UPSC Economics 2022

Explain each concept concisely within ~30 words per sub-part, prioritizing precision over elaboration. For (a), define excess capacity with Chamberlin's tangency solution; for (b), illustrate liquidity trap via horizontal LM curve; for (c), contrast Fisher's MV=PT with Cambridge kPY; for (d), distinguish physical vs. price factor abundance; for (e), analyze SOC-DPA linkage effects. Use diagrams where possible and conclude with brief policy relevance for each.

• (a) Chamberlin's excess capacity: tangency of demand curve with LAC at less than minimum efficient scale, resulting in underutilized capacity and higher prices than perfect competition
• (b) Liquidity trap: horizontal LM segment where money demand becomes perfectly elastic, monetary policy ineffective, interest rates fail to fall further despite liquidity injections
• (c) Transaction vs. cash balance: Fisher's flow approach (MV=PT, velocity constant, institutional) vs. Cambridge k (stock, proportionality, microeconomic optimization, includes speculative motive)
• (d) Factor endowment: Heckscher-Ohlin theorem—physical abundance (factor ratios) vs. price abundance (autarky factor prices); factor price equalization through trade
• (e) Hirschman's unbalanced growth: SOC (infrastructure, external economies, lumpy) vs. DPA (manufacturing, directly productive); backward/forward linkages; sequencing dilemma and induced investment

Solve the Stackelberg duopoly model in part (a) by deriving Firm 2's reaction function first, then Firm 1's profit maximization, showing all algebraic steps clearly. For part (b), explain why price leadership yields different first-mover advantages compared to quantity leadership, referencing kinked demand curve or Bertrand competition. For part (c), critically evaluate the efficiency-equity trade-off using the First and Second Welfare Theorems. Allocate approximately 40% effort to (a) given its 20 marks, 30% each to (b) and (c). Structure with brief introduction, systematic working for each part, and concluding synthesis on market structure implications.

• Part (a): Derive Firm 2's reaction function q₂ = (90 - 2q₁)/4 = 22.5 - 0.5q₁ by maximizing π₂ = (100 - 2q₁ - 2q₂)q₂ - 10q₂
• Part (a): Substitute reaction function into Firm 1's profit π₁ = (100 - 2q₁ - 2q₂)q₁ - 10q₁ to get q₁ = 22.5, q₂ = 11.25, P = 32.5, π₁ = 506.25, π₂ = 253.125
• Part (b): Explain that under price competition (Bertrand), first-mover advantage disappears or reverses because p = MC = 10 yields zero economic profit, unlike quantity leadership
• Part (b): Contrast Stackelberg quantity leadership (positive profits, strategic commitment value) with price leadership where undercutting eliminates rents
• Part (c): State First Welfare Theorem: competitive equilibrium is Pareto efficient (no reallocation can improve one without harming another)
• Part (c): Distinguish efficiency from equity—competitive equilibrium may be inequitable (unequal endowments, poverty despite efficiency), requiring redistribution or social welfare functions
• Part (c): Mention Second Welfare Theorem: any Pareto efficient allocation can be achieved via competitive equilibrium with appropriate lump-sum transfers

Discuss requires analytical exposition with critical evaluation. Structure: brief intro on monetary macroeconomics → Part (a): IS curve disequilibrium with diagram (~300 words, 15 marks) → Part (b): comparative analysis of multipliers with card impact (~300 words, 15 marks) → Part (c): Mundell-Fleming model for both exchange rate regimes with policy ineffectiveness under fixed rates (~400 words, 20 marks) → conclusion on monetary policy constraints in globalized economies.

• Part (a): Points above IS curve signify excess supply of goods (S>I, unintended inventory accumulation); points below signify excess demand (I>S, inventory depletion); adjustment mechanism through interest rate and output changes
• Part (b): Deposit multiplier (1/rr) vs money multiplier [(1+c)/(rr+c+er)]; credit/debit cards reduce currency-deposit ratio (c), thereby increasing money multiplier; distinction between narrow and broad money impact
• Part (c): Under flexible rates with perfect capital mobility (BP horizontal), monetary policy fully effective via exchange rate channel; LM shifts cause currency depreciation and net export boost
• Part (c) continued: Under fixed exchange rates with perfect capital mobility, monetary policy completely ineffective; LM shifts trigger offsetting capital flows and reserve changes, returning LM to original position
• Mundell-Fleming model diagrams for both regimes showing IS-LM-BP equilibrium and adjustment dynamics
• Reference to India's managed float experience post-1991 and RBI's sterilization operations under capital mobility

