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Indian Economy: Its Development Experience by V. K. Puri and S. K. Misra

By: Puri, V. K.
Contributor(s): Misra, S. K.
Material type: materialTypeLabelBookPublisher: Mumbai Himalaya Publishing House Pvt. Ltd. 2017Edition: 35th ed.Description: 776p.ISBN: 9789352731718.Subject(s): Economy - IndiaDDC classification: 330.954
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PART - I
ECONOMIC DEVELOPMENT: A THEORETICAL BACKGROUND
Part - I: Summary Statistics

1. Economic Growth, Development and Underdevelopment
The Concept of Economic Growth
The Concept of Economic Development
Growth and Development: A Contrast in Concepts
Underdevelopment: Meaning and Indicators
Common Characteristics of Underdeveloped/Developing Countries
2. Economic and Human Development
Role of Natural Resources in Economic Development
Role of Economic Factors in Economic Development
Non-Economic Factors in Economic Development
Human Development
Why Human Development?
Essential Components of Human Development
The Human Development Index
Gender Inequality Index
Multidimensional Poverty Index
Links between Economic Growth and Human Development
Recasting Planning in Terms of Human Development
3. The Environment and Development
Environmental Protection and Sustainable Development
Growth and Environmental Degradation
Environment Policy in India
The Global Concerns
Select Readings for Issues Discussed in Part I

PART - II
STRUCTURE OF THE INDIAN ECONOMY
Part - II: Summary Statistics
4. Colonialism and Underdevelopment of the Indian Economy
Meaning of Colonialism
British Rule and the Exploitation of India
The British Rule and India’s Underdevelopment
State Policies and Economic Underdevelopment
5. Nature of the Indian Economy
India — An Underdeveloped Economy
India — A Developing Economy
6. Natural Resources
Land Resources
Soil Erosion
Water Resources
Forest Resources
Mineral Resources
7. Infrastructure
Sources and Demand for Energy
Power or Electricity
Coal
Oil and Gas
Atomic Energy
Energy Crisis
The Energy Strategy
New and Renewable Sources of Energy
Transport System in India
Railways
Road Transport
Water Transport
Air Transport
Communications
8. The Population Growth and Economic Development
The Three Stages of Demographic Transition
India’s Population: Size and Growth Trends
India’s Population: The Future
Causes of the Rapid Growth of Population
Population and Economic Development
Remedies for Population Explosion
Population Policy
9. Some Demographic Issues
The Sex Composition of Population and the Missing Women
Age Structure of Population and its Demographic Dividend
Urbanisation and the Development Process
Migration of Rural Population to Urban Areas in India
10. Human Resource Development
Importance of Human Resource Development
Education in India and Development of Human Resources
Education Policy in India
Health Policy
National Health Policy, 2017
11. Labour Force Growth and Occupational Pattern
Labour Force Growth in India
Occupational Structure and Economic Development
Occupational Distribution of Labour Force in India
12. Employment and Unemployment in India
Employment Trends
Structure of Employment
Nature and Estimates of Unemployment in India
Unemployment in Urban Areas
Agricultural Unemployment
Causes of Unemployment
Government Policy for Removing Unemployment
Major Employment Programmes
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
Appendix I to Chapter 12: National Policy for Skill Development and Entrepreneurship
Appendix II to Chapter 12: Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
Appenidx III to Chapter 12: Deen Dayal Upadhyaya – Grameen Kaushalya Yojana (DDU – GKY)
13. Capital Formation in India
India’s Capital Requirements for Economic Growth
Domestic Saving
Domestic Capital Formation
14. National Income of India: Macroeconomic Overview
The National Income (NNP) Trends
Per Capita National Income
Services Led Growth
National Product by Industry of Origin
15. Poverty in India
The Concept of Poverty Line
Incidence of Poverty in India
Multidimensional Poverty
Safety Nets for Poor — Poverty Alleviation Programmes
Strategy of Poverty Alleviation
Conclusion
Appendix to Chapter 15: Universal Basic Income (UBI)
16. Income Distribution in India
The Pattern of Income Distribution in India
Disequalising Growth During the Economic Reform Period
Causes of Income Inequalities in India
Government Policy and Measures
Select Readings for Issues Discussed in Part II

