Administrative deficit, 154
Agricultural Produce Marketing Committee, 158–159
Agricultural sector, 158–159
Agriculture, 12–13, 166, 169–170
Agriculture activities, 52–53
Allied activities, 52–53
Arthashastra, 5, 7, 8, 167–170, 172, 175
Ayushman Bharat Yojana scheme, 157
Balance of payments (BoP), 46–47, 58, 61, 123, 130, 141, 147, 153
Banking and finance, 56
BoP. See Balance of payments (BoP)
Borrowings, 98
Brahmanas, 6
British, advent of, 27–29
British India, organization and economic policy in, 32–34
British interests, 35
British power, 29–30
British rule, 49
Budget deficit, 141
“Business-as-usual” policies, 156
Cabinet Committee on Economic Affairs (CCEA), 90
CAD. See Current account deficit (CAD)
Cash reserve ratio (CRR), 124
CCEA. See Cabinet Committee on Economic Affairs (CCEA)
Center–state fiscal relationship, 94–96
Centre for Monitoring Indian Economy (CMIE), 153
Challenges, 83–85
Checks and balances, 118
CMIE. See Centre for Monitoring Indian Economy (CMIE)
Colonial features, 41
Commercialization, 45–46
Company Bahadur, 30–31
Company/state, 31–32
Constitutional mandates, 98–100
Cooperative federalism, 102–104
CRR. See Cash reserve ratio (CRR)
Cultural effects, 35
Current account deficit (CAD), 153
Democracy/development
concept of, 107–108
economic development, 108–109
economic of, 109–114
in India, 114–119
Indian context, 109
Democratic decentralization, 98
Department of Telecommunications (DOT), 135
Direct, discretionary/quantitative controls, 124–128
Disinvestment, 160–161
DOT. See Department of Telecommunications (DOT)
Dual exchange rate system, 145
East India Company’s (EIC), 22, 24, 27, 29, 31, 37
Economic development, 36, 67, 89, 108–115, 123, 140
Economic effects, 34
Economic growth, 87
Economic policy, 36
Economic rights, 110
Economic survey, 157–158
Economy, 169
Economy’s animal spirits, 157
EIC. See East India Company’s (EIC)
in agriculture, 43–44
effects on, 163–164
in industry, 44
European and non-European trading organizations, 19
Exchange controls, 145
External assistance, 166
External trade, 145
Factors of production, 165–166
FDI. See Foreign direct investment (FDI)
FFDA. See Fish Farmers Development Agencies (FFDA)
Finance commission, 100–103
Financial market, 45
Financial phase, 39–40
Financial system, 161–162
Fiscal deficit, 104, 141, 153, 154, 163
Fiscal policy, 159–160
Fish Farmers Development Agencies (FFDA), 54
Fisheries, 54
Foreign banks, 146
Foreign direct investment (FDI), 58, 146–147, 153, 160–162
Forestry, 54
Former Planning Commission, 77–78
Functions, 80–82
GDP. See Gross Domestic Product (GDP)
General economic condition, 19–20
GFCF. See Gross fixed capital formation (GFCF)
Global features, 41
Globalization, 147
Goods and services tax (GST), 105, 120, 155, 160
Governance reforms, 162–163
Governing council meetings, 88
Government failure, 67–68
Government, role of, 68–73
Grants-in-aid, 97
Gross Domestic Product (GDP), 7, 21, 52, 57–58, 60–62, 87, 90, 94, 113, 142, 151–153, 156, 158, 163
Gross fixed capital formation (GFCF), 152
Growth rate, 156
GST. See Goods and services tax (GST)
High-yielding hybrid varieties of seeds (HYVs), 53
HYVs. See High-yielding hybrid varieties of seeds (HYVs)
Import and Export Control Act, 131
Income inequalities, 170
Independence, 57–62
India Act, 31–32
Indian economy
British, advent of, 27–29
British India, organization and economic policy in, 32–34
British power, 29–30
British regime, impact of
financial phase, 39–40
industrial phase, 39
mercantile development, 39
Company Bahadur, 30–31
company/state, 31–32
direct, discretionary/quantitative controls, 124–128
economic development, 36
economic effects, 34
economic policy, 36
economic reforms
implications of, 138–139
objectives, 139
evolution of, 11–12
growth of
