THE UNIVERSITY OF BURDWAN

SYLLABUS FOR 3-YEAR B.A./ B.Sc.(General)

IN
Economics
UNDER CHOICE BASED CREDIT SYSTEM
(CBCS)
(With effect from the session 2017-2018)

The University of Burdwan

1
 Syllabus for BA/BSc General in Economics
Session 2017-18
(Semester with CBCS)
Structure of Syllabus for B.A./B.Sc. General Course in Economics under Semester
with CBCS

These papers are also open as Generic Electives for students of General & Honours in other
discipline

Sem Paper Paper Description Course L-T-P Credit Marks

Code Type
I Microeconomics CC1A/GE1 5-1-0 6 75
Other Discipline CC 5-1-0 6 75
Core Language (Eng Language) – L1A CC 5-1-0 6 75
AECC – ENVS AECC-1 3-1-0 4 100

II Macroeconomics CC1B/GE2 5-1-0 6 75

Other Discipline CC 5-1-0 6 75
Core Language (Hindi/MIL) – L2A CC 5-1-0 6 75
AECC- Communicative English / MIL AECC-2 2-0-0 2 50

III Development Economics CC1C/GE3 5-1-0 6 75

Other Discipline CC 5-1-0 6 75
Core Language (Eng Language) – L1B CC 5-1-0 6 75
** Skill Enhancement Course SEC-1 0-0-2 2 50
or
2-0-0

IV Features of Indian Economy CC1D/GE4 5-1-0 6 75

Other Discipline CC 5-1-0 6 75
Core Language (Hindi/MIL) – L2B CC 5-1-0 6 75
** Skill Enhancement Course SEC-2 2-0-0 2 50

V * Discipline Specific Elective DSE-1A 5-1-0 6 75

Disc. Specific Elective (Other Discipline) DSE-2A 5-1-0 6 75
Generic Elective (Other dept ) - GE 5-1-0 6 75
** Skill Enhancement Course SEC-3 2-0-0 2 50

VI * Discipline Specific Elective DSE- 1B 5-1-0 6 75

Disc. Specific Elective (Other Discipline) DSE- 2B 5-1-0 6 75
Generic Elective (other Dept) - GE 5-1-0 6 75
** Skill Enhancement Course SEC-4 2-0-0 2 50

* Discipline Specific Electives

DSE- 1A (Any One) Semester V DSE- 1B (Any One) Semester VI

2
 Basic Statistics Environmental Economics
Indian Economic History Public Finance

** Skill Enhancement Courses

SEC 1 [Semester-III (Any One)] SEC 2 [Semester-IV (Any One)]
Basic Computer Applications Indian Official Statistics
Indian Financial System Entrepreneurship Development

SEC 3 [Semester-V (Any One)] SEC 4 [Semester-VI (Any One)]

Money & Banking Indian Stock Market Trading
Insurance Market & Products Business Project Proposal

Generic Electives ( For the students of other subjects)

GE - 1 Semester V GE - 2 Semester VI
Basic Economics Indian Economic Development

General Course Structure

Subject Subject Generic
Core Core Core
Elective Elective Elective Total Total
Semester Course Course Course AECC AECC SEC
1 2 (other Courses Credits
1 2 Language
(DSE) (DSE) dept)
6 6 6 6 6 2 4 2
6 credits
credits credits credits credits credits credits credits credits
I 1 1 1 1 4 22
II 1 1 1 1 4 20
III 1 1 1 1 4 20
IV 1 1 1 1 4 20
V 1 1 1 1 4 20
VI 1 1 1 1 4 20
Total
4 4 4 2 2 2 2 1 4 24
Courses
Total
24 24 24 12 12 12 2 4 8 122
Credits

3
 The University of Burdwan
Syllabus for B.A./ B.Sc. General (CBCS) in Economics
Semester – I
CC -1A : Microeconomics
Full Marks: 75 Credit: 6 Number of Lectures: 70

1. Consumer’s Behaviour: (25 Lectures)

A. Utility: Total and Marginal Utility- Law of Diminishing Marginal Utility – Law of
Demand.
B. Indifference Curve: Definition, Characteristics. Consumer’s equilibrium, Price effect,
Income effect and Substitution effect.
C. Elasticity of Demand – price and income elasticity, cross price elasticity of demand,
Measurement of price elasticity.

2. Producer’s Behaviour: (22 Lectures)

A. Production Function: AP, MP and their derivation from TP Curve, Returns to Factor
and Returns to Scale.
B. Cost of Production: Real cost and Opportunity cost – Fixed and Variable cost. Shape
of cost curves -- short run and long run. Relation between Average cost and Marginal
cost.
C. Total Revenue, Marginal Revenue and Average Revenue – Relation between TR, AR
and MR curves. Relation between AR, MR and Price elasticity of Demand.

