ECONOMICS & LAW

Why Economics?
Why Law and economics?
Dr. Dayananda
Murthy C P
DSNLU

Dr. Dayananda Murthy C P

Constitution of India
Preamble
WE, THE PEOPLE OF INDIA, having solemnly resolved to
constitute

India

into

a SOVEREIGN

SOCIALIST

to secure to
all its citizens: JUSTICE, social, economic
and political;
SECULAR DEMOCRATIC REPUBLIC &

LIBERTY

EQUALITY of status & of opportunity

To promote among them all
FRATERNITY

IN OUR CONSTITUENT ASSEMBLY this twenty-sixth day of November,

1949, do HEREBY ADOPT, ENACT AND GIVE TO OURSELVES THIS
CONSTITUTION.
Dr. Dayananda Murthy C P

Directive Principles of State Policies - Article 38

38. State to secure a social order for the promotion of
welfare of the people
(1) The State shall strive to promote the welfare of the
people by securing & protecting as effectively as it may a
social
order
in
which
Justice,
SOCIAL,
ECONOMIC & POLITICAL, shall inform all the

institutions of the national life.

(2) The State shall, in particular, strive to minimise the
inequalities in income, & endeavour to eliminate
inequalities in status, facilities and opportunities,
Not only amongst individuals but also amongst groups of
people residing in different areas or engaged in different
vocations.
Dr. Dayananda Murthy C P

DPSP - Certain principles of policy to be followed by the

State - Article 39
The State shall, in particular, direct its policy towards securing
that the citizens, men & women equally, have the right to an
adequate means of livelihood;
that the ownership & control of the material resources of the
community are so distributed as best to sub serve the common
good;
(c) that the operation of the economic system does not result in
the concentration of wealth & means of production to the
common detriment;
(d) that there is equal pay for equal work for both men &
women;
(e) that the health & strength of workers, men & women, & the
tender age of children are not abused & that citizens are not
forced by economic necessity to enter avocations unsuited to
their age or strength. (f)
Children.
Dr. Dayananda Murthy C P

PART IVA
FUNDAMENTAL DUTIES (51A)

IT SHALL BE THE DUTY OF EVERY

CITIZEN OF INDIA
(g) to protect & improve the natural environment
including forests, lakes, rivers & wild life, and TO
HAVE COMPASSION FOR LIVING CREATURES;
(h) .
(i) .
(j) to strive towards excellence in all spheres of
individual & collective activity so that the nation
constantly rises to higher levels of endeavour &
achievement.
Dr. Dayananda Murthy C P

Infrastructure

EXPORT
&
IMPORT

(Air;
Water; Sea;
Port; Rail
& Road)

Dr. Dayananda Murthy C P

How human beings interact with one another in

the economic sphere of society?

SUPPLY

Economics

DEMAND

Producers

Fiscal Policy?
& Industrial Policy Resolution 1991

Consumers

REGULATORY FRAMEWORK

Patent;
Trademark;
Copyright;
Trade secret;
Geographical Indication;
Industrial Designs

Land Acquisition,
Rehabilitation and
Dr. Dayananda Murthy C P
Resettlement Bill, 2011

Dr. Dayananda Murthy C P

Societies Registration Act,

1860

Foreign
Investment

Dr. Dayananda Murthy C P

Dr. Dayananda Murthy C P

TAX - REGULATORY FRAMEWORK

Dr. Dayananda Murthy C P

Prevention of Money Laundering
Act, 2002

Benami Transactions
(Prohibition) Act 1988

SECTOR

AUTHORITIES

Telecommunication

Telecom Regulatory
India (TRAI)

Insurance

Insurance
Regulation
Development Authority (IRDA)

IPR

Controller of Patent & Trade Mark &

Copyright Board
- IP Appellate
Board

Public Companies

National Company Law Tribunal

(NCLT) - SEBI Board & Securities
Appellate Tribunal (SAT)

Competition Act

Competition Commission of India

(CCI)

FEMA

Directorate of Enforcement &

Appellate Tribunal Foreign Exchange.
Dr. Dayananda Murthy C P

Authority

of
and

 Industries (Development & Regulation) Act, 1951

Foreign Trade (Development & Regulation) Act, 1992
The Special Economic Zone Act, 2006
Khadi & Village Industries Commission Act, 1956
The Micro, Small and Medim Enterprises
Development Act, 2006
The Mahatma Gandhi National Rural Employment
Guarantee Act, 2005 (guaranteeing hundred days of
wage-employment in a financial year to a rural
household)

Dr. Dayananda Murthy C P

Dr. Dayananda Murthy C P

 Economic Development and Law?

Role of Transnational / Multinational
Corporations?
Economic Development & Human Rights?

Dr. Dayananda Murthy C P