Overview

Newly revised, this edition is a core text for graduate and postgraduate courses in the Indian economy. Select articles by a number of India's foremost economists and experts provide fresh insight into the fast emerging economy of the world's largest democracy. The original contributions are supported by editorial notes and excerpts from plan documents.

Full Product Details

Author:   Uma Kapila
Publisher:   Academic Foundation
Imprint:   Academic Foundation
Edition:   29th Revised edition
Weight:   0.525kg
ISBN:  

9789332704732

ISBN 10:   9332704732
Pages:   1026
Publication Date:   31 July 2024
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Contents Preface 23 Acknowledgements About the Contributors Part I Planning, Institutional Framework, Constraints and Role of the State 1. Indian Economy at Independence Uma Kapila The Colonial Regime The India of 1947 The Agrarian Scene The State of Indian Industry and its Structure The Planning Era 2. Planning, Market and the State Editorial Notes Structural Constraints and the Development Strategy Role of the State as Visualised in the 1950s Evolution of Strategy and Priorities Changing Perceptions Role of Planning in a Market Economy Redefining the Role of State The Government, the State and the Market Relevance of Planning Commission NITI Aayog: Role and Functions 3. Economic Reforms: Looking Back and Ahead C. Rangarajan Break with the Past The Genesis of Reforms Questions on the Reform Process 4. India’s Economic Reforms: Reflections on the Unfinished Agenda Vijay Joshi Introduction State Ownership Employment Creation Deep Fiscal Adjustment Primary Education State Capacity Concluding Remarks 5. Fiscal and Budgetary Developments: Prospects and Reforms Editorial Notes Introduction Fiscal Balance and Fiscal Reform Budget 2018-19 A Comprehensive Tax Reform to Promote Inclusive Growth Conclusions 6. Demography and Development Editorial Notes Introduction Economic Development and Population Growth The Microeconomic Theory of Fertility Demographic Change and Economic Growth Key Features about India’s Population Gender Equity and the Demographic Transition Population Policy since 1947 National Population Policy, 2000 Human Resource Development Development and Education Public Expenditure and Education Policy in India Education for All India’s Health Care Crisis Healthcare as a Social Responsibility Disparities and Divides Tamil Nadu: The Success Story Human Development: International Comparison The Future Demographic Dividend and Related Policy Interventions India’s Economic Prospects 7. India’s Demographic Transition and its Consequences for Development Tim Dyson India’s Demographic Transition Urbanisation The Future Discussion Part II Growth and Structural Change since 1950 8. Growth and Structural Change Since 1950 Editorial Notes The Performance India’s Growth Turnaround Recent Growth Record Aggregate Demand Performance on Inclusiveness The Need for Faster Growth Growth and Structural Change Sectoral Growth Trends Growth and Sectoral Shares, Cross-Country Evidence and Indian Experience Inter-Regional Disparities in Growth and Development The Way Ahead Growth Prospect: An Assessment Sustainable Development and Climate Change 9. The Recovery of India: Economic Growth in the Nehru Era Pulapre Balakrishnan Introduction Nehru-Mahalanobis Strategy A Record of Growth in the Nehru Era Caricature of a Vision: Through a Glass, Darkly Conclusions 10. Pressing the Indian Growth Accelerator: Policy Imperative Rakesh Mohan and Muneesh Kapur Introduction The Indian Economy: A Story of Consistent Growth The Golden Era of Growth: 2003-2008 Consistent Growth in Savings and Investment The Great Slowdown: 2012-2014 Getting Back to High Growth: A Simulation for 2017-2032 Financing Growth Infrastructure Investment Policy Imperatives for Getting Back to the High Growth Path Public Savings and Fiscal Policy Household Savings and Management of Inflation Private Corporate Sector and Manufacturing Foreign Savings and Capital Account Management Transport Infrastructure Conclusions 11. The Intriguing Picture of Investment C. Rangarajan Behaviour of Savings Behaviour of Investment Intriguing Numbers 12. India on the Growth Turnpike: No State Left Behind Arvind Panagariya Growth: No State Left Behind Poverty: Progress Everywhere Smaller and Newer States and Union Territories Conclusions Part III Distributional Issues: Poverty, Inequality, Malnutrition and Unemployment 13. Assessment of the Growth Experience: Poverty, Inequality and Unemployment Editorial Notes Poverty and Unemployment