From 1950 to 1980, the development pattern of India was characterized by strong centralized planning, government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism through tariff and non-tariff barriers, and a cautious and selective approach towards foreign capital. It was a quota, permit, and license regime guided and controlled by a bureaucracy trained in colonial style. This so-called inward-looking, import substitution strategy of economic development began to be widely questioned with the beginning of 1980s. Policy makers started realizing the drawbacks of this strategy, which inhibited competitiveness and efficiency, and produced a much lower rate of growth than expected. Consequently, economic reforms were set in motion, though on a modest scale, when controls on industries were reduced by India's 1985 industrial policy. The economic reforms program got a big boost when the government announced a new industrial policy in the Indian Parliament on July 1991. Since then, it has been liberalization, privatization, and globalization all the way. In the new liberalized industrial and trade environment, the government is progressively assuming the role of a promoter, facilitator, and catalytic agent, instead of a regulator and controller of economic activities. This book provides a comprehensive description and analysis of economic policies, strategies, challenges, and achievements in various sectors of the Indian economy over the years. The book provides a sector-wise review of developments in the Indian economy since independence in 1947. It also presents a year-wise review (1947-48 to 2010-11) of developments in the various sectors of the Indian economy: agriculture and rural development * industry and infrastructure * government finances * money, credit, and prices * financial institutions and financial markets * foreign trade, balance of payments, and foreign investment.