The Engine of Civilization

Nature, Structure & Basic Features

• Meaning of Indian economy
• Mixed economy
• Developing/emerging economy
• Public, private and cooperative sectors
• Structural characteristics
• Formal and informal economy
• Agriculture, industry and services
• Demographic structure
• Regional disparities

Economy in Pre-Independence Period

• Colonial economic structure
• Traditional economy
• Colonial extraction
• Agriculture
• Handicrafts
• Industry
• Trade
• Transport
• Drain of wealth

Economy on the Eve of Independence

• Features
• Low per-capita income
• Agricultural dependence
• Industrial backwardness
• Poor infrastructure
• Low savings and investment
• Unemployment
• Poverty
• Regional imbalance
• Human-capital deficits

Economic Challenges at Independence

• Poverty
• Food shortages
• Partition
• Refugee rehabilitation
• Low industrial base
• Low productivity
• Foreign-exchange constraints
• Infrastructure deficits
• Capital scarcity

Post-Independence Indian Economy

• Initial development strategy
• State-led development
• Planning
• Agriculture
• Industry
• Services
• Public sector
• Economic transformation

Phases of Economic Development

• 1950s–1960s
• 1960s–1970s
• 1980s
• 1991 reforms
• Post-1991 liberalisation
• 2000s growth phase
• Global financial crisis period
• Post-2014 transformation
• Contemporary economy

Nehruvian Socialist Economy

• Mixed economy
• Public-sector-led development
• Heavy industry
• Planning
• Import substitution
• Socialistic pattern of society
• Industrialisation strategy

Economic Planning in India

• Need for planning
• Planning objectives
• Planning institutions
• Planning process
• Centralised planning
• Indicative planning

Planning Commission

• Establishment
• Structure
• Functions
• Five-Year Plans
• Resource allocation
• Plan evaluation
• Replacement by NITI Aayog

National Development Council

• Composition
• Functions
• Centre–State participation
• Planning coordination

Objectives of Economic Planning

• Growth
• Modernisation
• Self-reliance
• Equity
• Poverty reduction
• Employment
• Balanced regional development

Five-Year Plans: Historical Overview

• First Plan
• Second Plan
• Third Plan
• Plan holiday
• Fourth Plan
• Fifth Plan
• Rolling Plan
• Sixth Plan
• Seventh Plan
• Eighth Plan
• Ninth Plan
• Tenth Plan
• Eleventh Plan
• Twelfth Plan

Planning: Agriculture & Rural Dev

• Agricultural investment
• Irrigation
• Rural development
• Community development
• Green Revolution
• Food security

Planning: Industrial Development

• Heavy industries
• Public sector
• Industrial licensing
• Import substitution
• Small-scale industries

Planning: Social Development

• Education
• Health
• Poverty reduction
• Employment
• Human development
• Social justice

Evaluation of Economic Planning

• Achievements
• Failures
• Growth
• Poverty
• Employment
• Regional disparities
• Public-sector performance
• Planning constraints

Agriculture & Economic Dev

• Agriculture's contribution
• Employment
• Food security
• Rural economy
• Agricultural productivity
• Structural transformation

Agricultural Development in India

• Agricultural growth
• Irrigation
• Seeds
• Fertilisers
• Mechanisation
• Technology
• Credit
• Markets
• Diversification

Green Revolution & Ag-Transformation

• High-yielding varieties
• Irrigation
• Fertilisers
• Mechanisation
• Regional concentration
• Productivity gains
• Second-generation issues

Industry & Economic Dev

• Industrialisation
• Manufacturing
• Industrial policy
• Public sector
• Private sector
• MSMEs
• Infrastructure
• Technology

Services Sector

• Services
• IT
• Financial services
• Tourism
• Healthcare
• Education
• Logistics
• Business services
• Contribution to GDP and employment

Structural Transformation of India

• Agriculture to industry/services
• Sectoral shares
• Labour transition
• Productivity
• Urbanisation
• Formalisation

Economic Growth

• Meaning
• Determinants
• Output
• Productivity
• Capital accumulation
• Technology
• Labour

Economic Development

• Meaning
• Structural transformation
• Living standards
• Social development
• Human capabilities

