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History and Background

The chapter summarizes details of political and institutional contexts for post-independence growth. India was severely impoverished in the period from 1900 to 1947, and per-capita growth rates were almost zero. Growth was ten times larger after independence, relative to before independence. Growth was conditioned by the institutional climate defining capitalism practiced in India. In the 1940s, the Second World War, the Quit India movement, the Bengal Famine, and the “Bombay Plan” were important growth-related contingencies. The background to policy making had been the Indian Industrial Commission report of 1918. M. Visevesvaraya’s and Ardeshir Dalal’s suggestions for India’s industrial and economic development are discussed. How India’s unique structure of industrial capitalism, consisting of private, State, and molecular sectors came about is highlighted, and how the founding policy makers’ ideas were translated into actual industrial policy, with a national capabilities development process simultaneously engendered, is described.