3. Market Morphology: (10 Lectures)

A. Perfect competition, Monopoly, Monopolistic Competition, Oligopoly and Duopoly

(concepts only).
B. Short run and Long run equilibrium of firm and industry under Perfect competition,
Price discrimination.
C. Price and Output determination under Monopoly.

4. Theory of Distribution : (10 Lectures)

A. Marginal Productivity Theory of Distribution, Factor price determination.

B. Rent: Ricardian Theory and Modern Theory.
C. Wage: Distinction between Money and Real wage – Factors determining Real wage
– Role of Trade Unions in wage determination under competitive set up.
D. Interest: Real and money Interest – Loanable fund and Liquidity Preference Theory
of Interest.
E. Profit: Alternative Theories of Profit.

5. General concepts of Welfare Economics: (03 Lectures)

Graphical presentation of Pareto optimality

4
References:
1. Samuelson, P.A and William. D. Nordhaus,: Economics , McGraw Hill Book Co. Singapore.
2. Lipsey, R.G: An Introduction to positive Economics, Weidenfeld and Nicholson, London.
3. Ferguson and Gould: Microeconomic Theory, published by All India Traveller Book Seller.

Semester – II
CC – 1B : Macroeconomics

Full Marks: 75 Credit: 6 Number of Lectures: 70

1. The National Income and products accounts (Lectures - 20 )

• Definition, concepts and measurement of GNP, NNP, GDP, NDP, NI, DI, GNP deflator,
GDP deflator and price indices.
• Different methods of measuring national income – product method, income method and
expenditure method.
• Problems of using national income as a measure of Economic welfare.
• Problems of measuring national income in any country
• Circular flow of income – equilibrium condition – concepts of injection, withdrawal etc.

2. Money market (Lectures - 30)

• Motives of holding money – Transactions, Precautionary and Speculative motives.
• Keynesian liquidity preference theory – indeterminacy of rate of interest in the liquidity
preference theory – the liquidity trap.
• Supply of money – Different sources of money supply – M1, M2, M3, and M4 – functions
of money

3. Simple Keynesian theory of income and employment: Concept of effective demand –

Keynesian consumption function, relation between average propensity to consume and
marginal propensity to consume – Simple Keynesian static multiplier theory – investment

4. IS-LM model – construction of IS and LM curves – shapes – determination of

equilibrium values of rate of interest and level of income.

5. The classical system (Lectures - 08)

• The Classical view of macroeconomics in respect of the determination of employment,
output and prices – Say’s law of market..
• The Classical quantity theory of money and its criticisms – Fischer’s transaction version -
Cambridge cash balance version.

6. Theory of inflation (Lectures -07)

• Concept of inflation - Demand pull inflation and cost push inflation – comparison
between them.

5
 • Inflationary gap – Limitations of it.
• Consequences of inflation – measures to control inflation.

7. Banking (Lectures - 05)

• Functions of Commercial Banks
• Functions of Central Bank
• Credit creation by Commercial Banks – credit creation multiplier.
• Credit control by Central Bank – Different methods of credit control.

References:-

1. Gupta S.B: Monetary Economics, S.Chand and Co. New Delhi.

2. Sampat Mukherjee and Debesh Mukherjee – Samakalin Arthabidya – New Central Book
Agency, Kolkata.
3. Haridas Acharya – Adhunik Arthaniti – Prativa Publication, Kolkata
4. Alok Ghosh and Anil Basak – Arthaniti - Prativa Publication, Kolkata

Semester – III
CC – 1C : Development Economics

Full Marks: 75 Credit: 6 Number of Lectures: 70

Meaning of Economic Development and Growth L-15

Distinction between Economic Growth and Economic Development. Net National Income and
Per Capita Income as Growth Indicators construction and interpretation of HDI; international
variations in development measures; comparing development trajectories across nations and
within them, Dependency school of development.
Economic Growth: L-15
An overview and policy implications of one sector growth models- Harrod- Domar, and Solow;
Sources of economic growth, international comparisons, Development Planning and its
necessity–balanced vs. Unbalanced Growth
Poverty and Inequality L-15
Inequality axioms; a comparison of commonly used inequality measures; Gender Inequality –
Gender Development Index, connections between inequality and development; poverty
measurement, HPI; poverty traps and path dependence of growth processes.
Political Institutions and the State L-15
Definition of institutions, Evolution of Political and Economic Institutions; The determinants of
democracy; alternative institutional trajectories and their relationship with economic
performance; within-country differences in the functioning of state institutions; state ownership
and regulation; government failures and corruption.