Growth vs Economic Development

• GDP growth
• Income
• Welfare
• Distribution
• Human development
• Sustainability

Measures of Economic Dev

• Per-capita income
• Real per-capita income
• HDI
• Poverty
• Literacy
• Life expectancy
• Employment

National Income Accounting

• National income
• Domestic territory
• Residents
• Production boundary
• Income generation
• Expenditure approach

GDP

• Gross Domestic Product
• Nominal GDP
• Real GDP
• GDP at market prices
• GDP measurement
• GDP deflator

GNP

• Gross National Product
• Net factor income from abroad
• GDP vs GNP

NDP

• Net Domestic Product
• Consumption of fixed capital
• GDP vs NDP

NNP

• Net National Product
• NNP at factor cost
• Historical national-income terminology

Personal Income

• Personal income
• Disposable income
• Transfer payments
• Household income

Real Gross National Product & Income

• Real GNP
• Price adjustment
• Growth measurement
• National welfare limitations

Human Development Index

• HDI
• Health
• Education
• Income
• Measurement
• Limitations
• India

Gender-Related Development

• Gender-related development
• Gender disparities
• Women's health
• Education
• Income
• Political/economic participation

Poverty Indices

• Poverty line
• Headcount
• Poverty gap
• Multidimensional poverty
• Poverty indicators

Millennium Development Goals & India

• MDGs
• Goals
• India
• Achievements
• Gaps
• Transition to SDGs

Sustainable Development Goals & India

• SDGs
• Economic
• Social
• Environmental dimensions
• SDG localisation
• India

Economic & Social Development

• Income
• Employment
• Education
• Health
• Infrastructure
• Social protection
• Human capital

Employment in India

• Employment
• Unemployment
• Labour-force participation
• Worker participation
• Formal/informal employment
• Youth employment
• Female employment

Resource Mobilisation

• Meaning
• Need
• Domestic resources
• External resources
• Public resources
• Private resources

Physical Capital

• Physical capital
• Infrastructure
• Machinery
• Equipment
• Productive assets

Financial Capital

• Financial capital
• Savings
• Credit
• Investment
• Financial markets

Savings & Investment

• Savings
• Gross capital formation
• Investment
• Savings–investment relationship
• Public/private savings

Savings & Investment Through Planning

• Five-Year Plans
• Savings mobilisation
• Investment targets
• Public investment
• Capital formation

Public vs Private Resource Mobilisation

• Public sector
• Private sector
• Tax resources
• Market borrowing
• Corporate savings
• Household savings

Fiscal Policy & Resource Mobilisation

• Taxation
• Borrowing
• Public expenditure
• Deficit financing
• Revenue mobilisation

Monetary Policy & Resource Mobilisation

• Money supply
• Interest rates
• Credit
• Liquidity
• Investment

Foreign Investment & Resource Mob.

• FDI
• FPI
• External commercial borrowings
• Foreign capital
• Benefits
• Risks
• Policy framework

Multilateral Agencies & Resource Mob.

• World Bank
• IMF
• ADB
• AIIB
• NDB
• Development finance

Police State vs Democratic Welfare State

• Minimal state
• Welfare state
• Public goods
• Redistribution
• Social protection
• Economic role of the state

Inclusive Growth

• Meaning
• Concept
• Equity
• Opportunity
• Participation
• Benefits of growth

India's Experience with Inclusion

• Poverty reduction
• Employment
• Financial inclusion
• Social-sector expansion
• Regional inequality

Social-Sector Initiatives & Inclusion

• Education
• Health
• Nutrition
• Housing
• Social protection
• Financial inclusion

Flagship Schemes: Ground Reality

• Objectives
• Targeting
• Implementation
• Outcomes
• Leakages
• Inclusion/exclusion
• Monitoring

India's Growth Story & Inclusion

• Growth
• Poverty
• Inequality
• Employment
• Regional disparities
• Human development

Rural Economy-Based Growth

• Rural demand
• Agriculture
• Rural non-farm economy
• Rural infrastructure
• Employment
• Rural entrepreneurship

