Political economy of development in India c.16

India, the second largest country in the world in terms of population, is also one of the poorest. Yet her enormous resources, impressive administrative and industrial infrastructure, large internal market and high savings rate give her the potential to become an economic giant. Why, then, has per capita income been growing at the rate of only 1½ per cent per year over the last thirty years, leaving nearly half the population in abject poverty?

In this wide-ranging and readily accessible book, a well-known economist examines the political and economic constraints on Indian development. He demonstrates the central role of public investment in agricultural and industrial infrastructure and of public management of capital in economic growth. He explores the nature of the relationship between government and society in India and shows how a plurality of classes dominate the economy, generating conflicting pressures for patronage and subsidies. He then traces the impact of these conflicts on the functioning both of the economy, in particular its growth process, and of the polity, in particular its democratic process.

Bases on the Radhakrishnan Memorial Lectures delivered at All Souls College, Oxford, this ambitious and controversial book makes essential reading for anyone who hopes to understand contemporary India.