The Indian Economy Since 1991, 2nd Edition

Preface

After Independence, India embarked on planned development with the objective of achieving a self-reliant socialistic pattern of society. The measures taken towards the same were initiation of a centralized planning machinery for economic planning and public investment decision-making, expansion of public investment in basic and key industries, and intervention in the market through a number of regulatory measures and controls. The policy framework was a mixed economy with the coexistence of public and private sectors with a dominance of public sector in many key areas. A complex system of regulatory instruments, aimed at the conservation of foreign exchange, was introduced. A regime of administered prices in key sectors was introduced ...