Preface
 Acknowledgements
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.    The Economic Legacies of Colonial Rule in India: Another Look
        Tirthankar Roy

            •     Linking Empire with Development: The Old Theory    

            •     Linking Empires with Development: The New Trends    
            •     What Kind of a State was the Raj?
            •     Benefits and Costs of Colonialism
            •     Policy and Ideology after 1947    
            •     Conclusions: Economic Legacies of Colonialism

3.    Planning, Market and the State (Ed. Notes)    
            •     Structural Constraints and the Development Strategy
            •     Role of the State as Visualised in the Fifties
            •     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   

4.    Twelfth Five Year Plan: Faster, More Inclusive
       and Sustainable Growth
        Manmohan Singh

5.    Economic Reforms: Looking Back and Ahead
        C. Rangarajan
            •    Break with the Past 
            •    The Genesis of Reforms    
            •    Questions on the Reform Process   

6.    Fiscal and Budgetary Developments:
      Prospects and Reforms (Ed. Notes)
            •     Introduction
            •     Recent Fiscal Performance
            •     Medium-Term Fiscal Framework
            •     Conclusions

7.    Demographic Constraint: Population
       Change and Economic Development (Ed. Notes)
            •     Introduction   
            •     Economic Development and Population Growth    
            •     The Microeconomic Theory of Fertility    
            •     Population Trends   
            •     Gender Equity and the Demographic Transition   
            •     Population Policy since 1947   
            •     National Population Policy, 2000   
            •     Human Resource Development   
            •     Public Expenditure and Education Policy   
            •     Health Care as a Social Responsibility   
            •     Human Development: International Comparison   
            •     Disparities and Divides   
            •     Tamil Nadu: The Success Story   
            •     The Future 
            •     Demographic Dividend and Related Policy Interventions

8.    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

9.    Growth and Structural Change Since 1950 (Ed. Notes)       
            •     The Performance   
            •     India’s Growth Turnaround   
            •     Recent Growth Record   
            •     Aggregate Demand   
            •     Priorities for Reviving Growth   
            •     Reform Agenda   
            •     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   

10.  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   

11.  Macroeconomic Overview: The Growth Story       
        Manoj Panda
            •    Introduction   
            •    National Income Growth   
            •    Other Macroeconomic Developments   
            •    Growth Prospect: An Assessment    

12.  Growth Record of the Indian Economy, 1950-2008:
       A Story of Sustained Savings and Investment 
        Rakesh Mohan
            •    A Review of the Indian Growth Process     
            •    Prospects for the Next Five Years     
            •    Issues and Challenges     

13.  Growth and Investment: The Interlinks  
        C. Rangarajan
            •    Behaviour of Saving    
            •    Behaviour of Investment    
            •    The Way Forward    

14.  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

15.    Assessment of the Growth Experience:
         Poverty, Inequality and Unemployment (Ed. 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  
            •     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   
            •     The Performance   
            •     Success Stories   
            •     Policy Agenda   
            •     Employment Perspective   
            •     Skill Development: The Challenge   

16.    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    

17.    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    
            •     Equity Enhancing Initiatives    
            •     The Way Forward    

18.    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   

19.  Reforming Labour Markets in States:
        Revisiting the Futility Thesis      
        Achin Chakraborty
            •    How Rigid is the Labour Market?    
            •    The Logic of Flexibility    
            •    What Flexibility Cannot Achieve    
            •    Concluding Remarks    

PART IV
AGRICULTURE

20.  Indian Agriculture: Developments, Issues,
        Policies and Agenda for Reforms (Ed. 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    
            •     Cereals Production and Build up of Stocks    
            •     Secondary Agriculture: A Driver for Growth of
                    Primary Agriculture    
            •     Reforming the Three ‘I’s: Investments,
                  Incentives, and Institutions    
            •     Food Management    
            •     Public Distribution System (PDS)     
            •     Food Subsidy    
            •     Food Security    
            •     Agricultural Price Policy    
            •     Challenges and Outlook    

21.   Agricultural Development in India: 
        Performance, Issues and Policies
        S. Mahendra Dev
            •    Performance of Agriculture    
            •    Policies Since Independence    
            •    Issues and Policies for Higher Growth,
                 Equity and Sustainability    
            •    Conclusion   

22.  The Context and Conundrums of Contemporary Agriculture
        World Bank Group
            •     India’s Food Security Puzzle   
            •     Persistent Food Price Rise   
            •     Trade Policy and Cereal Prices   
            •     Food Grain Management and Food Prices    
            •     Rising Real Rural Wages    
            •     Persistent Questions about the
                  Sustainability of Growth    

23.  Agricultural Price Policy, Farm Profitability
        and Food Security  
        S. Mahendra Dev and N. Chandrasekhara Rao
            •    Trends in Costs and Yields    
            •    Trends in MSPs and Prices Realised by Farmers     
            •    Relationship between Costs, Prices
                 Realised and MSP    
            •    Returns to Farming    
            •    Increased Role of Price Policy     
            •    Concluding Observations    

