Indian Economic Policy And Development

Professor Bauer’s book, first published in 1961, reviews the major elements of contemporary official Indian development policy, considers their economic implications and their probable political and economic results. He then examines alternative approaches to the promotion of development. The development plans, notably the Second Five Year Plan and the official outlines of the Third Plan, receive major attention, but the author also considers other official policies and measures affecting economic development, which do not usually figure prominently in the formal development plans. Specific themes which Professor Bauer considers are: the influence of social customs and attitudes on economic progress; the relationship between investment expenditure and economic development; inter-relationships between agriculture and industry; the heavy industry programme; the controls over the private section; the relation of Plan finance to the foreign exchange crisis; the role of foreign aid; and the importance of certain major political objectives.

India is the second most populous country in the world and also one of the poorest. From the late 1940s to 1980, India's per capita income grew at an average annual rate of only two percent. Expansionist economic reforms during the 1980s boosted economic growth but also unfortunately resulted in high inflation and a balance of payments crisis. As a consequence, in 1991 the government announced sweeping new changes in economic policies. Economic Policy Reforms and the Indian Economy evaluates the effects of those changes and identifies areas of the Indian economy still in urgent need of reform. After an overview of Indian economic policies and development since independence, papers focus on the country's fiscal situation, the environment for private economic activity, education, the reservation of certain activities for small-scale industry, and determinants of differentials in rates of growth across the different Indian states. Contributors include respected academic specialists on India and policy reform, high-level Indian administrators, and present and past policymakers.

Openness has affected neither poverty nor inequality adversely. When surveyed, people in disproportionately large volumes from all groups say that their fortunes are improving. The essays in this volume show that trade oppenness has helped reduce poverty among most social groups.

Papers presented at the National Seminar on "New Economic Policy: Perspective and Issues" held at the A.N. Sinha Institute of Social Studies, Patna, October 23-24, 1992.

A lucid and brilliantly-argued book on India's recent economic reforms Nearly fifty years after independence, India remains a very poor country. It ranks near the bottom in terms of per capita income, and is similarly placed in the Human Develoent Index which measures social well-being. Economic growth in India has been less than half that of China or even other countries in Asia. And governments, at the Centre as well as in the states, are close to insolvency. The reason for our spectacular underachievement lies in the continuation of policies which had a certain validity as a response to the colonial experience, but which have long outlived their usefulness. The global economic scene has changed dramatically since they were formulated, and we must respond to the new realities. Bimal Jalan, the well known economist and present Governor of the RBI, in this lucid and well-argued book, makes a case for governments doing what they alone can best do, and less of what they cannot do effectively.

This book addresses topical development issues in India, ranging from land acquisition, poverty alleviation programs, labor market issues, the public-private partnership (PPP) model and fiscal federalism. It offers an Indian perspective on the dynamics of economic development and the impact the country’s legal and public policies have on it. Economic development is a dynamic concept – old problems are solved, while at the same time new issues come to the fore. The emergence of these issues is unique to the development experience of an economy. The book includes sixteen recent contributions and is divided into four sections: law and contract; trade and foreign aid; issues in public economics; and the social sector and poverty alleviation. The chapters reflect on a number of development issues which were of concern for India in the recent past and will be important in her future development initiatives such as land acquisition, agricultural productivity, employment, protection of intellectual property rights, corruption, public-private partnership, regional development, poverty alleviations programs like the National Rural Employment Guarantee Act (NREGA) and the training of self-help group members, health and education of women, to name a few. The book is a valuable reference resource for policy practitioners and researchers working on the economics of development with special focus on developing economies.

At The Time Of Attainment Of Independence, The Indian Economy Was In A Bad Shape. Centuries Of Exploitative Rule By The British Had Drained India Of Its Wealth. The Realization Of The Need For Resurrecting The Indian Economy Had Dawned Upon Our Leaders Even Before Independence. The National Planning Committee (Npc) Was Constituted In 1938 To Study Various Aspects Of Economic Development. After Independence, The Planning Commission Was Set Up In 1950 To Assess The Country S Needs For Material Capital And Formulate Economic Plans.During The Initial Years Of Planning Major Thrust Was To Develop Heavy And Basic Industries To Reduce The Country S Dependence On Import Of Machinery And Equipment, And Initiate Self-Sustained Long-Term Growth. The Progress Under The Nehru-Mahalanobis Model Of Growth Which Continued Upto The 1980S Was Slow. The 1990S Saw Major Shifts In Economic Policies With The Introduction Of Privatization And Liberalization In The Form Of Industrial Delicensing And Opening Up Of Indian Economy To International Trade. The Economic Reforms, Together With The Adoption Of New Technologies And Building Up Of Infrastructure, Have Led To A High Annual Gdp Growth Rate Of Over Eight Per Cent For The Last Three Years. Nearly All Economic Indicators Are In The Positive Zone.Paradoxically, However, The Country Is Experiencing Shortages In Amenities, Infrastructure And Essential Services. The Basic Objectives Of Alleviation Of Poverty, Generation Of Adequate Employment Opportunities And Removal Of Inequalities Of Income And Wealth Have Not Been Realized. Growth Is, By And Large, Confined To Our Urban Areas.The Book Studies The Structure And Features Of Indian Economy And Analyses All The Important Issues Relating Thereto. It Includes Latest Facts And Figures. It Will Be Useful To The Economists, Government Executives, Parliamentarians And Legislators To Frame Effective Policies. The Coverage And Treatment Of The Subject Will Immensely Help Students Of Economics And The Aspiring Candidates Of Various Competitive Examinations.