Economic Environment of Business


Dr. Anjali Dash


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Course Name : Economic Environment of Business

Code(Credit) : CUTM1186(3-0-1)

Course Objectives

    1. To develop perspectives of economic growth and development with special reference to Indian economy.
    2. Acquire conceptual and theoretical knowledge of Indian economic and environmental perspective;
    3. Understand and appreciate the tools of Environmental economics and their applications in industrial sector;
    4. Develop the ability to evolve business/management strategy using current economic scenario and environmental impact
    5. Appreciate the new challenges to business management in the internet age
    6. Appreciate the linkages between economics and the functional areas of business

Course Outcomes

CO1 Acquire the conceptual and theoretical knowledge of economics which is relevant for evaluating economic behavior of an individual economic agent. PO1(3)
CO2 Ability to relate theory with practice in describing environmental issues with industrialization; understand developmental parading of a nation by analyzing trend and pattern of developmental indicators like HDI PO2(3) PO5(2) PO9(3)
CO3 Evaluate and compare the various types of economic indicators and environmental problem and use them when planning price policy of a firm or an industry, and to communicate environmental policy to save economy to the policy maker PO3(3) PO4(2)
CO4 Demonstrate the use of environment economics concepts like EKC, CSR in strategic planning. PO6(3) PO7(2)
CO5 Ability to sustainable economy and environment and also understand use the ideas to protect resources in life- long in business and health PO8(3) PO10(2)

Course Syllabus

Module: I Perspectives of Growth and Development:

Free Market Perspectives- free market capitalism and profit maximisation.

Marxian Perspectives- the Labour theory of Value and the falling rate of profit

Keynesian Full Employment- Underemployment equilibrium, Keynesian theory and policy

Gandhian Perspectives- Gandhi on Socialism, Economic Ideas- How Gandhi is different from Marx?

Critiques of present development models-Gender, Human rights and Ecology

Book Review- Choice of Techniques: An Aspect of the Theory of Planned Economic Development by Amartya Sen

Economy of Permanence by J C Kumarappa

Small is Beautiful by E F Schumacher

The Indian Economy-Poverty and Development by Pramit Chaudhuri (Reviewed by Michael Lipton)

Module: II India’s Economic Environment since Independence to Liberalisation

Planning Debate- The Bombay Plan, Sarvodaya Plan, People’s Plan, The Mahalanobis Strategy, The Wage Good Model

Planning Process and its focus areas- Review of Five Year Plans

Achievements and Failures-Green Revolution, Nationalisation of Bank, Public Sector, Hindu Rate of Growth, PL 480 crisis

GDP and its growth- India’s GDP in Pre and Post Liberalisation, Sector wise contribution to India’s GDP

Inflation and its control in India

Module: III Current India Economic Environment

Structure of Indian Economy- Primary, Secondary and Tertiary; Kuzents hypothesis on structural change

Monetary Policy Environment- RBI’s Monetary Policy and its Instruments, CRR, SLR, Marginal Standing Facility Rate, Repo rate, Reverse Repo rate

Present Fiscal Policy Environment- Fiscal Policy since 1991, FRBM Act

Investment Policies- Globalisation, Liberalisation and Privatisation

Agricultural policies- Plan Expenditure on Agriculture, Agricultural Prices, National Agricultural Policy 2009-2015

Poverty Alleviation Policies-Special focus on DBT

India’s Balance of Payments- Current Account and Capital Account


Module: IV Projects

  1. Project on current scenario of Indian Economy
  2. How can India become a 5 trillion economy?
  3. How can India drastically improve social indicators?
  4. Strategies to make India as global factory
  5. Strategies to improve India’s HDI score
  6. Comparison of India’s economy with China’s economy
  7. Analysis of Nobel Prize -Abhijit Banerjee, Amartya Sen, Paul Krugman, Daniel Kahneman, Williamson Elenor Stromme and Elinor Ostrom
  8. Present Economic Scenario-Covid-19


Text Book:

·         Development Economics by Debraj Ray. Oxford University Press


Reference Books:

·         History of Economic Thought- R R Paul. Kalyani Publishers

Economy by Duttand Sundaram

Session 4

Marxian perspectives on the labour theory of value and the falling rate of profit

PPT- Maxist Economics

Materials-Marxian theory of development

Session 6

Keynesian theory of underemployment equilibrium

consumption saving and investment

Session 7

Session 8

How Gandhi is different from Marx?

