Part - I

1. Indian Economy Since Independence: Major Features
— Uma Kapila

• The India of 1947

• The Planning Era

• Where India Stands Today?

• Strengths of the Economy

• Some Major Challenges

Part - II
Growth, Development and Structural Change

2. Planning and the Market (Ed. Notes) 

• 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

3. Growth and Development Experience (Ed. Notes)

• The Performance

• Two Phases of Growth

• Assessment of Performance

• Causal Factors

• What Next?

• Emerging Indian Economy

• A Vision for the 11th Plan

• Human Development

• Human Development Index

• Progress and Setbacks in Human Development

• National Human Development Report—2001

• State of Human Development in India

• Growth and Structural Change

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

• Structural Change in terms of Industrial Distribution of Work Force and Occupational Structure

• Environment and Development

• Consequences of Environmental Plunder

• Disparities in Growth and Development

• Implications of Inter-State Inequality

• Sectoral Composition of Growth

• Causal Factors

• The Way Ahead

• Indian Development Experience in International Perspective

• Learning from the Experiences of Other Countries

• India’s Internal Diversities: A Rich Source of Insights

• Kerala in International Perspective

• Selected Regional Perspectives: Learning from the Diversity of Development Experience

• Political Action and Rural Development in West Bengal

• Social Opportunities in Himachal Pradesh

• Conclusion

4. India’s Recent Economic Growth: A Closer Look
— R. Nagaraj

• Industrial and Services Growth

• Reliability of Estimates

• Understanding Recent Growth

• Conclusions

5. Growth Record of the Indian Economy, 1950-2008: A Story of Sustained Savings and Investment —Rakesh Mohan

• A Review of the Indian Growth Process

• Growth Acceleration over the Decades

• Consistent Growth in Savings and Investment

• Growing Fiscal Imbalance and Correction

• Public Sector Savings

• Performance of the Private Corporate Sector

• Household Savings

• Estimation of Savings and Investment

• Efficiency in the Use of Resources

• Financial Sector Reforms

• Prospects for the Next Five Years

• Issues and Challenges

6. Regional Dimension of Growth and Employment
— K.V. Ramaswamy

• Growth in Interstate GSDP and Employment

• Regional Employment Structure

• Employment, Labour Productivity and Education

• Concluding Remarks

Part - III
Issues in Indian Economic Policy

7. Population and Human Resource Development (Ed. Notes)

• Population Trends

• Gender Equity and the Demographic Transition

• Population Policy since 1947

• National Population Policy 2000

• Implications of Mortality Decline for the Future

• Human Resource Development

• Education Policy in India

• Healthcare as a Social Responsibility

• Tamil Nadu: The Success Story

• Enabling Factors

8. India’s Demographic Transition and its Consequences for Development
— Tim Dyson

• India’s Demographic Transition

• Urbanisation

• The Future

• Discussion

9. Current Debate on ‘Demographic Dividend’ in India
— K.S. James

• The Concept of Demographic Dividend

• The Theoretical Confusion

• Empirical Estimation of Demographic Dividend

• Statistical Analysis

• Conclusions

10. Growth, Unemployment and Poverty (Ed. Notes)

• Poverty and Unemployment

• Poverty Estimates

• Comparison of India and China in terms of Poverty Reduction

• Growth, Employment and Poverty

• Growth Pattern and Poverty

• Poverty Alleviation Programmes

• Employment Perspective

• Labour and Unemployment

• Employment in the Organised Sector

• Women in the Workforce

• Employment in the Organised Sector

• Educated Employment

• Results of 61st Round of NSSO Survey

• Structure of Workforce: Activity-Status, Occupational and Industrial Distribution

• Indian Labour Laws and Labour Markets

• Strategies and Policies for Employment Generation

11. Macroeconomic Stabilisation: Trade, Fiscal and Monetary Policy Issues
(Ed. Notes)

• The Background

• The Macroeconomic Crisis

• Rationale for the Reforms

• Macroeconomic Reforms

• Structural Reforms

• Fiscal Adjustment and Stabilisation

• Fiscal Responsibility and Budget Management Act, 2003

• Monetary Policy Issues

• Credit Delivery

• External Sector Management

12. Agriculture: Issues in Development and Policy (Ed. Notes)

• Linkage between Agriculture and Industrial Sectors

• The Institutional Context

• Three Phases of Green Revolution

• Reform Period, 1991 to the Present

• The Role of Technology in Indian Agriculture

• Limits to Growth: Some Tentative Evidence

• Major Factors Affecting the Growth Potential

• Irrigation

• Food Management

• Food Procurement Policy

• Agricultural Price Policy

• Public Distribution System (PDS)

• Food Subsidy

• Food Security

13. Growth Crisis in Agriculture: Severity and Options at National and State Levels — Ramesh Chand, S.S. Raju, L.M. Pandey

