Economic policy of a country encompasses plans and programmes implemented by its government to achieve the set out objectives of growth. It includes, inter alia, steps to be taken to speed up industrial development, boost exports, fix reasonable rates of interest, look after fiscal deficit, generate employment opportunities for people and provide a framework for smooth functioning of the economy.
In the initial years after achieving Independence, when trade and industry were at a nascent stage, Indias economic policies were shaped on the Fabian-scholastic approach with emphasis on protectionism, import substitution, state intervention and central planning. Thereafter, Prime Minister Jawaharlal Nehru and statistician Mahalanobis emphasized on more flexible economic policies involving both public and private sectors.
During 1990s, India embarked on economic reforms with a policy of liberalization, making a huge impact on industry, infrastructure and foreign trade. The policy witnessed a paradigm shift as India cast off its protectionist image and opened the floodgates of foreign direct investment into the country. Rationality and consistency in trade and other economic policies were taken into account for maximizing the benefits of new policies. However, diverse forms of legal administrative and political compulsions still continue to hamper the smooth functioning of the economy. There is thus a compelling need to make the economy more competitive, open and efficient through proper implementation of framed policies.
The book Indian Economic Policies and Data has been prepared to cater to the needs of a wide cross-section of people including scholars, academics, policymakers, parliamentarians, entrepreneurs, exporters, industrialists, business professionals and government officials.
Various economic policies and tables on all the parameters of Indian economy have been painstakingly collected from various authentic sources to provide the readers with up to date information. Besides, tables on real GDP growth rate of the world, developing countries of Asia, Europe, Middle-east, overview of the World Economic Outlook projections upto the year 2013, and Purchasing Power Parity (PPP)- GDP projections of major countries have been provided to give the readers a holistic view of the world economy and offer them a comparison of Indian economy with major economies of the world. The book will serve as an ideal reference source to the students and teachers of economics, particularly Indian economy, and researchers in these fields.
