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Synopsis
India got independence in the year 1947. It inherited an economy, which was in very bad shape at this time. British rulers had exploited the Indian economy both as a source of raw materials and as a captive market for machine-made British goods. Also, no systematic effort was made by the British to develop the Indian economy. In fact, the British rule reduced the economy of India to the status of an under-developed country. After independence, Indian planners took planned measures to transform the economy from the state of under-development to the state of a developing economy. In the process, the economy also moved from a socialistic to a capitalistic economy, particularly after 1991 economic reforms. Joining the World Trade Organisation (WTO) in 1995, India moved further on the path to economic liberalization and globalization. The present book is an attempt at focusing attention on this transformation since 1947 and particularly since 1951, the year planning was initiated.