The directive 'justify' in part (a) demands reasoned argumentation with evidence, while parts (b) and (c) require 'explain' and detailed exposition respectively. Allocate approximately 40% of time and words to part (a) given its 20 marks, with roughly 30% each to parts (b) and (c). Structure: brief introduction acknowledging the multi-faceted nature of taxation and public economics; systematic treatment of each sub-part with clear sub-headings; conclusion synthesizing how efficiency-equity trade-offs in taxation connect to merit goods provision and macroeconomic stabilization.

• Part (a): Adam Smith's four canons (equity, certainty, convenience, economy) plus modern additions (productivity, elasticity, simplicity, diversity); comparison of direct vs indirect tax burden using ability-to-pay vs benefit principles, excess burden/deadweight loss analysis, and horizontal/vertical equity considerations
• Part (a): Critical evaluation of 'less burdensome' claim—direct taxes may have lower excess burden but higher administrative costs and evasion; indirect taxes may be regressive but less distortionary to work effort; balanced judgment with Musgrave's optimal tax theory
• Part (b): Definition of merit goods (Musgrave) and why markets underprovide them; consumption externalities, information asymmetry, future productivity gains (human capital theory), intergenerational equity, and social cohesion arguments for elementary education
• Part (c): Classical AS curve—vertical at full employment due to wage-price flexibility, Say's Law, and monetary neutrality; distinction between short-run and long-run in classical framework
• Part (c): Keynesian AS curve—horizontal/perfectly elastic in extreme liquidity trap, upward-sloping in intermediate range due to wage rigidities/money illusion, and vertical only at full employment; role of aggregate demand in determining output

This multi-part question demands precise derivation and explanation across five distinct theoretical domains. Allocate approximately 30 words (20% time) per sub-part, opening with Kaldor's saving function assumptions for (a), then systematically working through RBI's CRR/SLR mechanisms for (b), tariff diagrammatic effects for (c), Domar's differential equation derivation for (d), and renewable resource intergenerational equity for (e). Prioritize mathematical proofs in (a) and (d) while ensuring policy-connected examples in (b), (c), and (e).

• (a) Kaldor model: State assumptions (classical savings function, full employment, two-class economy); derive P/Y = I/s_p·Y showing profit share depends on investment-output ratio via algebraic manipulation
• (b) Quantitative credit control: Explain CRR, SLR, open market operations, and bank rate with their transmission mechanisms; cite RBI's 2023-24 monetary policy stance
• (c) Tariff effects: Draw partial equilibrium diagram showing consumption loss (deadweight loss triangle) and revenue gain (rectangle); distinguish protective vs. revenue tariffs with India's 2022 customs duty rationalization
• (d) Domar growth: Derive dI/dt = s·δ·I from investment-capacity relationship; solve differential equation to show I(t) = I₀e^(sδt) proving exponential path
• (e) Renewable resources: Contrast flow (solar radiation, wind) vs. stock (groundwater, soil fertility) with Indian examples; analyze groundwater depletion in Punjab/Haryana affecting future availability despite renewability

The directive 'explain' demands clear exposition of mechanisms and causal relationships. Structure: brief introduction defining growth models and gender indices; for (a) spend ~350 words on warranted rate, actual vs. natural rates, and knife-edge instability with diagram; for (b) allocate ~450 words on Lewis's surplus labour sources, turning point, and dual economy transition with diagram; for (c) use ~300 words comparing GDI and GEM components, formulas, and policy relevance. Conclude with integrated insights on growth-gender nexus.

