By C.P. Chandrasekhar
The 1st quantity strains the post-Independence evolution of the economic area in India by way of delineating alterations in coverage regimes, taking pictures structural shifts, picking out classes of development and stagnation, and assessing the criteria that specify those tendencies. It highlights the valuable contributions within the financial literature that increase the modern figuring out of India’s post-Independence commercial historical past. the quantity covers the improvement of Indian sooner than and after 1991, whilst a stability of funds main issue ended in a massive regime switch marked by way of the dismantling of the interventionist buildings that have been arrange throughout the quick post-Independence years. The essays during this quantity revisit the facts and the debates on India’s post-Independence industrialization; significantly research the function of the govt., the ideas it followed, and the effectiveness of implementation; and search to supply an knowing of why the expectancies that India might effectively make the commercial transition were belied.
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Relentless and ominous, the drumbeat echoes around the land: Social defense is at the verge of financial ruin. The caution has been repeated so frequently that it has develop into a gloomy article of religion for the thousands of usa citizens who pay Social safeguard taxes and anticipate to assemble merits sometime. however it is flatly unfaithful.
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In fact, the demands placed by the narrow but well-endowed upper-income market, in what is a highly protected luxury consumer goods sector, has resulted in substantial frontline product innovation. However, such innovation has been largely based on imported technologies for a variety of reasons as discussed further. First, given the option of shopping around the world for technology—which Indian producers have been adept at, given their own technological capability—the cost of technology import to India has not been too excessive.
All of these have little by way of export revenues associated with them. Very little of the inflow was actually in export-oriented units or sectors. What the liberalization of FDI rules did was to change the nature of the relationship between foreign and Indian firms and increased the control exercised by the former over corporate assets in India. TECHNOLOGICAL CAPABILITY While the reliance on foreign firms in India’s industrialization did adversely affect India’s technological capability, there were some 34 INDIAN INDUSTRIALIZATION areas in which the regulatory regime worked to strengthen India’s technological prowess.
West Bengal tops the charts relating to the number of unorganized manufacturing enterprises and workers in unorganized enterprises in the country, followed by Uttar Pradesh and Andhra Pradesh. The inadequate progress of factory production at the national level was associated with significant variations in the level of such production in different states and regions. STRUCTURE OF INDUSTRIAL GROWTH Implicit in the previous discussion is a periodization of post-Independence industrial growth along two lines: one based on the record of growth or deceleration; and the other based on the policy regime in place.