This volume examines the social and political processes that underlined India's economic transition from Independence till 1991 and onwards. It examines key debates surrounding economic reforms and discusses salient features of the post-reforms political economy.

LIST OF TABLES AND FIGURES; ACKNOWLEDGEMENTS ; PUBLISHER'S ACKNOWLEDGEMENTS ; INTRODUCTION: THE STATE AND PRIVATE INITIATIVE IN INDIA (RAHUL MUKHERJI) ; I. DEVELOPMENT STRATEGY ; 1. What Went Wrong? (Jagdish Bhagwati) ; 2. The Indian Economy under 'Structural Adjustment' (Prabhat Patnaik and C.P. Chandrasekhar) ; 3. Economic Reforms in India since 1991: Has Gradualism Worked? (Montek S. Ahluwalia) ; II. THE POLITICAL ECONOMY OF REFORMS ; 4. Economic Transition in a Plural Polity: India (Rahul Mukherji) ; 5. Mass Politics or Elite Politics? Understanding the Politics of India's Economic Reforms (Ashutosh Varshney) ; 6. Political Skills: Introducing Reforms by Stealth (Rob Jenkins) ; 7. The Limits of Economic Nationalism in India: Economic Reforms under the BJP-led Government, 1998-9 (Baldev Raj Nayar); III. Economic Reforms and the Political Economy ; 8. Iconization of Chandrababu: Sharing Sovereignty in India's Federal Market Economy (Lloyd I. Rudolph and Susanne Hoeber Rudolph) ; 9. Economic Reform, Federal Politics, and External Assistance: Understanding New Delhi's Perspective on the World Bank's State-Level Loans (Jason A. Kirk) ; 10. Managing Competition: Politics and the Building of Independent Regulatory Institutions (Rahul Mukherji) ; 11. Politics of Market Micro-Structure: Towards a New Political Economy of India's Equity Market Reform (John Echeverri-Gent) ; 12. Bangalore: The Silicon Valley of Asia? (Anna Lee Saxenian) ; 13. Public Sector Restructuring and Democracy: The State, Labour, and Trade Unions in India (Supriya RoyChowdhury) ; 14. Liberalization and Business Lobbying in India (Stanley A. Kochanek) ; SELECT BIBLIOGRAPHY ; NOTES ON CONTRIBUTORS ; INDEX