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Since liberalization, Indian economy is going through some dynamic changes. From a primarily closed agrarian economy, India has become service-oriented open economy, becoming more and more susceptible to economic fluctuations. This comprehensive book, in its third edition, continues to equip the readers with the necessary skills to assess and analyze the evolving economic scenario in India and world over. The new edition has been thoroughly revised and updated to incorporate the recent changes taking place in Indian and global economic environment. Every chapter is incorporated with a section on Understanding Economic Environment (UEE), in which the Indian economic environment is compared with the economic environment of its neighbouring countries, emerging markets and major players in the world economy. All chapters are well-supported with illustrative examples and cases to provide an analytical insight to the topics. The chapters also include the topic Implications for Managers, in which implications of a particular aspect of an economy are summarized for the managers. Besides, for an easy assessment of the data, most of the quantitative information is presented in a graphical form rather than in the conventional tabular format. Designed primarily as a textbook for the postgraduate students of management and commerce, this book is useful for the practising managers and policy makers as well. Key Features Includes illustrations using latest data (upto 2011) Provides several numerical problems to strengthen the quantitative aspect of the subject Each chapter concludes with a Case Analysis to support the chapters with the applicative tools Companion website www.phindia.com/veenapailwar provides useful resources for the teachers as well as for the students and has been updated as per the current edition About The Author Veena Keshav Pailwar (Ph.D) is Professor, Institute of Management Technology (IMT), Nagpur. Earlier she was associated with Xavier Labour Relations Institute (XLRI) Jamshedpur; National Institute of Financial Management (NIFM), Faridabad; National Council of Applied Economic Research (NCAER), New Delhi; and National Institute of Public Finance and Policy (NIPFP), New Delhi. She has over 17 years of teaching and research experience. Dr. Pailwar has published/presented papers in national and international journals/conferences in the areas of computable general equilibrium modelling, financial sector modelling, forecasting methods and trade and capital flows. Table Of Contents List of Cases List of Boxes List of Case Analysis Exercises Preface Acknowledgements 1. Economic environment and business fluctuations 2. Data sources and interpretations 3. National income: Measurement and environment scanning 4. Inflation and business environment 5. Fiscal policy and environment 6. Money: Demand and supply 7. Financial system, crisis and reforms 8. Monetary policy and economic environment 9. Balance of payment: Accounting, adjustments and imbalances 10. trade flows, international linkages and external environment 11. capital flows, growth and macroeconomic instability 12. exchange rate regimes and currency convertibility Index