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Item Macroeconomic models and policy analysis in India: evolution application and prospect(1998-02) Pandit, VIndia was perhaps the first among developing countries to be subjected to macro econometric research exercises. As far as we are aware, it was nest only to Japan in Asia. The early research initiatives may be attributed to a number of reasons. While many leading academic institutions in India gave a prominent place to the teaching of macroeconomics this country also had a rich tradition in the areas of theoretical and applied statistics.