Summary

The essays included in this volume and its companion Money and Finance in the Indian Economy were written over the last 15 years in response to emerging problems and policy debates related to different aspects of the Indian macroeconomy. They examine the changes and continuity in India's transition from a planned economy to a market-oriented one. The volume is organized into three parts:* An overview of the arguments and approaches of the orthodox and the structuralist macroeconomics used extensively in the book. * An analysis of the country's main macroeconomic developments, starting from the 1990-1 economic crisis that forced the government to abandon the erstwhile policy stance and adopt a programme of liberalization and reforms. The focus is on two themes-the role of services in India's growth process and analytical-cum-policy issues related to the country's inflationary experience. * An assessment of the critical role of infrastructural investment in macro performance of the Indian economy.