Industrial Management and Managerial Economics (1995)

Introduction

More than four decades ago (1947), the administration and management of this subcontinent was handed over to the people of India.

Complete freedom to plan and execute the designs for development had become available to serve the needs of the large human populace inhabiting this ancient country. Rich in natural resources, India has been the home of a civilized, scientifically elevated, and environmentally conscious human race for over five millenniums.

However, the legacy of foreign rule left little or no infrastructural base for the utilization of such vast resources. Taking the reins of this, one of the largest democracies in the world, Pandit Jawaharlal Nehru in his opening speech to the first Constituent Assembly declared, 'Long years ago, we made a tryst with destiny and now the time has come when we shall redeem our pledge, not wholly or in full measure, but substantially. The pledge made by a great son of India has been, if not fully, certainly significantly fulfilled.

India today stands in the community of nations as one of the agro-industrial giants, having a sound base of mechanized agricultural skills along with advanced manufacturing capabilities, in some areas of world standards. If one looks back at 47 years of independent India, one gets the feeling that what India