Gandhi Vs Marx

Session 9

Students' project on review of Book review

Book Title- Choice of Techniques: An Aspect of the Theory of Planned Economic Development by Amartya Sen

Session 10

Discussion on Projects: Students will be divided into four groups and four projects will be given

  1. Project on current scenario of Indian Economy
  2. How can India become a 5 trillion economy?
  3. How can India drastically improve social indicators?
  4. Comparison of India’s economy with China’s economy

Session 11

Planning Debate-The Bombay Plan, Sarvodaya Plan, People’s Plan, The Mahalanobis Strategy, The Wage Good Model

Session 12

Planning process and its focus areas-Review of Five Year Plans

Session 13

Achievements and Failures: Pl 480 crisis and Green Revolution

Pl 480

Session 14

Darker side of Green Revolution

Session 17

Public Sector and its growth

Session 19

Group Discussion on Hindu Rate of Growth

Session 20

Session 21 & 22

India's growth  history-Pre and Post Liberalisation

Sector wise contribution to India's GDP

Session 23

Inflation: Understanding inflation in India

Understanding Inflation in India


Session 24 to 25

Session 26

Structure of Indian Economy

Session 27

Kuznet's hypothesis on structural change

Simon Kuznets article_Structutal Change


Assignment on Simon Kuznets hypothesis on structural change and presentation

Session 27

Monetary policy and its objectives

Session 29

Fiscal policy since 1991

Fiscal Policy

Session 30

Investment Policies

Session 33

India's Balance of Payments

Session 34

Preparation of projects

Session 35

Preparation of projects

Session 36

Preparation of projects

Session 37

Preparation of projects

Session 38

Preparation of projects

Session 39

Project Presentation

Session 40

Project presentation

Session 41

Project presentation

Session 42

Project presentation

Case Studies

Case Studies

Our Main Teachers

Dr. Anjali Dash

Assistant Professor

Dr. Anjali Dash is working as an Assistant Professor (Economics) at School of Management, Centurian University of Technology and Management, Bhubaneswar since August 2022. She was a Post-doctoral fellow at International Institute for Population Sciences (IIPS), Mumbai, 2017-2019. She hold Ph.D. degree in Economics from M.P. Institute of Social Science Research, Ujjain, M.P. and Mphil degree in Economics from Sambalpur University. Her interest is on teaching are: Health economics, Economietrics, Microeconomics, Mathematical economics, and Computer application for economic analysis, Statistics. Her research interest is on health economics, poverty, rural and tribal development, urban issues, education, ageing, migration, and employment. She is interested more in interdisciplinary research. She has more than 8 years of post PhD worked experience in research and teaching from various national organization such as Central University of Odisha, Koraput, Centre for Social Studies, Surat, Institute of Economic Growth (IEG), New Delhi, Samarthan Bhopal, Tata Institute of Social Sciences (TISS), Mumbai and Sambalpur University. She has proficient in analytical skill in large data like NSSO, NFHS and SAGE.

Dr. Bibhunandini Das is working as Associate Professor in Economics in the school of management, Centurion University of Technology and Management, Odisha. Dr Bibhunandini Das has obtained her PhD from the Centre for Development Studies, Jawaharlal Nehru University, New Delhi in 2015. Prior to joining CUTM, she has worked with Indian Institute of Public Health, […]

Kalee Prasanna Pattanayak holds a masters degree in finance from NIILM centre for management studies. His professional career spans over 10 years into industry and academics. He has more than six years of experience in teaching, training and research. His teaching interests include areas like Economics, Agribusiness and Business Environment. Along with facilitating courses, he […]