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Indian Economy Since 1947 : Description, Analysis and Critique
By Ansi Rahila

First Published : 2018
ISBN : 9788177084733
Pages : 376
Binding : Hardbound
Size : 7 x 9
Price : US$ 124

International Monetary Fund (IMF) has hailed India as a bright spot amidst a slowing global economy. According to World Economic Forum, India’s growth is extraordinarily high. In its bi-annual World Economic Outlook (January 2018 update), IMF has projected 7.4 percent growth rate for India in 2018-19 and 7.8 percent in 2019-20. This is against the 3.9 percent global growth rate predicted for 2018-19. Interestingly, IMF has projected China’s growth to gradually slow down to 5.5 percent from 6.6 percent in 2018-19. It has, thus, held that India will be the world’s fastest-growing major economy at least for the next two years (2018-19 and 2019-20).

Indian economy has the potential to achieve, and even surpass, the 10 percent growth rate. However, this achievement hinges critically on: (a) improvement of the domestic savings rate (including public savings), (b) increased public investment, (c) efficient, reliable and affordable infrastructure, (d) higher inflow of foreign capital, (e) better credit delivery system, (f) labour reforms, (g) reduction in transaction costs, (h) improvement in technology and quality and (i) export competitiveness.

Indian economy has matured in several important respects. It is now much more integrated with the world economy and has benefited from this integration in many ways. The outstanding success of IT and IT-enabled services has demonstrated what Indian skills and enterprises can do, given the right environment. Similar strength is now evident in sectors such as pharmaceuticals, auto components and, more recently in textiles. These gains in competitiveness need to be spread to other sectors also.

India has established a strong and diversified manufacturing base for the production of a wide variety of basic and capital goods to meet the requirements of various sectors including heavy electrical, power generation, power transmission, automobiles, shipping, mining, chemicals, and petroleum.

Entrepreneurial culture is picking up in India. There is enough evidence that Government is withdrawing, though gradually, as a controller and licenser of private activity and allowing competition and market forces to guide investment decisions. Multinationals and foreign governments have started taking note of India’s rise and recognizing opportunities for investments and enterprise. India’s massive workforce and democratic functioning suggest that the future of labour-intensive industry lies here. No doubt, India is poised to claim its rightful place as world’s economic power in the 21st century. A wide range of forecasts indicate that by 2020, India will be home to 135 crore people, of whom 90.6 crore will be of working age. These 90.6 crore will need jobs to sustain India’s growth, and these jobs can only be provided by the sustained growth of the manufacturing and services sectors.

This book provides a comprehensive account of India’s economic problems, policies and performance during the post-Independence period, with focus on post-1991 period of economic reforms. The work contains 44 chapters—grouped into 10 theme Parts—which touch almost all the aspects of the Indian economy. The book is designed to interest a cross-section of readers interested in the developments in the Indian economy since 1947.

Part I: Indian Economy during British Rule: Sector-wise Description

1. Agriculture, Industry and Railways
1.1 Agriculture, Feudal Land Relations and Famines
1.2 Limited and Lop-sided Industrialization
1.3 Introduction and Expansion of Railways

2. Government Finances, Banking and Insurance
2.1 Financial Administration
2.2 Tax System
2.3 Banking Business
2.4 Insurance and Reinsurance Business

3. Foreign Trade and the Great Depression
3.1 First World War
3.2 Great Depression
3.3 Second World War
3.4 Post-War Period

Part II: Human and Natural Resources of India

4. Population Trends and Characteristics
4.1 Pre-Independence Population Trends
4.2 Post-Independence Population Trends
4.3 Characteristics of India’s Population

5. Population Policy and Demographic Dividend Hypothesis
5.1 Population as a Retarding Factor in Development
5.2 Population Policy
5.3 Measures to Control Population
5.4 Demographic Dividend Hypothesis

