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Indian Economy Since Independence - 19th Ed.   
Indian Economy Since Independence 19th ed.
A Comprehensive and Critical Analysis of the Indian Economy Since Independence : 1947-2006
Editor : Uma Kapila
Paper Back Book (5½" x 8½");  Pages : 854
2008-09 Edition; ISBN - 978-81-7188-708-8
Price : Rs. 445.00; US $ 29.95

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Hard Back Book (5Ύ" x 9");  Pages : 854
2008-09 Edition; ISBN - 978-81-7188-709-5
Price : Rs. 995.00 ; US $ 49.95

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About The Book :

Revised every year, and now into its 18th edition, this unique book is widely accepted as the core text for graduate/post-graduate courses in Indian economy, in various universities across India.

The book is essentially, a collection of select articles by some of India's topmost economists and experts. These highly recommended original readings are well supported by editorial notes and excerpts from plan documents, that together present a comprehensive and critical analysis of Indian economy since independence: 1947-2008.






Part - I
Planning, Institutional Framework, Constraints and Role of the State

1. Indian Economy at Independence — Uma Kapila

• The Colonial Regime

• The India of 1947

• Distribution of National Income and Workforce Sectorwise

• The Planning Era.

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. Eleventh Five Year Plan: The Critical Issues — Manmohan Singh

4. On Correcting Fiscal Imbalances in the Indian Economy: Some Perspectives — Mihir Rakshit

• Introduction

• On the Economic Impact and Sustainability of Debt and Deficit

• Budgetary Objectives and Instruments

• Fiscal Malady in India: Diagnoses and Remedies

• Conclusions.

5. Fiscal and Budgetary Developments

• Trends in Deficits of Central Government

• Central Government Finances

• Budgetary Developments in 2007-08

• Revenue and Capital Receipts

• Tax Measures: Direct Taxes; Indirect Taxes

• Service Tax

• Expenditure Trends

• Interest Payments

• Subsidies

• Government Debt

• Economic and Functional Classification

• Expenditure Management

• Financing of Gross Fiscal Deficit

• Financing of the Eleventh Five Year Plan

• Certain Issues Relating to Accounting System

• Finances of State Government

• Challenges and Outlook

• Budget at a Glance 2008-09.

6. Demographic Constraints: Population Change and Economic Development (Ed. Notes)

• Economic Development and Population Growth

• Population Trends

• 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

• Tamil Nadu: The Success Story

• Enabling Factors

7. India’s Demographic Transition and Its Consequences for Development
— Tim Dyson

• India’s Demographic Transition

• Urbanisation

• The Future

• Discussion

8. Demographic Aspects of Development: The Indian Experience
— Pravin M. Visaria

• Population Growth in Historical Perspective

• Fertility

• Age at Marriage

• Marital Fertility

• Practice of Contraception

• Some Critical Questions

• Rise in Contraceptive Use and Fall in Birth Rates

• Recognition of the Population Problem

• Possible Pathways to a Faster Decline in Fertility

• Urbanisation

• Workforce Participation and Industrialisation

• Literacy and School Enrolments

• The Status of Indian Women

• Infrastructure and Communication

• Population Projections

• Age Distribution of the Indian Population

• The Experience of Kerala and Tamil Nadu

• Policy Shifts Essential for the Tasks Ahead

Part - II

9. Indian Agriculture: Developments, Issues and Policies (Ed. Notes)

• Linkage between Agriculture and Industrial Sectors

• The Institutional Context

• Economic Arguments in Favour of Land Reform

• The New Technology

• Three Phases of Green Revolution

• Reform Period, 1991 to the Present

• Deceleration in Agriculture Growth

• Major Factors Affecting the Growth Potential

• Irrigation

• Food Management

• Food Procurement Policy

• Public Distribution System (PDS)

• Food Subsidy

• Food Security

• Agricultural Price Policy

• Rural Distress in Post-Reform India

• Farmers’ Suicides

• India and WTO

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

• Conclusion

10. Reforms in Land System in Post-Independent India — S.K. Ray

• Policy Objectives for Structural Reorganisation

• The Reform Controversy

• Impact of Structural Reorganisation

• Emerging Perspectives and Policy Issues

11. 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

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

• Cereal Consumption

• Food Consumption and Calorie Intake

• Nutritional Status

• Poverty and Malnutrition

• Concluding Observations

13. Food Policy in India: Some Longer Term Issues — Mihir Rakshit

• Some Basic Questions

• Designing an Optimal System of Public Intervention

• Policy Instruments and Behaviour of the Food Economy

• Instruments and Objectives

• Inter-year Consumption Smoothing

• Minimum Support Price, Rationing and Buffer Stocking

• Food Policy in an Open Economy

• Policy Instruments

• Buffer Stocking and Food Security

• On How to Make PDS Redundant

• Conclusions

Part - III
Industry & Infrastructure

14. Industrial Development and Policies since Independence (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

• 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

• Central Public Sector Enterprises

• Public Enterprise Policy

• Privatisation

15. Industrial Growth and Diversification — K.L. Krishna

• Introduction

• Sources of Data on Industrial Output/Value Added

• Growth Trends in the Era of Planning

• Diversification of the Industrial Sector

• The Deceleration Debate

• Growth Experience of the 1980s

• Summary and Conclusion

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. Fall in Organised Manufacturing Employment (A Brief Note) — R. Nagaraj

• Facts

• An Explanation

• Implications

• Conclusions

18. Public versus Private Sector: Neglect of Lessons of Economics in Indian Policy Formulation — B.S. Minhas

• Introduction

• Reasons for Market Failure

• Bureaucratic Failure

• Market Failure and Public Sector Production

• Private versus Political Firms

• Public Sector in India

• State as a Private Trading Post

• Commanding Heights of the Economy or Deep Swamps of Inefficiency

• Ideology and Competition as Tools of Discipline

• Some Concluding Remarks

19. Services in India’s Growth Process

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

• Which Services have Grown Rapidly?

