The present book has been prepared for students of B.Com. (Hons.), Fourth Semester of Sambalpur and Utkal Universities (Odisha). In accordance with the requirements of the syllabus, the discussion is divided into five units. The coverage, organisation and contents of these units are as follows:
Unit I on “Basic Issues in Economic Development” consists of two chapters. The first chapter discusses and distinguishes between the concepts of economic growth and development. It also defines underdevelopment and highlights the indicators of underdevelopment. The second chapter discusses various issues related to human development and explains the concept of human development index.
Unit II on “Basic Features of the Indian Economy at Independence” has one chapter explaining the composition of national income and occupational structure, the agrarian scene and the industrial structure at the time of Independence.
Unit III on “Policy Regimes” has two chapters. Chapter 4 discusses the evolution of planning in India and import substituting industrialisation while Chapter 5 focuses on the process of economic reforms that was initiated in 1991 and the liberalisation of economic policies that followed it. Discussion on monetary and fiscal policies is taken up in Appendix I of the book (340-348).
Unit IV on “Growth, Development and Structural Change” contains eleven chapters and takes up for discussion various issues pertaining to the processes of economic growth and structural changes in India like the trends in national income and per capita income, national income by industry of origin, regional inequalities, institutional framework in agriculture, concentration of economic power in the industrial sector, changing role of State, income inequalities in India, the problems of poverty and unemployment, human development, environmental concerns, and demographic constraints.
Unit V on “Sectoral Trends and Issues” contains thirteen chapters and is the largest unit. It starts with a discussion of the agricultural sector spread over four chapters explaining the role of agriculture in the Indian economy and production trends, green revolution, agricultural price policy and public distribution system. The next three chapters are devoted to industrial sector. In these chapters, we focus on industrial production trends, role and performance of the public sector, and the policy towards the small-scale sector. Chapter 24 of the book considers in detail foreign investment trends in the Indian economy. Chapter 25 is focused on the financial sector in the Indian economy. The last four chapters discuss foreign trade trends, structural changes in foreign trade, the various aspects of India’s balance of payments position, India’s foreign trade policy, and the different issues of WTO (especially those impacting the interests of developing countries like India).
Contents –
Unit I : Basic Issues in Economic Development
1. Concept and Measures of Development and Underdevelopment
2. Human Development
Unit II : Basic Features of the Indian Economy at Independence
3. Basic Features of Indian Economy at Independence
Unit III : Policy Regimes
4. Evolution of Planning and Import Substituting Industrialisation
5. Economic Reforms and Liberalisation
Unit IV : Growth, Development and Structural Change
6. Growth and Structural Changes Since Planning
7. Economic Growth and Inter-State Disparities in India
8. Institutional Framework in Agriculture and Land Reforms
9. Industrial Sector: Concentration of Economic Power and its Regulation
10. Changes in Institutional Framework Since 1991: Changing Role of State
11. Income Distribution in India
12. Poverty in India
13. The Problem of Unemployment
14. Human Development in India
15. The Environmental Concerns
16. Demographic Constraints: Population Change and Economic Development
Unit V : Sectoral Trends and Issues
17. Role of Agriculture in Indian Economy and Production Trends
18. Green Revolution and its Impact
19. Agricultural Prices and Agricultural Price Policy
20. The Public Distribution System and Food Security
21. Rate and Pattern of Industrial Growth: The Various Phases of Industrialisation
22. Public Sector — Its Role, Performance and Reforms
23. The Small Scale Sector
24. Role of Foreign Capital
25. The Financial Sector: Structure, Performance and Reforms
26. Trends in Foreign Trade and Structural Changes
27. India’s Balance of Payments
28. Trade Policy of the Government of India
29. WTO and India
Appendix I : India’s Fiscal and Monetary Policies
Appendix II : The Issue of Capital Account Convertibility
