The Indian economy has undergone far-reaching changes over the past few decades, driven by economic reforms, technological innovations, financial inclusion initiatives, and an evolving regulatory framework. A sound understanding of financial institutions, markets, and banking is therefore indispensable for students.
This book has been prepared primarily for undergraduate students of B.Com. and related programmes. It presents the subject in a simple, systematic, and student-friendly manner, while maintaining academic rigour. The text comprehensively covers the structure and functions of the Indian financial system, commercial banking, the Reserve Bank of India, development financial institutions, non-banking financial companies, financial markets, mutual funds, insurance, digital banking, financial inclusion, and recent developments such as the JAM Trinity, Direct Benefit Transfer (DBT), Unified Payments Interface (UPI), and fintech innovations.
Numerous tables, illustrations, and updated examples have been included to facilitate better understanding of concepts. Every effort has been made to present recent policy developments and regulatory changes in a clear and concise manner.
Contents –
Module 1 – Economic Reforms in India
1. Economic Reforms Framework
1.1 Rationale for Economic Reforms
1.2 Liberalisation
1.3 Privatisation
1.4 Globalisation
1.5 LPG Reforms in the Post-2010 Era
2. Second Generation Reforms
2.1 Fiscal Reforms
2.2 The Transition from Planning Commission to Niti Aayog
2.3 India’s Labour Codes: Reforming the Framework of Labour Regulation
2.4 Ease of Doing Business and Regulatory Simplification
3. Inclusive Growth
3.1 Direct Benefit Transfer (DBT)
3.2 JAMTrinity
3.3 Make in India
3.4 Atmanirbhar Bharat
3.5 Production Linked Incentive (PLI) Schemes
3.6 Overall Achievements
3.7 Criticisms, Challenges and Reform Fatigue
Module 2 – Agriculture Sector in India
1. Post-Reform Agriculture Sector
1.1 Agricultural Growth Trends Since Reforms
1.2 Green Revolution Legacy and Need for Diversification
1.3 National Food Security Act (2013)
1.4 MSP Regime: Reforms and Debate
2. Post-2010 Agriculture Reforms
2.1 Electronic National Agriculture Market (e-NAM)
2.2 Contract Farming
2.3 Pradhan Mantri Kisan Samman Nidhi (PMKISAN)
2.4 Pradhan Mantri Fasal Bima Yojana (PMFBY)
2.5 Agricultural Finance in India: Structure
2.6 Role of NABARD, Self-Help Groups (SHGs) and Regional Rural Banks (RRBs)
3. Transformation of Indian Agriculture
3.1 Agri-Infrastructure Fund (AIF)
3.2 Farmer Producer Organisations (FPOs)
3.3 Digital Agriculture
3.4 Sustainable and Organic Farming
3.5 Doubling Farmers’ Income Strategy
Module 3 – Industrial Sector in India
1. Industrial Policy Changes After 1991
1.1 De-licensing and Deregulation
1.2 Disinvestment and Strategic Sale Policy (Post-2014)
1.3 Public Sector Reforms and New Public Sector Enterprise Policy (2020)
2. MSMEs
2.1 MSMEs: Meaning and Classification
2.2 Role of MSMEs in the Post-Reform Economy
2.3 Issues and Challenges Faced by MSMEs
2.4 Structural Challenges in the Manufacturing Sector in India
2.5 National Manufacturing Policy (NMP), 2011
3. Transformation of Indian Industry
3.1 Make in India
3.2 Production Linked Incentive (PLI) Scheme
3.3 Start-up India
3.4 Industrial Corridors and Smart Cities
Module 4 – Financial Sector in India
1. Financial Sector Reforms
1.1 Monetary Policy Framework Agreement (2015)
1.2 Inflation Targeting Approach
2. Banking Sector Reforms
2.1 Consolidation (Post-2017 Mergers)
2.2 Insolvency and Bankruptcy Code (IBC), 2016
2.3 NPA Crisis and Recapitalisation of Banks
2.4 Insurance Sector Reforms
3. Financial Inclusion
3.1 Pradhan Mantri Jan Dhan Yojana (PMJDY)
3.2 Digital Payments Revolution – UPI and FinTech
3.3 Capital Market Reforms – SEBI Developments
3.4 Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)
3.5 Rise of Digital Lending and Regulatory Concerns
3.6 Central Bank Digital Currency (CBDC) – Digital Rupee