Sustainable Agriculture, Food & Growth

• Sustainable agriculture
• Food security
• Productivity
• Resource conservation
• Resilience

Public Distribution System & Inclusion

• PDS
• Food security
• Subsidised food
• Targeting
• Portability
• Leakage

Financial Inclusion

• Bank accounts
• Credit
• Insurance
• Pension
• Digital payments
• Financial literacy

Poverty Alleviation & Employment

• Poverty programmes
• Employment programmes
• Self-employment
• Wage employment
• Livelihoods

Social-Sector Development & Inclusion

• Education
• Healthcare
• Nutrition
• Housing
• Sanitation
• Human capital

PPP & Inclusive Growth

• Public–Private Partnership
• Infrastructure
• Healthcare
• Education
• Service delivery
• Risk sharing

Industrial Integration & Inclusive Growth

• Manufacturing
• Supply chains
• MSMEs
• Industrial corridors
• Employment

Sectoral Diversification

• Agricultural diversification
• Manufacturing
• Services
• Employment diversification
• Risk reduction

Regional Diversification

• Regional disparities
• Balanced development
• Backward regions
• Infrastructure
• Investment

Government Policies for Inclusive Growth

• Financial inclusion
• Skill development
• Employment
• Rural development
• Social protection

Pradhan Mantri Jan Dhan Yojana

• Financial inclusion
• Bank accounts
• Insurance/pension linkages
• Direct benefits
• Digital finance

MUDRA

• Micro Units Development and Refinance Agency
• Micro-enterprises
• Credit
• Entrepreneurship

SETU

• Self Employment and Talent Utilisation
• Entrepreneurship
• Innovation
• Start-ups

Skill India

• Skill development
• Employability
• Vocational training
• Workforce readiness

MGNREGA

• Rural employment
• Demand-driven employment
• Wage guarantee
• Rural assets
• Social audit

Kisan Credit Card

• Agricultural credit
• Working capital
• Crop loans
• Farmer finance

Pradhan Mantri Krishi Sinchayee Yojana

• Irrigation
• Water-use efficiency
• Micro-irrigation
• Watershed management

National Agriculture Market

• e-NAM
• Agricultural marketing
• Market integration
• Price discovery

PMJJBY

• Life insurance
• Financial inclusion
• Social security

PMSBY

• Accident insurance
• Financial inclusion
• Social protection

Atal Pension Yojana

• Pension
• Unorganised workers
• Social security

Digital India & Inclusive Growth

• Digital access
• Digital public services
• Financial inclusion
• Digital economy

Government Budget

• Meaning
• Objectives
• Budget cycle
• Receipts
• Expenditure
• Deficits
• Fiscal management

Economic Survey

• Economic Survey
• Purpose
• Macro analysis
• Sectoral analysis
• Policy recommendations

Budget Terminology

• Receipts
• Expenditure
• Revenue
• Capital
• Fiscal deficit
• Revenue deficit
• Primary deficit
• Effective revenue deficit

Types of Budget

• Balanced budget
• Surplus budget
• Deficit budget
• Performance budget
• Outcome budget
• Gender budget
• Zero-based budget

Outcome Budgeting

• Inputs
• Outputs
• Outcomes
• Performance indicators
• Results

Merger of Railway & General Budget

• Historical separate railway budget
• Merger
• Rationale
• Fiscal implications

Importance of Budgeting

• Allocation
• Redistribution
• Stabilisation
• Accountability
• Economic management

Problems in Budgeting

• Estimation errors
• Under/over-spending
• Off-budget borrowing
• Fiscal transparency
• Implementation gaps

Budget Analysis

• Revenue
• Expenditure
• Deficits
• Sectoral allocation
• Fiscal sustainability

Subsidies

• Subsidies
• Explicit subsidies
• Implicit subsidies
• Food
• Fertiliser
• Energy
• Rationalisation
• Targeting

Fiscal Policy

• Meaning
• Objectives
• Expansionary fiscal policy
• Contractionary fiscal policy
• Stabilisation

Fiscal Policy in India

• Fiscal framework
• Government expenditure
• Taxation
• Borrowing
• Fiscal rules