• Performance at All-India Level

• Factors Related to Growth at National Level

• Regional Scenario of Agricultural Growth

• Factors Affecting Growth at State Level

• Options for Revival of Agricultural Growth

• Conclusions

14. Food and Nutrition Security of the Poor: Emerging Perspectives and Policy Issues — R. Radhakrishna

• Cereal Consumption 424

• Food Consumption and Calorie Intake 424

• Nutritional Status 427

• Poverty and Malnutrition 430

• Concluding Observations 433

15. Industrial Development and Policies Since 1947 (Ed. Notes)

• Extent and Pattern of Industrialisation during the British Rule

• The Industrial Scene at Independence

• Industrial Control Regime

• The Policy Regime in the 1990s

• New Economic Policy

• Opening up to Foreign Investment

• Industrial Growth

• Phases of Industrial Growth

• Industrial Growth in the 90s

• Revision of IIP

• Profile of Industrial Growth

• Shift in Favour of Registered Manufacturing

• Decline in Employment Growth in Organised Manufacturing

• The Manufacturing Slowdown

• Factors Causing the Industrial Slowdown: Some Hypotheses

• Cyclical Factors in Industrial Slowdown

• Infrastructure Constraints in the Industrial Sector

• Industrial Performance and Credit Growth

• Productivity Trends in the Manufacturing Sector

• Recovery in Industrial Growth since 2002-03

• Industrial Policy: Recent Policy Initiatives

• Small Industry

• Performance of Micro and Small Enterprises

• Recent Measures

• Foreign Direct Investment

• FDI Policy

• Public Sector

• The Rationale

• Growth in Investment in Central Government Enterprises

• Central Public Sector Enterprises

• Performance of Public Enterprises

• New Directions of Policy: 1991 Industrial Policy

• Public Enterprise Policy

• Privatisation

• Labour Laws

16. Industrial Policy and Performance since 1980: Which Way Now?
— R. Nagaraj

• Evolution of Policy since 1980

• Industrial Performance, 1980-81 to 2001-02

• A Closer Look at the 1990s

• Towards an Explanation

• Policy Options and Constraints

• Summary and Conclusions

17. Services in the Indian Growth Process (Ed. Notes)

• Growth and Sectoral Shares, Cross Country Evidence and Indian Experience 531

• Which Services Have Grown Rapidly?

• Factors Underlying the Services Growth

• World Trade in Services Sector

• Summing Up

18. Foreign Trade: Issues and Policies (Ed. Notes)

• Trade Policy

• Foreign Trade Performance

• Structural Changes in India’s Foreign Trade

• Special Economic Zones

• India’s Balance of Payment Trends 1950–2007-08

• A Decade of Comfort

• The Period of Difficulties

• Easing of Pressure

• The Build-up to the Crisis

• The Crisis: 1990-1992

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

• Sustainability of Current Account

• Capital Account, External Debt and Exchange Rate

• Roadmap Towards Fuller Capital Account Convertibility

• Foreign Investment

• External Debt Management

• Foreign Exchange Reserves: Approach, Developments and Issues

• Exchange Rate Management

• World Trade Organization

• India and the WTO

• India’s Participation in WTO Meetings

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

• WTO Negotiations and India

• Summing Up

19. Foreign Direct Investment in India in the 1990s: Trends and Issues
— R. Nagaraj

• Introduction

• Reforms in the 1990s

• A Brief Analytical Review

• Data on FDI and Their Limitations

• The Trends

• FDI Approvals and its Composition

• Interpreting the Trends

• A Comparison of FDI in India and China

• A Preliminary Assessment

• Focus on Domestic Market

• Problems with Infrastructure Investment

• Net Foreign Exchange Inflow

• Technology Spillovers

• Decline in Competition

• Foreign Exchange Earnings

• Brand Names

• Loss of Bargaining Power in the Technology Market

• Towards a Realistic FDI Policy

• Summary and Conclusion

20. Financial Sector Reforms and Monetary Policy: The Indian Experience
— Rakesh Mohan

• Introduction

• Financial Sector and Monetary Policy: Objectives and Reforms

• Financial Sector and Monetary Policy Reforms: An Assessment

• Monetary Policy

• Some Emerging Issues

• Concluding Observations

Part - IV
Development Prospects

21. India’s Development Prospects: Looking Ahead (Ed. Notes)

• State of the Economy

• Challenges, Policy Response and Medium Term Prospects

• Sustaining the Growth Momentum

• Towards Faster and More Inclusive Growth

• Managing Capital Inflows

• Inflation

• External Sector

• Fiscal Issues

• The Supply Side Challenge

• Governance and Public Service

• Tasks Ahead

• The Political Economy of Reform

• Conclusion

Statistical Appendix
Selected Economic and Social Indicators 1950-51 to 2006-2007.

Ramesh Chand.
National Professor, National Centre for Agricultural Economics & Policy Research, New Delhi.

Tim Dyson.
Professor, Population Studies, DESTIN, London School of Economics.

K.S. James.
Professor & Head, Institute for Social and Economic Change, Bangalore.

Uma Kapila.
Reader, (Retd.) Department of Economics, Miranda House, University of Delhi. Presently, Senior Editor, Academic Foundation, New Delhi.

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

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

L.M. Pandey.
Research Associate, National Centre for Agricultural Economics & Policy Research, New Delhi.

R. Radhakrishna.
Director, Indira Gandhi Institute of Development Research, Mumbai.

S.S. Raju.
Senior Economist, National Centre for Agricultural Economics & Policy Research, New Delhi.

K.V. Ramaswamy.
Associate Professor, Indira Gandhi Institute of Development Research, Mumbai.