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Indian Economy
Performance and Policies

By UMA KAPILA

Paper Back Book (5½" x 8½"); Pages : 580

Edition: 2006-07 ; ISBN - 81-7188-577-2

Price : Rs. 245.00 ; USD $ 19.95

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This book is specially Designed to serve as a textbook for the students of B.Com (Hons.)

	New, thoroughly revised edition, 2006-2007 Based on latest recommended readings (restructured cource) Designed to serve as a textbook for B.Com (H), this book was perviously entitled: Understanding the Problems of Indian Economy.
	HERE’s the new, thoroughly revised edition of the widely accepted textbook (Indian economy paper) for B.Com (Hons.) Delhi University and other universities. The book, under its present new title, is based on the ‘restructured syllabus’ incorporating the revised reading list. In accordance with the new syllabus, the book provides a comprehensive coverage of Indian economy under 5 sections: Basic Issues in Economic Development Indian Economy at Independence Policy Regimes Growth, Development and Structural Change Sectoral Trends and Issues The author Dr. Uma Kapila has specially designed this book based on the original readings recommended for the new course (many of these being available in her edited book Indian Economy Since Independence, now into its 18th edition). In the present volume, the author has made an effort to keep the language simple without compromising the effectiveness of the argument or diluting the analyses. Data has been updated and new references added at several places beside thorough revision of the basic text. Additionally, inclusion of important questions at the end of various sections and a ‘Glossary’ make the book an ‘ideal’ text in its category.

	CONTENTS IN DETAIL :

	Part -I
	Basic Issues in Economic Development


	1.	Economic Development and Under Development
		Introduction What does Development Mean Economic Growth and Economic Development The New View of Economic Development • Development as a Multi-dimensional Process • Three Core Values of Development Development, Freedom and Opportunities Human Development • Sustainable Human Development • What Makes Development Unsustainable • Policy for Sustainable Development Human Development Index Progress and Setbacks in Human Development • Advances in Human Development—A Global Snapshot • The Limits to Human Development • The End of Convergence • India—A Globalisation Success Story with a Mixed Record on Human Development National Human Development Report - 2001 • Indicators State of Human Development in India • State Level
	2.	The Environment and Development
		Introduction The Basic Issues • Sustainable Development and Environmental Accounting • Population, Resources, and the Environment • Poverty and Environment • Growth versus the Environment • Rural Development and the Environment • Urban Development and the Environment • The Global Environment Consequences of Environmental Damage
	PART - II
	Indian Economy at Independence

	3.	India’s Economy at Independence
		Introduction The Relative Importance of Various Industrial Activities • Composition of National Income The Working Force The Agrarian Scene • Stagnating Agriculture • Causes India’s Industrial Production and its Structure • India’s Industrial Resources • The Decline of Traditional Industry and the Development of Modern Industry • Some other Economic Indicators of Economic Backwardness Some Positive Features
	PART - III
	Policy Regimes

	4.	Planning in India: Development Strategy and Role of State
		Evolution of Planning Structural Constraints and the Development Strategy Role of the State as Visualised in the Fifties Evolution of Strategy and Priorities Changing Perceptions The Role of Planning • Redefining the Role of State The Government, the State and the Market Cooperative Action
	5.	Economic Reform and Liberalisation
		Debate on Liberalisation Economic Reform • The Background • The Macroeconomic Crisis • Rationale for the Reforms • Macroeconmic Reforms • Structural Reforms Implementation of the Agenda Removal of QRs National Structural Adjustment Programme Safety Net • Macroeconomic Impact of Reforms • Fiscal Adjustment and Stabilisation • Political Resistance to Reform • Concerns Regarding Social and Political Implications of Reform • Impact of the New Economic Policy on the Vulnerable Sections • Conclusion The Next Round of Reforms
	PART - IV
	Growth, Development and Structural Change