6. Land and Water Resources
6.1 Natural Resources of India
6.2 Land Resources
6.3 Water Resources

7. Forest and Mineral Resources
7.1 Forest Resources
7.2 Mineral Resources

Part III: Leading Problems of the Indian Economy

8. Poverty and Unemployment
8.1 Poverty: Causes and Incidence
8.2 Unemployment: Nature and Estimates

9. Inter-State and Intra-State Inequalities
9.1 Causes of Regional Inequalities
9.2 Nature of Inequalities
9.3. Indicators of Regional Inequalities in India
9.4 Need for Balanced Regional Development
9.5 Necessity of State Intervention
9.6 Constraints and Challenges
9.7 Strategy to Address Regional Inequalities

10. Development Challenges in Hilly and Other Special Areas
10.1 North Eastern Region (NER)
10.2 Hill Area Development Programme (HADP)
10.3 Western Ghats Development Programme (WGDP)
10.4 Desert Development Programme
10.5 Border Areas Development Programme (BADP)
10.6 Kalahandi, Bolangir and Koraput (KBK) Region of Odisha
10.7 Backward Regions Grant Fund (BRGF)

11. Inclusive Growth for Social Justice
11.1 Meaning and Dimensions of Inclusive Growth
11.2 Strategy for Inclusive Growth
11.3 Target Groups for Inclusive Growth
11.4 Enabling Role of the State for Inclusive Growth

12. Environmental Protection, Climate Change and Disaster Management
12.1 Environmental Protection
12.2 Vulnerabilities of India to Climate Change
12.3 Disaster Mitigation and Management

Part IV: Five Year Plans, Economic Reforms and NITI Aayog

13. Planning Commission and Five Year Plans (I to XII)
13.1 Planning Commission and National Development Council (NDC)
13.2 Objectives of Economic Planning in India
13.3 India’s Five Year Plans at a Glance (I to XII)
13.4 Five Year Plans: An Assessment

14. Economic Reforms in India
14.1 Pre-reforms Period: 1947 to 1990
14.2 Post-reforms Period: Since 1991
14.3 Assessment of Economic Reforms

15. Demise of Planning Commission and the Birth of NITI Aayog
15.1 Why Was Planning Commission Abolished?
15.2 Functions of NITI Aayog
15.3 Guiding Principles of NITI Aayog
15.4 Broad Objectives
15.5 Structure of NITI Aayog
15.6 How NITI Aayog is Different from Planning Commission?
15.7 From Antagonistic Federalism to Co-operative Federalism
15.8 Challenges before NITI Aayog
15.9 NITI Aayog’s Three Year Action Agenda (2017-18 to 2019-20)
15.10 Infrastructure and Public-Private-Partnership (PPP) Division

Part V: Agriculture and Rural Development

16. Importance and Nature of Indian Agriculture
16.1 Role of Agriculture in the Indian Economy
16.2 Use Distribution of India’s Geographical Area
16.3 Subsistence Nature of Farming and Small-sized Holdings
16.4 Components of Agriculture and Allied Sectors
16.5 Low Productivity of Indian Agriculture

17. Agricultural Inputs and Services
17.1 Seeds, Insecticides, Farm Machines and Agricultural Research
17.2 Fertilizers Use and Subsidy Policy
17.3 Water Resources and Irrigation Programmes/Schemes
17.4 Agricultural Credit and Rural Co-operatives
17.5 Agricultural Marketing and Trade
17.6 Agricultural Insurance
17.7 Minimum Support Prices (MSPs)

18. Agriculture and Information Technology (IT)
18.1 Need for IT-based Services to Farmers
18.2 E-Choupal
18.3 Kisan Call Centres (KCCs)
18.4 E-Panchayat
18.5 National e-Governance Plan in Agriculture (NeGP-A)
18.6 Computerisation of Agricultural Census and Input Survey

19. Pradhan Mantri Kisan SAMPADA Yojana
19.1 Mega Food Parks (MFPs)
19.2 Integrated Cold Chain and Value Addition Infrastructure
19.3 Creation/Expansion of Food Processing/Preservation Capacities
19.4 Infrastructure for Agro-processing Clusters
19.5 Creation of Backward and Forward Linkages
19.6 Food Safety and Quality Assurance Infrastructure
19.7 Human Resources and Institutions

