Preface    
        Contributors    

PART I
MACROECONOMIC POLICIES AND
THEIR IMPACT
    1.    Indian Economy: Then and Now        
            Uma Kapila
            •    The Colonial Regime    
            •    The India of 1947    
            •    The Agrarian Scene    
            •    The State of Indian Industry and its Structure    
            •    A New India    
            •    A Short History of Fast Growth    

    2.    The Great Reversal: A Macro Story        
            Pulapre Balakrishnan
            •     The Facts    
            •     Relevance of Global Factors    
            •     Accounting for the Regime Change    
            •     The Role of Macroeconomic Policy    
            •     Inflation Targeting    
            •     Some Considerations for Near-Term PoliIcy    

    3.    Macroeconomic Developments and
           Challenges for Growth        
          Manoj Panda
            •    Introduction    
            •    Macroeconomic Developments    
            •    Policy Challenges for High Growth    
            •    Conclusion    

    4.    Monetary, Fiscal and Budgetary Developments:
           Policies and their Impact        
           Uma Kapila
            •     Monetary Policy    
            •     Fiscal Policy    
            •     Recent Fiscal Performance     
            •     Medium-Term Fiscal Framework    
            •     Conclusions    

    5.    A Rethink on India’s Foreign Trade Policy        
           K. Kanagasabapathy, Vishakha G. Tilak and
          R. Krishnaswamy
            •    India’s Place in Global Trade    
            •    Direction and Composition    
            •    Strategic Rethink    

    6.    India’s New Foreign Trade Policy: Pluses and Minuses       
            Biswajit Dhar
            •     ‘Whole-of-Government’ Approach    
            •     Three Issues Highlighted    
            •     SEZ Failure    
            •     Regional Trade Agreements    

    7.    How Should India Reform Its Labour Laws?        
           Simon Deakin and Antara Haldar
            •    Introduction    
            •    Developments in the Theory of Labour Regulation    
            •    Empirical Evidence on the Economic Effects of
                 Labour Laws   
            •    The Gujarat Model    
            •    Conclusions    

    8.    Reforming Labour Market in States: 
          Revisiting the Futility Thesis        
           Achin Chakraborty
            •     How Rigid is the Labour Market?    
            •     The Logic of Flexibility    
            •     What Flexibility Cannot Achieve    
            •     Concluding Remarks    

PART II
INDIAN AGRICULTURE:
POLICIES AND PERFORMANCE
    9.    Indian Agriculture: Policies and Performance (Ed. Notes)        
            •     Introduction    
            •     Linkages between Agriculture and Other Sectors    
            •     The Institutional Context    
            •     The New Technology    
            •     Three Phases of Green Revolution    
            •     Reform Period    
            •     Deceleration in Agriculture Growth    
            •     Emerging Imbalances     
            •     Cereals Production and Build up of Stocks    
            •     Secondary Agriculture: A Driver for Growth of
                  Primary Agriculture    
            •     Reforming the Three ‘I’s: Investments, Incentives,
                   and Institutions    
            •     Challenges and Outlook    180

    10.   Agricultural Development in India:
            Performance, Issues and Policies        
            S. Mahendra Dev
            •    Performance of Agriculture    
            •    Policies Since Independence    
            •    Issues and Policies for Higher Growth,
                  Equity and Sustainability    
            •    Conclusion    

    11.  Accelerating Agricultural Productivity
           Growth in India: An Overview        
            World Bank Group
            •     The Conundrums of Contemporary Agriculture    
            •     Trends in Agricultural Performance at the
                  National and Subnational Level    
            •     An International Perspective on India’s
                  Structural Transformation    
            •     A Micro-level Perspective on India’s
                  Structural Transformation    
            •     Did the Drivers of Growth Change
                  Qualitatively in the 2000s?    
            •     Messages and Implications    
            •     Evolution of Productivity at the National,
                  State, Household, and Farm Levels    
            •     Technology, Yield Gaps, and Growth Prospects    
            •     Livestock Subsector: Significant Opportunities
                  and Policy Priorities    
            •     Investments in Agriculture for Growth
                  and Sustainability    
            •     Marketing and Market Reform:
                  Unfinished Business     
            •     Beyond the Farm: Exploiting the Potential for
                  Food Processing    
            •    Transforming Agriculture in LIS: Challenges and 
                 Priorities for Bihar and Odisha    

    12.  The Context and Conundrums of
            Contemporary Agriculture        
            World Bank Group
            •     India’s Food Security Puzzle    
            •     Persistent Food Price Rise    
            •     Trade Policy and Cereal Prices    
            •     Food Grain Management and Food Prices    
            •     Rising Real Rural Wages    
            •     Persistent Questions about the
                  Sustainability of Growth    

