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Indian Economy: Performance and Policy   
Indian Economy
Performance and Policies
By  UMA KAPILA
Paper Back Book ;  Pages : 604
Edition: 2008-09  ;   ISBN - 978-81-7188-710-1
Price : Rs. 295.00 ; USD $ 25.95
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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, 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:

  1. Basic Issues in Economic Development

  2. Indian Economy at Independence

  3. Policy Regimes

  4. Growth, Development and Structural Change

  5. 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 19th edition and also the latest volume: India's Economic Developments Since 1947, 3rd edition, 2008-09).

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

– Human Development Index

• Sustainable Human Development

• What Makes Development Unsustainable?

• Policy for Sustainable Development

– Progress and Setbacks in Human Development

• India

– State of Human Development in India

• State Level

– Human Development and Gender Situation

2. The Environment and Development

– Introduction

– The Basic Issues

• Sustainable Development and Environmental Accounting

• Population, Resources, and the Environment

• Poverty and the Environment

• Growth versus the Environment

• Rural Development and the Environment

• Urban Development and the Environment

• Global Warming and Climate Changing

– Defining Dangerous

• From Climate Change to Stalled Human Progress— The Transmission Mechanisms

– The Indian Case

• Consequences of Environmental Plunder

– Public Policy

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

– Role of Planning in a Market Economy

– 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

• Macroeconomic 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?

– Emerging Indian Economy

• Growth Drivers

– Growth and Structural Change

– Growth and Sectoral Shares,

Cross Country Evidence and Indian Experience

• Share of Services in 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

• Economic Arguments in Favour of Land Reform

• Abolition of Intermediaries

• Ceiling on Land Holdings

• Tenancy Reforms

• Consolidation of Holdings

• Co-operative Farming

– Impact of Structural Reorganisation

– Emerging Perspectives and Policy Issues

– Land Reforms: Approach Paper to the Eleventh Plan

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

– Issues and Challenges

– Some Major Challenges

• Regaining Agricultural Dynamism

• Changing Employment Patterns

• Providing Essential Public Services for the Poor

• Increasing Manufacturing Competitiveness

• Developing Human Resources

• Protecting the Environment

• Improving Rehabilitation and Resettlement Practices

• Improving Governance

• Disparities and Divides

10. Unemployment and Employment Perspective

– Population and Labour Force Projections

– Concepts and Measurement

– Recent Trends in Employment and Unemployment Situation

• Labour Force and Workforce Participation Rates

• Unemployment Rates by Level of Education

• NSS 62nd Round on Employment and Unemployment

• Employment in Organised Sector

– Employment Trends

• Employment Growth

• Employment Structure

• Increasing Casualisation

• Employment Prospects

– Indian Labour Laws and Labour Markets

– Strategies and Policies for Employment Generation

• Eleventh Plan Approach on Employment

• Promoting Employment Generation

‘ Changing Employment Patterns

‘ Employment Generating Sectors

‘ National Rural Employment Guarantee Programme (NREGP)

‘ Self-Employment Programmes

11. Poverty in India

– Magnitude and Determinants

• The Selection of Poverty Lines

• Economic Growth and Poverty

• What do Recent Poverty Studies Reveal?

