Raffles University

School of Law
B.B.A.LL.B / B.A.LL.B. (Integrated Law degree course)

Theories of Development & Economic Environment (IV Semester)

INTRODUCTION TO THE COURSE
India is a developing country. Since Independence till today Indias economy has been
continuously paving the way for Growth & development. We have witnessed an entirely new era
as regards structural changes are concerned. During the transition as well as in current times our
economy has witnessed several problems and constraints in the process of development. On the
other hand India has also witness some forces acting as lubricants in development. The following
paper makes an effort to study the various causes and paths through which an underdeveloped
country can embark on the path of development. It studies economic models proposed by
eminent economists and these models can lead us towards the target of growth. It is an attempt to
provide insight to law students to enable them to understand the conditions conducive to
economic growth and also its deterrents. Besides the paper also studies Economic Environment
of Business in India, economic reforms, its impacts and various issues related to development.
OBJECTIVE OF THE COURSE
To make student understand about the basic concepts of Economic growth & its factors.
To understand the process through which economic development can be brought about.
To understand the problems & obstacles of economic growth & development.
To understand the economic environment in India and issues related to development.
TEACHING METHODOLOGY
As per the norms of the university in this course there will be 6 classes per week. Teaching
methodology will include Lectures-cum-discussion, Assignments, Projects and Presentations.

THE EVALUATION SCHEME

Continuous Assessment- 40%
Mid-Term- 20%
End Term- 40%

COURSE OUTLINE
MODULE 1- Concept of economic Growth & Development
Introduction to the concepts of growth & Development
Factors affecting development
Indicators of growth HDI, PQLI, & others
Features of Indian economy as underdeveloped & developing economy
Vicious cycle of poverty & determination of BPL in India
Unemployment types & problems in India
Recommended Readings
1. Meier G M and James E Rauch, Leading issues in Economic Development, Oxford University
Press, New York.
2. Jhingan, M L, The Economics of Development & Planning, Vrinda Publications Private
Limited, New Delhi.
3. Ghsoh, B N, Contemporary Issues in Development Economics, Routledge Publishers, New
Delhi.
MODULE 2 Theories of Economic Development
Lewis theory of surplus labour
Critical minimum effort thesis Leibenstein
Concept of Balanced & Unbalanced Growth
Theories of Balanced & Unbalanced Growth
Theory of Big push

Recommended Readings
1. Jhingan, M L, The Economics of Development & Planning, Vrinda Publications Private
Limited, New Delhi.
2. Todaro, Michael P and Stephen C Smith ., Economic Development, Pearson Education,
London.
3. Ray, Debraj., Development Economics, Princeton University Press, New Jersey.
4. Taneja M L and R M Myer., Economics of Development & Planning, Shoban Lal N Chand
and Company Educational Publishers, Jalandhar,
MODULE 3 Economic Environment of Business
Business Environment
meaning, nature & features
Internal Business Environment

Value system of organization, financial capabilities, human resources

Marketing Capabilities, Core competencies

External Business Environment

Demographic Environment, Economic Environment, Political & Legal Environment

Socio cultural Environment , Technological Environment, Global Environment

Indian economic environment concept, types, components & importance

New economic policy approach
Recent Industrial Policy.
Micro, Small & Medium Industries
Industrial Sickness
Recommended Readings
1. Cherrunillam, Francis., Economic Environment of Business, Himalaya Publications Limited.
2. Dutt Ruddar and K P M Sundharam., Indian Economy, S Chand and Company Limited, New
Delhi.
3. Myneni, S R ., Indian Economics for Law students, Allahabad law Agency, Faridabad.

4. Lekhi, R K., The Economics of Development and Planning, Kalyani Publishers, Ludhiana.

MODULE 4 Economic Reforms in India

Globalization Meaning, causes & effects (BA LLB)
Liberalization Meaning, impact (BA LLB)
Privatization - Meaning, impact (BBA LLB) (BA LLB)
Disinvestment (BBA LLB) (BA LLB)
Meaning & Types, Impact
Foreign Direct investment (BBA LLB)
Meaning , Types, Methodology in India & Impact
Multinational Corporations - Meaning, Types & Impact(BBA LLB)
Special Economic Zones various consideration & issues. (BBA LLB)

Recommended Readings
1. Aggarwal, A N., Indian Economy: Problems of Development & Planning, New Age
International Publishers, New Delhi
2. Misra, S K and V K Puri., Indian Economy : Its Development Experience, Himalaya
Publishing house, Mumbai.
3. Cherrunillam, Francis., Economic Environment of Business, Himalaya Publications Limited.
4. Dutt Ruddar and K P M Sundharam., Indian Economy, S Chand and Company Limited, New
Delhi.

MODULE 5 Issues in India

Black money & corruption
Issues of food security & PDS in India

 Planning in India Various five year plans success & failures

12th five year plan & its evaluation.
Centre State financial relations

Recommended Readings
1.Agarwal, A N., Indian Economy: Problems of Development & Planning, New Age
International Publishers, New Delhi
2.Misra, S K and V K Puri., Indian Economy : Its Development Experience, Himalaya
Publishing house, Mumbai.
3. Cherrunillam, Francis., Economic Environment of Business, Himalaya Publications Limited.
4. Dutt Ruddar and K P M Sundharam., Indian Economy, S Chand and Company Limited, New
Delhi.

Other Recommended Readings

1. Dobson, Wendey., Human Capital Formation and Economic Growth in Asia
and the Pacific, Routledge, 2013
2.Worthington, Ian , Britton, Chriss.,The Business Environment, Pearson
Education, 2009, sixth edition.
3.gopal, Namita., Business Environment., Tata Mc Graw Hill, 2nd edition, 2009.
4.Paul, Justin., Business Environment : Text & cases, Tata Mc Graw Hill, 3rd
edition, 2010.
5. Palmer Adrian, Hartley,Bob ., The Business Environment, Tata Mc Graw Hill,
1st edition, 2010
6. Todaro, Michael, Smith, Stephen., Economic Development, Pearson
Education, 11th edition.