6
Foreign Investment L-10
Different forms, Their Roles in Economic Development

References:
1. Debraj Ray, Development Economics, Oxford University Press, 2009.
2. Partha Dasgupta, Economics, a Very Short Introduction, Oxford University Press, 2007.
3. Abhijit Banerjee, Roland Benabou and Dilip Mookerjee, Understanding Poverty, Oxford
University Press, 2006.
4. Kaushik Basu, The Oxford Companion to Economics in India, OUP, 2007.
5. Kaushik Basu, Analytical Development Economics, OUP
6. Amartya Sen, Development as Freedom, OUP, 2000.
7. Todaro, M.P: Economic Development in the ThirdWorld,Longman,New York.
8. Salvatore, D and E.Dowling: Development Economics,Schaum’s Outline Series in
Economics,McGrawhill, NewYork.
9. Meier, G.M. (ed) :Leading Issues in Economic Development, Oxford
Universitypress,NewYork

SKILL ENHANCEMENT COURSE (SEC)

SEMESTER- III
SEC – 1 : Basic Computer Applications

Full Marks: 50 Credit: 2 Lectures: 15 + Practical: 15

It is a Lab Based Practical Paper. The student shall learn the operations through Lectures,
Hands-on Practical Training followed by practical tests.

1. File Creation and Management System (3 L + 2 P)

The File Tree; File Naming Conventions;

2. Word Processing (2L + 3P)

Basic features of Text formatting; Creating documents; Heading Styles; Creating
Reference Lists

3. Spread Sheet Solutions (7L + 8P)

Basic features of Spreadsheets; Data entry, Mathematical Functions, Financial functions,
Statistical Functions, Creating simple Line, Bar and Pie charts;

4. Presentations (2L + 3P)

Creating Presentations; Pasting Charts etc in Presentations; Exporting Presentations as
PDF

7
References:
Data Analysis Using Microsoft Excel – Ash Narayan Sah Excel Books India
Excel 2010 For Dummies Colin Banfield, John Walkenbach

OR,
SEC 1 : Indian Financial System

Full Marks: 50 Credit: 2 Number of Lectures: 30

1. Definition of Money Market: (4 Lectures)

• Basic Concepts of Call money market, Commercial Bills market, Treasury Bills market,
Short-Term loan market, Features and objectives of Money Market, Features of
Developed Money Market

2. Commercial and the Central Bank (8 Lectures)

• Nature and function of Central Bank and the money supply-different concept of money
supply and their uses-credit creation and credit multiplier-theories of asset management-
Role of commercial banks in development

• Central Bank’s functions- Central Bank and money market– Techniques of management-
bank rate policy, open market operations and variable reserve ratio and selective
instruments of credit control.
3. Non-Banking Financial Intermediaries (NBFIs) (5 Lectures)
• Distinction between commercial banks and NBFIs- validity of the distinction-Central
bank’s control over the NBFIs.
4. Introduction to Capital Market (6 Lectures)
• Basic Concept of organized and unorganized Capital Market Distinction
between Primary Market and Secondary market. Differences between Share and
Bond
5. Operations of Indian Stock Market (5 Lectures)
• Stock Exchanges in India–national and regional, Market Players, types of
traded instruments, Trading–floor based and screen based, Stock Indices, Credit
rating and Credit rating agencies.
6. Capital Market Regulatory Authority (2 Lectures)
• Role and Functions of Regulatory Authorities
• Securities and Exchange Board of India (SEBI)

8
References:
S.B.Gupta: Monetary Economics Institutions, Theory and
Policy.
E. Gordon, K.Natarajan: Financial Markets and Services.
Varshney & Mittal: Indian Financial System
A. M. Mithani: Money Banking International Trade and Public Finance. (Chapters 11, 13,
14, 16, 17, 18).
Desai,V.: The Indian Financial System.
th
Bharati Pathak: Indian Financial System, 4 Edn. Pearson

Semester – IV
CC – 1D : Features of Indian Economy
Full Marks: 75 Credit: 6 Number of Lectures: 70

1. Structure of Indian Economy: (08 lectures)

• Sectoral distribution of National Income and its change since inception of Planning.
• Occupational pattern in India-A trend analysis since 1901.
• Inequalities in Income distribution.
• Economic reforms and reduction of poverty; Poverty eradication programmes and their
effectiveness.
• Structure and quality if employment in India; Government undertaken different schemes
to reduce unemployment and underemployment.
2. Human resources and economy development: (08 lectures)

• Size and growth rate of population in India.

• Changes in sex composition since inception of planning.
• c. Population policy and population projections for India.
3. Agriculture: (14 Lectures)

• Causes for low productivity.

• Targeted public distribution system.
• New agricultural policy; Green revolution and its prospects.
• Land reforms and its appraisal.
• Effects of GATT on Indian Agriculture.
4. Industry: (12 lectures)

• Review of Industrial growth under planning.

• Role of small-scale industries and policy perspective to help them.

9
 • Role of trade union and social security measures in India.
5. Banking: (10 lectures)

• Role of Indian Commercial Banks and Reserve Bank of India.

• Monetary Policy of the Reserve Bank of India.
• Profitability of banks in India.
• Call money market, Repo, reverse repo rate, TBs, CDs.
6. Indian Public Finance: (12 lectures)

• Sources of Revenue and Expenditure of Union and State Government.

