This book provides a macroeconomic analysis of the Indian economy. It is a long-run study that spans the period from 1950-51 to 1992-93, encompassing the various turning points in India's economic policy and development strategies. The macroeconometric model used in the book integrates the monetary and real sectors of the economy. In order to provide theoretical underpinnings for the model, the book traces the development of macroeconomic theory including Keynesian, structuralist, and supply-side economics. The model explains the public sector's current and capital expenditures, rather than...