Poverty Estimates Poverty and Inclusive Growth Inequality Inequality After Economic Reforms Employment Employment, Unemployment and Labour Force Dynamics Underemployment: A Continuing Characteristic of Employment Characteristics and Structure of the Indian Labour Market Trends and Patterns of Employment Growth Gender Differentials in Employment Growth Summing Up: Key Features of the Employment Situation Labour Market Reforms Would Help Boost Employment Creation Public Employment Programme for the Unorganised Workers: The Case of NREGA Success Stories Employment Challenges Policy Agenda 14. Report of the Expert Group to Review the Methodology for Measurement of Poverty:Executive Summary Rangarajan Committee Report Executive Summary 15. Counting the Poor: Measurement and Other Issues C. Rangarajan and S. Mahendra Dev Clarifications on Issues What is New? Use of Calories Multidimensional Poverty Higher Urban Poverty NAS-NSS Consumption Differences Poverty Measures in Other Countries Public Expenditure and Poverty Poverty Ratio for Eligibility under Programmes 16. Inequities in Access to Health Services in India: Caste, Class and Region Rama Baru, Arnab Acharya, Sanghmitra Acharya, A.K. Shiva Kumar and K. Nagaraj Determinants of Health Inequities Features of Health Service Provisioning Inequities in Access to Health Services Factors Affecting Equity in Access to Health Services 421 Barriers for Marginalised Populations Equity Enhancing Initiatives The Way Forward 17. Labour and Employment in Fast Growing India: Issues of Employment and Inclusiveness T.S. Papola and Alakh N. Sharma Introduction Some Characteristics of the Indian Labour Market Trend and Pattern of Employment Growth Impact of Global Financial 2008 Crisis on Indian Labour Market and Employment Quality of Employment and Disparities Increasing Labour Flexibility and Erosion of Labour Rights Conclusion and Policy Agenda Part IV Agriculture 18. Indian Agriculture: Developments, Issues, Policies and Agenda for Reforms Editorial Notes Introduction Linkages between Agriculture and Other Sectors The Institutional Context The New Technology Three Phases of Green Revolution Reform Period, 1991 to the Present Deceleration in Agriculture Growth Long-term Performance, and what could be Holding Back Indian Agriculture Major Factors Affecting the Growth Potential National Policy for Farmers, 2007 Reforming the Three ‘I’s: Investments, Incentives, and Institutions Agricultural Price Policy Increased Role of Price Policy Agricultural Policy Review, 2018 Key Policy Recommendations Summing up 19. Twenty-Five Years of Policy Tinkering in Agriculture Ashok Gulati and Shweta Saini Backdrop Impact of the 1991 Exchange-Rate Adjustments and Lowering Industrial Tariffs on Agriculture Direct Reforms in Agriculture and their Impact Comparison with China Reforming Indian Agriculture: Way Forward 20. The Context and Conundrums of Contemporary Agriculture World Bank Group India’s Food Security Puzzle Persistent Food Price Rise Trade Policy and Cereal Prices Foodgrain Management and Food Prices Rising Real Rural Wages Persistent Questions about the Sustainability of Growth 21. Agrarian Performance and Food Price Inflation in India: Pre- and Post-Economic Liberalisation Sthanur R. Nair and Leena Mary Eapen Introduction Performance of Indian Agriculture Trends in Food Prices Understanding the Food Price Trends Summary and Policy Conclusions Part V Industry, Services and Infrastructure 22. Industrial Development and Policies since Independence Editorial Notes Extent and Pattern of Industrialisation during the British Rule The Industrial Scene at Independence Industrial Control Regime The Policy Regime in the 1990s New Economic Policy Opening up to Foreign Investment Public Sector Reforms and Privatisation Industrial Policy Objectives for the Twelfth Plan and Beyond Trends and Pattern of Industrial Growth Policy Regimes and Pattern of Growth Recent Industrial Growth, 2008-09 to 2013-14 Industrial-sector Performance Based on Revised GDP Estimates 2012-13 to 2015-16 Industrial Growth 2015-16 to 2017-18 Why has Growth Moderated? Challenges Arising from Government Policies Micro, Small and Medium Enterprises Status and Key Challenges Public Sector Privatisation Foreign Direct Investment 23. Economic Reforms and Manufacturing Sector Growth: Need for Reconfiguring the Industrialisation Model R. Nagaraj Industrial Trends Performance during the Boom and Bust Competing Explanations for the Trends Need for Reconfiguring Development State Conclusions 24. Economic Growth without Employment: The Story of Indian