Economic Analysis for Business is an interesting and fundamental part of Business Management / Administration Curriculum. Mastering the subject requires a good understanding of how basic concepts of economics can be combined with tools of Statistics, Quantitative Techniques, Operations Research, Accountancy, Finance, Costing, etc., to analyse and make decisions involving scarce resources. This book on 'Economic Analysis for Business' is designed to meet the necessary requirements of the knowledge of economics and related subjects in practically all professional and postgraduate courses. The special feature of this book is that it covers both on microeconomics as well as macroeconomics relevant to B.Com., B.B.A., M.Com., MBA and other professional courses such as the Institute of Chartered Accountancy, Costs and Works Accountancy, Chartered Secretary, etc. Further, the subject has been explained with practical examples and graphical explanations besides extensive illustrative problems with solutions. Book Content of Economic Analysis For Business 1. Introduction to Economics : The Themes of Economics 2. Economic Concepts for Business Decision-making 3. Economic Problems and Production Possibility Frontier 4. Consumer Behaviour 5. Law of Demand and Demand Analysis 6. Elasticity of Demand 7. Demand Forecasting 8. Indifference Curve Analysis and Revealed Preference Theory 9. Consumer`s Surplus 10. Supply and Elasticity of Sypply 11. Returns to Scale 12. Cost Concepts for Managerial Decision-making 13. Theories of the Firm 14. Analysis of Cost Output Relationship (Cost Function) 15. Cost Volume Profit Analysis (Break Even Analysis) 16. Economies and Diseconomies of Scale 17. Market structure − Perfect and Imperfect Competition 18. Pricing Under Different Market Structure / Equilibrium of Firm 19. Factors of Production and Factor Pricing 20. Circular Flow of Income and Expenditure 21. National Income 22. Classical Approach of Income and and Employment 23. Keynesian Approach of Savings and Investments 24. Multiplier Effect 25. Demand and Supply of Money 26. General Equilibrium : An Integration of Product and Money Markets 27. Inflation, Deflation and Stagflation 28. Inflation and Unemployment : Phillip`s Curve and Okun`s Law 29. Macroeconomic Policies − Monetary Policy 30. Macroeconomic Policies − Fiscal Policy 31. Supply-side Policy and Management 32. Market Failures, Externalities and Government Regulation Suggested Readings

Economics, business and industrial management was first published in 2003 and since then the book has received overwhelming response from the management students and the corporate groups. Requests over emails and phones have been made to me for improving the book for its 2nd edition. The book exhaustibly covers all aspects of general management and therefore, all the students appearing for competitive examination after UG and PG levels of educations will find the book very useful and meaningful. Book Content of Economics, Business and Industrial Management Chapter 1: Economics Chapter 2: Business Economics Chapter 3: Macro-Economics Chapter 4: Business Chapter 5: Economic Development of India Chapter 6: Policies and International Trade Chapter 7: Nature and Importance of Management Chapter 8: Evolution of Management Chapter 9: Management-Society and Environment Chapter 10: Functions of Management Chapter 11: Organising Function of Management Chapter 12: Staffing Function Chapter 13: Direction and Leadership Chapter 14: Controlling Function Chapter 15: Communication Chapter 16: Organisational Behaviour Chapter 17: Production Management Chapter 18: Production Planning Chapter 19: Production Control Chapter 20: Materials Handling, Plant Maintenance And Quality Control Chapter 21: Materials Management Chapter 22: Factory Location and Layout Chapter 23: Work Study and Work Measurement Chapter 24: Human Resource Management Chapter 25: Wage and Salary Administration Chapter 26: Grievance, Discipline and Trade Unions Chapter 27: Industrial Laws Chapter 28: Management Information System Chapter 29: Management and Electronic Commerce Chapter 30: Safety and Environment Management Chapter 31: Marketing Management Chapter 32: Financial Management Chapter 33: Entrepreneurship Chapter 34: International Management Question Bank References

