According to the data released by the NSO for the Financial Year 2021-22 on 31st May, 2022, the real GDP grew at the rate of 8.7 per cent. Thus, the growth rate of real GDP for India was higher than most of the other big economies. This is a clear indication that the Indian Economy is now on the path to recovery. But, challenges still remain in its way. The retail inflation is almost 8 per cent. The number of poor people is very high, the unemployment rate is at an alarming level, and a big part of the population is still grappling with malnutrition and undernutrition. According to the 'Report on Currency and Finance' published by the Reserve Bank of India on 28th April 2022, it will take another 10 years or more for the Indian Economy to recover fully from the adverse effects of COVID-19. All these issues have been adequately discussed in this 40th revised and updated edition of the book. CONTENTS - PART I – ECONOMIC DEVELOPMENT: A THEORETICAL BACKGROUND, PART II – STRUCTURE OF THE INDIAN ECONOMY, PART III – BASIC ISSUES IN AGRICULTURE, PART IV – THE INDUSTRIAL SECTOR AND SERVICES IN INDIAN ECONOMY, PART V – FOREIGN TRADE AND FOREIGN CAPITAL, PART VI – MONEY, BANKING AND FINANCE, PART VII – PUBLIC FINANCE, PART VIII – ECONOMIC PLANNING AND POLICY