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Paperback • 2013
Pages: 1020
ISBN: 9789332700352
US$49.95
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Publisher:
Academic Foundation

Indian Economy Since Independence

24th Ed.: 2013-14

Uma Kapila (Ed.)

About the Book

Revised year after year, now into its 24th Edition, this unique book is widely accepted as the core text for graduate / post-graduate courses in Indian economy, in various universities across India.
The book is essentially, a collection of select articles by some of India’s topmost economists and experts. These highly recommended original readings are well- supported by editorial notes and excerpts from Plan documents, that together present a comprehensive and critical analysis of Indian economy since independence: 1947-2013.

Contributors

Montek S. Ahluwalia
Dy. Chairman, Planning Commission, New Delhi.

Pulapre Balakrishnan
Professor, Centre for Development Studies, Thiruvananthapuram.

Ramesh Chand
Director, National Centre for Agricul. Econ. & Policy Research, Delhi.

Angus Deaton
Professor of Economics & Int. Affairs, Princeton University, USA.

Jean Drèze
Hony. Professor, Delhi School of Economics, Delhi.

S. Mahendra Dev
Director, Indira Gandhi Institute of Development Research, Mumbai.

Tim Dyson
Prof., Population Studies, DESTIN, London School of Economics.

Ramesh Golait
Asst. Adviser, DEAP, Reserve Bank of India, New Delhi.

K.S. James
Professor & Head, Population Research Centre, ISEC, Bangalore..

Uma Kapila
Reader (Retd.), Dept. of Economics, Miranda House, Univ. of Delhi.

Vijay Kelkar
Chairman, National Stock Exchange of India Ltd.

K.L. Krishna
Chairman, Madras Institute of Development Studies, Chennai.

Nagesh Kumar
Chief Economist & Director, MPDD, ESCAP, United Nations.

Pankaj Kumar
Asst. Adviser, DEAP, Reserve Bank of India, New Delhi.

Dipak Mazumdar
Munk Centre for International Studies, University of Toronto.

Prachi Mishra
Sr. Economist, Office of the Chief Economic Adviser, Min. of Finance.

Rakesh Mohan
Consult. Prof., Stanford Inst. for Economic Policy Research, USA.

R. Nagaraj
Professor, Indira Gandhi Institute of Development Research, Mumbai.

Arvind Panagariya
Professor of Economics, Columbia University, USA.

T.S. Papola
ICSSR National Fellow, Inst. for Studies in Industrial Develop., Delhi.

Shinoj Parappurathu
Scientist, National Centre for Agricul. Econ. & Policy Research, Delhi.

C. Rangarajan
Chairman, Prime Minister’s Economic Advisory Council, Govt. of India.

N. Chandrasekhara Rao
Professor, Centre for Economic and Social Studies, Hyderabad.

C.H. Hanumantha Rao
Chancellor, Hyderabad Central University, Hyderabad.

S.K. Ray
Professor (Retd.), Institute of Economic Growth, Delhi.

Sandip Sarkar
Professor, Institute for Human Development, New Delhi.

Alakh N. Sharma
Director, Institute for Human Development, New Delhi.

M.H. Bala Subrahmanya
Prof. & Chair. (Mgmt), Indian Inst. of Science, Bangalore.

Contents in Detail


	Preface Acknowledgements The Contributors

Part - I Planning, Institutional Framework, Constraints and Role of the State

1.	Indian Economy at Independence
	Uma Kapila
	• The Colonial Regime • The India of 1947 • The Agrarian Scene • India’s Industrial Production and its Structure • The State of Indian Industry • The Planning Era

2.	Planning and the Market (Ed. Notes)
	• Structural Constraints and the Development Strategy • Role of the State as Visualised in the Fifties • Evolution of Strategy and Priorities • Changing Perceptions • Role of Planning in a Market Economy • Redefining the Role of State • The Government, the State and the Market • Cooperative Action

3.	Twelfth Five Year Plan: Faster, More Inclusive and Sustainable Growth
	Manmohan Singh

4.	Prospects and Policy Challenges in the Twelfth Plan
	Montek S. Ahluwalia
	• Review of Recent Performance • Growth Prospects for the Twelfth Plan • Some Critical Policy Challenges

5.	Fiscal and Budgetary Developments: Prospects and Reforms
	• Fiscal Consolidation • Measuring the Fiscal Deficit in India • Spending and Deficits in the Medium Term: Can Expenditure be made more effective? • A New Framework for Fiscal Policy • Expenditure Trends • Consolidated General Government

6.	Demographic Constraints: Population
	Change and Economic Development (Ed. Notes)
	• Economic Development and Population Growth • Population Trends • Gender Equity and the Demographic Transition • Population Policy since 1947 • National Population Policy 2000 • Human Resource Development • Public Expenditure and Education Policy • Health Care as a Social Responsibility • Disparities and Divides • Tamil Nadu: The Success Story • The Future

7.	India’s Demographic Transition and Its Consequences for Development
	Tim Dyson
	• India’s Demographic Transition • Urbanisation • The Future • Discussion

