The development pattern of India during 1950-80 was characterised by strong centralised 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 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 realising the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower rate of growth than expected. 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. Part I provides a sector-wise review of developments in the Indian economy since Independence in 1947. Part II presents year-wise review (1947-48 to 2010-11) of developments in the following 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.