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 June 4, 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
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
Agriculture and Allied Activities
Industry, Infrastructure and Logistics
Government Budgeting, Taxation and Fiscal
Money, Monetary Policy and Prices
Financial Institutions, Financial Markets and
Foreign Trade, Balance of Payments and
work is organised into 8 chapters.
1 is introductory in nature, tracing the developments in the Indian economy
since Independence in 1947.
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).
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.
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.
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.
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 India’s foreign trade and foreign investments.
Chapter 8 discusses the current
status and future prospects of the Indian Economy.
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