    13.  Agricultural Price Policy, Farm Profitability
            and Food Security        
            S. Mahendra Dev and N. Chandrasekhara Rao
            •     Trends in Costs and Yields    
            •     Trends in MSPs and Prices Realised by Farmers     
            •     Relationship between Costs, Prices
                  Realised and MSP    
            •     Returns to Farming    
            •     Increased Role of Price Policy     
            •     Concluding Observations    
PART III
INDUSTRY
    14.    Policies and Performance in Industry (Ed. Notes)        
            •    The Industrial Scene at Independence    
            •    Industrial Control Regime    
            •     The Policy Regime in the 1990s    
            •     New Economic Policy    
            •     Opening up to Foreign Investment    
            •     Public Sector Reforms, Privatisation and
                   Infrastructure     
            •     Industrial Policy Objectives for the
                  Twelfth Plan and Beyond    
            •     Trends and Pattern of Industrial Growth     
            •     Policy Regimes and Pattern of Growth     
            •     Recent Industrial Growth, 2008-09 to 2013-14    
            •     Industrial-sector Performance Based on Revised
                 GDP Estimates 2012-13 to 2015-16    
            •     Why has Growth Moderated?    
            •     Challenges Arising from Government Policies    
            •     Micro, Small and Medium Enterprises (MSMEs)    
            •     Role of MSEs in Indian Economy     
            •    Status and Key Challenges    
            •     Public Sector    
            •     Privatisation     
            •     Foreign Direct Investment (FDI)    

    15.  Industrial Performance, 1991-2008: A Review        
            R. Nagaraj
            •     Introduction    
            •     Industrial Performance After 1991-92    
            •     Why Did the Reforms Fail to Deliver the
                  Expected Results?    
            •     What Should Be Done Now?    
            •     Conclusions    

    16.  Productivity Growth Performance in India:
           Review and New Approach        
           K.L. Krishna and Bishwanath Goldar
            •    Introduction    
            •    Evolution of the Productivity Literature in India    
            •    Conventional Methodology of Productivity
                  Measurement    
            •     Productivity in Manufacturing    
            •     Productivity in Agriculture    
            •     Productivity in Services    
            •     Inter-Sectoral Perspective    
            •     Productivity Studies for the Aggregate Economy    
            •     Improving on Past Productivity Research:
                  The India KLEMS Project     
            •     Some major Findings from the India KLEMS
                  Report for the period 1980-2008    
            •     Further Work in the India KLEMS Project    
            •    Summary and Conclusions    

    17.  Of Omissions and Commissions:
            India’s Competition Laws        
           Aditya Bhattacharjea
            •    Introduction    
            •    The MRTP Act, 1969-2009     
            •    The Competition Act, 2002     
            •    Postscript (2016)     

    18.  Small-scale Industrialisation under Globalisation:
            Is the Tide Turning Around?        
            M.H. Bala Subrahmanya
            •     Introduction    
            •     Globalisation and Domestic Economic Reforms: 
                  Implications and Impact on the SSI    
            •     SSI Performance in the Globalisation Era    
            •     Inferences and Conclusions (in the Context of
                   Recent Policy Initiatives)    

    19.  On Strategies for Disinvestment and Privatisation        
            Vijay Kelkar
            •    Public versus Private Ownership     
            •    Privatisation    

    20.  Foreign Direct and Portfolio Investments 
           Flows and Development: A Perspective on  Indian Experience        
          Nagesh Kumar
            •     The Context  
            •     Evolution of Policy Regime Towards FDI and
                   FPIs in India 
            •     Foreign Direct Investment Flows and
                  Their Quality   
            •     FPI Inflows and Their Impact  
            •     India as an Emerging Source of FDI Outflows   
            •     Concluding Remarks and Policy Lessons  

    21.  The Employment Problem in India and the
           Phenomenon of the Missing Middle   
          Dipak Mazumdar and Sandip Sarkar
            •     Trends in the Industrial Structure of Employment    
            •     Employment Growth in the Tertiary Sector in
                  India in a Comparative Context    
            •     Dualism in Indian Manufacturing    
            •     Why is Dualism a Problem for
                  Manufacturing Growth?    
            •     Causes of the Emergence and Persistence
                   of Dualism    
            •     Conclusion

   
PART IV
SERVICES
    22.    Trends and Performance in Services (Ed. Notes)        
            •     Introduction    
            •     Growth and Sectoral Shares, Cross-Country
                   Evidence and Indian Experience     
            •     World Services Trade    
            •     Factors Underlying the Services Growth    
            •     India’s Services Employment    
            •     India’s Services Trade    
            •     Foreign Direct Investment in India’s Service Sector    
            •     Liberalisation of Services in India    
            •     India and Trade Negotiations in Services    
            •     Conclusion