India was a typically backward economy at the time of Independence in 1947. Due to poor technological and scientific capabilities, industrialisation was limited and lop-sided. Agricultural sector exhibited features of feudal and semi-feudal institutions, resulting into low productivity. Means of transport and communications were underdeveloped. Educational and health facilities were grossly inadequate and social security measures were virtually non-existent. In short, the country suffered from the twin problems of rampant poverty and widespread unemployment, both making for low general standard of living. After 65 years of development efforts, India is presently one of world's fastest growing economies. Lately, it has emerged as a global economic power, the leading outsourcing destination and a favourite of international investors. Exuding confidence in the future of the Indian economy, Finance Minister P. Chidambaram in his Budget Speech to the Parliament on 28 February 2013 observed, "We are the tenth largest economy in the world. We can become the eighth, or perhaps the seventh, largest by 2017. By 2025, we could become a US$ 5 trillion economy, and among the top five in the world. What we will become depends on us and on the choices that we make." India is a Union of States with a federal set up. Politically, the country is divided into 28 States and 7 Union Territories, collectively called the Republic of India. India's diverse economy encompasses traditional village farming, modern agriculture, fisheries, handicrafts, a wide range of modern industries, and a multitude of services. The Constitution of India, the longest and the most exhaustive constitution of any independent nation in the world, was adopted on 26 November 1949, and became operative on 26 January 1950. It provides for two layers of Government, one at the Central level, and the other at the level of the States. A federal polity of this kind requires division of powers and responsibilities between the Centre and the States. Hence, the Constitution describes in detail the legislative powers and functions of the two tiers of Government. Part I of this book provides sector-wise economic survey of India. The sectors covered are: (a) human and natural resources, (b) poverty and economic planning, (c) agriculture and rural development, (d) industry and minerals, (e) infrastructure development and services, (f) fiscal policy, (g) monetary policy and credit management, (h) financial institutions and financial markets, (i) labour and employment, (j) health security, (k) education and training, (l) empowerment of disadvantaged, (m) environment policy, and (n) foreign trade and investment. Part II is devoted to State-wise economic survey. All the 28 states of India have been surveyed alphabetically. From the largest to the smallest, each state has its own unique history, culture, demography, and socio-economic objectives and challenges. Hence, there are variations in their physical, social and economic characteristics. Thus, Uttar Pradesh is the most populated state with a headcount of 19.95 crore as per 2011 Census while Sikkim is the least populated state with merely 6.1 lakh people. In terms of area, Rajasthan is the largest with 3,42,239 square kilometres of territory whereas Goa is the smallest state with only 3,702 square kilometres of land. Similarly, Goa had the highest per capita net state domestic product (NSDP) of ' 1,92,652 at current prices in 2011-12 while it was lowest for Bihar at ' 23,435 for the same year. Likewise, Kerala ranked at the top in terms of Human Development Index (HDI) with a score of 0.790 in 2011 while Chhattisgarh was at the bottom with a score of 0.358, the national average being 0.467. Part III presents economic survey of 7 Union Territories, taken separately and in alphabetical order. Like states, Union Territories also exhibit diverse physical features and economic characteristics. Part IV contains socio-economic statistics of States and Union Territories pertaining to population, area, birth rate, death rate, infant mortality rate, life expectancy, literacy rate, net state domestic product, per capita net state domestic product, revenue receipts, and human development index. Information contained in this book was collected chiefly from publications and websites of various Ministries/Departments of the Government of India, Planning Commission of India, Reserve Bank of India (RBI), National Portal of India, Insurance Regulatory and Development Authority (IRDA), Securities and Exchange Board of India (SEBI), and official websites of State Governments and Union Territories.

