The editorial team of IAMD is privileged to place our book “Economic Development of India” before the esteemed readers.
The Economic Development of any country depicts the true picture of socio-political environment of the human kind. Indian Economy has made exemplary variation after every twenty years. India has emerged as the fastest growing major economy in the world as per the Central Statistical Organization (CSO) and International Monetary Fund (IMF) and it is expected to be one of the top three economic powers of the world over the next 10 -15 years, backed by its strong democracy and partnership. In 1951, the planning era was initiated under the leadership of our first Prime Minister Pt. Jawaharlal Nehru, which was reflected in the form of mixed economy versus socialism. In 1971, Ms. Indira Gandhi provided a new direction through nationalization and poverty eradication programme. Mr. Narshimha Rao’s government took a turn around when new economic policy in form of LPG was initiated in 1991 by Finance Minister Dr. Manmohan Singh. This sequential development was indicating that 2011 must be a turning point in economic history of India. Global financial crisis was indicating that American and European economy were declining so there was a fair chance for the Indian economy to acquire the shape of super economic power and developed nation. But, we failed to acquire such momentum. Modi Government decided to make historical refinement which started from 2014, reflecting as Start-up India, Stand-up India, Digital India and Mission 2020 and so on. But, the demonetization and re-monetization and ultimately GST sovereignty has put forth slow growth in GDP, job siring and foreign trade. The 21st century is the century of effective management and knowledge economy so crisis economies are converting into surplus economy. Therefore, Darwin theory of survival of fittest indicates to grow or perish. We have to think about marketing of the service sector for over-coming global crisis.