PART - III
BASIC ISSUES IN AGRICULTURE
Part - III: Summary Statistics
17. Indian Agriculture: Role, Nature and Cropping Pattern
Role of Agriculture in Indian Economy
Nature of India’s Agriculture
Cropping Pattern in India
18. Issues in Indian Agricultural Policy and Rural Development
Policies for Agricultural and Rural Development: An Overview
Agriculture: Trends in Investment
WTO and Indian Agriculture: Challenges and Priorities in the Global Economy
Agricultural Growth Concerns
19. Agricultural Production and Productivity Trends
Trends in Agricultural Production and Productivity
Low Levels of Productivity
Causes of Low Productivity
Measures to Increase Production and Productivity
20. Land Reforms
Systems of Land Tenure in Pre-Independent India
Objectives of Land Reforms
Abolition of Intermediaries
Tenancy Reforms
Ceilings on Agricultural Holdings
Agricultural Holdings in India
Consolidation of Holdings
Cooperative Farming
Evaluation of Land Reforms in India
21. Agricultural Inputs and Green Revolution
Irrigation
Fertilizers
High Yielding Varieties of Seeds
Pesticides
Green Revolution
Impact of Green Revolution
22. Agricultural Finance and Marketing
Need for Agricultural Finance
Sources of Agricultural Finance and their Relative Importance
Cooperative Credit Societies
Commercial Banks and Rural Credit
Regional Rural Banks
National Bank for Agriculture and Rural Development (NABARD)
Financial Inclusion
Agricultural Marketing in India
Government Measures to Improve the System of Agricultural Marketing
Cooperative Marketing
23. Agricultural Prices and Agricultural Price Policy
Trends in Agricultural Prices
Need for Agricultural Prices Policy
Agricultural Price Policy in India
Evaluation of Government’s Agricultural Price Policy
24. Agricultural Subsidies and Food Security in India
Agricultural Subsidies
Subsidies on Agricultural Inputs
The Problem of Food Security
Public Distribution System in India
Targeted Public Distribution System (TPDS)
National Food Security Act, 2013
ICDS and Mid-Day Meal Scheme
25. Agricultural Labour
Definition of Agricultural Labour
Causes of Growth in the Number of Agricultural Labourers
Conditions and Problems of Agricultural Labourers
Measures Adopted by the Government
Measures for Improvement
Select Readings for Issues Discussed in Part III

PART - IV
THE INDUSTRIAL SECTOR AND SERVICES IN INDIAN ECONOMY
Part - IV: Summary Statistics
26. Industrial Development During the Planning Period
Programmes of Industrial Development under the Plans
Trends in Industrial Production
Changes in the Industrial Pattern During the Plans: A Brief Resume
Some Problems of Industrial Development in India
27. Some Major Industries of India
Iron and Steel
Jute Industry
Textile Industry
Sugar Industry
Cement Industry
28. Small-Scale and Cottage Industries
Definition of Small-Scale Industries Sector
The Role and Performance of Cottage and Small-Scale Industries in Indian Economy
Small-Scale and Cottage Industries During the Plans — The Government Policy
Problems of Small-Scale and Cottage Industries
29. Industrial Policy
Industrial Policy Prior to 1991
Review of Pre-1991 Industrial Policy and Liberalisation Trends
New Industrial Policy, 1991
Appraisal of New Industrial Policy
National Manufacturing Policy
Make in India
Startup India
30. Public Sector in the Indian Economy
Division of the Economy into Public and Private Sectors
Role of Public Sector in the Indian Economy
Performance of the Public Sector
Problems of Public Sector Enterprises
Policy Towards Public Sector Since 1991
31. Privatisation of Public Sector Enterprises: The Disinvestment Programme in India
Meaning and Rationale of Privatisation
Methods of Privatisation
Evolution of Privatisation Policy in India
Proceeds from Disinvestment and Methodologies Adopted
A Critique of Privatisation and Disinvestment
32. Some Issues Related to Private Sector
Private Corporate Sector in Economic Reform Period
The Burden of Corporate Debt
India’s Antitrust Law: MRTP Act and Competition Act
Ease of Doing Business
Corporate Social Responsibility
33. Industrial Sickness in India
Definition of Industrial Sickness
Magnitude of Sickness
Causes of Industrial Sickness
Consequences of Industrial Sickness
Remedial Measures
Provisions of Companies Act, 2013 for Revival and Rehabilitation of Sick Units
Insolvency and Bankruptcy Code 2015
34. Labour Relations and Social Security
Magnitude of Industrial Disputes
Causes of Industrial Disputes
Industrial Relations: Policy of the Government
Social Security in India
Social Security Legislations in India
A Critical Review of Social Security Measures in India
35. Services Sector in Indian Economy
Growth and Contribution of Services Sector in India
Which Services have Grown Rapidly?
What Explains Rapid Services Growth?
Share of Services in Employment
Information and Communications Technology
India’s IT and ITES Industry
Foreign Trade in Services
Services Led Growth: How Sustainable?
Select Readings for Issues Discussed in Part IV

