India: Economic Policies and Performance: 1947-48 to 2004-05: Year-Wise Economic Review of the Indian Economy Since Independence > Prasad, Chandra Shekhar

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India: Economic Policies and Performance: 1947-48 to 2004-05: Year-Wise Economic Review of the Indian Economy Since Independence

Prasad, Chandra Shekhar (Ed.)

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	Book ID : 25981
	ISBN-10 : 81-7708-082-2 / 8177080822
	ISBN-13 : 978-81-7708-082-7 / 9788177080827
	Place of Publication : Delhi
	Year of Publication : 2005
	Edition : (First Edition)
	Language : English
	xv, 613p., App., 25 cm.

CONTENTS

CONTENTS:-

I. Indian economy: an overview:
1. Economic planning, human resources and macro management.
2. Indian industry: growth and reforms.
3. Infrastructure: policy and development.
4. Indian Agriculture: growth and outlook.
5. Fiscal reforms: policy measures and development.
6. Financial sector recent reforms and priorities.
7. Social sectors: impact of economic reforms.
8. Environmental concerns and policies.
9. External sector: approach and developments.

II. Year-wise economic review:
Section 1: Partition and the aftermath:
1. 1947-48: partition and the aftermath.
2. 1948-49: Decline in sterling balances, sluggish capital market and inflationary trends.
3. 1949-50: Integration of states and establishment of the planning commission.
Section 2: Economic planning and the rise of public sector:
1. 1950-51 : Natural calamities, devaluation of the rupee and Korean war.
2. 1951-52: Improvement in industrial and agricultural production.
3. 1952-53: The year of economic recovery.
4. 1953-54-Anti-inflationary measures.
5. 1954-55: The year of economic stability.
6. 1955-56: The economy gains strength and vigour.
7. 1956-57: Second Five Year Plan launched.
8. 1957-58: Stresses and strains of development.
9. 1958-59: Worsening employment situation.
10. 1959-60: Revival of agriculture and industry.
11. 1960-61: Year of mixed achievements.
Section 3: Armed aggressions by neighbours and natural calamities:
1. 1961-62: Third Five Year plan launched.
2. 1962-63: Chinese aggression and national emergency.
3. 1963-64: The year of strengthening India's defence.
4. 1964-65: Slow growth rate and inflation.
5. 1965-66: The year of severe drought.
6. 1966-67: Successive droughts and imports of Foodgrains.
7. 1967-68: Buoyant agriculture, sluggish industry.
8. 1968-69: Economic recovery still underway.
9. 1969-70: Resumption of Five Year Plans.
10. 1970-71: Reorientation of the Nationalized Banking System.
11. 1971-72: Influx of refugees from Bangladesh and outbreak of Indo-Pak hostilities.
Section 4: Political conflicts and oil crisis:
1. 1972-73: The year of uncertainties and constraints.
2. 1973-74: Unprecedented inflation.
3. 1974-75: Price rise and anti-inflationary measures.
4. 1975-76: Emergency and the new economic programme.
5. 1976-77: Inflationary tendencies once again.
6. 1977-78: Towards economic stability.
7. 1978-79: Economic stability with growth prospects.
8. 1979-80: Economic slide down and inflation.
Section 5: Disillusionment with economic policies and rethinking:
1. 1980-81: Gradual economic recovery.
2. 1981-82: Recovery and restoration of economic stability.
3. 1982-83: Testing time for the Indian economy.
4. 1983-84: Economic recovery overridden by inflation.
5. 1984-85: Sixth Plan concludes on a satisfactory note.
6. 1985-86: Successful start to the seventh plan.
7. 1986-87: Indian economy on a new growth path.
8. 1987-88: The year of natural calamities.
9. 1988-89: Resilience of economic recovery.
10. 1989-90: Economic sluggishness.
11. 1990-91: Fiscal imbalances and Gulf crisis.
Section 6: Economic liberalisation, privatisation and globalisation:
1. 1991-92: Deepening of economic crisis.
2. 1992-93: Slow recovery after economic reforms.
3. 1993-94: Speeding up economic reforms.
4. 1994-95: Indian economy on fast track.
5. 1995-96: Economic reforms show results.
6. 1996-97: Economic reforms continue with greater vigour.
7. 1997-98: Industrial deceleration.
8. 1998-99: Adverse international economic environment.
9. 1999-00: Economic recovery and price stability.
10. 2000-01: Sustained growth and resilience.
11. 2001-02: Steady economy despite adverse external developments.
12. 2002-03: Recovery in the face of subdued international economic activity.
13. 2003-04: Growth with macro economic stability.
14. 2004-05 and beyond.

III. Appendices:
1. Industrial policy resolution, 1956.
2. Statement on industrial policy, July 24, 1991.
3. Main recommendations of the task forces on direct and indirect taxes (Chairman: Vijay Kelkar).
4. Extracts from the speech of Shri P. Chidambaram, Union Minister of Finance, while presenting the Final Budget for the year 2004-05.
5. Foreign trade policy, 2004-2009 announced by Shri Kamal Nath, Minister of Commerce and Industry, Government of India, on August 31, 2004.

DESCRIPTION

After independence in 1947, India's development pattern was characterised by strong centralised planning, Government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism through tariff and non-tariff barriers and a cautious and selective approach towards foreign capital. It was a quota, permit and license regime. This so-called inward-looking, import substitution strategy of economic development began to be widely questioned with the beginning of 1980s. Policy makers started realising the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower rate of growth than expected. Economic reforms were set in motion, though on a modest scale, when controls on industries were reduced by the 1985 industrial policy. The economic reforms programme got a big boost when the government announced a new industrial policy in the Indian Parliament on July 24, 1991. Since then, it is liberalisation, privatisation and globalisation all the way and the process is underway. In the new liberalised industrial and trade environment, the government is progressively assuming the role of a promoter, facilitator and catalytic agent instead of a regulator and controller of economic activities. After the reforms, the Indian economy has been growing faster than its historical growth rate. Growth in the year ending March 2004 was around 7.5 per cent, the best performance since the 7.8 percent reported in 1996-97. The economy, therefore, has shown that it is capable of achieving high growth rates in response to the implementation of appropriate economic reform policies. India is now Asia's third largest economy and has the world's fourth largest foreign exchange reserves. The period covered by this study (1947-48 to 2004-05) has witnessed structural changes in the Indian economy. From a traditional agricultural economy, India has emerged as a technologically strong, industrially diversified and militarily powerful country. The experience of India is exemplary for other developing countries striving to achieve self reliance and a respectable place in the world community. The present work provides glimpses of the various sectors of the Indian economy. In contains year-wise description and review of economic events in India since independence in 1947. It also provides important reading material on the subject. The work is useful for a cross-section of academic community and researchers, both in India and abroad.

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