Prof. Ishwar C Dhingra, a brilliant practicing scholar devoted to proliferation of wider academic understanding, which amply reflects in the latest edition (23rd) of his very informative treatise on “Indian Economy- Environment & Policy”. He has tried to analyze macro- economic issues of India with numerous facts and figures. Author has been successful in presenting microscopic analysis of Indian macro economy critically examining and evaluating issues involving domestic as well as overseas economic development and their financial ramification. Depicting Indian economic panorama with upto- date reliable informative framework, he has tried to convey the problems and road- blocks that the recent financial upheavals have brought about forcing the financial pundits to delve into the depth of thematic assessment of the macro-dynamics of Indian financial system. Contents of the book encompassing the entire gamut of India economy have been divided into seven sections and further subdivided into 30 main heads broadly covering the following paradigms:

  1. Issue of Economic Development
  2. Resource profit of the Economy
  3. Development Planning in India
  4. The Agricultural Sector
  5. Industry & Trade
  6. Banking & Finance
  7. Issue of Current Interest

The above major heads are spread over 393 sub- chapters affording a very comprehensive analysis of the various facets of Indian economy. The author has explained in a very lucid and intelligible style the nitty gritty of natural resources, infrastructure, national income-its distribution and capital formation, structural and institutional changes in Agriculture etc. He has also diagnosed the genesis of deteriorating share of agriculture to GDP of India, industrial progress during different plans, performance of public enterprises, foreign trade, functioning of multinational corporations, impact of foreign capital and current account deficits are some of the major areas that have been dealt with at length. The chapters on monetary regulation, fiscal system, international financing and working of other development bankers have been analyzed in depth. The most informative details added in the latest edition of the book on new economy, structural adjustment  programme (SAP) , liberalization, privatization, globalization, second generation reforms, corporate governance, WTO ,Intellectual Property Right, progress exhibited by BRIC countries, outsourcing, emergence of Euro market, Euro money, Public Private Partnership (PPP), issues of oil pricing, carbon credit, carbon trading, organic farming, 13th Finance Commission are some of the very crucial areas which have been examined in detail. The chapter on US Sub-prime mortgage crisis and its widening ripples in USA, Europe, South Asia, South East Asia and elsewhere make an informative and interesting reading throwing new lights on their manifold implications.

The book besides being very informative, comprehensive and exhaustive is very useful guide for the students of economics- both at UG and PG level. This is equally useful for Management students, Chartered Accountants’, Company Secretaries’ course, competitive exams as well. This book will also serve as a reference book for all other students, researchers and for all those who look for knowing about both micro and macro developments of Indian economy.

Devendra Pathak

Delhi Business School, New Delh