At the time of independence in 1947, India was a typically backward economy. Owing to poor technological and scientific capabilities, industrialisation was limited and lopsided. 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 inadequate, and social security measures virtually non-existent. In brief, poverty was rampant and unemployment widespread, both making for low general standards of living. These were the socio-economic settings under which the founding fathers had to chart out a programme of nation-building. In their collective wisdom, they adopted the middle course of a mixed economy, assigning a pivotal role to public sector and economic planning. This new approach to economic and social development was set within a framework of parliamentary democracy guaranteeing universal franchise. India began the process of planned economic development with the start of the First Five Year Plan in April 1951. Since then the country has completed ten Five Year Plans and the implementation of the Eleventh Five Year Plan (2007-12) is underway. The economic history of post-independence India is a mixed experience of achievements and failures. After 60 years of development efforts, India is presently one of world’s fastest growing economies. In the last few years, it has emerged as a global economic power, the leading outsourcing destination and a favourite of international investors. This book provides a comprehensive description and analysis of developments in various sectors of the Indian economy since independence. It particularly focuses on reform measures undertaken since 1991. The work puts in perspective the emerging lessons for the future. Year-wise (1947-48 to 2006-07) review of developments in leading sectors of the economy is another key feature of the book. It also provides time-series data on Indian economy. The book is designed to interest a cross section of readers, viz. teachers and students of economics, commerce, law, public administration, business management, chartered accountancy and company secretaryship. It will also serve the needs of legislators, business executives, entrepreneurs and investors, and others interested in the developments in the Indian economy.
ABOUT THE AUTHOR Anup Chatterjee
Anup Chatterjee did his M.A. (Economics) from Delhi School of Economics and Ph.D. from Faculty of Applied Social Sciences, University of Delhi. Dr. Chatterjee has 15 years of teaching experience to post-graduate and undergraduate classes. He has been on the visiting faculty of Post-graduate Department of Business Economics, South Campus, University of Delhi, Indian Institute of Technology (IIT), New Delhi, Fore School of Management, New Delhi, and National Institute of Financial Management (Ministry of Finance, Government of India), Faridabad (Haryana). He is also a resource person of Indira Gandhi National Open University (IGNOU), New Delhi, for preparing reading material for both postgraduate and undergraduate students of economics. Dr. chatterjee is a life member of Indian Economics Association and Indian Association of Canadian Studies (IACS). He has been regularly participating and presenting papers in the conferences/seminars of these and other academic bodies. He has also published articles in Indian Journals of Canadian Studies. Presently, he is a Reader in the Department of Economics, A.R.S.D. College, University of Delhi.
ABOUT THE AUTHOR C.S. Prasad
Dr. C.S. Prasad, who has recently retired from the post of Additional Development Commissioner and Economic Adviser in the office of Development Commissioner (Small Scale Industries), Ministry of Small Scale industries, Government of India, New Delhi, had been associated with the small and Medium Enterprises sector for over 25 years. Dr. Prasad had the opportunity to watch the performance of this sector by virtue of his various postings in the Government of India. He has also been instrumental informulation of Policies, programmes and schemes for the promotion and development of this sector and also their implementation. He was closely associated with the formulation of the Credit Guarantee Scheme and the successful conduct of the Third All India Census of Small Scale Industries in the Country. Dr. Prasad Had also been member and Chairman of various committees constituted for the promotion of small enterprises. Dr.Prasad, an M.A. and Ph.D. in Economics, belonged to Indian Economic Service which he joined in 1969. As a Member of IES, he held important posts in the Planning Commission, and Union Ministries of Industry, Agriculture, Defence, Home Affairs, Finance, and Small Scale Industries. He had been Economic adviser in the Office of DCSSI from October 1992 to August 1995, and Additional Development Commissioner and Economic Adviser from August 1995 to June 2004. Dr. Prasad had also been closely associated with teaching and academic world. Apart from his earlier stint as Lecturer of Economics in Bhagalpur University from 1964 to 1967, he worked as Professor and Head of the Department of Economics at Lal Bahadur Shastri National Academy of Administration, Mussories, from 1981 to 1988. Dr. Prasad has authored a book titled State Taxation in India which was published in 1997. Besides, he has contributed over hundred articles, quite a large number of them on the subject of Small and Medium Enterprises. Dr, Prasad has visited a number of countries and attended a large number of international conferences on SMEs sector, representing India in those conferences.
ABOUT THE AUTHOR Vibha Mathur
Vibha Mathur received her M. Phil. And Ph.D. degrees from the Department of Commerce, Delhi School of Economics, University of Delhi. She has written extensively on India’s foreign trade and related areas. Dr. Mathur has already authored three books, namely India-European Union Trade Prospects and Impact of Euro; Foreign Trade of India: Policy and Developments, 1950-2000 and Trade Liberalisation and Foreign Investment in India: 1991-2001. Dr. Mathur was a visiting fellow at the European Commission and Parliament in Brussels, Belgium in May 2001. Presently, she is a Reader in the Department of Commerce, Jesus & Mary College, University of Delhi.
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