This work investigates the efficacy and structural consequences of India's industrialization and trade policies implemented following the nation's independence in 1951. Jagdish N. Bhagwati and Padma Desai, both prominent economists, utilize a rigorous analytical framework to evaluate the shift toward import substitution and state-led planning. The authors examine how these specific policy choices influenced domestic industrial growth, international trade competitiveness, and the broader economic trajectory of the country during the mid-20th century.

Experts recognize this volume as a foundational text for understanding the constraints of early Indian economic planning. Readers frequently note the academic density of the prose and the extensive reliance on historical data to support the authors' critical assessment of state intervention.