• Union-State Financial Relation.
• Centre-State Conflict on Finances.
7. Foreign trade (6 lectures)

• Volume and direction of India’s foreign trade in the post-Liberalization period.

Recommended Books:
1.Dutta R. and K.P.M. Sundaram: Indian Economy, S. Chand and
Co. New Delhi
2.Misra S.K.V. K. Puri: Indian Economy, Himalayas Publishing
Co. Mumbai.
3.Agarwal A.N: Indian Economy, Vikash Publishing Co. Delhi
4.Gupta, S.B.: Monetary Planning in India, Oxford University Press, Delhi.
5.P. N. Dhar: Indian Economy

SKILL ENHANCEMENT COURSE (SEC)

SEMESTER- IV

SEC 2 : Indian Official Statistics

Full Marks: 50 Credit: 2 Lectures: 30

1. Introduction: L-6
What is Official Statistics? Methods of Collecting Official Statistics, Aims and
Objectives,
Indian Statistical System: Main functions of Statistical System in Indian, Institutional
Framework- Official Organizations for collecting/compiling/ publishing national/state
level data on different variables

10
 2. Economic Census: L-6
Economic Statistics, Population Statistics, Employment Statistics, Agriculture Statistics,
Financial Statistics - Main Publications, Who collects - Periodicity and Features
3. Economic Survey: L-5
Understanding Economic Survey
4. Sources of demographic data - Registration of Vital events. Rates and ratios. Measures
of mortality. Measures of fertility and Reproduction. Use of demographic data for policy
formulation. L-8
5. International Statistical System: Comparison of major macro variables - National
Income/GDP. Selected topics from: Purchasing power parity; Indicators relating to
Energy, environment, Gender, Industry, National accounts, Social Statistics and Trade.
L-5
Reference Texts:
1. M. R. Saluja: Indian Official Statistical Systems.
2. CSO (MOSPI) Publication: Statistical System in India.
3. United Nations publications
4. RBI: Handbook of Statistics for the Indian Economy (various years)
5. Economic Survey, Govt. of India, Ministry of Finance (various years)
6. R. Ramkumar: Technical Demography.
7. K. Srinivasan: Demographic Techniques and Applications.
8. B. D. Mishra: An Introduction to the Study of Population.
9. H. S. Shryock: The Methods and Materials in Demography.
10. Economic Survey (latest), Government of India, Ministry of Finance. Full chapter (excluding
boxed items) on ‘Economic Outlook, Prospects, and Policy Challenges’ and ‘Fiscal Framework’.
Other selections to be determined each year.

OR,
SEC 2 : Entrepreneurship Development

Full Marks: 50 Credit: 2 Lectures: 30 (20 Lectures+10Tutorials)

1. Evolution of the concept of Entrepreneur (5 Lectures)

• Basic features - Entrepreneurship and economic development - Growth of
entrepreneurship in India—Role of Entrepreneurship in Economic Development,
Problem of Rural entrepreneurship in India
2. Entrepreneurship motivation (5 lectures)
Motivation theories, Maslow’s need Hierarchy Theory, McCelland Acquired Needs Theory,
Kakinada Experiment

3. Project identification and selection (5 Lectures)

11
 • Meaning of project- project report--- planning commission’s guidelines for formulating
a project report
4. Financial resources for new ventures (5 Lectures)
• Sources of finance---capital structure - institutional support to enterprises—national
small industries board – state small industries development corporation--- district
industries center--- industrial estates
5. Growth strategies in small business (5 Lectures)
Stages of growth, Types of growth strategies, Expansion, Diversification, Joint Venture,
Merger, Subcontracting

6. Sickness in Small Business (5 lectures)

Concept of industrial sickness, Symptoms of sickness, Causes and consequences of industrial
sickness

References:

1. S.S Khanka--- Entrepreneurial Development, S.Chand & Company Ltd

2. Bill Bolton and John Thompson ---- Entrepreneurs: Talent, Temperament and Technique,
Butterworth and Heinemann.
3. David .H Holt---Entrepreneurship New Venture Creation
4. N.D.Vohra- Quantitative Techniques in Management , Tata Mcgraw-Hill
5. Sharma- Operations Research, Macmillan India Ltd.
6. Poornima M. Charantimath: Entrepreneurship Development and Small Business Enterprises
(2nd Edition) Pearson.

DISCIPLINE SPECIFIC ELECTIVE (DSE)

Semester – V

DSE 1A : Basic Statistics

Full Marks: 75 Credit: 6 Number of Lectures: 70

1. Meaning and scope of statistics: L-10

Variable, Attribute, Primary and Secondary Data, Population and Sample, Census and
Sample Survey, Classification of data and Tabulation.
2. Frequency Distributions : L-16
Frequency distribution of an Attribute, Frequency distribution of a discrete variable,
Frequency distribution of a continuous variable, Construction of Frequency distribution
from raw data, Cumulative Frequency distribution.