8.	Glorifying Malthus: Current Debate on
	‘Demographic Dividend’ in India
	K.S. James
	• The Concept of Demographic Dividend • The Theoretical Confusion • Empirical Estimation of Demographic Dividend • Statistical Analysis

Part - II Agriculture

9.	Indian Agriculture: Developments, Issues and Policies (Ed. Notes)
	• Linkages between Agriculture and Other Sectors • The Institutional Context • The New Technology • Three Phases of Green Revolution • Reform Period, 1991 to the Present • Deceleration in Agriculture Growth • Performance of the Agriculture Sector during the Eleventh Five Year Plan (2007-2012) • Major Factors Affecting the Growth Potential • National Policy for Farmers, 2007 • Role and Performance of Critical Inputs • Outputs, Inputs and Productivity • 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 • Food Management • Food Procurement Policy • Public Distribution System (PDS) • Food Subsidy • Food Security • Towards Elimination of Hunger and Malnutrition • The Way Forward • National Food Security Bill 2013 • Agricultural Price Policy • Agricultural Exports • Rural Distress in Post-Reform India • Farmers’ Suicides • Challenges and Outlook

10.	Reforms in Land System in Post-Independent India
	S.K. Ray
	• Policy Objectives for Structural Reorganisation • The Reform Controversy • Impact of Structural Reorganisation • Emerging Perspectives and Policy Issues

11.	Temporal and Spatial Variations in
	Agricultural Growth and Its Determinants
	Ramesh Chand, Shinoj Parappurathu
	• Introduction • Historical Growth Trends in Agriculture • Structural Breaks in GDP-Agriculture • Hypothesis on Growth • Agriculture Performance at Disaggregate Level • Livestock Sub-sector • Agricultural Performance at State Level • Pattern of Growth of Major Determinants • Investment in Agriculture • Primary Inputs • Terms of Trade • Technology • Other Factors • Conclusions

12.	Agricultural Growth in India Since 1991
	Pulapre Balakrishnan, Ramesh Golait, Pankaj Kumar
	• Agriculture and the Economic Reforms • Growth of Agriculture Since 1991 • Prices and the Recent Agricultural Growth • Non-price Factors and the Recent Agricultural Growth • Conclusions, with Implications for Policy

13.	Agricultural Price Policy, Farm Profitability and Food Security
	S. Mahendra Dev, 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

14.	Understanding the Nature and Causes of Food Inflation
	Ramesh Chand
	• Inflation: Trend and Structure • Factors Affecting Food Inflation • Conclusions and Implications

Part - III Industry & Infrastructure

15.	Industrial Development and Policies since Independence (Ed. Notes)
	• Extent and Pattern of Industrialisation during the British Rule • 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: Recent Policy Initiatives • Industrial Policy Eleventh Plan • Industrial Policy Objectives for the Twelfth Plan and Beyond • Industrial Growth • Phases of Industrial Growth • Industrial Growth in the 90s • Profile of Industrial Growth • Shift in Favour of Registered Manufacturing • Decline in Employment Growth in Organised Manufacturing • The Stagnant Share of Manufacturing Sector • The Manufacturing Slowdown (1996-2002) • Factors Causing the Industrial Slowdown: Some Hypotheses • Cyclical Factors in Industrial Slowdown • Infrastructure Constraints in the Industrial Sector • Industrial Performance and Credit Growth • Productivity Trends in the Manufacturing Sector • Recovery in Industrial Growth since 2002-03 • The Slowdown during 2007-08 and 2008-09 • Recent Industrial Growth • Why has Growth Moderated? • Manufacturing Sector's Share in Total Employment? • Other Aspects of Industrial Change • Why did the Reforms Fail to Deliver the Expected Results? • The Cost of Doing Business • What Should be Done Now? • Balanced Growth • Integrating into Global Networks • Improving Physical Infrastructure • Conclusions • Micro and Small Enterprises (MSEs) • Status and Key Challenges • Public Sector • Privatisation • Foreign Direct Investment (FDI) • Labour Policy Reforms • Challenges and Outlook

16.	Industrial Development and Policies since
	Independence: Growth without Employment
	K.L. Krishna
	• Introduction • Policy Regimes and Pattern of Growth • Structural Transformation of the Economy • India's Unique Pattern of Development • Employment Generation in Manufacturing • National Manufacturing Plan • Concluding Remarks

17.	Small Industry and Globalisation:
	Implications, Performance and Prospects
	M.H. Bala Subrahmanya
	• Introduction • Implications of Policy Changes • Globalisation and Small Industry Performance • Future Prospects of Small Industry • Summary and Conclusions

18.	Public Sector Performance since 1950: A Fresh Look
	R. Nagaraj
	• Public Sector Performance • Reasons and Implications • Conclusions

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

20.	Services in India’s Growth Process (Ed. Notes)
	• Growth and Sectoral Shares, Cross-Country Evidence and Indian Experience • International Trade in Services • Services GDP • Important Services for India • Which Services have Grown Rapidly? • Factors Underlying the Services Growth • Challenges