PART - V
FOREIGN TRADE AND FOREIGN CAPITAL
Part - V: Summary Statistics
36. India’s Foreign Trade: Value, Composition and Direction
Value of Exports and Imports in the Planning Period
Composition of Foreign Trade
Direction of Trade
Growth and Structure of India’s Foreign Trade Since 1991
37. India’s Balance of Payments
Meaning of Balance of Payments
India’s Balance of Payments: The Pre-1991 Period
Balance of Payments Situation Since 1991
The Management of Balance of Payments
Challenges and Outlook
38. Trade Policy of the Government of India
Import Policy: The Pre-Reform Period
Export Policy: The Pre-Reform Period
New Trade Policy: The Reform Period
Foreign Trade Policy (2015-2020)
Appendix to Chapter 38: Special Economic Zones
Concept and History of SEZs
Special Economic Zones in India
Benefits of SEZs
Arguments Against SEZs
EGOM Decision on SEZs
SEZs: A Dream Gone Sour
39. Foreign Capital and Aid
Components of Foreign Capital
Need for Foreign Capital
Indian Government’s Policy Towards Foreign Capital
Foreign Investment Inflows
Foreign Investment Inflows since 1991: A Critical Appraisal
Foreign Aid to India
External Commercial Borrowings
Non-Resident Deposits
India’s External Debt
40. India’s Exchange Rate Policy, Foreign Exchange Reserves
and Capital Account Convertibility
Choice of Exchange Rate Regime
Exchange Rate Management in India
The Management of Foreign Exchange Reserves
The Issue of Capital Account Convertibility
41. Multinational Corporations, FERA and FEMA
Reasons for the Growth of MNCs
Foreign Collaboration and MNCs
A Critical Appraisal of MNC Operations in Indian Economy
Control Over Multinational Corporations
Foreign Exchange Regulation Act (FERA), 1973
Foreign Exchange Management Act (FEMA), 1999
FEMA: A Major Departure from FERA
42. Globalisation and its Impact on the Indian Economy
Meaning of Globalisation
Globalisation in India
Steps towards Globalisation
Effects of Globalisation
43. WTO and India
GATT and Multilateral Trade Negotiations
Functions and Organisation of WTO
WTO Agreements
India’s Commitments to WTO
Benefits Proclaimed for India
A Critical Review of the Working of WTO
Singapore Issues and Doha Declaration
Hong Kong Ministerial Conference
Bali Package
Nairobi Ministerial Conference
Select Readings for Issues Discussed in Part V

