Indian Economy: Before and Since the Reform comprises four parts: Part One discusses the Economic Reform of 1991. Part Two first delineates how countries choose between alternative economic organisations in the light of economic ideas as we have evolved and then extends the main conclusions to the Indian context before the Reform. Part Three examines the working of the Indian economy from the aggregative and sub-aggregative points of view since the Reforms. Part Four first attempts a critical stock-taking of the Reforms with reference to the first generation as well as the second generation policies and measures, then tries to evaluate their impact, and finally asks the question: What has become of the Reform process and its impact on the economy? In its general lay-out this book has been inspired by Gunnar Myrdal’s famous work Asian Drama. It is meant to be a standard reference book which would be of use to a wide range of readership. It is an analytical-cum-empirical research study. The facts and arguments are illustrated with requisite data throughout the book. It seeks to provoke the reader into adopting a critical and creative aptitude and a taste for independence of thought as far as the subject matter of this book is concerned so that the issues facing the country are reflected upon and sorted out effectively. The topics covered in the book are parts of the curricula taught in colleges and university departments. Those taking competitive tests would also benefit from it. Besides, to benefit from it would be the common readers. The book is written in a very simple and lucid manner by an author who has to his credit publication of several works on Economics during 1952-2001 and experience as a university teacher and research guide for over four decades.

Table of Contents:
Stock-Taking of the Reform Process (Contd.) 1427-1833 What has become of the Reform Process and its Impact on the Economy? Growth of the Economy Gaps in the Reform Process Infrastructural Bottlenecks Financial Sector Economic Liberalisation Globalisation Balance of Payments World Trade Organisation (WTO) External Trends Public Finance Economic Reforms and Growth Explaining the Slow-down Getting over the Slow-down Appendi ces Appendix 9 The Poverty Question The Ninth Plan on the Poverty Issue (In the Light of the Revised Estimates) Appendix 10 Socio-Economic Indices and their Interpretation Appendix 11 Inflationary Dynamics of Price Controls Appendix 12 Role of Interest Rate in Supply of Bank Credit to Industry and GDP Growth Appendix 13 Money Supply Appendix 14 Changes in Monetary Policy and Monetary Management during the 1990s : Objectives and Instruments Appendix 15 State and Market : Altering Boundaries and Emerging New Balances Appendix 16 Monetary Policy in India : Objectives, Instruments, Operating Procedures and Dilemmas Appendix 17 Interpenetration of Money Market by Monetary Policy in India Appendix 18 Fiscal and Monetary Policy Interface : Recent Developments in India Appendix 19 Commercial Banking Sector Appendix 20 Harmonisation between Monetary and Fiscal Policies during the Concluding Years of the 1990s Appendix 21 Development and Management of Forex Markets Appendix 22 India’s Economy in the Twenty-First Century Appendix 23 Banking and Finance in the New Millennium Appendix 24 A Critical Study of the Focal Points of the Report of Eleventh Finance Commission Appendix 25 The (New) Export — Import Policy for 2001–2002 Appendix 26 Evolution of Monetary Policy Instruments Appendix 27 External Sector Policies : Shifting Paradigms Appendix 28 Sources of Growth in the Indian Economy Appendix 29 On To-day’s Indian Economy