: Details the transition from state-led industrialization to the post-1991 era of liberalisation, including the roles of small-scale versus large industries. V. Financial and External Sectors : Covers India's foreign trade, Balance of Payments (BoP) , and the evolving financial sector. Academic Foundation Key Thematic Content
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Capital bottlenecks in logistics, transport, and energy sectors, alongside modern policy initiatives like the Gati Shakti Master Plan.
: Financial incentives given to domestic industries to scale up manufacturing across sectors like electronics, pharmaceuticals, and automobiles.
Uma Kapila explores the shift in India's economic structure from a primarily agricultural base to a service-led economy. The text analyzes GDP growth rates, sectoral contributions, and structural changes since independence. B. Policy Regimes and Economic Reforms
2. The Era of Centralized Planning and Inward-Looking Policies (1950–1991)
Analysis of why India partially "bypassed" a massive manufacturing phase, the impact of National Manufacturing Policies, and the "Make in India" initiative.
The book provides a comprehensive analysis of the 1991 Balance of Payments crisis, which forced India to implement Liberalization, Privatization, and Globalization (LPG) reforms. Kapila evaluates how dismantling industrial licensing and lowering trade barriers integrated India into the global economy. Poverty, Inequality, and Unemployment
Kapila traces the evolution of Indian agriculture from the food scarcity of the 1950s to the success of the Green Revolution. She critiques modern challenges such as groundwater depletion, fragmented landholdings, and the need for a "Green Revolution 2.0" focused on sustainability and high-value crops.
The book, now in its second edition, offers an in-depth examination of the Indian economy, covering its development experience, policies, and performance across various sectors. Kapila, a renowned economist and expert on Indian economic issues, provides a detailed analysis of the country's economic growth, poverty, inequality, and employment, as well as its macroeconomic policies, including fiscal, monetary, and trade policies.