PART -VI
MONEY, BANKING AND FINANCE
Part - VI: Summary Statistics
44. Price Trends and Inflation
Price Movements during the Planning Period
Factors on the Demand Side Affecting Prices
Factors on the Supply Side Affecting Prices
Consequences of the Inflationary Price Rise
Anti-Inflationary Policy of the Government
Inflation Targeting: Urjit Patel Committee Report
45. Indian Money Market
The Indian Money Market
Unorganised Sector of the Indian Money Market
Organised Sector of the Indian Money Market
Characteristics of the Indian Money Market
Reform Measures to Strengthen the Indian Money Market
46. Commercial Banking in India
Banking Developments: 1949-69
Nationalisation of Banks
Banking Structure in India
Expansion of Branches during the Post-Nationalisation Phase
Deposit Mobilisation
Bank Lending
Evaluation of Banking Since Nationalisation
Banking Sector Reforms
Indian Banking: Concerns and Challenges for Future
Appendix to Chapter 46: Payment Banks and Small Finance Banks
47. The Reserve Bank of India
Main Functions of the Reserve Bank of India
Monetary Policy of the Reserve Bank of India
Control of Currency by the Reserve Bank of India
The Reserve Money (RM)
Control of Credit by the Reserve Bank of India
Short-Term Liquidity Management
Banking Laws (Amendments) Act, 2012
48. Capital Market in India
Capital Market
Structure of the Capital Market
Role of Capital Market in India’s Industrial Growth
Growth of Capital Market in India
Factors Contributing to the Growth of Capital Market in India
Problems of Indian Capital Market: The Pre-Reform Phase
Strengthening the Capital Market: The Post-Reform Phase
SEBI and Capital Market Development
Conclusion
Appendix to Chapter 48: Measures to Develop Corporate Bond Market
49. Institutional Financing
Evolution of Institutional Financing in India
Classification of Financial Institutions in India
All India Development Financial Institutions
Investment Institutions
Specialised Financial Institutions
State Level Institutions
A Critical Appraisal of the Industrial Financing Institutions
Select Readings for Issues Discussed in Part VI

PART - VII
PUBLIC FINANCE
Part - VII: Summary Statistics
50. The Indian Tax Structure
Tax Burden in India
Tax Revenue of the Central Government
Tax Revenue of the State Governments
Taxes on Income and Wealth
Indirect Taxation
Evaluation of Indian Tax Structure
The Tax Reforms Since 1991
Appendix to Chapter 50: Goods and Services Tax (GST)
51. Public Expenditure in India: Trends and Issues
Expansion in Government Activity after Independence
Growth of the Public Expenditure
Composition of the Government Expenditure
Causes of the Rise in Public Expenditure
Public Expenditure Management
52. Public Debt in India
Debt Obligations of the Central Government
Debt Obligations of the State Governments
The Role of Debt Finance
Public Debt — Problems and Issues
Liquidation of Public Debt
53. India’s Fiscal Policy
Objectives of Fiscal Policy in India
The Fiscal Imbalance and Deficit Finance
The Fiscal Imbalance and the New Fiscal Approach
Fiscal Responsibility in India
54. Federal Finance in India — Centre-State Financial Relations
Federalism and Federal Finance
Transfer of Resources through the Finance Commissions: 1951-2000
Transfer of Resources through the Finance Commissions: 2000-2010
Thirteenth Finance Commission Award: Period 2010-15
Fourteenth Finance Commission Award: Period 2015-2020
Other Sources of Transfer
Problems of Federal Finance in India
Suggestions for Improvement
Select Readings for Issues Discussed in Part VII

