Course I Introductory Microeconomics — Unit I: Introduction, Theory of Consumer Behaviour
- What is microeconomics?
- Central problems of an economy
- Consumer’s Equilibrium: meaning and attainment of equilibrium through Utility Approach: One and two commodity cases, Consumers Budget and Optimal choice of the consumer.
- Demand: market demand, determinants of demand, demand schedule, demand curve, movement along and shifts in the demand curve, price elasticity of demand, measurement of price elasticity of demand – percentage, total expenditure, factor determining price elasticity of demand for a good.
Source: 2026 syllabus PDF, page 2
Course I Introductory Microeconomics — Unit II: Production and Costs.
- Production function: Short run and Long run production function
- Shapes of TP, MP and AP curves
- Cost and Revenue: Concepts of costs; short-run cost curves (fixed and variable costs; total, average and marginal costs); concepts of revenue – total, average and marginal revenue and their relationship. Producer’s equilibrium – with the help of MC and MR.
Source: 2026 syllabus PDF, page 2
Course I Introductory Microeconomics — Unit III: The Theory of the firms under perfect competition
- Features of perfect competition
- Profit maximization.
- Price determination under perfect competition – equilibrium price, effects of shifts in demand and supply.
- Supply: market supply, determinants of supply, supply schedule, supply curve movement along and shifts in supply curve, price elasticity of supply, measurement of price elasticity of supply.
Source: 2026 syllabus PDF, page 2
Course I Introductory Microeconomics — Unit IV: Market Equilibrium and Simple Applications
- Market equilibrium, excess demand, excess supply,
- Applications:=- Price ceiling and Price flooring.
Source: 2026 syllabus PDF, page 2
Course II Introductory Macroeconomics — Unit I: Introduction and National Income Accounting
- What is macroeconomics?
- Basic concepts in macroeconomics:
- Circular flow of income; Methods of calculating National Income - Value Added or Product method, Expenditure method, Income method
- Aggregates related to National Income: Factor Cost, Basic Prices and Market Price. GDP and Welfare
Source: 2026 syllabus PDF, pages 2, 3
Course II Introductory Macroeconomics — Unit II: Money and Banking
- Meaning and functions, supply of money - Money Creation and Money Multiplier.
- Central bank and its functions (example of the Reserve Bank of India)
- Policy tools to control money supply.
Source: 2026 syllabus PDF, page 3
Course II Introductory Macroeconomics — Unit III: Determination of Income and Employment
- Aggregate demand and its components.
- Determination of Income in two sector model.
- Problems of excess demand and deficient demand; measures to correct them - changes in government spending, taxes and money supply
- Multiplier mechanism.
Source: 2026 syllabus PDF, page 3
Course II Introductory Macroeconomics — Unit IV: Government Budget and the Economy
- Government budget - meaning, objectives and components
- Classification of receipts - revenue receipts and capital receipts;
- Classification of expenditure – revenue expenditure and capital expenditure.
- Balanced, Surplus and Deficit Budget – measures of government deficit.
Source: 2026 syllabus PDF, page 3
Course II Introductory Macroeconomics — Unit V Open Economy Macroeconomics
- Balance of payments account - meaning and components;
- Balance of payments – Surplus and Deficit
- Foreign exchange rate - meaning of fixed and flexible rates and managed floating. Merits and demerits of exchange rate regimes.
- Determination of exchange rate.
- Managed Floating
Source: 2026 syllabus PDF, page 3
Course III: Indian Economic Development — Unit I: Development Policies and Experience (1947-90)
- A brief introduction of the state of Indian economy on the eve of independence.
- Indian economic system and common goals of Five Year Plans
- Main features, problems and policies of agriculture (institutional aspects and new agricultural strategy), industry (IPR 1956; SSI – role & importance) and foreign trade.
Source: 2026 syllabus PDF, pages 3, 4
Course III: Indian Economic Development — Unit II Economic Reforms since 1991: Macroeconomics: Meaning.
- Economic Reforms since 1991:
- Features and appraisals of liberalisation, globalisation and privatisation (LPG policy);
Source: 2026 syllabus PDF, page 4
Course III: Indian Economic Development — Unit III: Current challenges facing the Indian Economy
- 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 market system, Agriculture diversification; alternative farming - organic farming
- Employment: Growth and changes in work force participation rate in formal and informal sectors; problems and policies
- Environment and Sustainable Development: Definition and Functions, State of India’s environment, Strategies for sustainable development.
Source: 2026 syllabus PDF, page 4
Course III: Indian Economic Development — Unit IV: Development Experiences of India: A comparison with neighbours.
- A comparison with neighbours.
- Issues: economic growth, population, sectoral development and other Human Development Indicators.
- Development Strategies.
Source: 2026 syllabus PDF, page 4