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.) 967-1426 Technology/Technological Know-how/Knowledge Human Factor/Resource-Oriented Social Infrastructure/ Social Sectors/Social Services/Social Overhead Education Health Sanitation, Drinking Water and Housing Social Sector Problems Inequality Unemployment The Financial System Price Stability and Price Administration Inflation (including Core Inflation) Inflation and Growth Interest Rate/Bank Rate and Monetary Policy Post-Reform Monetary Management Role of the Reserve Bank of India The Banking Sector Reform in the Money Market Reform of the Insurance Sector Salient Features of the Insurance Regulatory and Development Authority Act (IRDAA), 1999 Money Versus Capital Market The Stock Market Report of the Narasimham Committee Financial System Reform Process Public Finances Budget and its Balancing Receipts of the Centre Direct and Indirect Taxes Personal Income-Tax Versus Corporation Tax Customs Duties and Excise Duties The Vat Transfer of Resources The Eleventh Finance Commission Revenue Expenditure Developmental and Non-Developmental Revenue Expenditure Non-Plan Versus Plan Expenditure Revenue and GDP Ratio Expenditure on Education, etc. (Social Sector) Food Subsidy Sugar Subsidy Unproductive Expenditure Interest Payments Wages and Salaries Capital Expenditure Financing of the Plans Critique of Planning The Deficits Financing the Deficit Fiscal Reform Rate of Interest, Public Borrowing and Its Impact Total Outstanding Liabilities and Debt : Internal and External Fiscal Restructuring/Fiscal Reconstruction/Fiscal Stabilisation/Fiscal Control/Fiscal Correction/Fiscal Consolidation/Fiscal Reform and All That Revenue-Raising/Resource-Mobilising Augmenting Measures