PART - VIII
ECONOMIC PLANNING AND POLICY
Part - VIII: Summary Statistics
55. Economic Planning — Rationale, Features and Objectives
The Rationale for Planning
Important Features of Indian Plans
Objectives of Economic Planning
Evaluation of the Objectives of Economic Planning
56. The Strategy of Planning
Strategy of India’s Development Plans: The Earlier Phase (Mahalanobis Strategy)
Appraisal of the Mahalanobis Strategy of Development
Failure of the Mahalanobis Strategy of Development
Departures from the Mahalanobis Strategy of Development
The New Development Strategy
57. Resource Allocation — Investment Pattern in Indian Plans
Resource Allocation: 1951-85 Period
Resource Allocation: 1985-2012 Period
Sectoral Allocation of Resources in Plans – An Overall View
58. Financing of Five Year Plans
Financing of the First Seven Plans
Financing of the Eighth and Ninth Plans
Financing Pattern of the Tenth Plan
Financing Pattern of the Eleventh Plan
Ways to Increase Revenue and Control Expenditure
59. Regional Planning in India
Regional Planning Conceptualised
Magnitude of Regional Imbalances in India
Regional Planning Policy in India
Lack of Genuine Regional Planning in India
60. Black Economy in India
Definition of Black Economy
Methods of Estimating Black Money
Estimates of the Size of Black Economy
Causes of Black Money
5. Nature of the Indian Economy
India — An Underdeveloped Economy
India — A Developing Economy
6. Natural Resources
Land Resources
Soil Erosion
Water Resources
Forest Resources
Mineral Resources
7. Infrastructure
Sources and Demand for Energy
Power or Electricity
Coal
Oil and Gas
Atomic Energy
Energy Crisis
The Energy Strategy
New and Renewable Sources of Energy
Transport System in India
Railways
Road Transport
Water Transport
Air Transport
Communications
8. The Population Growth and Economic Development
The Three Stages of Demographic Transition
India’s Population: Size and Growth Trends
India’s Population: The Future
Causes of the Rapid Growth of Population
Population and Economic Development
Remedies for Population Explosion
Population Policy
9. Some Demographic Issues
The Sex Composition of Population and the Missing Women
Age Structure of Population and its Demographic Dividend
Urbanisation and the Development Process
Migration of Rural Population to Urban Areas in India
10. Human Resource Development
Importance of Human Resource Development
Education in India and Development of Human Resources
Education Policy in India
Health Policy
National Health Policy, 2017
11. Labour Force Growth and Occupational Pattern
Labour Force Growth in India
Occupational Structure and Economic Development
Occupational Distribution of Labour Force in India
12. Employment and Unemployment in India
Employment Trends
Structure of Employment
Nature and Estimates of Unemployment in India
Unemployment in Urban Areas
Agricultural Unemployment
Causes of Unemployment
Government Policy for Removing Unemployment
Major Employment Programmes
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
Appendix I to Chapter 12: National Policy for Skill Development and Entrepreneurship
Appendix II to Chapter 12: Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
Appenidx III to Chapter 12: Deen Dayal Upadhyaya – Grameen Kaushalya Yojana (DDU – GKY)
13. Capital Formation in India
India’s Capital Requirements for Economic Growth
Domestic Saving
Domestic Capital Formation
14. National Income of India: Macroeconomic Overview
The National Income (NNP) Trends
Per Capita National Income
Services Led Growth
National Product by Industry of Origin
15. Poverty in India
The Concept of Poverty Line
Incidence of Poverty in India
Multidimensional Poverty
Safety Nets for Poor — Poverty Alleviation Programmes
Strategy of Poverty Alleviation
Conclusion
Appendix to Chapter 15: Universal Basic Income (UBI)
16. Income Distribution in India
The Pattern of Income Distribution in India
Disequalising Growth During the Economic Reform Period
Causes of Income Inequalities in India
Government Policy and Measures
Select Readings for Issues Discussed in Part II