• (a) Define warranted rate (Gw = s/Cr) and distinguish from actual (G) and natural (Gn) rates; explain knife-edge instability when G ≠ Gw and the cumulative divergence mechanism
• (a) Diagram: Harrod's growth paths showing instability corridor between warranted and natural rates with arrows showing divergence
• (b) Sources of unlimited labour supply: subsistence sector marginal productivity zero/below subsistence wage, population growth, underemployment, institutional factors; Lewis's wage determination mechanism
• (b) Dual economy development mechanism: capitalist sector profit reinvestment, labour transfer, terms of trade, turning point when surplus exhausted; diagram showing labour supply curve kink at institutional wage
• (c) GDI components: HDI adjusted for gender inequality in life expectancy, education, income; uses female/male achievement ratios with 5% penalty
• (c) GEM components: political participation (seats), economic participation (professional/technical, income), power over economic resources; focuses on empowerment not just welfare
• (c) Key distinction: GDI measures gender gap in human development; GEM measures gender inequality in economic and political power/agency

Begin with a brief introduction linking classical trade theory to modern policy relevance. For part (a), spend ~30% of time examining how Ricardian comparative advantage reduces to comparative cost ratios with labour as sole factor; for (b), allocate ~40% on distinguishing nominal vs effective protection, showing the ERP formula derivation and calculation with given data; for (c), use ~30% to illustrate Bhagwati's immiserising growth with diagrams and conditions. Conclude by synthesising how these theoretical frameworks inform India's trade policy choices.

• For (a): Explanation that Ricardian model uses single factor (labour) making comparative advantage identical to comparative labour cost ratios; distinction between absolute and comparative cost advantage; critique by later economists on real cost vs opportunity cost interpretations
• For (b): Clear distinction between nominal tariff (t) on final good and effective rate of protection (ERP) measuring value-added protection; formula ERP = (t - a_i × t_i)/(1 - a_i) where a_i is input cost share; calculation showing ERP = (0.40 - 0.005×0.40)/(1-0.005) = 0.40, proving equality when input tariff equals output tariff and input share is negligible
• For (c): Bhagwati's immiserising growth conditions: growth biased toward export sector + inelastic foreign demand + large country case + tariff-distorted initial equilibrium; diagram showing production possibility frontier shift with terms of trade deterioration outweighing growth gains
• Integration of opportunity cost interpretation (Haberler) versus labour cost doctrine in Ricardian framework; reference to Viner's critique on comparative cost doctrine
• Policy relevance: India's experience with ERP calculations in pre-1991 tariff structure; examples of primary export dependence and terms of trade risks (cotton, jute, tea)
• Mathematical rigour in part (b): showing step-by-step derivation that when t_j = t_i, ERP simplifies to t_j regardless of a_i value, confirming the special case

The directive 'evaluate' in part (a) and the analytical nature of parts (b) and (c) require a critical, evidence-based approach. Allocate approximately 40% of time and words to part (a) given its 20 marks, with 30% each to parts (b) and (c). Structure: brief introduction on international economic governance and environmental regulation; for (a) enumerate UNCTAD functions then critically assess its success with specific developing country outcomes; for (b) explain the rationale for uniform pollution standards then analyse implementation problems; for (c) balance achievements (Glasgow Climate Pact, coal phase-down) with failures (climate finance shortfalls, loss and damage); conclude with integrated insights on North-South divides in trade and climate governance.

• Part (a): UNCTAD's core functions—trade negotiations, GSP schemes, technical cooperation, debt management, investment policy framework, and least developed country (LDC) support mechanisms
• Part (a): Critical evaluation of UNCTAD's success—achievements in GSP utilization, Integrated Framework for Trade-Related Technical Assistance, but limitations in binding dispute resolution compared to WTO, and marginalization in global trade architecture
• Part (b): Rationale for uniform pollution standards—administrative simplicity, limited regulatory capacity in developing countries, information asymmetries, and political economy of standard-setting
• Part (b): Problems with uniform standards—ignores heterogeneity in abatement costs (violates equimarginal principle), creates inefficiency, may force exit of smaller firms, monitoring challenges, and static nature missing technological progress
• Part (c): COP26 achievements—Glasgow Climate Pact with explicit coal phase-down language, completion of Paris Rulebook (Article 6), methane pledge, deforestation commitment, and enhanced NDCs
• Part (c): COP26 failures—$100 billion climate finance commitment unfulfilled, weak loss and damage mechanism (only Santiago Network established), carbon market loopholes in Article 6.4, and inadequate ambition for 1.5°C pathway

The directive 'outline' for part (a) demands a structured enumeration of causal factors, while parts (b)-(e) require 'discuss', 'point out', 'describe', and 'examine' respectively. Allocate approximately 30 words per sub-part (150 words total), spending roughly equal time on each since all carry 10 marks. Structure each sub-part as: brief context sentence → 3-4 specific points with brief elaboration → concluding link to broader economic impact. Avoid lengthy introductions; prioritize precision and coverage across all five themes.

