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Economic Developments in India Volume - 100   
India’s Economy : A Journey in Time and Space

EDI - Hundredth Volume


Hard bound book + CD (6¼" x 9");  Pages : 390
2006 Edition; ISBN 81-7188-581-0
Price : Rs. 795.00 ; US $ 69.95
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About The Book :

This volume includes contributions by some of the most distinguished economists/experts and provides rare insights into India's development journey through time and space—the successes and failures, and the new challenges emerging from integration with the world economy. Opportunities offered by the forces of globalisation offer India immense scope to improve the quality of life of its people provided appropriate policies are put in place.

India's Economy: A Journey in Time and Space, is the hundredth volume of Economic Developments in India. This is a selection of 20 articles from over 500 published in Economic Developments in India since its inception in 1998 upto December 2005. This volume, in three sections, covers the most vital issues relating to the journey: (i) Growth, Poverty and Reforms (ii) Globalisation and (iii) Sectoral Developments: Agriculture, Industry, Financial and External Sectors. The general message which emerges is that India's future problems are no doubt large but manageable. In this context, the book examines the challenges ahead, outlines policies, and identifies lacunae in their implementation, which lie at the root of most of the difficulties facing the nation today. Covering a broad range of critical issues, the book will be of interest to policy-makers, researchers, students of Indian economy and India-watchers.

"The list of contributors includes some of our most distinguished and eminent economists. Each one of them has contributed immensely to the analysis of India's economic condition and to policy formulation in their respective areas of expertise. The theoretical and empirical work of the authors is recognised internationally as having contributed to the development of the discipline of economics... The fact that 100th volume of 'Economic Developments in India' is being published is a testimony to the popularity of this series."

Dr. Manmohan Singh
Prime Minister of India; a distinguished economist and widely acclaimed as the 'principal architect' of India's economic reforms.

Commenting on the EDI series (of which this is the 100th volume): "Launched in 1998, Economic Developments in India (EDI) is brought out every month and covers the latest developments in Indian economy..... Volume after volume, month after month, it has contributed immensely towards disseminating high quality academic writings and other important literature on various aspects of India's economy...... It will not be an exaggeration if I say, I cannot find any parallel to this publication. It is indeed a unique ready reference resource.

C. Rangarajan
Chairman, Prime Minister's Economic Advisory Council, Government of India; former Governor, Reserve Bank of India; former Chairman, Twelfth Finance Commission.


Vijay L. Kelkar Chairman, IDFC Private Equity Company Ltd., Mumbai; formerly Adviser to Finance Minister, Government of India, New Delhi.

Arvind Virmani Principal Adviser, Planning Commission, Government of India.

Jagdish Bhagwati University Professor, Economics and Law, Columbia University, New York. N.A. Mujumdar Editor, Indian Journal of Agricul-tural Economics, Mumbai; formerly Principal Adviser, Reserve Bank of India, Mumbai.

A. Vaidyanathan Distinguished Economist; formerly Professor, Madras Institute of Development Studies, Chennai; Ex-Member, Planning Commission, Government of India.

Ashok V. Desai Consultant Editor, The Tele- graph and Businessworld, New Delhi.

N.R. Narayana Murthy Chairman and Chief Mentor, Infosys Technologies Ltd., Bangalore.

Montek S. Ahluwalia Deputy Chairman, Planning Commission, Government of India; formerly Director (EvO), International Monetary Fund (IMF), Washington D.C.; Ex-Finance Secretary, Government of India.

Rakesh Mohan Deputy Governor, Reserve Bank of India, Mumbai.

Bimal Jalan Member of Parliament (Rajya Sabha), New Delhi; Ex-Governor, Reserve Bank of India, Mumbai.

Shankar Acharya Honorary Professor, Indian Council for Research in International Economic Relations (ICRIER), New Delhi; formerly Chief Economic Adviser, Ministry of Finance, Government of India.

Per Pinstrup-Andersen H.E. Babcock Professor of Food, Nutrition and Public Policy at Cornell University; World Food Prize Laureate 2001; formerly Director General, International Food Policy Research Institute (IFPRI), Washington D.C.

V.S. Vyas Professor Emeritus, Institute of Development Studies, Jaipur.

C.H. Hanumantha Rao Chairman, Institute of Economic Growth, Delhi; Centre for Economic and Social Studies, (CESS), Hyderabad; Member, National Advisory Council, Government of India.

