This volume investigates the efficacy and structural impact of Indian industrialization and trade policies implemented between 1951 and the early 1970s. Jagdish N. Bhagwati and Padma Desai, both distinguished economists, utilize a rigorous analytical framework to evaluate how state-led planning influenced economic growth, resource allocation, and trade performance. By situating these policies within the broader context of India's historical resource base and socio-political objectives, the authors provide a critical assessment of the import-substitution model that defined the era.

Economists and historians frequently cite this work as a foundational text for understanding the complexities of the Indian planned economy. Experts highlight the authors' meticulous data collection and their critical stance on the inefficiencies inherent in the regulatory frameworks of the period.