India was a typically backward economy at the time of Independence in 1947. Due to poor technological and scientific capabilities, industrialisation was limited and lop-sided. Agricultural sector exhibited features of feudal and semi-feudal institutions, resulting into low productivity. Means of transport and communications were underdeveloped. Educational and health facilities were grossly inadequate and social security measures were virtually non-existent. In short, the country suffered from the twin problems of rampant poverty and widespread unemployment, both making for low general standard of living.
After 65 years of development efforts, India is presently one of world's fastest growing economies. Lately, it has emerged as a global economic power, the leading outsourcing destination and a favourite of international investors. Exuding confidence in the future of the Indian economy, Finance Minister P. Chidambaram in his Budget Speech to the Parliament on February 28, 2013 observed, "We are the tenth largest economy in the world. We can become the eighth, or perhaps the seventh, largest by 2017. By 2025, we could become a US$ 5 trillion economy, and among the top five in the world. What we will become depends on us and on the choices that we make."
India is a Union of States with a federal set up. Politically, the country is divided into 28 States and 7 Union Territories, collectively called the Republic of India. India's diverse economy encompasses traditional village farming, modern agriculture, fisheries, handicrafts, a wide range of modern industries, and a multitude of services.
The Constitution of India, the longest and the most exhaustive constitution of any independent nation in the world, was adopted on November 26, 1949, and became operative on January 26, 1950. It provides for two layers of Government, one at the Central level, and the other at the level of the States. A federal polity of this kind requires division of powers and responsibilities between the Centre and the States. Hence, the Constitution describes in detail the legislative powers and functions of the two tiers of Government.
Part I of this book provides sector-wise economic survey of India. The sectors covered are: (a) human and natural resources, (b) poverty and economic planning, (c) agriculture and rural development, (d) industry and minerals, (e) infrastructure development and services, (f) fiscal policy, (g) monetary policy and credit management, (h) financial institutions and financial markets, (i) labour and employment, (j) health security, (k) education and training, (l) empowerment of disadvantaged, (m) environment policy, and (n) foreign trade and investment.
Part II is devoted to State-wise economic survey. All the 28 states of India have been surveyed alphabetically.
From the largest to the smallest, each state has its own unique history, culture, demography, and socio-economic objectives and challenges. Hence, there are variations in their physical, social and economic characteristics. Thus, Uttar Pradesh is the most populated state with a headcount of 19.95 crore as per 2011 Census while Sikkim is the least populated state with merely 6.1 lakh people. In terms of area, Rajasthan is the largest with 3,42,239 square kilometres of territory whereas Goa is the smallest state with only 3,702 square kilometres of land. Similarly, Goa had the highest per capita net state domestic product (NSDP) of ` 1,92,652 at current prices in 2011-12 while it was lowest for Bihar at ` 23,435 for the same year. Likewise, Kerala ranked at the top in terms of Human Development Index (HDI) with a score of 0.790 in 2011 while Chhattisgarh was at the bottom with a score of 0.358, the national average being 0.467.
Part III presents economic survey of 7 Union Territories, taken separately and in alphabetical order. Like states, Union Territories also exhibit diverse physical features and economic characteristics.
Part IV contains socio-economic statistics of States and Union Territories pertaining to population, area, birth rate, death rate, infant mortality rate, life expectancy, literacy rate, net state domestic product, per capita net state domestic product, revenue receipts, and human development index.
Information contained in this book was collected chiefly from publications and websites of various Ministries/Departments of the Government of India, Planning Commission of India, Reserve Bank of India (RBI), National Portal of India, Insurance Regulatory and Development Authority (IRDA), Securities and Exchange Board of India (SEBI), and official websites of State Governments and Union Territories.