This book is completely customised for postgraduate students and also for candidates of civil service and various state level competitive examinations. Entire exercise has taken long hours of hardwork to facilitate students for necessary study materials to understand all chapters thoroughly. It is my endeavor to provide a work of sheer excellence. I have not at all compromised on any aspect, with respect to this textbook. It is no doubt the blessing of God and my parents that have made a work of this standard and excellence possible. They have made it possible for me to share my talent, knowledge and experience with you. Contents : Part A : OVERVIEW 1. Economic Environment of Business − An Introduction PART B : FUNDAMENTAL CONCEPT OF ECONOMIC ENVIRONMENT OF BUSINESS 1. The Scope and Subject Matter of Macroeconomics 2. Introduction to Economics of Growth and Development 3. Introduction to the Indian Economy Its Salient Features 4. Indias Gross Domestic Product and Net National Product (Its component and the significance of the same to growth) 5. Inter − Sectoral Distribution of Gross National Product over the Five Year Plans Period PART C : ECONOMIC MARKET 1. Product Market And How it Affects India`s Growth Potential 2. Money Market and How IT Behaves 3. The Capital Market and its Variability 4. The money Market and The Role of Central Banking 5. How Does Commercial Banking Effect Industry And Business 6. The Indian Labour Market and Levels of Unemployment and inflation Since 1990 PART D : FEDERAL BUDGET 1. Federal Finance In India - Centre-state Financial Relations PART E : INDIA AND THE WORLD 1. The Capitalistic World Economy and India`s Position therein since 1990 2. The IMF and World Bank Conditional ties Leading to the Liberalisation - Privatisation − Globalisation Exercise and Beyond 3. India`s Balance of Trade and Fluctuations since 1990 How does this figure in The World Order 4. India`s Balance of Payment and How its Study can Assist Corporate Decision Making. What is needed to Improve the situation, If at all it is Poor 5. The Business Cycle and How

'A thought provoking book with innovative reforms for creating economic awareness and building team spirit among Indians, particularly the young'. Author has charted a unique growth map for a complete turnaround of India. His emphasis is not only on problems pertaining to sensitive issues like Black money, Inflation, Trade deficit, Subsidy and Inclusive growth but still more important on viable solutions. Even critical issues like Environment, Energy, Transportation, Natural resources and Taxation which are paramount to our economy has been deftly analysed. The book is a must reading for keen proponents of a resurgent India. The book is being presented with practical solutions and ground realities. Attempt has been laid on innovative methods for quick turnaround along with longterm solutions. It highlights on important issues like black money and corruption which needs preventive action instead of relying on punitive measures alone. It also includes major topics of Indian economy like public finance, savings and subsidy in lucid language. The book is focused on real economy instead of financial economy. Socio-political aspects have also been elaborated in the initial chapters. Basic difference between growth and development has been discussed in GDP chapter. Burning issues like Inflation, Rupee weakening and Energy shortage which needs an urgent intervention has also been dealt at length. A new approach to Environment and Natural resources which has been highly politicised has been discussed. I have also recommended structural reforms in Railway and Transportation for improving efficiency. Concluding chapter-on Inclusive Growth, without which reforms are incomplete has also been rightly emphasized. I fairly hope this book will create the required awareness and promote healthy discussions on growth and development of our country. For further details please visit - turnaroundindia.in   Contents : Introduction An Overview 1. Indian Economy History (Fast forward-Pause-Rewind) 2. Gross Domestic Product (Source of Public Income and Development) 3. Inclusive Governance (Key to Economic Growth) 4. Global Crisis (A Missed Opportunity) 5. Natural Resources (Need Logical Approach for Productive Use) 6. Environment (A Political Overtone) 7. Energy Policy (Needs an Integrated Approach) 8. Transportation (A Great Challenge) 9. Manufacturing Sector (Under Stress) 10. External Sector (Handle with Care) 11. Black Money (Prevention is Better than Cure) 12. Inflation (Actual Control is Missing) 13. Public Finances (Needs Judicious Approach) 14. Subsidy Model (Needs Fresh Look) 15. Savings Channelization (For Productive Investments) 16. Inclusive Growth (Prime Duty of States) Epilogue Bibliography Table Index Abbreviations

The World Economy is passing through difficult times. First COVID-19 and now Russia-Ukraine war has caused massive economic disruption all over the world. Nations all across the globe are abandoning globalisation and resorting to protectionist policies to protect their economic interests. As far as India is concerned the recently released Report on Currency and Finance by RBI states that it will take more than 12 years for the Indian Economy to recover fully from the adverse effects of COVID-19. Contents : PART I Basic Concepts and Issues in Economics Development PART II General Theories of Economic Growth and Development PART III Partial Theories of Development PART IV Problems and Policies-Domestic PART V Problems and Policies-International PART VI Financing Economic Development PART VII Development Planning: Issues and Techniques PART VIII Development and Planning in India