20. Doubling Farmers Income by 2022-23
20.1 Need to Double Farmers Income
20.2 Sources of Growth in Farmers Income
20.3 Doubling Farmers Income (DFI) Committee

21. Rural Housing and Electrification
21.1 Rural Housing
21.2 Rural Electrification

22. Rural Transport and Communications
22.1 Rural Transport
22.2 Rural Telephony

23. Rural Water Supply and Sanitation
23.1 Rural Water Supply
23.2 Rural Sanitation

Part VI: Industry and Infrastructure

24. Repressive Industrial Policy
24.1 Industrial Policy Resolution, 1948
24.2 Industrial Policy Resolution, 1956
24.3 Industrial Licensing Policy Inquiry Committee (ILPIC), 1969
24.4 Industrial Policy Statements 1973, 1977 and 1980
24.5 Disillusionment and Rethinking
24.6 Pressure for Industrial Liberalisation

25. Industrial Liberalization and Competition since 1991
25.1 Industrial Policy Statement, 1991: The Great U-turn
25.2 Liberalization of the Locational Policy
25.3 National Manufacturing Competitiveness Council (2004)
25.4 National Manufacturing Policy (NMP), 2011
25.5 Competition Policy
25.6 Quality Council of India (QCI)

26. Micro, Small, and Medium Enterprises (MSMEs)
26.1 Micro, Small and Medium Enterprises Development (MSMED) Act, 2006
26.2 Ministry of Micro, Small and Medium Enterprises (MoMSMEs)
26.3 Advantages of Micro, Small and Medium Enterprises (MSMEs)
26.4 Social Face of MSMEs
26.5 National Level Organisations for MSMEs

27. Make in India Campaign
27.1 Origin and the Roadmap
27.2 Four Pillars of Make-in-India Initiative
27.3 Sectors Identified
27.4 Progress of Make in India Campaign
27.5 SIDBI Make in India Loan Scheme for Small Enterprises (SMILE)

28. Start-up India Initiative
28.1 Start-up Defined
28.2 Start-up India: Features
28.3 Simplification and Handholding
28.4 Funding Support and Incentives
28.5 Industry-Academia Partnership and Incubation
28.6 India Aspiration Fund (IAF) for Start-ups

29. Institutional and Financial Support for Infrastructure Development
29.1 What is Infrastructure?
29.2 Why is Infrastructure Important?
29.3 Nature of Infrastructure Services
29.4 India Infrastructure Finance Company Limited (IIFCL)
29.5 Infrastructure Debt Funds (IDFs)
29.6 National Investment and Infrastructure Fund (NIIF)

30. Sector-wise Policies and Programmes for Infrastructure Upgradation and Development
30.1 Energy Security Strategies
30.2 Strategy for Transport Sector
30.3 Telecommunications and Information Technology (IT)
30.4 Special Economic Zones (SEZs)
30.5 Public-Private-Partnership (PPP) Approach for Infrastructure Development

Part VII: Fiscal Policy and Centre-State Financial Relations

31. Government Budgeting and Reforms
31.1 Revenue Budget
31.2 Capital Budget
31.3 Fiscal Responsibility and Budget Management (FRBM) Act, 2003
31.4 Gender Budgeting in India
31.5 Recent Budgetary Reforms
31.6 Parliamentary Control over the Budget

32. Tax Structure Developments
32.1 Pre-reforms Period (1947 to 1990)
32.2 Post-reforms Period (Since 1991)

33. Evolution of Centre-State Financial Relations
33.1 Constitution and the Federal Structure
33.2 Division of Powers
33.3 Centralisation of Revenues
33.4 Need for Inter-governmental Transfers
33.5 Channels of Central Transfers to the States
33.6 Role of the Finance Commission
33.7 Finance Commission and Vertical Distribution of Resources
33.8 Finance Commission and Horizontal Distribution of Resources
33.9 Grants-in-aid of Revenues
33.10 Constitution (One Hundred and First Amendment) Act, 2016 and the Changed Landscape of Fiscal
Federation in India
33.11 GST and Co-operative Federalism
33.12 Enhanced Need for Cooperative Federalism in the 21st Century

