This book provides a comprehensive review of the policies and performance of the Indian economy from a historical and comparative perspective. It analyses the origin, rationale, and outcomes of India's economic reforms of 1991 in the context of changes in economy, polity, and society.

• List of Tables and Figures


• Preface


• LECTURE I:


• 1: Intrinsic and Instrumental Values.


• 2: Legacy of the Colonial Era: 1858-1947.


• 3: Plans for National Development Prior to Independence in 1947.


• 4: Establishment of the Planning Commission in 1950.


• 5: The Macroeconomic Crisis of 1966 and Economic Liberalization of 1966-68.


• 6: Five Year Plans and the License Permit Raj.


• LECTURE II:


• 1: Brief Recapitulation of the First Lecture.


• 2: Political Change and Intensification of Controls of LCP.


• 3: Fiscal Profligacy.


• 4: Debt Accumulation and the Build-up to the Crisis of 1990-91.


• 5: Domestic Shocks and Their Economic Consequences.


• LECTURE III:


• 1: Macroeconomic and Balance of Payments Crisis of 1991.


• 2: External Events and Reforms.


• 3: Rationale and Content of the Reforms of 1991.


• 4: Implementation of Reforms: 1991 to mid-2010.


• 5: Outcome of Reforms: 1991 to mid-2010.


• LECTURE IV:


• 1: Recapitulation of the Third Lecture.


• 2: The Onset of the Global Financial Crisis.


• 3: Salient Features of India's Economy: 1950-2010; Global Financial Crisis.


• 4: Impact of the Crisis on India and China.


• 5: Sustainability of Growth.


• 6: Future Prospects and Conclusions.


• Bibliography


• Index