COVID-19 has had an adverse impact on economic environment of business all over the world. Millions have lost their jobs and many have been pushed below the poverty line. Consumer demand has declined steeply and supply chains across the world have been severely disrupted. It will take long for the economies to recover. The war in Ukraine has given another setback to business recovery. According to World Economic Outlook released by IMF in April 2022, the Global Economic Growth in 2022 and 2023 is expected to be much lower than projected earlier. Even the Indian Economy is expected to overcome the impact of COVID-19 fully only by the year 2034-35 as projected in the latest ‘Report on Currency and Finance’ published by the RBI on April 28, 2022. In this Twelfth Edition of our book, we attempt to examine all issues relating to the economic environment of business in general and India in particular. The discussion in the book is divided into two parts — Part I on 'An Overview of Business Environment' and Part II on 'Environment of Business in India'. Contents : PART-I : AN OVERVIEW OF BUSINSS ENVIRONMENT Unit 1 : Economic Environment : An Introduction 1. Business and Its Environment 2. Economic Environment of Business : Domestic 3. Global : Environment of Business 4. Economic Roles of The State and Government 5. Economic Fluctuations, Growth and Development 6. Market, Economic Planning and Controls Unit 2 : Non-Economic Environment of Business 7. Political and Legal Environment of Business 8. Demographic And Socio-Cultural Environment of Business 9. Natural Environment and Business 10. Technological Environment of Business 11. Social Responsibility of Business Unit 3 : Anatomy And Functioning of An Economy 12. Macroeconomic Framework-Basics 13. Consumption and Investment 14. National Income Determination 15. The Theory of Multiplier 16. The Two Market Equilibrium-IS/LM Model 17. Inflation and Stagflation 18. Monetary and Fiscal Policies 19. Issues in Economic Stabilisation: Keynesian-Monetarist Controversy PART-II : ENVIRONMENT OF BUSINESS IN INDIA Unit 4 : Indian Economic Environment 20. Broad Profile of The Indian Economy and The Macroeconomic Scenario 21. Economic Reforms And Liberalisation 22. Globalisation and its Impact on Indian Economy 23. International Institutions-The IMF And World Bank 24. WTO And India 25. Infrastructure and Business 26. Agriculture and Business Unit 5 : Business And Government-Indian Perspective 27. Economic Planning in India 28. India`s Fiscal and Monetary Policies 29. Industrial Policy 30. Export-Import Policy and Trade Liberalisation 31. SEZs: Concept, Role and Impact 32. FERA and FEMA 33. Consumer Protection Unit 6 : Indian Industrial And Trade Environment 34. Industrial Growth and Diversification 35. Industries (Development And Regulation) Act, 1951 and Industrial Licensing 36. Public Sector in The Indian Economy 37. Private Sector in The Indian Economy 38. Privatisation and Disinvestment 39. Modern Corporations and The Indian Company Law 40. Mergers and Acquisitions 41. MRTP Act, 1969 and Competition Act, 2002 And 2007 42. Small-Scale and Cottage Industries 43. Industrial Sickness in India 44. Trends in Foreign Trade and Structural Changes 45. India`s Balance of Payments 46. Foreign Investment, Technology and Multinational Corporations Unit 7 : Labour Environment In India 47. Features of Indian Labour Market 48. Industrial Labour 49. Implications of Economic Reforms for Labour Markets In India 50. Worker`s Participations in Management Unit 8 : Financial Environment of Business 51. Indian Money Market 52. Capital Market in India 53. Stock Market and its Regulation 54. Commercial Banking in India 55. Financial Institutions 56. Black Money and Demonetisation SUBJECT INDEX

According to the data released by the NSO for the Financial Year 2021-22 on 31st May, 2022, the real GDP grew at the rate of 8.7 per cent. Thus, the growth rate of real GDP for India was higher than most of the other big economies. This is a clear indication that the Indian Economy is now on the path to recovery. But, challenges still remain in its way. The retail inflation is almost 8 per cent. The number of poor people is very high, the unemployment rate is at an alarming level, and a big part of the population is still grappling with malnutrition and undernutrition. According to the 'Report on Currency and Finance' published by the Reserve Bank of India on 28th April 2022, it will take another 10 years or more for the Indian Economy to recover fully from the adverse effects of COVID-19. All these issues have been adequately discussed in this 40th revised and updated edition of the book. The organisation, structure and contents of the present edition are as follows: Part I of the book 