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Master of Commerce (M.Com.) Economic Thoughts of India Syllabus - Mumbai University 2026

Economic Thoughts of India Syllabus.pdf
Elective course · Semester 1 · M.Com. Business Economics · 4 credits

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Syllabus for Economic Thoughts of India

Elective course · Semester 1 · M.Com. Business Economics · 4 credits

Module I: Ancient Indian and Pre-Independence Economic Thought (2

  • credits)
  • Unit 1 Ancient Indian Economic Thought An Overview of ancient Indian Economic Thought- Economic thoughts in Vedas:
  • Utilisation of wealth- Buddhist Economics: Consumption, savings, and investments- Economics of Mahavira: Non-violence and non-absolutism.
  • Kautilya’s Economic Thought- The concept of State, Kautilya’s integrated approach and an ideal economy, Kautilya’s Theory of taxation and Welfare Economics.
  • Thiruvalluvar’s Economic Thought: Poverty, Agriculture, Public finance, and Welfare
  • State. - Kautilya and Thiruvalluvar: A comparison of their economic thought.
  • Unit 2 Pre-Independence Economic Thought Contributions of Raja Rammohun Roy: Taxation and administrative reforms- Contributions of Ishwar Chandra Vidyasagar: Women’s Education.
  • The economic ideas of DadabhaiNaoroji: Drain theory, criticism, and long run
  • relevance- Gopal Krishna Gokhale: the economics of education, the rupee ratio debate - Mahadev Govind Ranade: Agrarian Policy and Railway Investment.
  • The Swadeshi movement and economic nationalism- Contributions of Mahatma Gandhi: concepts of self-sufficiency, village economy, and trusteeship- Dr. Ambedkar’s
  • contribution to the rupee debate.

Module II: Economic Thought in Post-Independence and Contemporary (2

  • credits)
  • Unit 3 Post-Independence Economic Thought The Bombay Plan- The Nehruvian economics–The Mahalonobis model and planning- Industrial stagnation, industry and trade, agriculture.
  • The Vakil and Brahmananda Wage Goods Model.
  • Contributions of Amartya Sen: Capability approach to development economics- Contributions of Jagdish Bhagwati: Unrestricted trade between nations.
  • Unit 4 Economic Thought in Contemporary India Market orientation of the economy: Liberalisation, privatisation, and globalisation.
  • Atmanirbhar Bharat Abhiyan and its Five Pillars: economy, infrastructure, system, vibrant demography, and demand.
  • The new global economic order and the relevance of Atmanirbhar Bharat.

References

  • 1 Basu, K. (2011). Beyond the Invisible Hand: Groundwork for a New Economics. Princeton University Press.
  • 2 Bhagwati, J. (2007). India in Transition: Freeing the Economy. Oxford University Press.
  • 3 Dasgupta, A: A History of Indian Economic Thought, Routledge, London, 1993
  • 4 Dutt, A. K., & Rao, C. H. (2009). International Trade and Economic Development: Essays in Theory and Policy. Anthem Press.
  • 5 Gandhi, M. K. (1997). Hind Swaraj and Other Writings. Cambridge University Press.
  • 6 Jain, H (2019): The Ancient Indian Economic Thought & the Concept of Welfare State” (January 12, 2019) Available at SSRN: https://ssrn.com/abstract=3762752
  • 7 Krishna, D. (2012). Economic Ideas of Dr. B.R. Ambedkar. Oxford University Press.
  • 8 Nagaraj, R. (2012). Indian Economy Since Independence: Persisting Colonial Disruption. Tulika Books.
  • 9 Roy, R. N. (2004). The Political Economy of Development in India. Oxford University Press.
  • 10 Roy, T (2020). The Economic History of India (1857-2010), 4 th edition, Oxford University Press.
  • 11 Sen, A. (2005). The Argumentative Indian: Writings on Indian History, Culture, and Identity. Farrar, Straus, and Giroux.
  • 12 Lok Sabha Secretariat (2021). Atmanirbhar Bharat 55_1021205239.pdf

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

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This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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