	6.	India’s Growth Experience
		The Performance Two Phases of Growth Assessment of Performance Causal Factors What Next? Sectoral Composition of Real GDP Inter-regional Disparities in Growth and Development • Implications of Inter-state Inequality • Sectoral Composition of Growth • Causal Factors Investment Planning and Public Investment Private Investment Technical Change Institutions and Governance The Way Ahead Conclusion

	7.	Institutional Reforms for Agricultural Growth
		Land Systems at the Time of Independence • Feudal Agrarian Structure Policies for Restructuring Agrarian Relations • Abolition of Intermediaries • Ceiling on Land Holdings • Consolidation of Holdings • Tenancy Reforms • Co-operative Farming • The Reform Controversy Impact of Structural Reorganisation Emerging Perspectives and Policy Issues Land Reforms: Tenth Five Year Plan (MTA) • Land Ceiling • Tenancy Reforms • Land Rights for Women • Alienation of Tribal Lands • Computerisation of Land Records
	8.	Policies for Regulating Pattern of Investment and Concentration of Economic Power in Industry
		Evolution of Industrial Control Regime Performance of the Industrial Licensing System New Economic Policy
	9.	India’s Economic Performance and Challenges
		Towards Faster and More Inclusive Growth Strengths of the Economy Some Major Challenges • Providing Essential Public Services for the Poor • Regaining Agricultural Dynamism • Increasing Manufacturing Competitiveness • Developing Human Resources • Protecting the Environment • Improving Rehabilitation and Resettlement Practices • Improving Governance • Disparities and Divides Rich and the Poor Excluded Groups Gender Discrimination Urban and Rural India • Regional Backwardness
	10.	Unemployment and Employment Perspective
		Population and Labour Force Projections Concepts and Measurement Measurement of Employment and Unemployment Recent Trends in Employment and Unemployment Situation Employment and Unemployment Indian Labour Laws and Labour Markets Strategies and Policies for Employment Generation • Sectoral Policy Initiatives for Opening up New Employment Opportunities (Tenth Five Year Plan) Changing Employment Patterns Employment Generating Sectors National Rural Employment Guarantee Programme (NREGP) Self-Employment Programmes
	11.	Poverty in India
		Magnitude and Determinants State Level Poverty Ratios Basic Minimum Services Policy • Flaws in Policies and Programmes Targeting Accountability Role of NGOs and Voluntary Organisations Growth and Poverty

	12.	Demographic Constraint: Interaction between Population Change and Economic Development
		Economic Development and Population Growth • The Theory of Demographic Transition • The Micro Economic Theory of Fertility • How Does Population Growth Affect Economic Development Population and Labour Force Projections The Ongoing Demographic Transition: Challenges and Opportunities Demographic Trends in India • Period of Low Population Growth • Period of Rapid Growth and Population Explosion • Period of Some Decline in Rate of Growth 1981 Onwards Trends in Birth and Death Rates • Causes of High Birth Rate ¡ Social Factors ¡ Economic Factors • Fertility Rate • Causes of Decline in Death Rate Control of Epidemics Control of Famines Improved Medical Facilities Spread of Maternity Homes Impact of Economic Development • Meaures to Reduce Birth Rate Family Planning/Family Welfare Programmes Progress of Health and Family Welfare Programmes India and World Population • Possible Pathways to a Faster Decline in Fertility Urbanisation Literacy The Status of Indian Women Age Distribution of the Indian Population • Policy Shift Essential to Check Population Growth System of Incentives and Disincentives • National Population Policy 2000
		PART - V
		Sectoral Trends and Issues

