Class 12 Macro Economics and Indian economy student-friendly book based on NCERT designed for self -study of students. This book is based on practical examples, past examination questions, revision notes, and project work. This book includes Chapters Namely National Income Accounting, Money and Banking, Determination of Income and Employment, Government Budget and the Economy, Open economy macroeconomics i.e. Balance of Payments, Indian economy on the eve of independence, Indian economy (1950-1990), Liberalisation Privatisation and globalisation, Poverty, Human capital formation in India, Rural development, Employment: Growth informalisation and other issues, Infrastructure, Environment and sustainable development, Comparative development experiences of India and its Neighbours. 

This is the best student-friendly book designed for self -study of students to impart practical knowledge and inbuilt strong fundamentals from the beginning. This book can also be referred by students of Graduation and Post-graduation having business economics to strengthen the basic understanding of concepts of macroeconomics and business economics. At the end of the book, complete revision notes have been provided to assist the students in revising the complete book in a few hours

Our team has devoted more than three years to complete this book, and it has been made freely available for students so that it can reach the wide number of students and the potential of this book can be utilised to the greatest extent.

Part A: Introductory Macroeconomics

Unit 1: National Income and Related Aggregates 28 Periods What is Macroeconomics? Basic concepts in macroeconomics: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation. Circular flow of income (two sector model); Methods of calculating National Income - Value Added or Product method, Expenditure method, Income method. Aggregates related to National Income: Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product (GDP) and Net Domestic Product (NDP) - at market price, at factor cost; Real and Nominal GDP. GDP and Welfare Unit 2: Money and Banking 15 Periods Money - meaning and supply of money - Currency held by the public and net demand deposits held by commercial banks. 7 Money creation by the commercial banking system. Central bank and its functions (example of the Reserve Bank of India): Bank of issue, Govt. Bank, Banker's Bank, Control of Credit through Bank Rate, CRR, SLR, Repo Rate and Reverse Repo Rate, Open Market Operations, Margin requirement. Unit 3: Determination of Income and Employment 27 Periods Aggregate demand and its components. Propensity to consume and propensity to save (average and marginal). Short-run equilibrium output; investment multiplier and its mechanism. Meaning of full employment and involuntary unemployment. Problems of excess demand and deficient demand; measures to correct them - changes in government spending, taxes and money supply. Unit 4: Government Budget and the Economy 15 Periods Government budget - meaning, objectives and components. Classification of receipts - revenue receipts and capital receipts; classification of expenditure – revenue expenditure and capital expenditure. Measures of government deficit - revenue deficit, fiscal deficit, primary deficit their meaning. Unit 5: Balance of Payments 15 Periods Balance of payments account - meaning and components; balance of payments deficit meaning. Foreign exchange rate - meaning of fixed and flexible rates and managed floating. Determination of exchange rate in a free market.

Part B: Indian Economic Development

Unit 6: Development Experience (1947-90) and Economic Reforms since 1991: 28 Periods A brief introduction of the state of Indian economy on the eve of independence. Indian economic system and common goals of Five-Year Plans. 8 Main features, problems, and policies of agriculture (institutional aspects and new agricultural strategy), industry (IPR 1956; SSI – role & importance) and foreign trade. Economic Reforms since 1991: Features and appraisals of liberalisation, globalisation and privatisation (LPG policy); Concepts of demonetization and GST Unit 7: Current challenges facing Indian Economy 60 Periods Poverty- absolute and relative; Main programmes for poverty alleviation: A critical assessment; Human Capital Formation: How people become resource; Role of human capital in economic development; Growth of Education Sector in India Rural development: Key issues - credit and marketing - role of cooperatives; agricultural diversification; alternative farming - organic farming Employment: Growth and changes in work force participation rate in formal and informal sectors; problems and policies Infrastructure: Meaning and Types: Case Studies: Energy and Health: Problems and Policies- A critical assessment; Sustainable Economic Development: Meaning, Effects of Economic Development on Resources and Environment, including global warming Unit 8: Development Experience of India: 12 Periods A comparison with neighbours India and Pakistan India and China Issues: economic growth, population, sectoral development and other Human Development Indicators

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