'Economic Development: A Theoretical Background' is divided into three chapters. It discusses the concepts of economic growth and development, common characteristics of underdeveloped countries, the role of economic and non-economic factors in economic development, the concept of human development, human development index, gender inequality index, multidimensional poverty index, etc., and issues concerning the relationship between environment and development. Part II discusses the 'Structure of the Indian Economy' and consists of thirteen chapters. It is devoted to the discussion of various issues relating to the nature of the Indian economy including the natural resources and ecological issues, infrastructural development, population problem, unemployment and poverty (including a discussion on universal basic income), income growth and inequalities, etc. Part III of the book 'Basic Issues in Agriculture' consists of nine chapters. It starts with a discussion of the role, nature and cropping pattern of Indian agriculture and then takes up for discussion the issues in Indian agricultural policy (including a review of the new global opportunities and challenges facing Indian agriculture in the wake of the various agreements concluded under WTO). We then proceed to a discussion of agricultural production and productivity trends, progress and failures in the field of land reform, green revolution and its impact on the rural economy of the country, agricultural finance and marketing, agricultural prices and agricultural price policy, the food security system in India, and agricultural labour. Part IV on 'The Industrial Sector and Services in Indian Economy' consists of ten chapters. It starts with a discussion of industrial development during the period of planning and then proceeds to discuss some major industries of India. This is followed by a discussion of small-scale industries, industrial policy, role and performance of public sector enterprises, the issue of privatisation in public sector enterprises, role of private sector in the Indian economy, CSR (corporate social responsibility), the problem of industrial sickness, and various issues relating to industrial labour. The last chapter in this part (Chapter 35) discusses the growth of the services sector and related issues. Part V of the book concerns 'Foreign Trade and Foreign Capital.' Consisting of eight chapters, it starts with a discussion of the changes in the composition and direction of India's foreign trade, and then proceeds to a discussion of India's balance of payments, trade policy, policy relating to foreign capital, exchange rate and capital account convertibility, MNCs (including a discussion on FERA and FEMA), etc. The last two chapters of this part discuss in detail the opportunities and challenges that the Indian economy faces in the new global environment and also examines critically the working of the WTO. Part VI on 'Money and Banking' consists of six chapters. It starts with a discussion of the problem of inflation in India and then takes up the discussion of Indian money market, expansion and progress of commercial banking in India, Reserve Bank of India and a critical appraisal of its monetary policy, development of capital market in India and steps taken to strengthen this market in recent years (including steps taken by SEBI) and institutional financing. Part VII on 'Public Finance' contains five chapters. In this part, we start with a discussion of the Indian tax structure (including a discussion on GST). This is followed by a discussion of public expenditure and public debt in India. The chapter on 'India's Fiscal Policy' in addition to discussing the various aspects of fiscal policy as is being implemented in India, examines the issue of fiscal responsibility in detail. The last chapter of this part focuses on the issues related to federal finance in India. It also discusses the report of the Fifteenth Finance omission in detail which was submitted in two parts – Part I covering only one year 2020-21 and Part II covering the five-year period 2021-22. Part VIII which is the last part of the book is on 'Economic Planning and Policy.' It contains ten chapters. Starting from a discussion of the rationale, features and objectives of planning, we proceed to discuss the strategy of development as envisaged in the various five year plans. This is followed by a discussion of the financing pattern of India's five year plans, sectoral allocation of resources, regional planning in India, the problem of black money (including a discussion on demonetisation), assessment of planning in India (including a detailed discussion of the post-economic reform period) and Twelfth Five year plan. The last chapter (Chapter 64), which is a new chapter, discusses the impact of Corona pandemic on the Indian Economy. Contents - PART I – ECONOMIC DEVELOPMENT: A THEORETICAL BACKGROUND 1. Economic