12
 3. Charts and Diagrams : L-12
Meaning and functions of Graphs – Types of Charts and Diagrams – Line Diagram, Bar
Diagram, Pie Diagram, Pictogram, Statistical Map, Frequency Polygon, Histogram, Step
Diagram, Ogive or Cumulative Frequency Polygon, Frequency Curve.
4. Measures of Central Tendency: L-16
Arithmetic Mean (AM), Geometric Mean (GM), Harmonic Mean (HM), Median, Mode
(Definitions, formulae and simple numerical problems).
5. Measures of Dispersion: L-16
Meaning and necessity, Range, Quartile Deviation (QD), Mean Deviation (MD),
Standard Deviation ( SD), Coefficient of Variation( CV),( Concepts only).

References
1. Goon. A.M, Gupta M.K. and Dasgupts. B.. Basic Statistics , M. Das and Co.,Calcutta.
2.Das, N.G., Statistical Methods, The EWorld Press Pvt. Ltd., Calcutta.
3.Gupta, S.P., Statistical Methods, Sultan Chand and Sons, New Delhi.
4.Raj Kumar Sen, Sankha Totya, Paschhim Banga Rajya Pustak Parshad.
5. Sailesh Bhusan Choudhury, Arijit Choudhury, Biswanath Das., Rasi Bigganer Mul Totya
(First Part),Paschhim Banga Rajya Pustak Parshad.

OR,
DSE 1A : Economic History of India

Full Marks: 75 Credit: 6 Number of Lectures: 70

1. Introduction: L- 8
Colonial India: Background and Introduction Overview of colonial economy.
2. Macro Trends National Income; population; occupational structure. L- 6
3. Agriculture: L-16
Agrarian structure and land relations; agricultural markets and institutions – credit, commerce
and technology; trends in performance and productivity; famines.
4. Railways and Industry: L-20
Railways; the de-industrialization debate; evolution of entrepreneurial and industrial structure;
nature of industrialization in the interwar period; constraints to industrial breakthrough; labor
relations.
5. Economy and State in the Imperial Context: L-20

13
The imperial priorities and the Indian economy; drain of wealth; international trade, capital flows
and the colonial economy – changes and continuities; government and fiscal policy.
Readings:
1. Lakshmi Subramanian, History of India 1707-1857, Orient Blackswan, 2010, Chapter 4.
2. Sumit Guha, 1991, “Mortality decline in Early 20th Century India”, Indian Economic and
Social History Review (IESHR), pp. 371-74 and 385-87.
3. Tirthankar Roy, The Economic History of India 1857-1947, Oxford University Press, 3rd
edition, 2011.
4. J. Krishnamurty, Occupational Structure, Dharma Kumar (editor), The Cambridge Economic
History of India, Vol. II, (henceforth referred to as CEHI), 2005, Chapter 6.
5. Irfan Habib, Indian Economy 1858-1914: A People’s History of India, Vol.28, Tulika, 2006.
6. Ira Klein, 1984, “When Rains Fail: Famine Relief and Mortality in British India”, IESHR, 21.
7. Jean Dreze, Famine Prevention in India in Dreze and Sen (eds.) Political Economy of Hunger,
WIDER Studies in Development Economics, 1990, pp.13-35. 16
8. John Hurd, Railways, CEHI, Chapter 8, pp.737-761.
9. Rajat Ray (ed.), Entrepreneurship and Industry in India, 1994.
10. AK Bagchi, 1976, “Deindustrialization in India in the Nineteenth century: Some Theoretical
Implications”, Journal of Development Studies.
11. MD Morris, Emergence of an Industrial Labour Force in India, Oxford University Press,
1965, Chapter 11, Summary and Conclusions.
12. K.N. Chaudhuri, Foreign Trade and Balance of Payments, CEHI, Chapter 10.
13. B.R. Tomlison, 1975, India and the British Empire 1880-1935, IESHR, Vol.XII.
14. Dharma Kumar, The Fiscal System, CEHI, Chapter 12.
15. Basudev Chatterjee, Trade, Tariffs and Empire, Oxford University Press, 1992, Epilogue.
Background reading for students: Irfan Habib, Indian Economy 1858-1914: A People’s History
of India, Vol.28, Tulika 2006. Daniel Thorner, Agrarian Prospect in India, 1977. L. Visaria and
P. Visaria, Population, CEHI, Chapter 5

14
 SKILL ENHANCEMENT COURSE (SEC)

SEMESTER- V

SEC – 3 : Money & Banking

Full Marks: 50 Credit: 2 Lectures: 30

1. Introduction (L : 05)
Relevance of study of Money & Banking, Evolution of Money, Development of Banking
System, Understanding rate of interest.
2. Money (L : 05)
Concept, Functions, Kinds, Measurement of Money, Theories of determination of Money
supply.
3. Financial Institutions, and Financial Markets (L: 05)
(a) Basic concept of Money Market: Organization, structure and reforms in India,
Interaction of Money Supply & Demand
(b) Role of Financial markets & Institutions : Basic idea
(c) Concept of Financial Instruments, Call Money, Commercial Paper, Certificate of
Deposit, Treasury Bill, Repo, Commercial Bill
4. Banking System (L: 10)
(a) Financial Intermediation
(b) Business of Banking- Balance Sheet & portfolio management
(c) Indian Banking System : Changing role & Structure

