Encyclopaedia of Indian Economy: Essays in Honour of Dr. Ram Bihari Singh

The First Five Year Plan in April 1951 laid the foundation of planned economic development in India and initiated a process of development of the country, aiming at raising the living standard of the masses, reducing the disparities of income and wealth in the country and making opportunities available for a richer and more varied life.  During the fifty-seven years of planned economic development, the country has moved forward and there has been a structural transformation of the Indian economy over the years despite trials and tribulations. The picture emerging from the appraisal of over five and a half decade planned development performance is mixed. The economy is doing well in many areas and these gains need to be consolidated but there are also important weaknesses which, if not corrected, could undermine even our current performance level. In this book, the authors, whose papers have been included, focus primarily on political and economic constraints, bring out the role of public investment in the agricultural and industrial infrastructure, and that of management of capital–physical, social and human–as the key determinants of economic growth. They also explore the nature of the Indian state and its relationship with society, and the kind of economic classes which dominate the latter and the types of pressures for patronage and subsidies which they generate. Further, they try to trace the impact of these forces on the functioning of the economy, particularly its growth process, as well as on the functioning of the democratic polity.