Our economic problem / by P.A. Wadia and K.T. Merchant

Since the publication of the third edition in 1948 the book was reprinted once to meet the increasing demand. The need for a fresh edition now enables us to completely revise the volume in the light of the momentous changes that have taken place in the post-war years. We have also dealt with the inauguration of the Five Year Plan. The brief discussion of developments in India between 1945-48 given in the preface to the last edition has been incorporated in the body of the present edition.

We have in this edition drawn upon the official publications of the States and Central Government, as well as those of the U.N.O. and the Food and Agricultural Organisation. We have also been indebted to recent specialised studies by Indian and foreign authors. Our obligations to all these publications have been acknowledged in the text. We are specially thankful to Mr. D. N. Marshall, of the University Library and his staff and the staff of the University School of Economics Library for placing at our disposal all the available material in the shape of books and journals, and for their unfailing courtesy and help despite our very heavy demands on them. We also thank all our friends, particu larly Mr. Y. S. Pandit, who have helped us by loaning books and journals.

Despite all recent developments including the Five Year Plan the fundamental problem of our country remains unchanged. We have not, therefore, found it necessary to change the general structure of the book. In this revised edition we have attempted to give available figures for the Indian Union and have stressed the post-war years, especially the years after Partition. Various sections have been entirely rewritten. In a new chapter on Eco nomic Planning in India we have discussed the concept of plan ning and appended a brief summary of the Five Year Plan to enable readers to follow subsequent discussions. In this connec tion it is gratifying to find that our plea for planning made in the earlier editions has already been recognised and become an accepted fact, though not quite on the lines we advocated. We have, therefore, stressed in this edition the problem from the point of view of the under-developed character of our economy.