• Part (a): Deindustrialization factors—machine-made goods competition, discriminatory tariff policy (free entry of British goods, export duties on Indian textiles), disappearance of princely courts as patrons, British capital in railways redirecting raw material exports, and collapse of traditional village self-sufficiency
• Part (b): TPDS features—targeting via BPL/AAY categories, dual pricing (central issue price vs market price), decentralized identification through state governments; obstacles—exclusion errors, ghost beneficiaries, leakage in PDS supply chain, fiscal burden on states, and interstate disparities in implementation
• Part (c): Vakil's contributions—Bombay Plan (1944) co-authorship emphasizing state-led industrialization, critique of laissez-faire, emphasis on heavy industry base, and his role in establishing economics as policy science in India
• Part (d): Direct effects—33% reservation for women in PRIs, mandatory representation in panchayat committees, financial autonomy through taxation powers; indirect effects—spillover to household decision-making, political socialization of women, emergence of women leaders (Sarpanchs), and changed gender norms in rural public spaces
• Part (e): Zamindari/ryotwari/mahalwari impacts—commercialization of agriculture, shift from food crops to cash crops (indigo, opium, cotton), rack-renting and subinfeudation, debt bondage, and stagnation of agricultural productivity due to absentee landlordism and lack of capital investment

The directive 'highlight' for part (a) demands focused presentation of key trends with supporting data, while parts (b) and (c) require descriptive and analytical treatment respectively. Allocate approximately 40% of word budget to part (a) given its 20 marks, 30% each to parts (b) and (c). Structure with a brief composite introduction, then address each sub-part sequentially with clear sub-headings, and conclude with integrated policy insights on sustainable agricultural growth and financial stability.

• Part (a): Trend of rising GDP growth rate from 'Hindu rate of growth' (~3.5%) to post-liberalization acceleration; sectoral shift from agriculture dominance to services-led growth with declining share of agriculture and rising share of tertiary sector
• Part (a): Specific data points - agriculture's share falling from ~50% (1970s) to ~15% currently; services rising to ~55%; manufacturing stagnation around 15-17%
• Part (b): Pre-RBI monetary chaos under British rule - multiple currency systems, exchange rate instability, need for centralized banking after 1919-1929 economic fluctuations
• Part (b): Hilton Young Commission (1926) recommendations, RBI Act 1934, commencement of operations April 1, 1935 as shareholders' bank nationalized in 1949
• Part (c): Green Revolution's displacement of indigenous crops - loss of crop diversity, marginalization of millets (jowar, bajra, ragi), pulses and oilseeds; ecological concerns of water depletion and soil degradation
• Part (c): Government measures - National Food Security Mission (2007), Rashtriya Krishi Vikas Yojana, promotion of millets as nutri-cereals, organic farming initiatives, PM-KISAN and crop diversification programs

The directive 'discuss' demands a balanced, analytical treatment with evidence-based reasoning. Structure your answer with a brief introduction, then allocate approximately 40% of content to part (a) given its 20 marks, 30% each to parts (b) and (c). For (a), critically evaluate MPI against monetary measures using UNDP/OPHI methodology; for (b), trace historical evolution from Dundee mills to Bengal dominance; for (c), examine both promotion of entrepreneurship and structural constraints. Conclude with integrated policy insights across all three domains.

• Part (a): Critical comparison of MPI (Alkire-Foster method) with Tendulkar/Rangarajan monetary lines, highlighting 10 indicators across 3 dimensions (health, education, living standards) and India's 2023 MPI value of 0.069 with 16.4% headcount ratio
• Part (a): Analysis of MPI advantages (captures deprivation intensity, policy-targeting precision) and limitations (data lag, weighting controversies, exclusion of political/cultural dimensions)
• Part (b): Historical trajectory from first jute mill (1855, Rishra), Dundee dominance, shift to Bengal due to raw material proximity, and the 'jute wallahs' colonial capital extraction pattern
• Part (b): Structural problems—obsolete machinery, Dundee competition, discriminatory freight rates, credit dependence on British managing agencies, and partition's impact on jute-growing East Bengal
• Part (c): Arguments supporting indigenous entrepreneurship—low capital barriers, skill inheritance (khadi, handicrafts), decentralized production, and success stories like Amul cooperative model or KVIC enterprises
• Part (c): Critical counter-arguments—technological obsolescence, marketing constraints, credit access problems, and the 'missing middle' phenomenon where small firms fail to scale
• Integrated insight: Link MPI's multidimensional approach to targeting support for jute workers and small artisans through schemes like Jute Technology Mission and SFURTI