• Factors Underlying the Services Growth

• World Trade in Services Sector

• Summing Up

20. Infrastructure and Economic Developments (Ed.)

• The Need for a New Approach

• The Necessary Regulatory Frameworks

• Performance of the Infrastructure

• New Initiatives for Infrastructure Development

• Viability Gap Funding for Infrastructure

• Appraisal and Approval Procedures

• 11th Plan Investment Requirement for Infrastructure

• Challenges and Outlook

Part - IV
The External Sector

21. India’s External Sector: Policies Developments and Issues (Ed. Notes)

• Trade Policy

• Foreign Trade Performance

• Structural Changes in India’s Foreign Trade

• Special Economic Zones

• India’s Balance of Payment Trends 1950-2006

• Sustainability of Current Account

• Capital Account, External Debt and Exchange Rate

• Roadmap Towards Fuller Capital Account Convertibility

• Foreign Investment

• External Commercial Borrowings

• External Debt Management

• Foreign Exchange Reserves:

• Approach, Developments and Issues

• Exchange Rate Management

• Summing Up

22. 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

23. India and the WTO

• India's Participation in WTO Meetings

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

• And After (July 24, 2006)

• India's Stand on Various Issues

Part - V
Growth & Structural Change Since 1950 and Assessment of the Growth Experience

24. Growth and Structural Change Since 1950 (Ed. Notes)

• The Performance

• Two Phases of Growth

• Assessment of Performance

• Causal Factors

• What Next?

• Emerging Indian Economy

• A Vision for the 11th Plan

• Growth and Structural Change

• Structural Change in terms of Industrial Distribution of Workforce and Occupational Structure

• Occupation Structure

25. 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

26. 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

27. Growing Regional Disparities in Development in India: Post-Reform Experience and Challenges Ahead — C.H. Hanumantha Rao

• Sectoral Composition of Growth

• Causal Factors

• The Way Ahead

28. Assessment of the Growth Experience: Poverty, Unemployment and Inflation (Ed. Notes)

• Poverty and Unemployment

• Poverty Estimates

• Employment Perspective

• Labour and Unemployment

• 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

• Inflation

29. Employment and Growth — C. Rangarajan

• Structural Changes in the Economy

• Current Scenario of Employment and Unemployment

• Towards An Employment Strategy

• Conclusion

30. Poverty and Inequality in India: A Re-Examination
— Angus Deaton, Jean Drθze

• Economic Inequality in the Nineties

• Qualifications and Concerns

• Beyond Poverty Indexes

31. Inflation

• Measurement

• Trends in Wholesale Prices: 1950s to 1980s

• The Period of 90s

• Recent Trends in WPI

• Reasons for Recent Price Increase

• Trends in CPI

• Inflation Rate based on CPI(IW)/ Consumer Inflation

• Inflation Targeting

• Issues in Price Stability

• Anti-inflationary Measures

• Concluding Remarks

Statistical Appendix

Selected Economic and Social Indicators 1950-51 to 2006-07.

The Contributors :

Manmohan Singh.
Prime Minister of India

Mihir Rakshit.
Director, Monetary Research Project, Investment Credit Rating Agency (ICRA) Ltd., Kolkata.

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

Pravin M. Visaria (late).
Former Director, Institute of Economic Growth, Delhi.

S.K. Ray.
Professor (Retd.), Institute of Economic Growth, Delhi.

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

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

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

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

K.L. Krishna.
Chairman, Centre for Economic and Social Studies (CESS), Hyderabad; Hony. Research Advisor, Centre for Development Economics, Delhi School of Economics, Delhi.

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

B.S. Minhas (late).
Formerly: Distinguished Scientist Emeritus, Indian Statistical Institute, Delhi, and Member, Planning Commission.

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

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

C.H. Hanumantha Rao.
Ex-Chairman, Institute of Economic Growth, Delhi; Ex-Member, Finance Commission and Planning Commission.

C. Rangarajan.
Chairman, Prime Minister’s Economic Advisory Council; formerly: Chairman, Twelfth Finance Commission; Ex-Member, Planning Commission.

Angus Deaton.
Professor of Economics & International Affairs, Princeton University, U.S.A.

Jean Drθze.
Hony. Professor, Deptt. of Economics, Delhi School of Economics, Delhi.

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


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 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 Institute of Economic Growth. She is also the author of two other textbooks on Indian Economy, one meant for B.Com(Hons.) and other for B.A.(Pass)/B.Com.(Pass)/Eco.(Subsidiary). She has also co-edited along with Mr. Raj Kapila, a number of books on India's economy, banking and finance. Detailed information of these publications is readily available at the publisher's website :

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