Part III – The Economics of Development – Business Environment

PART III: The Economics of Development

Chapter 15: The Economics of Development

Chapter 16: The Economics of Underdevelopment

Chapter 17: Stages and Strategies of Economic Growth

Chapter 18: Role of the State in Economic Development

Chapter 19: Economic Planning: Meaning, Evolution and Features

Chapter 20: Industrial and Licensing Policy (1951–1991)

Chapter 21: The New Economic Policy, 1991

Chapter 22: The Indian Economy

Part III focuses on the problems and issues of economic development of low-income countries. It discusses the characteristics and causes of underdevelopment with examples and references from the Indian context. Using India's example, Rostov's model of economic development is explained. The survey of the Indian economy discusses the metamorphosis that has taken place in the country's economy over the past sixty years. To make the development process easy to understand, and to give the student a clear-cut vision on the subject, a detailed discussion on the role of the State in economic development, the meaning, evolution and features of economic planning, the Industrial and Licensing Policy (1951–1991), including what brought about and what constitutes the New Economic Policy have been discussed in depth in this part.