Government Revenue

• Tax revenue
• Non-tax revenue
• Dividends
• Fees
• Grants
• Other receipts

Government Spending

• Revenue expenditure
• Capital expenditure
• Productive expenditure
• Social expenditure
• Infrastructure spending

Fiscal Deficit

• Meaning
• Calculation
• Causes
• Financing
• Macro implications

Revenue Deficit

• Meaning
• Calculation
• Implications
• Revenue expenditure

Primary Deficit

• Meaning
• Calculation
• Fiscal deficit minus interest payments
• Policy significance

Deficit Financing

• Market borrowing
• Small savings
• External borrowing
• Monetary financing
• Debt sustainability

Public Debt

• Internal debt
• External debt
• Market borrowing
• Loans
• Grants
• Debt sustainability

Public Debt & Resource Mobilisation

• Capital formation
• Infrastructure
• Crowding out
• Interest burden
• Intergenerational effects

Balance Sheet of Government

• Government assets
• Liabilities
• Public debt
• Contingent liabilities
• Fiscal risks

Meaning & Principles of Taxation

• Tax
• Direct taxes
• Indirect taxes
• Ability-to-pay principle
• Benefit principle
• Equity
• Efficiency

Objectives of Taxation

• Revenue mobilisation
• Redistribution
• Economic stabilisation
• Behavioural regulation
• Resource allocation

Taxation & Resource Mobilisation

• Tax base
• Tax buoyancy
• Tax elasticity
• Compliance
• Tax expenditure

Indian Tax System

• Direct taxes
• Indirect taxes
• Central taxes
• State taxes
• Local taxes

Direct Taxation

• Income tax
• Corporate tax
• Capital gains
• Tax deductions
• Tax administration

Indirect Taxation

• GST
• Customs
• Excise
• Consumption taxation

GST

• Goods and Services Tax
• GST structure
• CGST
• SGST
• IGST
• GST Council
• Input tax credit

GST Progress & Issues

• Tax base
• Compliance
• Revenue performance
• Federalism
• Compensation
• Technology

Tax Reforms

• Tax simplification
• Base broadening
• Compliance
• Digital taxation
• Administrative reform

Retrospective Taxation

• Meaning
• Constitutional/legal issues
• Investor confidence
• Tax certainty

Subsidy & Tax Expenditure

• Tax concessions
• Subsidies
• Revenue foregone
• Efficiency
• Equity

Money & Monetary System

• Money
• Functions
• Forms of money
• Money supply
• Monetary aggregates

Monetary Policy

• Meaning
• Objectives
• Price stability
• Growth
• Liquidity
• Credit

Instruments of Monetary Policy

• Repo rate
• Reverse repo
• SDF
• CRR
• SLR
• Open market operations
• Bank rate
• Marginal standing facility

Monetary Policy: Pre-Reform Era

• 1948–1991
• Administered interest rates
• Credit controls
• Reserve requirements
• Monetary management

Monetary Policy: Post-Reform Era

• 1991 reforms
• Market-based monetary policy
• Interest-rate transmission
• Liquidity management

Urjit Patel Committee

• Monetary policy framework
• Inflation targeting
• CPI
• MPC
• Institutional reform

Monetary Policy Committee

• Composition
• Appointment
• Voting
• Accountability
• Inflation target

Inflation Targeting

• Flexible inflation targeting
• CPI
• Target
• Tolerance band
• Monetary-policy transmission
• Limitations

Indian Financial System

• Overview
• Components
• Financial institutions
• Financial markets
• Financial assets
• Financial services

Financial Institutions

• Depository institutions
• Non-depository institutions
• Regulators
• Financial intermediaries
• Non-intermediaries

Financial Markets

• Money market
• Capital market
• Foreign exchange market
• Credit market

Financial Assets

• Call money
• Notice money
• Term money
• Treasury Bills
• Certificate of Deposits
• Commercial Paper

Financial Services

• Banking
• Insurance
• Investment
• Foreign exchange
• Payment services

Indian Financial Markets & Crisis Mgt

• Financial shocks
• Liquidity
• Credit
• Pandemic impact
• Financial stability

Banking: Meaning & Functions

• Banking
• Deposits
• Lending
• Credit creation
• Payment functions
• Financial intermediation