24.  The National Food Security Act:
        Challenges and Options 
        Ashok Gulati and Shweta Saini
            •    The National Food Security Act (NFSA), 2013  
            •    Targeted Public Distribution System (TPDS)
                  Provisions of the NFSA, 2013    
            •    Other Welfare Schemes under NFSA 2013    
            •    Conditional Cash-Transfer Scheme     
            •    NFSA’s Operational Challenges    
            •    Way Forward    

25.    Food Inflation in India: Diagnosis and Remedies       
        Ashok Gulati and Shweta Saini
            •    Backdrop    
            •    Nature and Structure of Food Inflation    
            •    Drivers of Food Inflation: The Diagnosis    
            •    Remedies: Policy Options    

PART V
INDUSTRY, SERVICES AND INFRASTRUCTURE
26.  Industrial Development and Policies since
        Independence (Ed. 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,
                   Privatisation and Infrastructure 
            •     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    
            •     Why has Growth Moderated?    
            •     Challenges Arising from Government Policies    
            •     Micro, Small and Medium Enterprises (MSMEs)    
            •     Status and Key Challenges    
            •     Public Sector    
            •     Privatisation     
            •     Foreign Direct Investment (FDI)    
            •     Outlook    

27.  Industrial Performance, 1991-2008: A Review     
        R. Nagaraj
            •    Introduction    
            •    Industrial Performance After 1991-92    
            •    Why Did the Reforms Fail to Deliver the
                 Expected Results?    
            •    What should be Done Now?    
            •    Conclusions    

28.   Industrial Development and Policies Since
        Independence: Growth without Employment        
        K.L. Krishna
            •    Introduction    
            •    Policy Regimes and Pattern of Growth     
            •    Structural Transformation of the Economy    
            •    India’s Unique Pattern of Development    
            •    Employment Generation in Manufacturing    
            •    Recent Trends in Manufacturing Employment    
            •    National Manufacturing Plan and its Progress     
            •    Kumar’s Policy Suggestions    
            •    Concluding Remarks     

29.   Public Sector Performance Since 1950:
        A Fresh Look        
        R. Nagaraj
            •    Public Sector Performance    
            •    Reasons and Implications    
            •    Conclusions    
            •    An Update    

30.  On Strategies for Disinvestment and Privatisation
        Vijay Kelkar
            •    Public versus Private Ownership     
            •    Privatisation    

31.  Of Omissions and Commissions:
       India’s Competition Laws        
        Aditya Bhattacharjea
            •    Introduction    
            •    The MRTP Act, 1969-2009     
            •    The Competition Act, 2002     
            •    Post Script (2016)     

32.  Small-scale Industrialisation under Globalisation:
        Is the Tide Turning Around?     
        M.H. Bala Subrahmanya
            •    Introduction    
            •    Globalisation and Domestic Economic Reforms:
                 Implications and Impact on the SSI    
            •    SSI Performance in the Globalisation Era    
            •    Inferences and Conclusions (in the Context
                 of Recent Policy Initiatives)    

33.  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 

34.   Services in India’s Growth Process (Ed. Notes)
            •     Introduction    
            •     Growth and Sectoral Shares, Cross-Country
                  Evidence and Indian Experience     
            •     World Services Employment    
            •     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    

35.    Infrastructure and Economic Development (Ed. Notes)     

            •     Introduction    
            •     Strategies for Infrastructure Development    
            •     Differences in Infrastructure Building
                   Between India and China    
            •     Prioritisation of Infrastructure Sectors for
                   Development: Twelfth Five Year Plan 2012-2017    
            •     The Way Forward    
            •     Foreign Direct Investment into
                  Major Infrastructure    
            •     Infrastructure Development in India:
                  A Macro Perspective    
            •     Challenges and Outlook    

PART VI
THE EXTERNAL SECTOR

36.  India’s External Sector:  Policies, Developments
       and Issues (Ed. Notes)   
            •     Trade Policy    
            •     Structural Changes in India’s Foreign Trade
                  during 1980s and 1990s    
            •     India’s Merchandise Trade 2001 to 2015-16    
            •     Composition of Trade    
            •     Direction of Trade    
            •     Trade Deficit    
            •     Trade Policy    
            •     Balance of Payments    
            •     Managing Capital Flows    
            •     External Debt    
            •     International Comparison    
            •     Foreign Exchange Reserves:
                  Approach, Developments and Issues    
            •     Foreign Exchange Rate Policy    
            •     Exchange Rate    
            •     Concluding Remarks   

37. India’s New Foreign Trade Policy: Pluses and Minuses
       Biswajit Dhar
         •  Whole-of-Government Approach 
         •  Three Issues Highlighted 
         •  SEZ Failure 
         •  Regional Trade Agreements 

38. India’s External Sector: Do We Need to Worry? 
       C. Rangarajan and Prachi Mishra