	13.	Agriculture: The Problem of Productivity
		Importance of Agriculture in National Economy • Agriculture as a Source of Employment • Linkage between Agriculture and Other Sectors Productivity in Indian Agriculture • Low Levels of Productivity • Causes of Low Productivity General Causes Institutional Causes Technological Factors
	14.	Agricultural Growth, Performance and Policies
		The Institutional Context The New Technology Characteristics of New Technology • Better Agricultural Practices • Economic Aspects of New Technology Green Revolution • First Phase: Increase in Public Investment in Agriculture • Second Phase of Green Revolution Periodisation of Growth Rate Productivity • The Role of Technology in Indian Agriculture Small Size of Farms • Instability in Output • Regional Disparities and Intrapersonal Disparities • New Technology and Environmental Degradation • Limits to Growth: Some Tentative Evidence • Major Factors Affecting the Growth Potential Lack of Long-term Policy Perspective Neglect of Capital Formation Lagging Research and Development Efforts Rising Soil Degradation and Over-exploitation of Groundwater Farm Subsidies versus Investment Strategy and Thrust in the Tenth Plan • Regionally Differentiated Strategy • Sustainable Development of Natural Resources Tenth Plan Targets Policies for Accelerating Agricultural Growth (Approach Paper to the 11th Plan) • Demand Side Intervention • Supply Side Strategy • Agricultural Research • Water Management and Irrigation • Animal Husbandry and Fishery
	15.	Food Security, Public Distribution and Agricultural Price Policy
		Pre-green Revolution Green Revolution Post-reform Revolution Emergence of Foodgrain Surpluses Policy Framework for the Future Towards Elimination of Hunger and Malnutrition • Hunger • Calorie Deprivation • Nutritional Security • Economic Policies Programme Interventions • Public Distribution System The Way Forward • Availability • Stability in Suppplies • Ensuring Access to Food • Nutritional Security Agricultural Price Policy Procurement Buffer Stock Minimum Support Prices Economic Cost of Foodgrains Central Issue Price Food Subsidy
	16.	Globalisation and Indian Agriculture
		Emerging Trends and Impact of Globalisation Major Issues in the Context of Globalisation
	17.	Industrial Growth and Policy
		Extent and Pattern of Industrialisation during the British Rule Industrial Control Regime • Performance of the Industrial Licensing System The Policy Regime in the 1990s New Economic Policy Opening up to Foreign Investment Industrial Policy Reforms Public Sector Reforms, Privatisation and Infrastructure Industrial Growth Phases of Industrial Growth • Industrial Growth in the 90s • Comparative Growth Rates in the 80s and the 90s Relative Contribution of Sectors to Total Production Profile of Industrial Growth • Fall in Potential as well as Actual Industrial Growth • Shift in Favour of Registered Manufacturing • Decline in Employment Growth in Organised Manufacturing • The Stagnant Share of Manufactuing Sector The Manufacturing Slowdown • Factors Causing the Industrial Slowdown: Some Hypotheses Infrastructure Constraints in the Industrial Sector • Summing Up (1992-93 to 2001-02) • Recovery in Industrial Growth Since 2002-03
	18.	Public Sector in the Indian Economy
		The Rationale Growth in Investment in Central Government Enterprises Role of Public Sector • Public Sector and Employment • Share of the Public Sector in GDP • Share of the Public Sector in Savings and Capital Formation Performance of Public Enterprises New Directions of Policy: 1991 Industrial Policy • Disinvestment of Public Sector Shareholding • Issue of Privatisation • Issues in Disinvestment in India • Disinvestment: Policy and Practice • Disinvestment Strategies • Welfare Gains from Privatisation of Profitable PSEs Conclusion
	19.	Small-scale Industrialisation
		– Small Industry • Rationale for Supporting Small-scale Enterprises • Definition of Small-scale Industries • Small-scale Reservation Policy • Spatial Distribution of SSEs • Impact of SSI Reservation on Exports New Small Enterprise Policy • Small and Tiny Enterprises • Village Industries Performance of Small-scale Industries Sickness in SSI Sector
	20.	Role of Foreign Capital
		Introduction Foreign Capital versus Export-led Growth The Debate on the Role of Foreign Capital • Foreign Direct Investment • Portfolio Capital • External Aid • Commercial Debt Capital Capital Flows and Growth in India: The Recent Experience • FDI Policy: A Historical Perspective First Phase 1950-1967 Second Phase 1967-1980 Third Phase 1980-1990 Fourth Phase–1991 Onwards Trends in FDI—In the 1990s Changes in Sectoral Composition Changes in the Sources of FDI Pattern of FDI by Type of Approvals Comparative Performance of India and China Impact of FDI • Impact of FDI: Performance of FDI-Companies in India Towards a Realistic FDI Policy Summary and Conclusion