M.S. Swaminathan World Food Prize Laureate 1987; Chairman, National Commission on Farmers, New Delhi; Chairman, M S Swaminathan Research Foundation, Chennai.

Bibek Debroy Secretary General, PHD Chamber of Commerce & Industry, New Delhi; formerly Director, Rajiv Gandhi Institute of Contemporary Studies, (RGICS), New Delhi.

R. Nagaraj Professor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

C. Rangarajan Chairman, Prime Minister’s Economic Advisory Council, New Delhi; Ex-Governor, Reserve Bank of India, Mumbai.

S.S. Tarapore Ex-Deputy Governor, Reserve Bank of India, Mumbai.

Y.V. Reddy Governor, Reserve Bank of India, Mumbai



List of Figures and Tables


Message from the Prime Minister of India, Dr. Manmohan Singh

Foreword by Dr. C. Rangarajan




Section I
Economy: Growth, Poverty and Reforms


India: On the Growth Turnpike

Vijay L. Kelkar


Towards a New Development Paradigm

Arvind Virmani


Growth, Poverty and Reforms

Jagdish Bhagwati

  4. Redefining the Approach to Poverty Reduction and Development

N.A. Mujumdar

  5. Poverty and Development Policy

A. Vaidyanathan

  6. Fifty Years of India: A Journey in Time

Ashok V. Desai

  7. Public Governance

N.R. Narayana Murthy


Section II

  8. India in a Globalising World

Montek S. Ahluwalia

  9. Indian Economy in the Global Setting

Rakesh Mohan

  10. India and Globalisation

Bimal Jalan

  11. Half-hearted Globalisation

Shankar Acharya


Section III
Sectoral Development: Agriculture, Industry,
 Financial and External Sector

  12. Reshaping Indian Food and Agricultural Policy to Meet the Challenges and Opportunities of Globalisation

Per Pinstrup-Andersen

  13. Food Security in India: Towards Elimination of Hunger and Malnutrition

V.S. Vyas

  14. Sustainable Use of Water for Irrigation in Indian Agriculture

C.H. Hanumantha Rao

  15. Mission 2007: Every Village a Knowledge Centre

M.S. Swaminathan

  16. Unshackling India's Manufacturing— The Ingredients of a Strategy

Bibek Debroy

  17. Foreign Direct Investment in India: Trends and Issues

R. Nagaraj

  18. Financial Stability: Some Analytical Issues

C. Rangarajan

  19. The Emerging Configuration in the Financial Sector

S.S. Tarapore

  19. Managing India's External Sector: Overcoming Challenges in a Globalising Economy

Y.V. Reddy




Raj Kapila is the Director and Chief Editor of Academic Foundation, Delhi. He has written extensively and is also the author of the following publications: The Story of Industrialisation: Industries the World Over (1962), The Time Demands: A Politico-Economic Analysis of Present-day India (1966), India at Cross : After 25 years of Independence (1972). He co-edited with Dr. Uma Kapila, a six volume study entitled Understanding India’s Economic Reforms (AF, 1996). This was very well received and consequently led to the evolution of the concept of ‘‘Monthly Updates’’ on Indian Economy that eventually took the form of the present EDI series. Together, they have also edited Banking and Financial Sector Reforms in India (6 vols., 1998) and subsequently: Ongoing Developments in Banking and Financial Sector in India (4 vols., AF, 2000). Most recently, they have co-edited a book: India's Economy in the 21st Century (Academic Foundation, 2001) --- a collection of select articles by eminent economists.

Uma Kapila:

Uma Kapila, author/editor of several other books, has taught Indian Economy to undergraduate students for forty two years. She recently retired as Reader from the Department of Economics, Miranda House, University of Delhi. Presently she is Senior Editor, Academic Foundation. As a teacher-fellow at the center for advanced studies, Delhi School of Economics (1976-79), Mrs. Kapila completed her Ph.D. on " Oilseeds Economy of India. " she has also served on the Planning Commission Study Group on " Agricultural Strategies in the Eastern Region of India for the seventh Five Year Plan" (Perspective planning Division).  Dr. (Mrs.) Uma Kapila is the author of the book "Oilseeds Economy of India" (1982) published by the Institute of Economic Growth under their series " Studies in Economic Development and Planning". She is the editor of the widely read book entitled "Indian Economy Since Independence", currently into its eleventh edition. She also edited five volume on Indian Economy entitled Recent Development in India Economy with special reference to Structural Reforms. She is, presently, Co-edited with Mr. Raj Kapila, book series on economic developments and on banking and financial sectors developments.

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