The book containing a collection of articles written by the author under a different political-economic context of planning era is of continuing relevance to the on-going debate on issues like the vastly increased role of foreign capital, restructuring of public sector, financial sector transformation, crony capitalism, endemic trade imbalances and functioning of new regulatory bodies which characterise India’s transition to the new economic policy regime.
Section I deals with issues of concentration of economic power, industrial licensing system and its functioning, big business, small-scale industries and regulations. Section II highlights the real story behind the nationalisation of banks and will fill a major lacuna in the popular perception of the whys and wherefores of this landmark political decision in 1969.
Section III examines the role and efficacy of multinational corporations (MNCs) in dealing with India’s major problems of foreign exchange, inflation, unemployment, interpersonal inequities and regional imbalances. Section IV contains articles on public sector that occupied the commanding heights of the Indian economy.
Section V covers the author’s journalistic commentary and critiques on the important economic issues written in the popular column in the National Herald in the 1960s under the pen names of Economicus and Politicus, the Young Indian and the Daily in the early 1970s and 1980s.
Professor S.K. Goyal, after obtaining doctoral degree from Delhi School of Economics in 1961, taught first in Deshbandu and Kirori Mal colleges and subsequently at the Indian Institute of Public Administration (IIPA) where he was Professor of Economics and Public Policy. He is currently Emeritus Professor and Vice-Chairman of the Institute for Studies in Industrial Development (ISID), New Delhi.
Beginning with a study of cooperative farming as a doctoral student to a broader encounter with industrial and trade policies, planning, public sector, monopolies, foreign capital and the corporate sector, his intellectual journey covered a vast area. In the process, he was also associated with a number important official committees which included Study Team on Machinery for Planning at the Central and State Levels (1966-67) constituted by the Administrative Reforms Commission, Industrial Licensing Policy Inquiry Committee (1967-69) set up by the Government of India and the Research Advisory Committee, Planning Commission, Government of India, in the rank of Cabinet Minister (1991).
Prof. Goyal founded the Corporate Studies Group at IIPA, which was later transformed into the Institute for Studies in Industrial Development (ISID). He steered ISID as its founder-Director during 1986-2003. He directed a number of research projects relating to the functioning of industrial regulations, public sector, Indian big business, multinational corporations and foreign investments. He has many publications to his credit. His empirical study on trends in concentration of economic power in India was published as a book titled Monopoly and Public Policy: Business and Economic Power by Allied Publishers in 1979. “Impact of Foreign Subsidiaries on India’s Balance of Payments, “Small-Scale Sector and Big Business”, “Functioning of the Industrial Licensing System”, “Comparative Performance of the Public and Private Sectors in India” were among his other notable contributions. He also edited the volume Public Enterprises, Indian Institute of Public Administration, New Delhi, 1984. Prof. Goyal pioneered the building of extensive databases on the Indian corporate sector and Indian social science literature and a Press Clippings Archive.
- Concentration of Economic Power
- Bank Nationalisation
- Multinational Corporations
- Public Sector
- Journalist Miscellany