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Prior to independence in 1947, India was a typically backward economy suffering from the twin problems of rampant poverty and widespread unemployment, both making for a low general standard of living. Following 65 years of development efforts, India is presently one of world's fastest growing economies. Lately, it has emerged as a global economic power, a leading outsourcing destination, and a favorite of international investors. The country is now much more integrated with the world economy and has benefited from this integration in many ways. The outstanding success of information technology and IT-enabled services has demonstrated what Indian skills and enterprise can do. Similar strength is now evident in other sectors, such as pharmaceuticals, auto components, and textiles. Many predict that India will emerge as third largest economy in the world (after US and China) in a couple of decades. Members of the global economy, including businesses and foreign governments, have started taking note of India's rise and recognizing opportunities for investments and enterprise. India's massive workforce and democratic functioning suggest that the future of labor-intensive industry lies here. No doubt, India is poised to claim its rightful place as a world economic power in the 21st century, being referred to as the Asian Century. This book provides a comprehensive account of India's economic problems, policies, and performance during the post-independence period, with a focus on post-1991 period of economic reforms. The book will be of interest to teachers and students of economics, commerce, law, public administration, and business management.