Growth, Development and Underdevelopment 2. Economic and Human Development 3. The Environment and Development PART II – STRUCTURE OF THE INDIAN ECONOMY 4. Colonialism and Underdevelopment of the Indian Economy 5. Nature of the Indian Economy 6. Natural Resources 7. Infrastructure 8. The Population Growth and Economic Development 9. Some Demographic Issues 10. Human Resource Development: Education and Health 11. Labour Force Growth and Occupational Pattern 12. Employment and Unemployment in India 13. Capital Formation in India 14. National Income of India: Macroeconomic Overview 15. Poverty in India 16. Income Inequalities in India PART III – BASIC ISSUES IN AGRICULTURE 17. Indian Agriculture: Role, Nature and Cropping Pattern 18. Issues in Indian Agricultural Policy and Rural Development 19. Agricultural Production and Productivity Trends 20. Land Reforms 21. Agricultural Inputs and Green Revolution 22. Agricultural Finance and Marketing 23. Agricultural Prices and Agricultural Price Policy 24. Agricultural Subsidies and Food Security in India 25. Agricultural Labour PART IV – THE INDUSTRIAL SECTOR AND SERVICES IN INDIAN ECONOMY 26. Industrial Development During the Planning Period 27. Some Major Industries of India 28. Small-Scale and Cottage Industries 29. Industrial Policy 30. Public Sector in the Indian Economy 31. Privatisation of Public Sector Enterprises: The Disinvestment Programme in India 32. Some Issues Related to Private Sector 33. Industrial Sickness in India 34. Labour Relations and Social Security 35. Services Sector in Indian Economy PART V – FOREIGN TRADE AND FOREIGN CAPITAL 36. India's Foreign Trade: Value, Composition and Direction 37. India's Balance of Payments 38. Trade Policy of the Government of India 39. Foreign Capital and Aid 40. India's Exchange Rate Policy, Foreign Exchange Reserves and Capital Account Convertibility 41. Multinational Corporations, FERA and FEMA 42. Globalisation and its Impact on the Indian Economy 43. WTO and India PART VI – MONEY, BANKING AND FINANCE 44. Price Trends and Inflation 45. Indian Money Market 46. Commercial Banking in India 47. The Reserve Bank of India 48. Capital Market in India 49. Institutional Financing PART VII – PUBLIC FINANCE 50. The Indian Tax Structure 51. Public Expenditure in India: Trends and Issues 52. Public Debt in India 53. India's Fiscal Policy 54. Federal Finance in India — Centre-State Financial Relations PART VIII – ECONOMIC PLANNING AND POLICY 55. Economic Planning — Rationale, Features and Objectives 56. The Strategy of Planning 57. Resource Allocation — Investment Pattern in Indian Plans 58. Financing of Five Year Plans 59. Regional Planning in India 60. Black Economy in India 61. Assessment of Indian Planning 62. Economic Reforms and Liberalisation 63. Twelfth Five Year Plan 64. Covid and Indian Economy

This book on Money And Banking is a unique contribution from an author who has many books on Capital and Money Markets and on Finance, and a Retired Adviser on Money And Banking in the RBI. Firstly, this book integrates Money and shows how money is the basis and mother of E-Banking. Bank deal with money and near money assists borrowing and lending of money and offering related service. Secondly, it present the money in its various shapes and forms and shows how liquidly and solvency which are the basic tenets of banking are provided by money and liquidity in the economic system. Money is the bread and butter of banking. Thirdly it brings together the domestic value of money with the external value of money whose values are to be presented jointly by the RBI in its fundamentals tasks. This book presents the picture of the latest trends in banking with a view to bring about the move to globalization and deregulation of the Indian economy. Another aspect to money and banking is the price of money and borrowing and lending rates which are discussed in this book. The Author, having compiled the components of money supply and having analysis the Balance sheets of the RBI and banks, is best suited to deal with this subject. The existing on the subject is dealt with as pert of commerce and did not lay adequate attention to the Money as part of part of banking and incusing growth of banking did not comprise money and did not give its due importance. The existing book on the subject lased more emphasis on law and practice of banking and principle of banking etc. but not on money as an integral part of banking. This book attempts to bridge this gap in existing literature and give a new dimension to be adopted by the Indian Banks Association and by the banks in their training programmers and college and universities teaching commerce and finance. It integrates banking with money and finance domestic and foreign value of money and money assets can be borrowed and lent are a part of this book. Is best suited to the students in commerce and Finance streams-graduates and undereducated and