CONTENTS Editor/Contributors 11 Preface 13 1. Two Decades of Economic Reforms : Towards Faster, Sustainable and More Inclusive Growth 15 UMA KAPIL 2. Indian Economy : Progress and Prospects39 DEEPAK MOHANTY 3. Tht Indian Economy : Current Concerns and Future Prospects55 C. RANGARAIAN 4. India on the Growth Turnpike : No State Left Behind 69 ARVIND PANAGARIYA 5. Rejigging the Elephant Dance89 DUVVURI SUBBARAO 6. Growth, Resilience and Reform : Reflections on Post-Crisis Policy Challenges 105 SUBIR GOKARN 7.India's Development Drama (1991-2011) : From Milton Friedman to Mahatma Gandhi125 N.A. MUJUMDAR 8.Prospects and Policy Challenges in the Twelfth Plan 149 MONTEK S. AHLUWALIA 9.Twelfth Five Year Plan : Some Perspectives 201 MANMOHAN SINGH 10. India in 2025 : Growth and Inclusion 207 BIBEK DEBROY 11. Inclusive Growth : Role oi Sociopolitical Factors- Comparative Experience of India and China259 C.H. HANUMANTHA RAO 12. Why for a Class of Bribes the Act of Giving a Bribe should be Treated as Legal273 KAUSHIK BASU 13. Global Cooperation on Sustainable Growth and Development: Views from G-2.0 Countries 283 PRANAB MUKHERIEE 14. Challenge of Transforming Indian Agriculture 289 VS. VYAS 15. Reforming Agriculture 305 ASHOK GULATI 16. On Strategies for Disinvestment and Privatisation 315 VITAY KELKAR 1 7 Empowering MSMEs for Financial Inclusion and Growth : Issues and Strategies 329 K.C. CHAKRABARTY 18. Monetary Policy Dilemmas : Some RBI Perspectives 343 DUWUKI SUBBARAO 19. Legislative Reforms : Strengthening Banking Sector357 ANAND SINHA 20. Towards Rapid, Sustainable and Inclusive Growth: Challenge of the Future 371 MANMOHAN SINGH