Origin & Evolution of Banking

• Presidency banks
• Imperial Bank
• RBI
• Post-Independence banking
• Liberalisation

Types of Banks in India

• Commercial banks
• Cooperative banks
• Regional Rural Banks
• Small Finance Banks
• Payments Banks
• Foreign banks
• Local Area Banks

Reserve Bank of India

• Central bank
• Monetary authority
• Banker to government
• Banker to banks
• Currency
• Financial regulation

Cooperative Banks

• Structure
• Urban cooperative banks
• Rural cooperative banks
• Regulation
• Challenges

Commercial Banks

• Public-sector banks
• Private-sector banks
• Foreign banks
• Functions
• Lending

Public Sector Banks

• Historical role
• State Bank of India
• Public-sector banking
• Financial inclusion
• Reform

Private Sector Banks

• Private banking
• Competition
• Technology
• Digital banking
• Regulation

Foreign Banks

• Foreign bank branches
• International banking
• Regulation
• Cross-border finance

Regional Rural Banks

• Rural credit
• Financial inclusion
• Ownership structure
• Consolidation

Local Area Banks

• Concept
• Regional banking
• Rural/semi-urban finance

Specialised Banks

• SIDBI
• NABARD
• Sector-specific finance
• Development finance

Small Finance Banks

• Financial inclusion
• Small borrowers
• MSMEs
• Rural banking

Payments Banks

• Payments banking
• Deposits
• Digital payments
• Restrictions
• Financial inclusion

Bank Nationalisation

• 1969 nationalisation
• 1980 nationalisation
• Objectives
• Financial inclusion
• Priority-sector lending
• Outcomes

Banking Sector Reforms: Narasimham I

• Prudential norms
• Capital adequacy
• Income recognition
• Competition
• Deregulation

Banking Sector Reforms: Narasimham II

• Consolidation
• Governance
• Capital
• Competition

Nachiket Mor Committee

• Financial inclusion
• Universal bank account
• Payment systems
• Banking access

P.J. Nayak Committee

• Bank governance
• Board structure
• Public-sector bank reform
• Government ownership

Development Finance Institutions

• IFCI
• ICICI
• IDBI
• SIDBI
• UTI
• LIC
• GIC

New Bank Licence Criteria

• Universal banking
• Licensing
• Capital
• Governance
• Promoter criteria

NBFCs

• Non-Banking Financial Companies
• Role
• Credit
• Regulation
• Shadow banking
• Systemic importance

Financial Inclusion in India

• PMJDY
• Banking access
• Insurance
• Pension
• Payments
• Digital finance

Non-Performing Assets

• NPA
• Gross NPA
• Net NPA
• Causes
• Consequences
• Recovery

Banking Legislation

• Banking regulation
• Insolvency-related banking provisions
• Recovery mechanisms
• Deposit protection

Neo-Banks

• Digital banking
• Fintech
• Technology-enabled finance
• Regulatory issues

Bad Banks

• Concept
• Asset reconstruction
• Distressed assets
• NPA resolution

Bank Privatisation

• Public-sector bank ownership
• Efficiency
• Competition
• Governance
• Financial inclusion concerns

Account Aggregator System

• Consent-based data sharing
• Financial data
• Interoperability
• Credit access
• Privacy

Domestic Systemically Important Banks

• D-SIBs
• Systemic risk
• Too-big-to-fail
• Capital requirements
• Financial stability

Insurance Sector in India

• Insurance
• Life insurance
• General insurance
• Health insurance
• Insurance penetration
• Insurance density

Insurance Regulation

• IRDAI
• Consumer protection
• Solvency
• Competition
• Regulation

LIC & Public Insurance

• LIC
• Nationalisation
• Public insurance
• Financial mobilisation

Insurance & Financial Inclusion

• Insurance access
• Rural insurance
• Microinsurance
• Social protection

International Trade

• International trade
• Exports
• Imports
• Terms of trade
• Trade benefits
• Trade barriers

Trade Policy of India

• Trade policy
• Export promotion
• Import management
• Tariffs
• Non-tariff measures