PART - III
BASIC ISSUES IN AGRICULTURE
Part - III: Summary Statistics
17. Indian Agriculture: Role, Nature and Cropping Pattern
Role of Agriculture in Indian Economy
Nature of India’s Agriculture
Cropping Pattern in India
18. Issues in Indian Agricultural Policy and Rural Development
Policies for Agricultural and Rural Development: An Overview
Agriculture: Trends in Investment
WTO and Indian Agriculture: Challenges and Priorities in the Global Economy
Agricultural Growth Concerns
19. Agricultural Production and Productivity Trends
Trends in Agricultural Production and Productivity
Low Levels of Productivity
Causes of Low Productivity
Measures to Increase Production and Productivity
20. Land Reforms
Systems of Land Tenure in Pre-Independent India
Objectives of Land Reforms
Abolition of Intermediaries
Tenancy Reforms
Ceilings on Agricultural Holdings
Agricultural Holdings in India
Consolidation of Holdings
Cooperative Farming
Evaluation of Land Reforms in India
21. Agricultural Inputs and Green Revolution
Irrigation
Fertilizers
High Yielding Varieties of Seeds
Pesticides
Green Revolution
Impact of Green Revolution
22. Agricultural Finance and Marketing
Need for Agricultural Finance
Sources of Agricultural Finance and their Relative Importance
Cooperative Credit Societies
Commercial Banks and Rural Credit
Regional Rural Banks
National Bank for Agriculture and Rural Development (NABARD)
Financial Inclusion
Agricultural Marketing in India
Government Measures to Improve the System of Agricultural Marketing
Cooperative Marketing
23. Agricultural Prices and Agricultural Price Policy
Trends in Agricultural Prices
Need for Agricultural Prices Policy
Agricultural Price Policy in India
Evaluation of Government’s Agricultural Price Policy
24. Agricultural Subsidies and Food Security in India
Agricultural Subsidies
Subsidies on Agricultural Inputs
The Problem of Food Security
Public Distribution System in India
Targeted Public Distribution System (TPDS)
National Food Security Act, 2013
ICDS and Mid-Day Meal Scheme
25. Agricultural Labour
Definition of Agricultural Labour
Causes of Growth in the Number of Agricultural Labourers
Conditions and Problems of Agricultural Labourers
Measures Adopted by the Government
Measures for Improvement
Select Readings for Issues Discussed in Part III

PART - IV
THE INDUSTRIAL SECTOR AND SERVICES IN INDIAN ECONOMY
Part - IV: Summary Statistics
26. Industrial Development During the Planning Period
Programmes of Industrial Development under the Plans
Trends in Industrial Production
Changes in the Industrial Pattern During the Plans: A Brief Resume
Some Problems of Industrial Development in India
27. Some Major Industries of India
Iron and Steel
Jute Industry
Textile Industry
Sugar Industry
Cement Industry
28. Small-Scale and Cottage Industries
Definition of Small-Scale Industries Sector
The Role and Performance of Cottage and Small-Scale Industries in Indian Economy
Small-Scale and Cottage Industries During the Plans — The Government Policy
Problems of Small-Scale and Cottage Industries
29. Industrial Policy
Industrial Policy Prior to 1991
Review of Pre-1991 Industrial Policy and Liberalisation Trends
New Industrial Policy, 1991
Appraisal of New Industrial Policy
National Manufacturing Policy
Make in India
Startup India
30. Public Sector in the Indian Economy
Division of the Economy into Public and Private Sectors
Role of Public Sector in the Indian Economy
Performance of the Public Sector
Problems of Public Sector Enterprises
Policy Towards Public Sector Since 1991
31. Privatisation of Public Sector Enterprises:
The Disinvestment Programme in India
Meaning and Rationale of Privatisation
Methods of Privatisation
Evolution of Privatisation Policy in India
Proceeds from Disinvestment and Methodologies Adopted
A Critique of Privatisation and Disinvestment
32. Some Issues Related to Private Sector
Private Corporate Sector in Economic Reform Period
The Burden of Corporate Debt
India’s Antitrust Law: MRTP Act and Competition Act
Ease of Doing Business
Corporate Social Responsibility
33. Industrial Sickness in India
Definition of Industrial Sickness
Magnitude of Sickness
Causes of Industrial Sickness
Consequences of Industrial Sickness
Remedial Measures
Provisions of Companies Act, 2013 for Revival and Rehabilitation of Sick Units
Insolvency and Bankruptcy Code 2015
34. Labour Relations and Social Security
Magnitude of Industrial Disputes
Causes of Industrial Disputes
Industrial Relations: Policy of the Government
Social Security in India
Social Security Legislations in India
A Critical Review of Social Security Measures in India
35. Services Sector in Indian Economy
Growth and Contribution of Services Sector in India
Which Services have Grown Rapidly?
What Explains Rapid Services Growth?
Share of Services in Employment
Information and Communications Technology
India’s IT and ITES Industry
Foreign Trade in Services
Services Led Growth: How Sustainable?
Select Readings for Issues Discussed in Part IV

