In 1991, India adopted liberal and free-market principles and liberalized its economy. The economic reforms provided the market orientation to the economy to improve efficiency and productivity. The country's economic growth progressed with a relatively moderate increase in per-capita income. The economic reform has brought the challenge and the economy is in an adjustment mode the important factor is the smooth implementation of reforms.Currently India is called a developing economy. Macroeconomic variables help in obtaining a picture of major structural changes in India's economy. Such changes accompany economic development. The economy of India is the fifth-largest in the world by nominal GDP and the third-largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS. According to the IMF, on a per-capita-income basis, India ranked 142nd by nominal GDP and 126th by GDP (PPP) in 2018. India is the 21st largest exporter and the 11th largest importer in the world. For the sake of analysis the book will be divided into the following seven parts: Part I Anatomy of Indian Economy; Part II Agriculture Reforms; Part III Industrial Reforms; Part IV Financial Sector Reforms; Part V Fiscal and Monetary Policy Reforms; Part VI External Sector Reforms; Part VII Contemporary Issues in Indian Economy.

India evokes many images because the country is extremely heterogeneous in its resource endowments, climate, languages, and infrastructure. India provides a rich tapestry of economic and social milieu: the 22 officially recognized languages spoken by the population, with their many dialects; the caste system; and its hoary history with its rich culture and traditions. India possesses a wide and varied resource base, although domestic sources supply only a third of the country's oil requirements at present. India's economic performance has attracted considerable commentary and controversy. Since 1950, India's approach to economic development has been within the framework of a mixed economy, which has resulted from both pragmatic and political considerations. The objective of this book is to provide an understanding of the economy with its nature and structure, dominance of unorganized sector, natural resources, economic and social infrastructure, demographic features, poverty, unemployment, inequality, national income, saving and investment, role of noneconomic factors, and sources of data. Despite being a part of the eight-volume series on the Indian economy, this second volume in the series is in the nature of an introductory essay designed to provide a succinct nontechnical exposition of India's economic structure, performance, and policies.

This series is intended to serve as an introduction to the Indian Economy from the Post Reform of 1991. The author makes an endeavor to present how India's economic fortunes dwindled over the centuries. This first volume begins with an analysis of the history, evolution, and growth of the Indian economy through several periods along with their positive and negative aspects. The author attempts to bring fairly interesting snapshots to highlight how the Indian economy has evolved over the years. The book provides history; traces the evolution of the economy during the early Muslim period and the Mughal Empire as well as during the British regime (1761 to 1947); and analyzes the impact of the British regime and the growth of the economy between 1947 and 1990. Points of analysis include policy framework-state and market; NITI Aayog-a think tank; the Indian polity-fiscal federalism; democracy and development; the economic policy regime prior to 1991; and economic reforms. The penultimate chapter looks at the future direction and task ahead of the economy. Finally, Indian economic thought is analyzed. There is plenty to discuss!

Demonetization has created a severe macroeconomic shock. The measure was humungous in scale and led to a sharp contraction in money supply for a short period. Although demonetization's proponents have contended that it would cleanse the economy of black money and make transactions more formal and digital, its implementation certainly could have been better. The effects of demonetization on the Indian economy are debatable and will vary by sector. Its effectiveness will be talked about and studied by economists and policy makers for decades to come. Demonetization has made only a minor dent in the GDP. It has helped to bring more people into the tax net and has reduced the size of the informal economy. With the increased use of digital payments, economic transactions become recorded. This book examines the very concept, history, critique, and impact on the overall economy and black money, the move toward less-cash economy and digitalization, government-RBI relations, along with an assessment of two years of demonetization. It would be prudent for the government to focus more on proper institutional reforms to address the issues originating from demonetization.