Glimpses of Indian Economic Policy: An Insider’s View

In this volume, I.G. Patel reflects on India’s economic policy as it evolved from the 1950s to the 1980s. In the process he recaptures his dimensions as an economist, policy advisor and international diplomat. This book is a biographical account of his career and his relationships with the country’s five Prime Ministers and several ministers, economists, and bureaucrats. Patel dwells on various milestones in the economic history of modern India: the Second Five Year Plan; the drift towards foreign aid and a regime of controls; the response to the Chinese war and gold control; the 1966 devaluation; the nationalization of banks; the Bangladesh war; the beginning of systemic corruption; the politicization of economic life and institutions; and the response to the second oil crisis. The narrative is interspersed with his musings on the sequence of events and the issues surrounding them at the time. Patel’s unique experience combined with his balanced approach and candid style of writing makes this a fascinating read. For development researchers, students, civil servants, policy-makers and general readers, this is an important book.