Balance of Payments

• BOP
• Current account
• Capital/financial account
• Errors and omissions
• Overall balance

Current Account

• Merchandise trade
• Services
• Primary income
• Secondary income
• Remittances

Capital / Financial Account

• FDI
• FPI
• Loans
• Banking capital
• External commercial borrowings

Goods & Services Account

• Merchandise
• Services trade
• Invisible trade
• Service exports

BOP Performance of India

• Current account trends
• Capital flows
• Forex reserves
• External vulnerability

Balance of Payments vs Balance of Trade

• BOT
• BOP
• Merchandise balance
• Broader external balance

Current Account vs Capital Account

• Current transactions
• Capital/financial transactions
• Relationship

Foreign Capital

• FDI
• FPI
• ECB
• NRI deposits
• External assistance

FDI in India

• Meaning
• Routes
• Sectors
• Benefits
• Risks
• Policy

FPI in India

• Portfolio investment
• Equity
• Debt
• Capital-market volatility
• Benefits/risks

External Commercial Borrowings

• ECB
• Corporate borrowing
• External debt
• Currency risk

Globalisation & Indian Economy

• Trade integration
• Capital flows
• Technology
• Competition
• Employment
• Inequality
• External vulnerability

Foreign Exchange Market

• Foreign exchange
• Demand and supply
• Exchange reserves
• Currency markets

Exchange Rate Determination

• Market forces
• Inflation
• Interest rates
• Capital flows
• Trade balance
• Expectations

Types of Exchange Rate

• Fixed
• Flexible
• Managed float
• Pegged systems

Rupee & Exchange-Rate Management

• Rupee exchange rate
• RBI intervention
• Forex reserves
• Currency volatility

Capital Account Convertibility

• Meaning
• Benefits
• Risks
• India’s gradual approach

Current Account Convertibility

• Meaning
• India
• Convertibility framework

External Debt & External Vulnerability

• External debt
• Debt-service ratio
• Currency risk
• Sovereign vulnerability

Foreign Exchange Reserves

• Forex reserves
• Foreign currency assets
• Gold
• SDRs
• Reserve adequacy

Bretton Woods System

• Bretton Woods
• Post-war monetary order
• Exchange rates
• IMF
• World Bank

IMF

• Functions
• Surveillance
• Lending
• Balance-of-payments support
• Special Drawing Rights

IMF Reforms

• Quotas
• Voting power
• Representation
• Governance reform

World Bank

• Development finance
• IBRD
• IDA
• India and World Bank

World Bank Group

• IBRD
• IDA
• IFC
• MIGA
• ICSID

WTO & India

• WTO
• Trade rules
• India
• Agriculture
• Services
• Trade disputes

ADB

• Asian Development Bank
• Infrastructure
• Development finance
• India

New Development Bank

• NDB
• BRICS
• Development finance
• Infrastructure

AIIB

• Asian Infrastructure Investment Bank
• Infrastructure finance
• India

Multilateral Development Finance

• Development banks
• Infrastructure
• Climate finance
• Development assistance

Bilateral Trade Agreements

• Bilateral agreements
• Market access
• Tariffs
• Services
• Investment

Regional Trade Agreements

• RTAs
• FTAs
• Customs unions
• Common markets

Global Trade Agreements

• Multilateral trade
• WTO agreements
• Global trade governance

India's FTAs

• Major FTAs
• Trade diversification
• Rules of origin
• Market access

India & BRICS Economic Cooperation

• BRICS
• Trade
• Investment
• Development finance

India & ASEAN Economic Relations

• Trade
• Services
• Investment
• FTA

India & Economic Groupings

• G20
• BRICS
• ASEAN
• SCO
• Other economic forums

Investment: Meaning & Importance

• Investment
• Capital formation
• Productive capacity
• Growth
• Employment

Sources of Investment

• Household savings
• Corporate savings
• Government
• Banks
• Capital markets
• Foreign capital

Measures of Investment

• Gross investment
• Net investment
• Gross capital formation
• Investment rate

Capital & Investment

• Physical capital
• Financial capital
• Fixed capital
• Working capital

Factors Affecting Investment

• Interest rates
• Demand
• Business confidence
• Infrastructure
• Taxes
• Technology
• Political stability

