THE RISE OF THE INDIAN ECONOMY SINCE INDEPENDENCE

Warm Greetings!!!

On behalf of P.G. & Research Department of Economics, Sacred Heart College (Autonomous), Tirupattur, It gives us an immense pleasure to welcome all the readers of the Book entitled
“The Rise of The Indian Economy Since Independence”.

I am reminded of the words by Rabindranath Tagore“Where the mind is without fear and the head is held high…… Into that heaven of freedom, my Father, let my country awake”.
It’s interesting to read about how India’s economy has developed since gaining independence. After a century of stagnation, the Indian economy has been growing consistently and at a rapid rate since 1947. Between 1950 and 1965, there was a lot of optimism since new rules were announced, new institutions were created, the basic legal framework was adopted, and economic processes were in motion. This created the institutional foundation for advancement. During this period, Indian economy had been dormant but somewhat awakened by adopting economic strategies of import replacement and independence.

However, when other Asian countries began to implement their export-focused, high-growth projects, Indian policies grew more rigid and inward-looking. Consequently, there was a slight economic downturn between 1965 and 1980. Despite a small movement away from the old dirigiste framework in the 1980s, India didn’t begin transitioning to a modern open economy until a critical balance-of-payments crisis forced the commencement of significant economic reforms in 1991.

This book revolves around the rise of Indian Economy over the last 75 years which has been marked by significant milestones and reforms that enabled the achievement of substantial progress in many areas including the rise in income levels, growth, literacy, life expectancy, and a wide variety of other economic indicators.

At this juncture I am duty bound to acknowledge the constant support and guidance bequeathed by Rev. Dr. Praveen Peter, Rector & Secretary, Rev. Dr. D. Maria Antony Raj, the Principal, the management of the Sacred Heart College (Autonomous).

I am indebted to appreciate and accept the timely headship of
Dr. A. Xavier Susairaj and the faculty fraternity of P.G. & Research Department of Economics, Sacred Heart College (Autonomous), Tirupattur as well as all the people who have been a part of making this work to be realized and be published in the printed form.

In the closing note, the Indian economy still has to make strides. I’m hoping that this look back at the nation’s policies since Independence will inspire us to keep pushing forward with the improvements needed to properly usher in the twenty-first century.