The question demands critical evaluation across three dimensions: private sector's developmental role, inequality trends post-liberalisation, and agricultural subsidy rationale. Structure with a brief integrated introduction, then dedicate approximately 40% of content to part (a) given its 20 marks, 30% each to parts (b) and (c). Use directive-specific approaches: 'evaluate' for (a) with balanced arguments, 'comment' for (b) requiring nuanced assessment, and 'discuss' for (c) covering multiple perspectives. Conclude with synthesis on state-market balance in Indian development.

• Part (a): Arguments for private sector as driver (investment, employment, innovation, efficiency) versus limitations (capital intensity, regional imbalance, profit motive vs. public goods); reference post-1991 growth acceleration and sectors like IT, telecom, manufacturing
• Part (a): Critical evaluation with counter-arguments—informal sector persistence, jobless growth, crony capitalism, need for state in infrastructure, education, health; cite World Bank data on private investment share
• Part (b): Assessment of inequality trends—Gini coefficient movements, Palma ratio, wealth concentration (Oxfam reports); distinction between income and consumption inequality using NSSO/PLFS data
• Part (b): Nuanced 'comment'—whether growth caused deterioration or was accompanied by poverty reduction (Tendulkar vs. Rangarajan lines); role of skill-biased technological change, globalisation, informalisation
• Part (c): Rationale for power and irrigation subsidies—food security, input cost reduction for small farmers, equity considerations, Green Revolution legacy, political economy compulsions
• Part (c): Counter-arguments and reform imperatives—groundwater depletion (Punjab, Haryana), fiscal burden, inefficient water use, DBT alternatives, solar pump promotion under PM-KUSUM

Critically analyse demands balanced argumentation with evidence. Allocate ~30 words per sub-part (150 words each): for (a) trace planning evolution from Second Five Year Plan to NITI Aayog; for (b) contrast AoA benefits vs. subsidy caps; for (c) link rural wage data to consumption demand; for (d) weigh FDI inflows against crowding-out and profit repatriation; for (e) assess fiscal stimulus versus debt sustainability. Conclude each part with a nuanced judgment.

• (a) Distinguish centralized planning (1950s-80s), indicative planning (1991-2014), and market-based development post-NITI Aayog 2015, citing plan holiday and liberalization markers
• (b) Explain WTO Agreement on Agriculture prospects (market access) versus challenges (AMS limits, de minimis 10% cap, Blue Box restrictions) for Indian farmers
• (c) Connect sluggish rural wage growth (MGNREGA wage stagnation, agricultural real wage decline 2020-21) to depressed rural demand and consumption-led recovery constraints
• (d) Critically evaluate FDI benefits (technology transfer, employment) against costs (profit repatriation, crowding out domestic MSMEs, sectoral imbalances)
• (e) Assess desirability through Keynesian multiplier effects versus Ricardian equivalence concerns, citing post-COVID fiscal expansion and FRBM targets
• (a) Mention dismantling of Planning Commission 2014 as structural break in planning philosophy
• (c) Reference Periodic Labour Force Survey (PLFS) data on rural wage trends during pandemic
• (d) Cite sector-specific FDI patterns: 100% automatic route in some sectors versus restricted multi-brand retail

The directive 'discuss' in part (a) demands a balanced examination with critical evaluation, while parts (b) and (c) require 'highlight' and 'state' respectively—factual enumeration with clarity. Allocate approximately 40% of time and words to part (a) given its 20 marks, and roughly 30% each to parts (b) and (c). Structure: brief integrated introduction on external sector and human capital; for (a) discuss objectives, evaluate RBI's managed float regime since 1993 with forex adequacy metrics (import cover, IMF ARA metric); for (b) enumerate 2015 Policy pillars—institutional architecture, apprenticeship, entrepreneurship; for (c) define GATS purpose, list 12 sectors, explain four modes with Indian examples; conclude on synergy between exchange stability, skill competitiveness and services trade.