5. Central Banking & Monetary Policy (L: 05)

(a) Functions, Balance Sheet, Goals, Targets, Monetary Policy Transmission and
mechanism
(b) Current Monetary Policy of India

References:
1. F.S. Mishkim, The Economics of Money, Banking and Financial Markets,Prentice Hall,
2007
2. F.S. Mishkim and S.G. Eakins, Financial Markets and Institutions, Pearson Education,
6th Edition, 2009
3. L.M. Bhole and J. Mahakud, Financial Institutions and Markets, Tata McGrawHill, 5th
edition, 2011
4. F.J. Fabozzi, F. Modigliam, F.J. Jones, M.G. Ferri, Foundations of Financial Markets and
Institutions, Pearson Education, 3rd edition, 2009
5. M.Y. Khan, Indian Financial System, Tata McGrawHill, 7th edition, 2011

15
OR,
SEC – 3 : Insurance Market and Its Products

Full Marks: 50 Credit: 2 Lectures: 30

1. Evolution of Insurance: (L-12)

Meaning of Insurance; Nature, Functions, Different Classifications: Comparison of Life
Insurance with other Insurances, Health insurance, Postal Life Insurance, Credit Insurance,
Marine Insurance; Insurance organizations in India; Impact of privatization on insurance
product diversification; IRDA Act, 1999, The Insurance (Amendment) Act, 2002. [ 40%]

2. Basic Principles of Insurance: (L-12)

Key concepts, Economic Principles, Principles of insurance viz. Utmost good faith, Insurable
interest, Indemnity, Subrogation, Contribution and Proximity Cause. Methods of reinsurance:
shopping reinsurance, facultative reinsurance, automatic or treaty reinsurance. [40%]

3. Claim management in insurance: (L-06)

Significance of claims settlement, Claims under various classes of insurance, Disputes,
Arbitration and Litigation, Trends in claims. [20%]

Suggested Readings:
1. Insurance Institute of India (2011). Principles of Insurance, Available at:
https://www.insuranceinstituteofindia.com/documents/10156/7b65c3ab-b4a8-426c-bc64-
61b36ad41618, Mumbai
2. Periasamy, P. (2013). Principles & Practice of Insurance, 2nd Edition, Himalaya
Publishing House
3. Sharma, R.S. (1953). Insurance Principles and Practice, Vora, Delhi.
4. Singh, A. Principles of Insurance Law, Easter Book Co.
5. Tripathy, N.P. & Pal, P. (2006). Insurance: Theory & Practice, 2nd Edition, Prentice –
Hall of India P Ltd, New Delhi

GENERIC ELECTIVE ( For the students of other subjects )

Semester - V
GE -1 : Basic Economics
Full Marks: 75 Credit: 6 Number of Lectures: 70
1. Some Basic Concepts: ( 05 Lectures)
A. Introduction to Economics: Subject-matter of and Major Issues in Economics
B. Positive Economics, Normative Economics and Welfare Economics (concepts only).
C. Concept of price and value: Value in use and value in exchange, price determination (concept
only)
D. Macroeconomics: the main theme of Macroeconomics, Usefulness of Macroeconomics,
Interdependence between Micro – and- Macro-economics.

16
 2. Consumer’s Behaviour: (15 Lectures)
A. Utility: Total and Marginal Utility- Law of Diminishing Marginal Utility – Law of Demand.
B. Indifference Curve: Definition, Characteristics. Consumer’s equilibrium.
Price effect, Income effect and Substitution effect (concepts only)
C. Elasticity of Demand – price and income elasticity, cross price elasticity of demand (concepts
only). Importance (or use) of elasticity of demand.
3. Producer’s Behaviour: (10 Lectures)
A. Production Function: AP, MP and their derivation from TP Curve, Returns to Factor and Returns
to Scale.
B. Cost of Production: Real cost and Opportunity cost – Fixed and Variable cost. cost curves - short
run and long run (concepts only).
C. Total Revenue, Marginal Revenue and Average Revenue (concepts only).

4. Market Morphology: (10 Lectures)

A. Perfect Competition: Short run and Long run equilibrium of firm and industry under Perfect
competition.
B. Monopoly, Monopolistic Competition, Oligopoly and Duopoly (concepts only)

5. The National Income and products accounts (Lectures - 20 )

A. Definition, concepts and measurement of GNP, NNP, GDP, NDP, NI, DI, GNP deflator, GDP deflator
and price indices.
B. Different methods of measuring national income – product method, income method and expenditure
method.
C. Problems of using national income as a measure of Economic welfare.
D. Problems of measuring national income in any country
E. Circular flow of income – equilibrium condition – concepts of injection, withdrawal etc.

