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India: Economic Policies and Performance : 1947-48 to 2004-05
By C.S. Prasad

First Published : 2005
ISBN : 8177080822
: 9788177080827
Pages : 628
Binding : Hardbound
Size : 7 x 9
Price : US$ 73

After Independence in 1947, India’s development pattern was characterised by strong centralised planning, Government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism through tariff and non-tariff barriers and a cautious and selective approach towards foreign capital. It was a quota, permit and license regime. This so-called inward-looking, import substitution strategy of economic development began to be widely questioned with the beginning of 1980s. Policy makers started realising the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower rate of growth than expected.

Economic reforms were set in motion, though on a modest scale, when controls on industries were reduced by the 1985 industrial policy. The economic reforms programme got a big boost when the Government announced a new industrial policy in the Indian Parliament on July 24, 1991. Since then, it is liberalisation, privatisation and globalisation all the way and the process is underway. In the new liberalised industrial and trade environment, the Government is progressively assuming the role of a promoter, facilitator and catalytic agent instead of a regulator and controller of economic activities.

After the reforms, the Indian economy has been growing faster than its historical growth rate. Growth in the year ending March 2004 was around 7.5 per cent, the best performance since the 7.8 per cent reported in 1996-97. The economy, therefore, has shown that it is capable of achieving high growth rates in response to the implementation of appropriate economic reform policies. India is now Asia’s third largest economy and has the world’s fourth largest foreign exchange reserves.

    The period covered by this study (1947-48 to 2004-05) has witnessed structural changes in the Indian economy. From a traditional agricultural economy, India has emerged as a technologically strong, industrially diversified and militarily powerful country. The experience of India is exemplary for other developing countries striving to achieve self-reliance and a respectable place in the world community.

The present work provides glimpses of the various sectors of the Indian economy. It contains year-wise description and review of economic events in India since Independence in 1947. It also provides important reading material on the subject. The work is useful for a cross-section of academic community and researchers, both in India and abroad.

Part I: Indian Economy: An Overview
1. Economic Planning, Human Resources and Macro Management
2. Indian Industry: Growth and Reforms
3. Infrastructure: Policy and Development
4. Indian Agriculture: Growth and Outlook
5. Fiscal Reforms: Policy Measures and Developments
6. Financial Sector: Recent Reforms and Priorities
7. Social Sectors: Impact of Economic Reforms
8. Environmental Concerns and Policies
9. External Sector: Approach and Developments

Part II: Year-wise Economic Review
Section 1: Partition and the Aftermath
1947-48: Partition and the Aftermath
1948-49: Decline in Sterling Balances, Sluggish Capital Market and Inflationary Trends
1949-50: Integration of States and Establishment of the Planning Commission
Section 2: Economic Planning and the Rise of Public Sector
1950-51: Natural Calamities, Devaluation of the Rupee and Korean War
1951-52: Improvement in Industrial and Agricultural Production
1952-53: The Year of Economic Recovery
1953-54: Anti-inflationary Measures
1954-55: The Year of Economic Stability
1955-56: The Economy Gains Strength and Vigour
1956-57: Second Five Year Plan Launched
1957-58: Stresses and Strains of Development
1958-59: Worsening Employment Situation
1959-60: Revival of Agriculture and Industry
1960-61: Year of Mixed Achievements
Section 3: Armed Aggressions by Neighbours and Natural Calamities
1961-62: Third Five Year Plan Launched
1962-63: Chinese Aggression and National Emergency
1963-64: The Year of Strengthening India’s Defences
1964-65: Slow Growth Rate and Inflation
1965-66: The Year of Severe Drought
1966-67: Successive Droughts and Imports of Foodgrains
1967-68: Buoyant Agriculture, Sluggish Industry
1968-69: Economic Recovery Still Underway
1969-70: Resumption of Five Year Plans
1970-71: Reorientation of the Nationalised Banking System
1971-72: Influx of Refugees from Bangladesh and Outbreak of Indo-Pak Hostilities
Section 4: Political Conflicts and Oil Crisis
1972-73: The Year of Uncertainties and Constraints
1973-74: Unprecedented Inflation
1974-75: Price Rise and Anti-inflationary Measures
1975-76: Emergency and the New Economic Programme
1976-77: Inflationary Tendencies Once Again
1977-78: Towards Economic Stability
1978-79: Economic Stability with Growth Prospects
1979-80: Economic Slide Down and Inflation
Section 5: Disillusionment with Economic Policies and Rethinking
1980-81: Gradual Economic Recovery
1981-82: Recovery and Restoration of Economic Stability
1982-83: Testing Time for the Indian Economy
1983-84: Economic Recovery Overridden by Inflation
1984-85: Sixth Plan Concludes on a Satisfactory Note
1985-86: Successful Start to the Seventh Plan
1986-87: Indian Economy on a New Growth Path
1987-88: The Year of Natural Calamities
1988-89: Resilience and Economic Recovery
1989-90: Economic Sluggishness
1990-91: Fiscal Imbalances and Gulf Crisis
Section 6: Economic Liberalisation, Privatisation and Globalisation
1991-92: Deepening of Economic Crisis
1992-93: Slow Recovery after Economic Reforms
1993-94: Speeding up Economic Reforms
1994-95: Indian Economy on Fast Track
1995-96: Economic Reforms Show Results
1996-97: Economic Reforms Continue with Greater Vigour
1997-98: Industrial Deceleration
1998-99: Adverse International Economic Environment
1999-00: Economic Recovery and Price Stability
2000-01: Sustained Growth and Resilience
2001-02: Steady Economy Despite Adverse External Developments
2002-03: Recovery in the Face of Subdued International Economic Activity
2003-04: Growth with Macroeconomic Stability
2004-05 and Beyond
Part III: Appendices
Appendix 1: Industrial Policy Resolution, 1956
Appendix 2: Statement on Industrial Policy, July 24, 1991
Appendix 3: Main Recommendations of the Task Forces on Direct and Indirect Taxes (Chairman: Vijay Kelkar)
Appendix 4: Extracts from the Speech of Shri P. Chidambaram, Union Minister of Finance, while Presenting the Final Budget for the Year 2004-05
Appendix 5: Foreign Trade Policy, 2004-2009 Announced by Shri Kamal Nath, Minister of Commerce and Industry, Government of India, on August 31, 2004


Dr. Chandra Shekhar Prasad, M.A., Ph.D. in Economics, was a Lecturer in Bhagalpur University from 1964 to 1967. He joined the Indian Economic Service (IES) in 1969. As a Member of IES, he held important posts in the Planning Commission, and Union Ministries of Industry, Agriculture, Defence, Home Affairs, Finance, and Small Scale Industries. He was Economic Adviser in the Office of Development Commissioner, Small Scale Industries (DCSSI) from October 1992 to August 1995, and Additional Development Commissioner and Economic Adviser from August 1995 to June 2004. He had been instrumental in the formulation of the Credit Guarantee Scheme and the successful conduct of the Third All India Census of Small Scale Industries in the country.

Dr. Prasad was Professor and Head of the Department of Economics at Lal Bahadur Shastri National Academy of Administration, Mussorie, from 1988 to 1991. He has authored a book titled State Taxation in India which was published in 1997. Besides, he has contributed over hundred articles to various journals. He has visited a large number of countries to attend international conferences, representing India.

Dr. Prasad recently retired from the post of Additional Development Commissioner and Economic Adviser in the Office of DCSSI, Ministry of Small Scale Industries, Government of India, New Delhi.

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