Manufacturing Jayan Jose Thomas Introduction Indian Planning and Capital-Intensive Industrialization Growth During the 1980s Industrial Growth After 1990s Constraints to Indian Manufacturing Conclusions 25. The Employment Problem in India and the Phenomenon of the Missing Middle Dipak Mazumdar and Sandip Sarkar Trends in the Industrial Structure of Employment Employment Growth in the Tertiary Sector in India in a Comparative Context Dualism in Indian Manufacturing Why is Dualism a Problem for Manufacturing Growth? Causes of the Emergence and Persistence of Dualism Conclusion 26. On Strategies for Disinvestment and Privatisation Vijay Kelkar Public versus Private Ownership Privatisation 27. Of Omissions and Commissions: India’s Competition Laws Aditya Bhattacharjea Introduction The MRTP Act, 1969-2009 The Competition Act, 2002 Post Script (2016) 28. Clothes and Shoes: Can India Reclaim Low Skill Manufacturing? Ministry of Finance Introduction 731 Why Clothes and Shoes? 732 Challenges Policy Response and Conclusions 29. Services in India’s Growth Process Editorial Notes Introduction Growth and Sectoral Shares, Cross-Country Evidence and Indian Experience World Services Trade Factors Underlying the Services Growth India’s Services Employment India’s Services Trade Foreign Direct Investment in India’s Service Sector Liberalisation of Services in India India and Trade Negotiations in Services Conclusion 30. Infrastructure and Economic Development Editorial Notes Introduction Strategies for Infrastructure Development Differences in Infrastructure Building Between India and China Specific Bottlenecks in Executing Infrastructure Development Rural Infrastructure Committee on Infrastructure Foreign Direct Investment into Major Infrastructure Infrastructure Development In India: A Macro Perspective Challenges and Outlook 31. Indian Financial Sector: Structure,Trends and Turns Rakesh Mohan and Partha Ray Introduction 787 Indian Financial Sector: 1950–1990—From Laissez Faire to Government Control Banking in India since the 1990s: Towards Modern Competitive Banking Emerging Issues The Insurance Sector Since the 1990s: Opening up the Doors Capital Market: Uneven Progress in Different Segments Bond/Debt Market Equity Market External Account and India’s Financial Opening Non-Banking Finance Companies (NBFCs): Checkered Trend Concluding Observations Part VI The External Sector 32. India’s External Sector: Policies, Developments and Issues Editorial Notes Trade Policy Structural Changes in India’s Foreign Trade during 1980s and 1990s 840 India’s Merchandise Trade: 2001 to 2016-17 The Critical Role of Exports Imports Composition of Trade Direction of Trade Trade Deficit Trade Policy FTP: Mid Term Review and Subsequent Trade Related Policies Multilateral Negotiations Balance of Payments Managing Capital Flows External Debt Currency Composition of External Debt International Comparison Foreign Exchange Reserves:Approach, Developments and Issues Foreign Exchange Rate Policy Exchange Rate Concluding Remarks 33. Some Issues in External Sector Management C. Rangarajan Break with the Past Balance of Payments Export Performance Import Behaviour Factors In?uencing Exports Exchange Rate Policy Level of Current Account De?cit Foreign Exchange Reserves Policy on Capital Flows Conclusions 34. India’s New Foreign Trade Policy: Pluses and Minuses Biswajit Dhar ‘Whole-of-Government’ Approach Three Issues Highlighted SEZ Failure Regional Trade Agreements 35. Make in India: Which Exports can Drive the Next Wave of Growth? Rahul Anand, Kalpana Kochhar and Saurabh Mishra Introduction and Motivation The Evolution of India’s Export Basket The Evolution of Service Exports The Transformation of India’s Exports Implications of the Evolution of Indian Exports The Way Forward 36. Foreign Direct and Portfolio Investments Flows and Development:A Perspective on Indian Experience Nagesh Kumar The Context Evolution of Policy Regime Towards FDI and FPIs in India Foreign Direct Investment Flows and Their Quality FPI Inflows and Their Impact India as an Emerging Source of FDI Outflows Concluding Remarks and Policy Lessons 37. India and the WTO Editorial Notes World Trade Organization India and the WTO India’s Participation in WTO Meetings WTO Negotiations and India 38. Indian Economy Today: An Overview and Comparative Perspective Uma Kapila India’s Increasing Importance to Global Growth The Search for Prosperity Radical Reform: Rationale and Setting Outlook for Growth Comparative Perspective India’s Decline in South Asia India among the BRIC Challenges and Prospects