21.	Infrastructure and Economic Development (Ed. Notes)
	• Commercialisation: A New Wave, A New Necessity • Strategies for Infrastructure Development • Differences in Infrastructure Building between India and China • Infrastructure Investment in India • Prioritisation of Infrastructure Sectors for Development: Twelfth Five Year Plan 2012-2017 • Challenges and Outlook

Part - IV The External Sector

22.	India’s External Sector: Policies Developments
	and Issues (Ed. Notes)
	• Trade Policy • Foreign Trade Performance • Structural Changes in India’s Foreign Trade during Eighties and Nineties • Trade Composition • Direction of Trade • World Merchandise Trade: Global Recession • India's Services Trade • Balance of Trade in Services • Special Economic Zones • Bilateral and Regional Trade Agreements • Outlook and Challenges • Balance of Payments • India’s Balance of Payment Trends 1950-51 to 2011-12 • Financing Aspect of Current Account • Sustainability of Current Account • Capital Account • External Debt • International Comparison • Managing Capital Flows • Foreign Exchange Reserves: Approach, Developments and Issues • FCAs • Foreign Exchange Rate Policy • Exchange Rate Management • Concluding Remarks

23.	India's External Sector: Do We Need to Worry?
	C Rangarajan, Prachi Mishra
	• Introduction • External Sector Reforms • External Sector Performance since 1991 • Some Analytical Issues • Way Forward

24.	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

25.	India and the WTO
	• World Trade Organization • India and the WTO • India's Participation in WTO Meetings • WTO Negotiations and India

26.	India and the Global Economy
	• State of the Global Economy • Locating India in the New Global Economy • Engaging the World

Part - V Growth & Structural Change Since 1950 and Assessment of the Growth Experience

27.	Growth and Structural Change Since 1950 (Ed. Notes)
	• The Performance • India's Growth Turnaround • Investment • Growth Prospects • Performance on Inclusiveness • The Need for Faster Growth • Growth and Structural Change • Growth and Sectoral Shares, Cross-Country Evidence and Indian Experience • Inter-Regional Disparities in Growth and Development • The Way Ahead • Growth Prospect: An Assessment

28.	Growth Record of the Indian Economy, 1950-2008:
	A Story of Sustained Savings and Investment
	Rakesh Mohan
	• A Review of the Indian Growth Process • Growth Acceleration over the Decades • Consistent Growth in Savings and Investment • Growing Fiscal Imbalance and Correction • Public Sector Savings • Performance of the Private Corporate Sector • Household Savings • Estimation of Savings and Investment • Efficiency in the Use of Resources • Financial Sector Reforms • Prospects for the Next Five Years • Issues and Challenges

29.	India on the Growth Turnpike: No State Left Behind
	Arvind Panagariya
	• Growth: No State Left Behind • Poverty: Progress Everywhere • Smaller and Newer States and Union Territories • Conclusions

30.	Assessment of the Growth Experience: Poverty,
	Inequality, Unemployment and Inflation (Ed. Notes)
	• Poverty and Unemployment • Poverty Estimates • Poverty and Inclusive Growth • Inequality • Urban Inequality after Economic Reforms • Employment • Unemployment • Unemployment among Young and the Educated • Employment Trends Among The Social Groups • Growth and Employment • Employment and Livelihood • Labour Market Reforms would help Boost Employment Creation • Public Employment Programme for the Unorganised Workers: The Case of NREGA • The Performance • Success Stories • Work Force Projections: Total and Sectoral Employment Projections (Twelfth Five Year Plan) • Challenges for Employment Policy • Skill Development: The Challenge

31.	The Employment Problem in India and
	the Phenomenon of the Missing Middle
	Dipak Mazumdar, 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

32.	Labour and Employment in Fast Growing India:
	Issues of Employment and Inclusiveness
	T.S. Papola, Alakh N. Sharma
	• Introduction • Some Characteristics of the Indian Labour Market • Trend and Pattern of Employment Growth • Impact of Global Financial 2008 Crisis on Indian Labour Market and Employment • Quality of Employment and Disparities • Increasing Labour Flexibility and Erosion of Labour Rights • Conclusion and Policy Agenda

33.	Inclusive Growth: Role of Socio-Political Factors
	Comparative Experience of India and China
	C.H. Hanumantha Rao
	• Introduction • Growth, Poverty and Inequality • Socio-Political Compulsions for Course Correction • Structural Bottlenecks to Inclusive Growth • Conclusion

34.	Poverty and Inequality in India: A Re-Examination
	Angus Deaton, Jean Drèze
	• Economic Inequality in the Nineties • Qualifications and Concerns • Beyond Poverty Indexes

35.	Inflation
	• Measurement • Trends in Wholesale Prices: 1950s to 1980s • The Period of 1990s • Average Trends in WPI Inflation 2000-01 to 2011-12 • The Anatomy of Food Inflation • Why has Inflation Persisted? • Anti-Inflationary Measures • Inflation Targeting • Issues in Price Stability • Inflation: Growth Trade-off

	Statistical Appendix
	Selected Economic and Social Indicators 1950-51 to 2011-12

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24th Ed.: 2013-14

Uma Kapila (Ed.)

About the Book

Contributors

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24th Ed.: 2013-14

Uma Kapila (Ed.)

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