PART - V
FOREIGN TRADE AND FOREIGN CAPITAL
Part - V: Summary Statistics
36. India’s Foreign Trade: Value, Composition and Direction
Value of Exports and Imports in the Planning Period
Composition of Foreign Trade
Direction of Trade
Growth and Structure of India’s Foreign Trade Since 1991
37. India’s Balance of Payments
Meaning of Balance of Payments
India’s Balance of Payments: The Pre-1991 Period
Balance of Payments Situation Since 1991
The Management of Balance of Payments
Challenges and Outlook
38. Trade Policy of the Government of India
Import Policy: The Pre-Reform Period
Export Policy: The Pre-Reform Period
New Trade Policy: The Reform Period
Foreign Trade Policy (2015-2020)
Appendix to Chapter 38: Special Economic Zones
Concept and History of SEZs
Special Economic Zones in India
Benefits of SEZs
Arguments Against SEZs
EGOM Decision on SEZs
SEZs: A Dream Gone Sour
39. Foreign Capital and Aid
Components of Foreign Capital
Need for Foreign Capital
Indian Government’s Policy Towards Foreign Capital
Foreign Investment Inflows
Foreign Investment Inflows since 1991: A Critical Appraisal
Foreign Aid to India
External Commercial Borrowings
Non-Resident Deposits
India’s External Debt
40. India’s Exchange Rate Policy, Foreign Exchange Reserves and Capital Account Convertibility
Choice of Exchange Rate Regime
Exchange Rate Management in India
The Management of Foreign Exchange Reserves
The Issue of Capital Account Convertibility
41. Multinational Corporations, FERA and FEMA
Reasons for the Growth of MNCs
Foreign Collaboration and MNCs
A Critical Appraisal of MNC Operations in Indian Economy
Control Over Multinational Corporations
Foreign Exchange Regulation Act (FERA), 1973
Foreign Exchange Management Act (FEMA), 1999
FEMA: A Major Departure from FERA
42. Globalisation and its Impact on the Indian Economy
Meaning of Globalisation
Globalisation in India
Steps towards Globalisation
Effects of Globalisation
43. WTO and India
GATT and Multilateral Trade Negotiations
Functions and Organisation of WTO
WTO Agreements
India’s Commitments to WTO
Benefits Proclaimed for India
A Critical Review of the Working of WTO
Singapore Issues and Doha Declaration
Hong Kong Ministerial Conference
Bali Package
Nairobi Ministerial Conference
Select Readings for Issues Discussed in Part V