Price stability and availability of sufficient credit for productive purposes have all along remained the twin objectives of monetary policy in India. The monetary policy reforms since 1991 have hinged on easing fiscal constraints. The first important step was introduction of an auction system for the Central Government's market borrowings in June 1992. This enabled an increasing proportion of the fiscal deficit to be financed by borrowings at market-related rates of interest. This, in turn, enabled the Reserve Bank of India (RBI) to scale down the Statutory Liquidity Ratio (SLR) to the targeted statutory minimum level of 25.0 percent by October 1997. The second significant step was the historic accord between the Government and the RBI in September 1994, eliminating the automatic monetisation of the Centre's fiscal deficit by gradually phasing out ad hocs by April 1997. A system of ways and means advances (WMA) to the Central Government, subject to mutually agreed limits at market-related rates, was put in place instead to meet mismatches in cash flows. Credit policy is a powerful instrument for securing the desired economic results. Credit control can exercise a healthy restraining influence on speculation and can assist in bringing about a better balance between aggregate demand and aggregate supply. RBI has largely been successful in bringing the organised sector of the money market well under its control. RBI is also playing a more active role in the provision of rural finance and is devoting special attention to the problem of promoting banking development in parts of the country in which it has hitherto been lacking. These developments have strengthened the credit system materially. This book deals with various dimensions of monetary and credit management in India, focusing on post-liberalisation (1991 onward) period.

India's development pattern during 1950-80 was characterised by strong centralised planning, Government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism -- through tariff and non-tariff barriers -- and a cautious and selective approach towards foreign capital. It was a quota, permit and license regime guided and controlled by a bureaucracy trained in colonial style. This so-called inward-looking, import substitution strategy of economic development began to be widely questioned with the beginning of 1980s. Policy makers started realising the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower rate of growth than expected. Tilt towards economic liberalisation started in 1985 when Government announced a series of measures aimed at deregulation and liberalisation of industry. These measures, described as New Economic Policy, were followed by drastic changes introduced by the 1991 Industrial Policy Statement of the Government. As a result of economic reforms of the last 20 years, India is presently one of worlds fastest growing economies. In the last few years, it has emerged as a global economic power, the leading outsourcing destination and a favourite of international investors. Indian industry has upgraded technology and product quality to a significant degree and met the challenge of openness after being protected for so long. The Approach Paper to the Twelfth Five Year Plan (2012-13 to 2016-17) released by the Planning Commission, Government of India in October 2011 expressed concern at the slow growth of the manufacturing sector and emphasised "the need to sharply change the growth trajectory of Indias manufacturing sector" by adopting a holistic appraisal of what needs to be done to improve its competitiveness. This book contains 15 chapters which trace developments in different aspects of industrialisation during the post-Independence period, explain the key reform measures undertaken for making Indian industry internationally competitive and examine current issues pertaining to this vital sector of the Indian economy. The book also contains the following 5 appendices: Appendix 1: Industrial Policy Resolution, 1956. Appendix 2: Statement on Industrial Policy, July 24, 1991. Appendix 3: Year-wise Review of Industrial Developments in India: 1947-48 to 2011-12. Appendix 4: Edited Extracts from Indias Five Year Plans on Industry (I to XII Plan). Appendix 5: Glossary of Industrial Terms.

After 60 years of development efforts, India is currently one of world's fastest growing economies. In the last few years, the country has emerged as a global economic power, the leading outsourcing destination, and a favorite of international investors. The tilt towards economic liberalization started in 1985 when the government announced a series of measures aimed at the deregulation and liberalization of industry. These measures, described as New Economic Policy, were followed by drastic changes introduced by the 1991 Industrial Policy Statement of the government. By and large, Indian industry has upgraded technology and product quality to a significant degree and met the challenge of openness after being protected for so long. The Competition Act, 2002 sought to: establish a pro-competitive legal framework, contain anti-competitive practices and abuses of dominance, and yield better regulation of markets. The Micro, Small, and Medium Enterprises Development Act provided the first-ever legal framework recognizing the concept of enterprise. Similarly, various initiatives have been taken for the development of the infrastructure. Part I of this book traces the developments in different aspects of industrialization during India's post-independence period and explains the key reform measures undertaken which helped make the Indian industry internationally competitive. Part II deals with various facets of infrastructure development in India. Part III provides a yearly review of problems, policies, and progress of industry and infrastructure in India, covering the period 1947-48 to 2008-09. Part IV consists of appendices which provide relevant material on different aspects of Indian industry and infrastructure. Part V contains a glossary of terms related to industry/infrastructure.

"The present work traces the developments in Indian industry during the post-Independence period, explains the key reform measures undertaken for the development of industry in the wake of economic liberalisation and examines current issues pertaining to this vital sector of the Indian economy. The last decade of the 20th century was momentous in the economic history of India as it witnessed a successful transition of India from a controlled, inward looking, and slow growing economy to a liberalised and open economy that has now found a place amongst the fastest growing economies in the world. "