• Chronic Poverty

• Comparison of India and China in terms of Poverty Reduction

• Non-income Poverty Dimensions

– Poverty Alleviation in Development Debate

– Growth-Poverty Relationship

• Growth, Employment and Poverty

• Growth Pattern and Poverty

– Poverty Alleviation Programmes

• Programme for Socially Disadvantaged

• Land Reforms

• Public Distribution System

• Self Employment Programmes

• Wage Employment Programmes

– Some Critical Issues in Choice of Programme

• Self versus Wage Employment Programmes

• Spatial Dimension and Area Focus

• Poor in General versus Hardcore Poor

• Public Investment in Human Capital and Public Goods

– Concluding Remarks

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 Trends

– Trends in Birth and Death Rates

• Causes of High Birth Rate

‘ Social Factors

‘ Economic Factors

‘ Poverty

‘ Lack of Social Security

‘ Illiteracy, Ignorance and Belief in Fate

‘ Ineffective Family Planning

• 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

• Measures to Reduce Birth Rate

• Concerns about Population Growth

– Gender Equity and the Demographic Transition

– Population Policy since 1947

– National Population Policy, 2000

– Objectives of National Population Policy

– Implications of Mortality Decline for the Future

– Human Resource Development

– Education Policy in India

– Public Expenditure and Education Policy

– Health Care as a Social Responsibility

• The Experience of Kerala and Tamil Nadu

• Policy Shift Essential to Check Population Growth

– Tamil Nadu: The Success Story

– Enabling Factors

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

• Economic Arguments in Favour of Land Reform

– The New Technology

– Characteristics of New Technology

• Better Agricultural Practices

• Economic Aspects of New Technology

– Three Phases of Green Revolution

• The First Phase, 1966-1972

• Debacle and the Second Phase, 1973-1980

• The Third Phase, 1981-1990

– Reform Period, 1991 to the Present

– Deceleration in Agriculture Growth

• Regional Disparities and Intrapersonal Disparities

• New Technology and Environmental Degradation

– Major Factors Affecting the Growth Potential

• Lack of Long Term Policy Perspective

• Neglect of Capital Formation

• Lagging Research and Development Efforts

• Technology Generation and Dissemination

• Rising Soil Degradation and Over-exploitation of Ground Water

• Degradation of Natural Resources

• Subsidies vis-ΰ-vis Investments and Farm Support Systems

• Agriculture’s Terms of Trade and Farm Price Volatility

– Irrigation

• Post-Independence Trends

• Uneven Access to Irrigation

• Areas of Concern

• Irrigation in the 11th Plan

• Rationalising Subsidies and Strengthening Input and Support Services

– The National Agriculture Policy 2000

– Rural Distress in Post-Reform India

– Farmers’ Suicides

   
  15. Food Security, Public Distribution and Agricultural Price Policy    
   

– Pre-green Revolution

– Green Revolution

– Post-reform Revolution

– Food Management

– Food Procurement Policy

• Price and Distribution Controls in the Foodgrain Market

– Public Distribution System (PDS)

– Food Subsidy

• Buffer Stock

– Food Security

• Recent Policy Initiatives

• Diversification and Food Security

– Towards Elimination of Hunger and Malnutrition

• Hunger

• Calorie Deprivation

• Nutritional Security

– The Way Forward

• Availability

• Stability in Supplies

• Ensuring Access to Food

• Nutritional Security

– Agricultural Price Policy

   
  16. Globalisation and Indian Agriculture    
   

– Emerging Trends and Impact of Globalisation

– India and WTO

– Implications of Trade Liberalisation for Agricultural Growth, Poverty, and Food Security

• Agricultural Growth

• Poverty

• Self-Sufficiency, Food Security, and Related Issues

– Major Issues in the context of Globalisation

   
  17. Industrial Growth and Policy    
   

– Extent and Pattern of Industrialisation during the British Rule

– The Industrial Scene at Independence

– 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

• Recovery in Industrial Growth since 2002-03

– Outlook

– Industrial Policy: Recent Policy Initiatives

– Revision of IIP

   
  18. Public Sector in the Indian Economy    
   

– The Rationale

– Growth in Investment in Central Government Enterprises

– Performance of Public Enterprises

– New Directions of Policy: 1991 Industrial Policy

– Public Enterprise Policy

• Navratnas and Miniratnas

– Privatisation

• Privatisation: Indian Experience since 1991

   
  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 Micro and Small Enterprises

– Recent Measures

   
  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

• Foreign Direct Investment

– Changes in Sectoral Composition

– Changes in the Sources of FDI

– Pattern of FDI by Type of Approvals

– Comparative Performance of India and China

– Towards a Realistic FDI Policy

• FDI Policy

   
21. Services in the Indian Growth Process

– Growth and Sectoral Shares, Cross Country Evidence and Indian Experience

• Share of Services in GDP

• Share of Services in Employment

– Which Services Have Grown Rapidly?

• Fast Growers

• Trend Growers

• Contribution of Fast and Trend Growers to Services Growth

– Factors Underlying the Services Growth

• Growth in Services Sector from 2001 to 2006-07

– World Trade in Services Sector

• India’s Share in World Exports

• Structure of India’s Services Exports

• Foreign Direct Investment in India’s Service Sector

• Liberalisation of Services in India

• India and Trade Negotiations in Services

– 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

• Imports

• India's Merchandise Trade 2001-02 and 2006-07

• India’s Merchandise Imports

• Trade Composition

• Services Trade

• World Trade in Services

• India’s Services Imports

– Special Economic Zones

– Summing Up

– 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

‘ Export Promotion Measures

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

• Balance of Payments during 1982-83 to 1984-85

• Balance of Payments during 1985-1990

• Balance of Payments during 1993-94 to 2005-06

– Sustainability of Current Accounts

– Capital Account, External Debt and Exchange Rate

• Approach, Developments and Issues

– Roadmap Towards Fuller Capital Account Convertibility

• Foreign Exchange Transactions

– Foreign Investment

• Magnitude

• Foreign Portfolio Investment (FPI)

• NRI Deposits

– External Commercial Borrowings

• External Assistance, Short-term Credits and Non-resident Deposits

• Utilisation of Foreign Aid

• Management of Capital Flows

• Impact of Reforms on BoP

– External Debt Management

– Foreign Exchange Reserves: Approach, Developments and Issues

• Approach

• Exchange Rate Developments

• Rupee Appreciation and Export Performance

– Exchange Rate Management

• Transition to Market Determined Exchange Rate System

 

25. India and the WTO

– World Trade Organization

– India and the WTO

– India’s Participation in WTO MeetingsIndia’s

– The Sixth WTO Ministerial Conference at Hong Kong, (December 13-18, 2005)

– And After (July 24, 2006)

• WTO Negotiations and India


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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