PART -VI
MONEY, BANKING AND FINANCE
Part - VI: Summary Statistics
44. Price Trends and Inflation
Price Movements during the Planning Period
Factors on the Demand Side Affecting Prices
Factors on the Supply Side Affecting Prices
Consequences of the Inflationary Price Rise
Anti-Inflationary Policy of the Government
Inflation Targeting: Urjit Patel Committee Report
45. Indian Money Market
The Indian Money Market
Unorganised Sector of the Indian Money Market
Organised Sector of the Indian Money Market
Characteristics of the Indian Money Market
Reform Measures to Strengthen the Indian Money Market
46. Commercial Banking in India
Banking Developments: 1949-69
Nationalisation of Banks
Banking Structure in India
Expansion of Branches during the Post-Nationalisation Phase
Deposit Mobilisation
Bank Lending
Evaluation of Banking Since Nationalisation
Banking Sector Reforms
Indian Banking: Concerns and Challenges for Future
Appendix to Chapter 46: Payment Banks and Small Finance Banks
47. The Reserve Bank of India
Main Functions of the Reserve Bank of India
Monetary Policy of the Reserve Bank of India
Control of Currency by the Reserve Bank of India
The Reserve Money (RM)
Control of Credit by the Reserve Bank of India
Short-Term Liquidity Management
Banking Laws (Amendments) Act, 2012
48. Capital Market in India
Capital Market
Structure of the Capital Market
Role of Capital Market in India’s Industrial Growth
Growth of Capital Market in India
Factors Contributing to the Growth of Capital Market in India
Problems of Indian Capital Market: The Pre-Reform Phase
Strengthening the Capital Market: The Post-Reform Phase
SEBI and Capital Market Development
Conclusion
Appendix to Chapter 48: Measures to Develop Corporate Bond Market
49. Institutional Financing
Evolution of Institutional Financing in India
Classification of Financial Institutions in India
All India Development Financial Institutions
Investment Institutions
Specialised Financial Institutions
State Level Institutions
A Critical Appraisal of the Industrial Financing Institutions
Select Readings for Issues Discussed in Part VI

PART - VII
PUBLIC FINANCE
Part - VII: Summary Statistics
50. The Indian Tax Structure
Tax Burden in India
Tax Revenue of the Central Government
Tax Revenue of the State Governments
Taxes on Income and Wealth
Indirect Taxation
Evaluation of Indian Tax Structure
The Tax Reforms Since 1991
Appendix to Chapter 50: Goods and Services Tax (GST)
51. Public Expenditure in India: Trends and Issues
Expansion in Government Activity after Independence
Growth of the Public Expenditure
Composition of the Government Expenditure
Causes of the Rise in Public Expenditure
Public Expenditure Management
52. Public Debt in India
Debt Obligations of the Central Government
Debt Obligations of the State Governments
The Role of Debt Finance
Public Debt — Problems and Issues
Liquidation of Public Debt
53. India’s Fiscal Policy
Objectives of Fiscal Policy in India
The Fiscal Imbalance and Deficit Finance
The Fiscal Imbalance and the New Fiscal Approach
Fiscal Responsibility in India
54. Federal Finance in India — Centre-State Financial Relations
Federalism and Federal Finance
Transfer of Resources through the Finance Commissions: 1951-2000
Transfer of Resources through the Finance Commissions: 2000-2010
Thirteenth Finance Commission Award: Period 2010-15
Fourteenth Finance Commission Award: Period 2015-2020
Other Sources of Transfer
Problems of Federal Finance in India
Suggestions for Improvement
Select Readings for Issues Discussed in Part VII

PART - VIII
ECONOMIC PLANNING AND POLICY
Part - VIII: Summary Statistics
55. Economic Planning — Rationale, Features and Objectives
The Rationale for Planning
Important Features of Indian Plans
Objectives of Economic Planning
Evaluation of the Objectives of Economic Planning
56. The Strategy of Planning
Strategy of India’s Development Plans: The Earlier Phase (Mahalanobis Strategy)
Appraisal of the Mahalanobis Strategy of Development
Failure of the Mahalanobis Strategy of Development
Departures from the Mahalanobis Strategy of Development
The New Development Strategy
57. Resource Allocation — Investment Pattern in Indian Plans
Resource Allocation: 1951-85 Period
Resource Allocation: 1985-2012 Period
Sectoral Allocation of Resources in Plans – An Overall View
58. Financing of Five Year Plans
Financing of the First Seven Plans
Financing of the Eighth and Ninth Plans
Financing Pattern of the Tenth Plan
Financing Pattern of the Eleventh Plan
Ways to Increase Revenue and Control Expenditure
59. Regional Planning in India
Regional Planning Conceptualised
Magnitude of Regional Imbalances in India
Regional Planning Policy in India
Lack of Genuine Regional Planning in India
60. Black Economy in India
Definition of Black Economy
Methods of Estimating Black Money
Estimates of the Size of Black Economy
Causes of Black Money

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