Role of Public Policy in Development Process Emerging Socioeconomic Scenario in the Indian Economy

What should be the contours of public policy for crucial sectors in the Indian context? The real debate today is about finding the right balance between market forces and government for Pareto efficiency. Stiglitz posited "that government could potentially almost always improve upon the market's resource allocation." In reality, besides the institutional inertia, fragmented design and action often impedes execution of rational policy. The lack of non-governmental inputs, absence of debate and systematic analysis prior to policy making results in ineffective policy formulation and action, obstructing the process of economic development. The study of public policy in commodity production (agriculture, industry), as well as tertiary sectors (services, trade and transport) is important to arrive at efficient and people friendly governance structures. The collection of papers in the present volume, attempt at the development of an analytical framework for the formulation of development policy, bearing on crucial segments of the economy and society mainly, agriculture sector, industrial development, employment and entrepreneurship, urbanisation, weaker sections, and governance issues. Nineteen chapters comprising the volume are organised under four sections: Section 1 Issues in Agriculture Sector; Section 2 Industrial Development, Employment and Entrepreneurship; Section 3 Issues in Sustainable Urbanisation; Section 4 Governance Structure and Development Outcomes. The papers appearing in the volume were presented at a seminar funded by the Indian Council of Social Science Research.