Macroeconomics in India can be defined as the study of the economy through the lens of the global economic environment. India's growth has depended on globalization and on the ability to get things done at a cost that was not always more than one had bargained for. If a nation wants to remain competitive, and if it is to do well in the world economy, it needs to learn to use the tools of macroeconomics.
The macroeconomics in India has been in practice since the mid-eighties. Since then, however, it has been underdeveloped in India and most countries. A lot of the macroeconomics in India has become redundant, because many countries have their own macroeconomic frameworks that have developed on the basis of India's experience.
However, a great deal of macroeconomics in India has been retained for the purposes of international institutions like the International Monetary Fund. India has the second largest economy in the world after China and one of the fastest growing economies in Asia. However, India has always struggled with macroeconomics in India, because most of the decisions taken there are related to the Indian economy, especially with respect to finance and investment.
However, one can also say that the basic principles of macroeconomics in India have not changed much. One example of a macro theory in India is the concept of demand and supply. There is no need to reinvent the wheel in this context, because Indian governments have always had some control over the flow of money in the economy.
Another macro theory in India is that of the distribution of income. In India, there are two major types of distribution – one is based on direct income, and the other is based on indirect income. When an income flows from a direct source, this income goes into the pockets of those who possess it, and when it goes from an indirect source, it enters the hands of those who do not. So, even if the direct flow is not too high, there are still some who benefit from it, and so indirectly there are still some who are benefited by it.
However, the main point here is that macroeconomics in India has nothing to do with the distribution of wealth, except to say that there are some who get the majority while others get the minority of that does not get any. The concept of the distribution of wealth and hence macroeconomics in India has nothing to do with economics in India or with macro theories in India, except to say that some have access to something and some do not.