectors(public, private, and joint) and understand how capital formation and banking systems contribute to economic development. 

Teaching Methodology: Lecture, Group Discussion, PowerPoint Presentation etc. as per the requirement of each module. 

1. H.L. Ahuja, Principles of Economics (26th ed., S. Chand & Co., New Delhi 2022). 
2. Uma Kapila, Indian Economy: Performance and Policies (19th ed., Academic Foundation, New Delhi 2023). 
3. S.K. Mishra & V.K. Puri, Indian Economy (38th ed., Himalaya Publishing House, Mumbai 2021). 
4. I.C. Dhingra, Indian Economy: Environment and Policy (29th ed., Sultan Chand & Sons, New Delhi 2020). 
5. Roger LeRoy Miller, Principles of Economics Today (15th ed., Prentice Hall India, New Delhi 2019). 
6. M.L. Seth, Principles of Economics (21st ed., Lakshmi Narain Agarwal Publishers, New Delhi 2018). 
7. S.P. Singh, Principles of Economics (12th ed., S. Chand Publishing, New Delhi 2017).