This book analyses the origins, rationale, and outcomes of India's economic reforms of 1991 in the context of changes in economy, polity, and society. Using a historical and comparative perspective, the book provides a comprehensive review of the policies and performance of the Indian economy.

The author categorizes India's development experience into four time periods and provides a comparative analysis across these: (i) 1950-80: conservative macroeconomic policies, slow growth, and a crisis in 1966; (ii) 1980s: piecemeal reforms, fiscal profligacy, accumulation of domestic and external private debt and faster growth, and the crisis of 1991; (iii) 1991-2009: systemic reforms and growth acceleration; and (iv) 2009-11: the global financial crisis. He also compares the Indian experience with the growth and development strategies of China and certain low-income countries. Drawing lessons from economic theory to understand the policy problems faced by India, the book examines the implications of the recent global financial crisis on growth, sustainability, and the necessity for further reform. The intrinsic objective of India's development-the eradication of mass poverty-and the instruments for achieving it such as acceleration of growth, industrialization, accumulation of physical and human capital, and improvement in productivity are highlighted.