The Indian Economy: Problems and Prospects

In August 1990, India’s fragile economy was plunged into a crisis by the adverse impact of the conflict in the gulf. For the next ten months, the economy teetered on the brink of collapse as the country passed through two changes of government and a general election. The worst was soon over, but the policy reforms initiated by the government led to an intense public debate about the country’s economic future. The Indian Economy Problems and Prospects, first published in 1992, looks at country’s economy and the resolved fiscal crisis from a historical perspective. Edited and updated with a new introduction by Bimal Jalan, former Governor of the Reserve Bank of India and a renowned economist, the book retains the thirteen essays written by eminent economic thinkers in 1991 and 1992 in their original form, as they provide a comprehensive overview of India’s economic development since independence and answer question on key economic issues that are as relevant today as they were at that time. Bipan Chandra conducts a historical survey of fiscal developments during the colonial period, the late V.M. Dandekar evaluates India’s economic performance from 1950 to 1990, and Rakesh Mohan traces the history of industrial controls from the pre-independence era. Also included are essays by C.H. Hanumantha Rao, C. Rangarajan and Narendra Jadhav, Raja Chelliah, Sudipto Mundle and M.Govinda Rao, Jyoti and Kirit Parikh, Pravin Visaria, T.S. Papola, Pranab Nardhan and Kaushik Basu. In his revised Introduction, Bimal Jalan assesses the country’s economic progress since 1991, and examines crucial events and their relative significance . Exploring diverse aspects of the Indian economy as well as the political, institutional and legal implications of economic reforms, these insightful and revelatory essays will be of enormous interest to experts and the general reader alike.