agriculture and allied activities, 52–53
banking and finance, 56
external sector, 56–57
fisheries, 54
forestry, 54
Hindu rate of, 59
industrial development, 54–55
livestock, 53–54
social poverty, 57
social sector, 57
history of, 40–43
impact of, 146–148
independence, 57–62
Kautilya’s Arthashastra, 167–169
medieval period, 12
paramountcy, 32
public sector, extension of, 128–129
rigid foreign capital and trade policy, 129–135
social effects, 35
Thiruvalluvar, 165–167
Indian polity
borrowings, 98
center–state fiscal relationship, 94–96
constitutional mandates, 98–100
cooperative federalism, 102–104
finance commission, 100–102
grants-in-aid, 97
introduction to, 93–94
taxing powers, 97
Indian self-government, 34
Indian society, 4–8
India’s automobile sector, 151
India’s decadal GDP growth, 61
India’s economic development, 38, 51, 109
India’s employment, 43
India’s growth, 47–48
India’s investment rates, 61
Indicative planning, 140
Indus Valley Civilization, 2
Industrial development, 54–55
Industrial phase, 39
Industries, 13–14
Infrastructure sector, 146
Insurance Regulatory and Development Authority (IRDA), 146
International trade, 172–173
Investment-led growth, 157
IRDA. See Insurance Regulatory and Development Authority (IRDA)
Kautilya’s Arthashastra, 167–169
Kautilya’s labor theory, 170–172
Labor laws, 162
Labor legislation, 128
Land system, 17
Livestock, 53–54
Long-term trade policy, 131
Lower tariffs, 145
Macroeconomic stability, 137, 155, 158
Mahanagar Telephone Nigam Limited (MTNL), 135
Make in India, 157
Manufacturing sector, 159
Maritime trade, 16–25
Market failure, 66–67
Market orientation, 140
Market-preserving, 114
Medieval period, 12
Mercantile development, 39
Merchandise trade liberalization, 145
Micro, Small and Medium Enterprises (MSME), 159
Modern industry, advent of, 45
Moghul Empire, 22–24
MSME. See Micro, Small and Medium Enterprises (MSME)
MTNL. See Mahanagar Telephone Nigam Limited (MTNL)
Mughal Dynasty, 25
Mughals’ contributions, 20–22
NITI Aayog
challenges, 83–85
composition of, 84
four years of, 86–87
functions, 80–82
governing council meetings, 88
organizational setup, 82–83
working of, 88–90
OGL. See Open general license (OGL)
Open general license (OGL), 145
Organizational setup, 82–83
Paramountcy, 32
Partial reforms model, 155
Peasants’ revolt, 17–18
Policy framework
government failure, 67–68
government, role of, 68–73
market failure, 66–67
state, role of, 74–75
Political common sense, 116
Post-reform, 74
Poverty/begging, 166
Power sector, 146
Private property, 170
Private sector, 126–128
PSEs. See Public sector enterprises (PSEs)
Public finance/taxation, 173–174
Public sector enterprises (PSEs), 68–69
Public sector, extension of, 128–129
R&D, 159
RBI. See Reserve Bank of India (RBI)
Regional councils, 83
Regulations reforms, 162–163
Reserve Bank of India (RBI), 152–153, 163
Revenue system, 17
Rig Veda, 6
Rig Vedic Indians, 2
Rigid foreign capital and trade policy, 129–135
Salaries of (state) servants, 174–177
Selective government intervention, 140
Services, trade in, 145–146
SFCs. See State Finance Commissions (SFCs)
Silk industry, 13–14
SLR. See Statutory liquidity ratios (SLR)
Social effects, 35
Social poverty, 57
Social sector, 57
Social welfare, 72
Soviet model, 52
State Finance Commissions (SFCs), 99
State, role of, 74–75
Statutory liquidity ratios (SLR), 124
Structural features, 41
Sukhamoy Chakravarty Memorial Lecture, 89
Swachh Bharat and Smart Cities Mission, 163
Taxing powers, 97
Telecommunications, 146
The Theory of Public Finance, 94
Thiruvalluvar, 165–167
Trade, 14–16
Trade and capital, 46–47
UFC. See Union Finance Commission (UFC)
Union Finance Commission (UFC), 99
Village community, 18
Wealth, 166
Wealth of Nations, 173
Welfare state, 166