6. Simple Keynesian theory of income and employment: (Lectures - 10 )

Concept of effective demand – Keynesian consumption function, Marginal Propensity to Consume

(MPC), National Income determination in Simple Keynesian Model [use 450 line diagram].

References:
1. Samuelson, P.A and William. D. Nordhaus,: Economics , McGraw Hill Book Co. Singapore.
2. Lipsey, R.G: An Introduction to positive Economics, Weidenfeld and Nicholson, London.
3. Ferguson and Gould: Microeconomic Theory, published by All India Traveller Book Seller.
4. Sampat Mukherjee and Debesh Mukherjee – Samakalin Arthabidya – New Central Book
Agency, Kolkata.
5. Haridas Acharya – Adhunik Arthaniti – Prativa Publication, Kolkata
6. Alok Ghosh and Anil Basak – Arthaniti - Prativa Publication, Kolkata
7. K.J Seett- Modern economic Theory, S. Chand Publication.

17
 DISCIPLINE SPECIFIC ELECTIVE (DSE)

Semester – VI
DSE – 1B : Environmental Economics

Full Marks: 75 Credit: 6 Number of Lectures: 70

1. Introduction (L- 8)
• Key environmental issues and problems, Link between economy and environment: basic
ideas
2. The Theory of Externalities (L- 12)
• Market failure in the presence of externalities;
3. Issues of property right (L- 12)
Concept of property rights, the Coase theorem. Distinction among public, private, open
access and common property resources
4. The Design and Implementation of Environmental Policy (L- 16)
• Overview, Pigouvian taxes and effluent fees, tradable permits, choice between taxes and
quotas,
5. International Environmental Problems (L- 16)
• Trans-boundary environmental problems; economics of climate change; trade and
environment.
6. Sustainable Development (L- 6)
• Concepts, rules and measurement.

References:
1. Charles Kolstad, Intermediate Environmental Economics, Oxford University Press, 2nd
edition, 2010.
2. Robert N. Stavins (ed.), Economics of the Environment: Selected Readings, W.W.Norton, 5th
edition, 2005.
3. Roger Perman, Yue Ma, James McGilvray and Michael Common, Natural Resource and
Environmental Economics, Pearson Education/Addison Wesley, 3rd edition, 2003.\
4. Pearce and Turner: Economics of natural resource and environment, Prentice Hall
5. Rabindra nath Bhattacharyya: Environmental Economics, Oxford.
6. Peter Berck and Gloria Helfand: The Economics of the Environment, Pearson.

18
OR,
DSE – 1B : Public Finance

Full Marks: 75 Credit: 6 Number of Lectures: 70

Fiscal Functions
1. Overview of Fiscal Functions. Tool of Normative Analysis, Pareto Efficiency, Equity and
Social Welfare L-10
2. Public Goods: L-20
Characteristics; Exclusion Principle; Non-Applicability of exclusion Principle; Market
Failure and Externalities.
3. Principles of Taxation: L-20
Benefit and Ability to Pay Approach-Direct and Indirect Taxation–Regressive,
Progressive, Proportional Taxation-Public Debt- Internal and External-Burden of Debt.
4. Issues from Indian Public Finance: L-20
• Current Issues of India’s Tax System
• Working of (Monetary and) Fiscal Policies
• Analysis of Budget and Deficits
• Fiscal Federalism in India
• State and Local Finance

Reference Book
 R .A. Musgrave and P. B. Musgrave, Public Finance in Theory & Practice, Mc Graw-Hill
Publications 5th Edition
 Mahesh Purohit. Value Added Tax: Experience of India and Other Countries. Gayatri
Publications.
 Kaushik Basu and A Maertens(ed). The Oxford Companion to Economics in India. OUP.
 M. M. Sury. Government Budgeting in India. Commonwealth Publishers
 Government of India. Report of 13th Finance Commission.
 Economic Survey. Government of India(latest)
 State Finance: A Study of Budgets. RBI (latest)

19
 SKILL ENHANCEMENT COURSE (SEC)

SEMESTER- VI

SEC – 4 : Indian Stock Market Trading

Full Marks: 50 Credit: 2 Lectures: 30

1. AN OVERVIEW OF SHARE MARKET L - 08

MARKET SEGMENTS: Primary Market, Secondary Market. KEY INDICATORS OF STOCK
MARKET: Index, Market Capitalisation, Turnover. PARTICIPANTS - Investors: Hedgers,
Speculators, Arbitragers, Stock Brokers: Eligibility. Members: Eligibility Criteria for
Membership, Suspension & Expulsion of Membership, Sub-brokers: Eligibility, Registration,
Cancellation of Registration. (Examples from NSE).