Reviews

Praise for the silver jubilee edition: Uma Kapila's 25th edition of this well-known volume contains an excellent and up-to-date collection of essays on the Indian Economy by some of the country's leading economists, interspersed with very useful contributions by the editor herself. It will be a great boon for all students of the Indian economy...young and old. - Shankar Acharya, Chief Economic Adviser to the Government of India (1993-2001). The annual edition of Dr. Uma Kapila's Indian Economy since Independence has become a staple, annually updated, reference for University students throughout the country, for aspirants for the civil service and other examinations, and for all those interested in a single comprehensive source of information, and analysis by a galaxy of scholars, on the Indian economy. This twenty-fifth anniversary edition marks a milestone in a remarkable journey, begun in 1988 by a revered teacher of long standing from Delhi University. - Indira Rajaraman, Former Member, 13th Finance Commission and presently Member, Central Board of Reserve Bank of India. Sharing a piece of its history... Year 1988: Upon publication of the first edition of this book, which was originally designed for students of the University of Delhi, Prof. VKRV Rao, the legendary economist, policymaker and institution builder, thus wrote in a letter addressed to the editor Uma Kapila: ...It will be a most unusual kind of textbook for pioneering which you deserve congratulations. I, therefore, send you my good wishes for the success of the publication and its use by students who do Economics Honours not only in the University of Delhi but also other universities. - V.K.R.V. Rao (1988)

Author Information

Uma Kapila, author/editor of several other books, has taught Indian Economy to undergraduate students for over forty-two years. She retired as Reader from the Department of Economics, Miranda House, University of Delhi. Presently, she is Editorial Director, Academic Foundation. An Honours Graduate from Miranda House, University of Delhi and M.A. and Ph.D. from Delhi School of Economics, Dr. Uma Kapila has also served on the Planning Commission Study Group on “Agricultural Strategies in the Eastern Region of India for the Seventh Five Year Plan” (Perspective Planning Division). Dr. Uma Kapila is the author of the book Oilseeds Economy of India (1982) published by the Institute of Economic Growth, Delhi. She is also the author/editor of two other textbooks on Indian economy, one meant for B.A. (Hons.) Economics, and the other for B.A.(Programme) and B.Com (Hons.) and Honours other than Economics. She has edited, and co-edited with Raj Kapila, a number of books on India’s economy, banking and finance.

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