In 1964, Raúl Prebisch becomes secretary-general of UNCTAD and promotes import substitution as a growth strategy.

Walt Whitman Rostow formulates his stages-of-growth theory, which will influence the field of development economics.

In 1975, Hollis Chenery develops the patterns-of-development approach, which identifies common patterns and structural changes in developing economies as they grow.

In 1991, four prominent economists issue a joint statement in support of devaluation.

In 1990, Rakesh Mohan and Vandana Aggarwal write a research paper that will become the groundwork for the New Industrial Policy of 1991.

In 1990, Montek Singh Ahluwalia authors the “M Document,” a precursor to the 1991 reforms.

In 1985, Finance Minister V. P. Singh presents a milestone budget, paving the way for a more liberal, market-oriented economy.

1982 came to be dubbed the Year of Productivity by then prime minister Indira Gandhi.

In 1980, Deepak Lal’s Prices for Planning: Towards the Reform of Indian Planning advocates market-based price signals to better allocate resources.

In 1977, H. M. Patel’s maiden budget speech marks a transformative moment in India’s economic history, with policy shifting toward a more market-based orientation.

In 1975, B. R. Shenoy asserts that interventionism is the root cause of corruption.

In 1975, Bhagwati and Srinivasan’s Foreign Trade Regimes and Economic Development: India examines India’s economic development vis-à-vis its trade policies.

In 1971, Sudha Shenoy’s India: Poverty or Progress? is published, voicing a libertarian critique of India’s economic policies.

In 1971, Peter Bauer’s Dissent on Development contributes new ideas to development economics and has wide-ranging implications for growing nations including India.

In 1970, Bhagwati and Desai publish India: Planning for Industrialisation, whose insights foreshadowed the 1991 economic reforms.

In 1964, Manmohan Singh writes his doctoral thesis under Ian D. Little, in which he challenges import substitution and argues for free trade.

In 1959, C. Rajagopalachari forms the Swatantra Party, which would propound a market-oriented economy.

In 1957, Gunnar Myrdal publishes Economic Theory and Underdeveloped Regions.

In 1956, A. D. Shroff sets up the Forum for Free Enterprise to promote principles of private enterprise and free markets in India.

In 1956, C. N. Vakil and P. R. Brahmananda provide an alternative to Mahalanobis’s development approach.

In 1955, P. C. Mahalanobis creates the two- and four-sector models, which would influence India’s economic policy making.

In 1955, B. R. Shenoy becomes a voice of dissent on India’s central planning.

In 1955, Milton Friedman visits India and critiques the Second Five-Year Plan.

In 1954, Arthur Lewis develops the dual-sector model, which would be used by India’s policy makers for economic planning.

In 1953, Ragnar Nurkse’s balanced-growth theory shapes India’s industrialization strategy.

In 1950, Import-Substituting Industrialization becomes a prominent economic strategy, particularly in India and other developing nations.

In 1950, The Prebisch-Singer hypothesis encourages developing countries to adopt import-substitution policies for industrialization.

In 1946, the Harrod-Domar growth model comes to prominence. It would later become the basis for India’s First Five-Year Plan (1951–56).

In 1944, Minoo Masani reconsiders socialism and comes to advocate a mixed economy.

In 1943, Rosenstein-Rodan devises the big-push model of development, which would shift India’s focus to industrialization after independence.

In 1941, Leontief develops input-output analysis, which would form a critical part of Indian economic policy after independence.

In 1938, Subhas Chandra Bose establishes the All India Forward Bloc, and the state begins to focus on industrializing.

In 1926, Harold Laski is appointed chair of the Department of Government at the London School of Economics, where he would influence future Indian leaders with socialist and democratic ideals.