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:
Volume I Indian Economy : (1991) Economic Reform/Restructuring 1-468 The New Economic Policy (NEP) Recounting the Events Leading to the Economic Reform Stabilising the BoP Position and Restructuring Trade/ Commercial Policy The Fiscal Crisis and its Defusing/Correction Stabilisation of Domestic Prices as an Element of Stabilisation of the Economy : Dis/Anti-Inflationary Policy Birth of a New Industrial Strategy in 1991 with Reorganised Economic System Public Debt and its Servicing Restructuring of the Planning Approach Before the reform Philosophical Influences/Formulations Choosing Between/Among Alternative Organisations of the Economy : Theories and Thoughts How is the Economy Organised? The Free-Enterprise Economy Classifying the Economic System/Organisation The EconomicSystem/ConstitutestheEconomicSystem The Market Mechanism/Price System as Perceived by Economists Failures of the Market Mechanism in Practice/Action Explaining the Above-mentioned Market Failures Increasing the Efficiency of the Market Mechanism: Prescriptions Environmental Externalities : Public Goods and Bads : Social Costs of the Debasement of the Environment Protecting/Cleaning Up the Environment Competition The Mixed Economy Private/Market Sector Versus Public/Non-market Sector Public Enterprises/Undertakings Indian Economy During 1951—91 : Its Organisation and Working Extensions/Applications of Conclusions Reached in Part II : A To the Indian Case : 52 Years of Indian Planning Indian Planners’ Approach to Relative Prices State’s Extra-Market/Direct Action in a Mixed Economy Indian Planning Since 1951 Conclusion The Socialistic/Socialist Pattern of Society/ Economy in India To what conclusion did this lead? The Equality (Economic and Social)/Justice (Distributive and Social) Goal