• Part (a): Exchange rate management objectives—price stability, competitiveness, reserve adequacy, crisis prevention; evaluation of India's managed floating regime with specific metrics (forex reserves ~$600bn, import cover, short-term debt coverage, IMF Assessing Reserve Adequacy framework)
• Part (a): Critical assessment of RBI's intervention patterns—LAF, forex swaps, accumulation costs (sterilization, quasi-fiscal costs), and whether reserves are 'adequate' given capital account vulnerability
• Part (b): National Policy for Skill Development and Entrepreneurship 2015—National Skill Development Mission, Skill India, PMKVY, National Skill Qualification Framework, Sector Skill Councils, apprenticeship reforms, entrepreneurship support (Startup India linkage)
• Part (c): GATS purpose—progressive liberalization of services trade, transparency, predictable rules; 12 service sectors covered (business, communication, construction, distribution, education, environment, financial, health, tourism, recreation, transport, other)
• Part (c): Four modes of supply—cross-border (Mode 1), consumption abroad (Mode 2), commercial presence (Mode 3), presence of natural persons (Mode 4); Indian examples: IT exports (Mode 1), medical tourism (Mode 2), TCS offices abroad (Mode 3), software engineers on deputation (Mode 4)

The directive 'critically examine' for part (a) demands balanced analysis with judgment, while parts (b) and (c) require differentiation and description respectively. Allocate approximately 40% of time/words to part (a) given its 20 marks, and roughly 30% each to parts (b) and (c). Structure with a brief integrated introduction, three distinct sections for each sub-part with clear sub-headings, and a concluding synthesis on India's evolving economic policy framework.

• Part (a): Evolution from IRDP (1970s) to NREGA (2005) and NFSA (2013); critique of targeting errors, leakages, and graduation failure; comparison of wage vs. self-employment programmes; mention of Tendulkar vs. Rangarajan poverty line debates
• Part (b): Clear distinction between current account (trade in goods/services, income transfers) and capital account (FDI, FPI, external borrowing) convertibility; Tarapore-I pre-conditions: fiscal deficit reduction, inflation control, NPA reduction, forex reserves adequacy, financial sector reforms
• Part (c): Features of MPC's 2022 policy: repo rate hikes, stance change from accommodative to neutral to withdrawal of accommodation, inflation targeting amid supply shocks; comparison with 2016-2020 liquidity surplus era and COVID-era unconventional measures
• Critical analysis of why CAC remains partial in India despite 1997 Tarapore recommendations; connection between poverty programmes and financial inclusion for monetary policy transmission
• Empirical evidence: NREGA wage-productivity gap, capital flight during 2013 taper tantrum, inflation targeting success/failure post-2016 MPC framework

The directive 'elucidate' demands clear, explanatory depth with illustrative examples. Structure your answer with a brief introduction on India's economic reforms trajectory, then allocate approximately 40% of your word budget to part (a) given its 20 marks, 30% each to parts (b) and (c). For each sub-part, present conceptual clarity first, followed by specific Indian evidence, and conclude with critical assessment of outcomes.

• Part (a): Methods of privatisation (IPO, strategic sale, buyback, ESOPs, asset sale) and India's specific adoption—CPSE disinvestment via minority stake sale vs. strategic disinvestment; critique of proceeds utilization (National Investment Fund, recapitalization of PSBs) and shortfall against targets
• Part (b): FTP 2021-26 expectations—$2 trillion export target by 2030, district export hubs, e-commerce integration, SCOMET rationalization, AEO scheme expansion; linkage to Atmanirbhar Bharat and production-linked incentives
• Part (c): FRBM Act 2003 features—fiscal deficit targets (3% of GDP), revenue deficit elimination, contingent liabilities disclosure, escape clause (NK Singh Committee amendments); assessment of target achievement with deviations post-2008, COVID-19, and recent consolidation path
• Critical linkage across parts: how privatization proceeds affect fiscal deficit (FRBM compliance), and how FTP aligns with export-led growth to reduce fiscal stress
• Empirical data: Disinvestment receipts vs. BE/RE figures (2014-2024), fiscal deficit trajectory (2003-2024), export performance under FTP schemes
• Critical evaluation: Debate on 'disinvestment vs. strategic sale' efficacy, FTP's sectoral coverage gaps, FRBM's procyclicality critique and debt-GDP target shift