	21.	Services in the Indian Growth Process
		Growth and Structural Change in Services Sector • Income Elasticity of Demand for Services • Services, Employment and Productivity • Performance of the Services Sector • Factors Underlying the Services Growth • Composition of Growth in the Services Sector Intermediate versus Final Consumption of Services Producer Services • Consumer Services and Private Final Consumption Expenditure Government Services • External Demand for Services Services Exports Summing Up
	22.	The Financial Sector: Structure, Performance and Reforms
		Financial Sector Development in India • Institutional Structure • Capital Markets • Strategy of Development Directions of Reforms • Administered Structure of Interest Rate • Autonomy, Prudential Regulations and Supervision • 1991 and After: The Reform Years • Role of Competition • Capital Adequacy and Government Ownership in the Banking Sector Some Perspective for the Future of the Indian Financial System Lessons from the Indian Experience Conclusion
	23.	Foreign Trade
		Constraints Arising from Foreign Trade and Import Substitution based Policies Inward Looking Strategy Broad Trends: Exports and Imports • Exports Factors for Export Growth • Imports Factors for Imports Growth Exports (X) and Imports (M) Changing Structure of India’s Foreign Trade India’s Foreign Trade: Policy, Performance and Structural Change During Nineties • Comparison between 90's and 80's Trade GDP Ratio Trade Deficit-GDP Ratio Structural Change in Exports • Changes in Terms of Broad Categories • Commodity Composition: Exports • Move Towards Value-addition • Moving Away from Traditional Exports Towards New Manufactured Products India’s Share in Global Exports: Compositional Change Commodity Composition of Imports Direction of Foreign Trade • Direction of Exports • Direction of Imports Summing Up Balance of Trade • India’s Balance of Trade • Causes of Unfavourable Balance of Trade Large Increase in Imports Modest Growth in Exports External Factors Internal Factors Measures to Correct Deficit in Balance of Trade Restrictions on Imports Export Promotion
	24.	Balance of Payments and Trade Policy
		Concepts Trade Policy: An Overview The Political Economy of the Foreign Exchange Regimes Trade Policy since 1991 India’s Balance of Payment Trends 1950-2000 • The Decades of Fifties and Sixties • Balance of Payments in the Seventies A Decade of Comfort • Balance of Payments up to 1981-82 The Period of Difficulties • Balance of Payments during 1982-83 to 1984-85 Easing of Pressure • Balance of Payments during 1985-90 The Build-up to the Crisis The Crisis: 1990-1992 • Balance of Payments during 1993-94 to 2005-06 Invisibles Capital Account, External Debt and Exchange Rate • Approach, Developments and Issues Foreign Investment • Magnitude • Foreign Portfolio Investment (FPI) • NRI Deposits External Commercial Borrowings Decline in Foreign Aid Impact of Reforms on BoP External Debt Management Exchange Rate Management • Transition to Market Determined Exchange Rate System Foreign Exchange Reserves: Approach, Developments and Issues • Approach Summing Up
	25.	India and the WTO
		World Trade Organization India and the WTO India at WTO Meetings • Singapore WTO Conference (December 2005) And After (July 24, 2006)


	THE AUTHOR :

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 (New Delhi) which specialises in publishing quality reference works in Economics, and Indian Economy in particular.

An Honours Graduate from Miranda House, University of Delhi and M.A. and Ph.D. from Delhi School of Economics, Dr. Uma Kapila 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. She is the editor of the widely read book entitled Indian Economy Since Independence, currently into its 18th edition. She also edited five volumes on Indian economy entitled Recent Developments in Indian Economy with special reference to Structural Reforms. She is presently co-editing with Mr. Raj Kapila, book series : Economic Developments in India and Ongoing Developments in Banking & Financial Sector.

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