For almost three decades after Independence (1950-80), development pattern of India 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 n-tariff barriers and a cautious and selective approach towards foreign capital. This so-called inward-looking, import substitution strategy of ecomic 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. Consequently, ecomic reforms were set in motion, though on a modest scale, when controls on industries were reduced by the 1985 industrial policy. The ecomic reforms programme got a big boost when the Government anunced a new industrial policy in the Indian Parliament on 24 July 1991. Since then, it is liberalisation, privatisation and globalisation all the way and the process is underway. In the new liberalised industrial and trade environment, the Government is progressively assuming the role of a promoter, facilitator and catalytic agent instead of a regulator and controller of ecomic activities. India's gradual and cautious approach to ecomic reforms has proved well-founded and the country is placed on a firm footing for future forays into domestic and global ecomic activities. Presently, India is one of world's fastest growing ecomies. Lately, it has emerged as a global ecomic power, a leading outsourcing destination and a favourite of international investors. Indian ecomy has matured in several important respects. It is w much more integrated with the world ecomy and has benefited from this integration in many ways. The outstanding success of information techlogy (IT) and IT-enabled services (ITES) has demonstrated what Indian skills and enterprise can do, given the right environment. Similar strength is w evident in sectors such as pharmaceuticals, auto components and, more recently in textiles. This book provides a comprehensive account of India's ecomic policies and performance over the years 1947-48 to 2015-16, with focus on post-liberalisation (1991 onward) period.
Dr. (Mrs.) Vaidehi Shriram Daptardar is presently Principal and Head of Department of Economics, Adarsh College of Arts and Commerce (University of Mumbai), Badlapur, Thane, Maharashtra. As a distinguished academician for the last 33 years, holding Ph.D. in economics and MBA in finance, she is actively associated with many organizations. She is the founder director of Somaiya Gandhian Studies Centre, Mumbai. Dr. Daptardar, recipient of Late Dattaji Tamhane Adarsh Shikshak Puraskar by Dnyansadhana Trust, Thane, has also completed research projects sponsored by University Grants Commission (UGC), New Delhi and University of Mumbai, Mumbai. Apart from authoring books, she has also published articles in journals of repute. She has attended and presented papers at various state, national and international conferences/seminars. A prolific academician and administrator, she is a Member of Academic Council, University of Mumbai. Her areas of specialisation include Indian economy, management and finance.