When the colonial government handed over the country's rule, the Indian people were abysmally poor. Many countries in the world, specifically in the West, were already developed. During British rule for almost two hundred years, the exorbitant exploitation of resources and its unregulated drain left very little to cycle in the accumulation needed to accelerate economic growth. India was a mostly agrarian economy at the time of the Independence and there was very low economic growth in the first half of the twentieth century (1900-1950). During the last 75 years, the economy has demonstrated significant improvement on many fronts, relying mainly on the service sector expansion, with the manufacturing sector growth playing a critical role.  The pace and pattern of economic transformation and lessons drawn from the development path have been documented in the volume.