Part VIII: Money, Credit, Banking and Finance

34. Monetary Policy and Inflation Targeting
34.1 Measures of Money Supply in India
34.2 Monetary Policy Objectives
34.3 Monetary Transmission Mechanism
34.4 Inflation Targeting

35. Credit Policy, Micro Finance and Self-help Groups (SHGs)
35.1 Significance of Credit
35.2 Allocation of Credit
35.3 Priority Sector Lending
35.4 Micro Finance
35.5 Self-help Groups (SHGs)

36. Reserve Bank of India, Commercial Banks and Other Financial Institutions
36.1 Reserve Bank of India (RBI)
36.2 Commercial Banks
36.3 Regional Rural Banks (RRBs)
36.4 Urban Co-operative Banks (UCBs)
36.5 Rural Co-operative Credit Institutions
36.6 Development Finance Institutions (DFIs)
36.7 Non-banking Financial Companies (NBFCs)
36.8 Mutual Funds
36.9 Pension Funds
36.10 Insurance Organisations

37. Financial Markets and Financial Instruments
37.1 Financial Markets
37.2 Direct and Derivative Financial Instruments
37.3 Technological Solutions for Financial Services
37.4 Financial Globalisation

Part IX: Labour Laws, Employment and Skill Development

38. Labour Laws and Trade Unions
38.1 Industrial Relations: Post-liberalisation Period
38.2 Issues in Labour Law Reforms
38.3 Trade Unions in the Changed Scenario
38.4 Second National Commission on Labour, 2002
38.5 NITI Aayog on Labour Laws

39. Employment Generation Policies and Programmes
39.1 Direct Employment Programmes
39.2 Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), 2005
39.3 National Rural Livelihoods Mission (NRLM)—Aajeevika
39.4 National Urban Livelihoods Mission (NULM)
39.5 National Career Service (NCS) Project
39.6 Prime Minister Employment Generation Programme (PMEGP)
39.7 NITI Aayog on Employment Situation

40. Skill Development, Entrepreneurship and Innovations
40.1 Skill Development
40.2 Entrepreneurship Development
40.3 Innovations

Part X: Foreign Trade, Foreign Investment and Remittances

41. Composition and Direction of India’s Foreign Trade
41.1 Foreign Trade Policy (FTP), 2015-20
41.2 Composition and Direction of Exports
41.3 Composition and Origin of India’s Imports

42. Foreign Direct and Portfolio Investment
42.1 Foreign Direct Investment (FDI)
42.2 Foreign Portfolio Investment

43. Remittances by Non-resident Indians (NRIs)
43.1 Historical Overview of Migration from India
43.2 Pre-Independence Migration
43.3 Post-Independence Migration
43.4 Labour Outflow from India
43.5 Trends in Remittances to India

44. Future Prospects of the Indian Economy
44.1 Growth Prospects
44.2 Future Global Ranks of the Indian Economy
44.3 Towards Double-digit Growth Rate
44.4 Telecommunications, Information Technology (IT) and Electronics: The Triad of Future Economic Prosperity
44.5 Role of the Government in the Changed Scenario



Dr. Ansi Rahila is presently Assistant Professor (FIP), Department of Commerce, All Saints’ College, Trivandrum. She passed her M.Com. examination from the University of Kerala, securing second rank. She also received Ph.D. degree from the same university in 2017.

She has published research papers in reputed academic journals including Southern Economist, International Journal for Informative and Futuristic Research and Commerce and Business Researcher. She has attended and presented papers at various national level conferences/seminars. Her areas of specialization include micro and small enterprises, foreign direct investment (FDI) and remittances by Indian expatriates.

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