Publisher's Synopsis
India was a typically backward economy at the time of Independence in 1947. It exhibited the following features: (a) traditional and stagnant agriculture, (b) poor technological and scientific capabilities, (c) limited and lop-sided industrialization, (d) underdeveloped means of transport and communications, (e) grossly inadequate health and educational facilities, and (f) virtually non-existent social security arrangements. In short, the country suffered from the twin problems of rampant poverty and widespread unemployment, both making for low general standard of living. After over 70 years of development efforts, India is being hailed as a bright star in the otherwise gloomy world economy. The World Bank in its report titled Global Economic Prospects, released on 4 June 2019, has projected Indian economy to grow at 7.5 percent per annum in the next three years (2019-20 through 2021-22). With these projections, India will continue to retain the position of being the fastest growing major economy in the world. India stands out as a haven of stability and an outpost of opportunity. These achievements are creditable because they have been accomplished in the face of global headwinds. India has started witnessing many of the advantages of a fast growing economy. More consumption, greater production, more industries, expanding service sector, greater urbanisation, many more jobs, more economic activity and certainly more revenues for the Central and State Governments. This book provides a comprehensive description and analysis of developments in various sectors of the Indian economy since Independence in 1947. It particularly focuses on the following sectors: Agriculture and Allied Activities; Industry, Infrastructure and Logistics; Government Budgeting, Taxation and Fiscal Federalism; Money, Monetary Policy and Prices; Financial Institutions, Financial Markets and Financial Instruments; Foreign Trade, Balance of Payments and Foreign Investment. The work is organised into 8 chapters. Chapter 1 is introductory in nature, tracing the developments in the Indian economy since Independence in 1947. Chapter 2 provides an introduction to agriculture and allied activities in India and then reviews trends in this sector year-wise (1947-48 to 2019-20). Chapter 3 is devoted to industry, infrastructure and logistics. After providing an introduction, it records yearly (1947-48 to 2019-20) developments in this strategic sector of the Indian economy. Chapter 4 covers government budgeting, taxation and fiscal federalism in India. After giving an introduction, it presents year-wise (1947-48 to 2019-20) review of changes in this crucial sector of the economy. Chapter 5 deals with money, monetary policy and prices in India. After presenting a brief introduction, it gives year-wise (1947-48 to 2019-20) account of developments in this sector. Chapter 6 focuses on financial institutions, financial markets and financial instruments. After an introduction, year-wise (1947-48 to 2019-20) developments in this sector are recorded and reviewed. Chapter 7 pertains to foreign trade, balance of payments and foreign investment. Introduction to this sector is followed by yearly (1947-48 to 2019-20) review of trends in Indias foreign trade and foreign investments. Chapter 8 discusses the current status and future prospects of the Indian Economy. The book is designed to interest a cross-section of readers, viz. teachers and students of economics, commerce, law, public administration, and business management. It will also serve the needs of legislators, government agencies, policy analysts, business executives, entrepreneurs and investors, and all others who are interested in the past, present and future of the Indian economy.
