Industry and Infrastructure Development in India Since 1947

After 60 years of development efforts, India is currently one of world's fastest growing economies. In the last few years, the country has emerged as a global economic power, the leading outsourcing destination, and a favorite of international investors. The tilt towards economic liberalization started in 1985 when the government announced a series of measures aimed at the deregulation and liberalization of industry. These measures, described as New Economic Policy, were followed by drastic changes introduced by the 1991 Industrial Policy Statement of the government. By and large, Indian industry has upgraded technology and product quality to a significant degree and met the challenge of openness after being protected for so long. The Competition Act, 2002 sought to: establish a pro-competitive legal framework, contain anti-competitive practices and abuses of dominance, and yield better regulation of markets. The Micro, Small, and Medium Enterprises Development Act provided the first-ever legal framework recognizing the concept of enterprise. Similarly, various initiatives have been taken for the development of the infrastructure. Part I of this book traces the developments in different aspects of industrialization during India's post-independence period and explains the key reform measures undertaken which helped make the Indian industry internationally competitive. Part II deals with various facets of infrastructure development in India. Part III provides a yearly review of problems, policies, and progress of industry and infrastructure in India, covering the period 1947-48 to 2008-09. Part IV consists of appendices which provide relevant material on different aspects of Indian industry and infrastructure. Part V contains a glossary of terms related to industry/infrastructure.