competitive examination, diplomas in banking, C.A. and CS etc. It is written in a lucid and simple style at both basic and advanced levels. Contents : 1. Supply of Money 2. Components and Sources of Money 3. Theory of Demand for Money 4. Domestic Value of Money 5. Quantity Theory of Money 6. Changes in Value of Money 7. Role of Money in the Economy 8. Reserve Bank of India as note Issue Authority 9. The Mother of Money (Reserve Money) 10. Theory of Monetary and Banking Control 11. The Father of Money (Regulation and Control) 12. Commercial Banking 13. Principle of Banking 14. Credit Creation by Banks 15. Credit Controls 16. Money and Interest Rates 17. The Colour of Money (External Value of Monies) 18. Banks as Intermediaries 19. Credit Cards and Banks (Plastic Money) 20. Retail Banking Reforms

The present revision of this book has to be viewed in the background of the basics on which it was built. Any book on International Finance has to deal with all the components of the International Financial System. So this book started with the present International Financial System vis-a-vis the domestic International Economic order, etc. The new order should bring out the role of emerging market economies like China and India and their new role among the developing countries. These relations among economies and among them the Asian developing countries have been called upon to play a more dynamic role in the world economic order. The components and institutions in the International Financial System (IFS) are changing and their role and operations particularly, in relation to India are bond to change with the changing socio-political and economic conditions in the real world. These are incorporated in this revision. Content - Part - I : International Financial System 1. Introduction to International Finance 2. International Trade and International Finance 3. The International Monetary System 4. New International Economic Order 5. Globalisation Forces Part - II : International Trade-Theory and Practices 6. Trade Theory 7. Haberler`s Opportunity Cost Theory 8. Heckscher - Ohlin Theorem 9. Recent Theories of International Trade 10. Gains From Trade 11. Terms of Trade 12. Dynamics of International Trade 13. India`s Foreign Trade Part - III : Balance of Payment and Restrictive Policies 14. Balance of Payments Theory 15. India`s Balance of Payments 16. Bilateralism In Foreign Trade 17. Commercial Policy and Theory of Tariffs 18. International Trade Organisations 19. Commercial Policy In India

The subject of INTERNATIONAL ECONOMICS (INTERNATIONAL ECONOMIC RELATIONS) has been assuming importance in recent years. An attempt has been made in this book to analyze various problems and issues concerning international trade and international economic relations. All the relevant concepts and theories relating to international trade and international economic relations, have been analyzed with as much clarity as possible. Attempt has been made to cover practically all the topics included in the syllabi of most of the universities in India, as also those topics which are of interest to wider reading public. Section I − This section covers theories of international trade, gains from trade and tariffs and import quotas. Section II − It includes balance of trade and payments, gold standard, foreign exchange rates policy, exchange control etc. Section III − This section includes all the topics covering the subject of `trade and Development`. Section IV − is devoted for India`s international trade. Contents : Section I - Theory of International Trade 1. Scope of International Economic 2. Characteristic Features of International Trade 3. The Classical Theory of International Trade 4. Haberler`s Opportunity Cost Theory of International Trade 5. Heckscher − Ohlin`s Theory of International Trade 6. Gains from Trade 7. Terms of Trade 8. Free Trade: Case For and Against 9. Tariffs and Import Quotas Section II - International Finance 10. Balance of Trade and Balance of Payments 11. Measures to Correct Balance of Payments Disequilibrium 12. Gold Standard 13. Purchasing Power Parity Theory 14. Foreign Exchange Rates Policy 15. Policy of Exchange Control Section III - Trade and Development 16. Commercial Policy and Economic Development of Less Developed Countries 17. Foreign Capital and Developing Countries 18. International Trade and Economic Development Section IV - The World Economy 19. International Cooperation 20. International Bank for Reconstruction and Development 21. International Monetary Fund (IMF) 22. International Development Association (IDA), International Finance Corporation (IFC) and The Asian Development Bank (ADB) 23. Regional Economic Cooperation 24. General Agreement on Tariffs and Trade (GATT) and The United Nations Conference on Trade and Development (UNCTAD) 25. The World Trade Organisation Section V - India`s International Trade 26. India`s International Trade Annexures