Classification of Investment

• Public
• Private
• Domestic
• Foreign
• Direct
• Portfolio

Investment Models

• Investment models
• Public investment
• Private investment
• PPP
• Foreign investment

Public Investment Model

• Government capital expenditure
• Infrastructure
• Crowding-in
• Social returns

Private Investment Model

• Corporate investment
• Household investment
• Business expectations
• Cost of capital

PPP Investment Model

• Public–private partnership
• Risk allocation
• Financing
• Infrastructure
• Contract design

Foreign Investment Models

• FDI
• FPI
• Joint ventures
• Strategic investment

State & Investment

• Government role
• Regulation
• Infrastructure
• Incentives
• Public investment

Savings & Investment Trends

• Household savings
• Corporate savings
• Public savings
• Investment rate
• Savings-investment gap

Financial Inclusion & Digital Finance

• Banking access
• Digital payments
• Financial literacy
• Fintech
• Account Aggregator
• DPI

Financial Stability

• Systemic risk
• Banks
• NBFCs
• Capital markets
• Liquidity
• Macroprudential regulation

Inflation & Price Stability

• Inflation
• CPI
• WPI
• Demand-pull
• Cost-push
• Food inflation
• Core inflation

Economic Cycles

• Boom
• Slowdown
• Recession
• Recovery
• Business cycle

Productivity & Competitiveness

• Productivity
• Labour productivity
• Total factor productivity
• Competitiveness
• Technology

Formalisation of the Economy

• Formalisation
• GST
• Digital payments
• Tax base
• Labour formalisation
• Financial formalisation

Informal Economy

• Informal sector
• Informal employment
• Productivity
• Social security
• Formalisation challenges

Demographic Dividend & Economy

• Working-age population
• Labour supply
• Savings
• Human capital
• Employment

Regional Economic Disparities

• Inter-state disparities
• Per-capita income
• Infrastructure
• Human capital
• Investment concentration

Economic Reforms & Structural Reform Agenda

• Liberalisation
• Privatisation
• Deregulation
• Competition
• Labour reforms
• Land reforms
• Financial reforms

1991 Economic Crisis

• Balance-of-payments crisis
• Forex shortage
• Fiscal stress
• External borrowing
• Reform response

LPG Reforms

• Liberalisation
• Privatisation
• Globalisation
• Deregulation
• Competition

Liberalisation

• Industrial delicensing
• Import liberalisation
• Financial liberalisation
• Capital-market reform

Privatisation

• Disinvestment
• Strategic sale
• Public-sector reform
• Efficiency

Globalisation

• Trade integration
• Capital flows
• Technology
• Global value chains

Post-Reform Growth

• Growth
• Investment
• Services
• Trade
• Poverty
• Inequality

Reform Outcomes & Unresolved Challenges

• Employment
• Agriculture
• Manufacturing
• Inequality
• Regional disparities
• Human development

Growth → Investment → Employment

• Capital formation
• Productivity
• Employment
• Income

Savings → Investment → Growth

• Savings
• Financial intermediation
• Investment
• Capital formation

Fiscal Policy → Growth → Redistribution

• Taxation
• Expenditure
• Deficits
• Redistribution
• Stabilisation

Monetary Policy → Inflation → Growth

• Money
• Interest rates
• Credit
• Inflation
• Output

Banking → Credit → Investment → Growth

• Deposits
• Credit
• NPAs
• Investment
• Growth

Agriculture → Rural Economy → Food Sec.

• Agriculture
• Rural income
• Food
• Employment

Industry → Manufacturing → Employment

• Industrialisation
• Manufacturing
• MSMEs
• Jobs
• Exports

Services → Productivity → Globalisation

• Services
• IT
• Trade
• Foreign exchange
• Employment

Trade → BOP → Exchange Rate

• Exports
• Imports
• Current account
• Capital flows
• Rupee

Inclusion → Human Capital → Growth

• Financial inclusion
• Education
• Health
• Skills
• Productivity

Development → Sustainability → Resilience

• Inclusive growth
• Sustainable development
• Climate resilience
• Resource efficiency

Basic Economy Master Matrices