2. STOCK TRADING L - 15
BROKER-CLIENTS RELATIONS: Client Registration Documents, Unique Client Code,
Margins From The Clients, Execution Of Orders, Contract Note, Payments/Delivery Of
Securities To The Clients, Brokerage, Segregation Of Bank Accounts, Segregation Of Demat
Accounts. SUB-BROKER-CLIENTS RELATIONS: Relationship With Clients, Contract Notes,
Securities/ Funds. NEAT SYSTEM: Order Types, Entering Orders, Order Modification, Order
Cancellation, Order Matching, Trade Cancellation. MARKET PHASES, (Examples from NSE)

3. CLEARING AND SETTLEMENT L - 07

Terminologies Used In Clearing and Settlement Process, Transaction Cycle, Settlement
Agencies, Clearing and Settlement Process, Securities and Funds Settlement, Shortages
Handling, Risks in Settlement,

References and suggested readings

1. www.nseindia.com
2. www.sebi.gov.in
3. Rules, Regulations and Byelaws of NSEIL & NSCCL
4. Indian Securities Market: A Review - NSEIL publication
5. NSE Newsletter – NSEIL publication
6. L. M. Bhole and J. Mahukud: Financial Institutions and Markets, Tata McGraw Hill, 5th
edition, 2011.
7. Larry Harris: Trading and Exchanges –Market Microstructure for practitioners, OUP
8. Modules for NCFM, NSE.
9. R. Nangalia and S. Kothari: Basics of Stock Market, Flame Investment Lab.

20
OR,
SEC – 4 : Business Project Proposal

Full Marks: 50 Credit: 2 Lectures: 30

1. Identification of business opportunity: Idea of a good business opportunity,

Business opportunities in India, The RAMP (Return, Advantage, Market and
Potential) model for business opportunity evaluation. L-6
2. Purpose of a business plan , contents of a business plan: Marketing plan,
Operations plan, Financial plan, Presenting a business plan L-6
3. Procedure for setting up a business project: Meaning of project , project
identification and selection, project report , its significance and contents,
formulation of a project report L-8
4. Project evaluation and selection: The payback period, Net present value (NPV), Internal
rate of return ( IRR), Benefit-cost ratio L-5
5. Project financing: Equity financing , Angel Financing , Debt financing , other sources
L-5

References:

S.S Khanka--- Entrepreneurial Development, S.Chand & Company Ltd

Poornima .M. Charantimath – Entrepreneurship Development and small business enterprises,
Pearson
Prasanna Chandra: Project Preparation, Appraisal and Implementation; Tata McGraw Hill, New
Delhi, 7th edition, 2009
Maylor : Project Management; Pearson Education (FT), 3rd edition, 2005
Desai : Project management and entrepreneurship; Himalaya Publishing House, 1st edition, 2002
Users’ manual for MS Project, Microsoft
Cost benefit analysis: theory and practice, Dasgupta and Pearce

21
 GENERIC ELECTIVE ( For the students of other subjects )

Semester - VI

GE - 2: Indian Economic Development

Full Marks: 75 Credit: 6 Number of Lectures: 70

1. Meaning of Economic Development and Growth

(12 lectures)
Distinction between Economic Growth and Economic Development. Net National Income and Per Capita
Income as Growth Indicators construction and interpretation of HDI, GDI, HPI; international variations in
development measures; comparing development trajectories across nations and within them.
2. Structure of Indian Economy: (12 lectures)
• Sectoral distribution of National Income and its change since inception of Planning.
• Occupational pattern in India.
• Inequalities in Income distribution.
• Economic reforms and reduction of poverty; Poverty eradication programs and their effectiveness.
• Structure and quality of employment in India; Government undertaken different schemes to reduce
unemployment and underemployment.
Agriculture: (14 Lectures)
•Causes for low productivity.
•Targeted public distribution system.
•New agricultural policy; Green revolution and its prospects.
• Land reforms and its appraisal.
Industry: (08 lectures)
•Review of Industrial growth under planning.
•Role of small-scale industries and policy perspective to help them.

3. Banking: (10 lectures)

•Role of Indian Commercial Banks and Reserve Bank of India.
• Monetary Policy of the Reserve Bank of India.
4. Indian Public Finance: (08 lectures)
•Sources of Revenue and Expenditure of Union and State Government.
•Union-State Financial Relation.

22
5. Foreign trade (6 lectures)
•Composition and Direction of Foreign trade in India- Volume and direction of India’s foreign
trade in the post-Liberalization period.

Recommended Books:
1. Dutta R. and K.P.M. Sundaram: Indian Economy, S. Chand and Co. New Delhi
2. Misra S.K.V. K. Puri: Indian Economy, Himalayas Publishing Co. Mumbai.
3. Agarwal A.N: Indian Economy, Vikash Publishing Co. Delhi
4. Gupta, S.B.: Monetary Planning in India, Oxford University Press, Delhi.
5. P. N. Dhar: Indian Economy
6. Dwett, Verma and Sharma: Indian Economy-S. chand Publication
7. Debesh Mukherjee: Bharatiya Arthiniti- New Central Book Agency.

****************

23