Briefly discuss the major economic reforms introduced by the post-1947 Governments in the State.of jand k
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In the year 1947 government । discuss the major economic reforms introduce by the year 1947 are given below
Government has introducedindustrialization
Railway was also introduced
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India’s economic model: the state’s primacy over individual enterprise
Prime minister Jawaharlal Nehru’s development model envisaged a dominant role of the state as an all-pervasive entrepreneur and financier of private businesses. The Industrial Policy Resolution of 1948 proposed a mixed economy. Earlier, the Bombay Plan, proposed by eight influential industrialists including J.R.D Tata and G.D. Birla, envisaged a substantial public sector with state interventions and regulations in order to protect indigenous industries. The political leadership believed that since planning was not possible in a market economy, the state and public sector would inevitably play a leading role in economic progress.
The very first budget, and the defence of fiscal federalism
Alawyer, economist and politician who served as independent India’s first finance minister, R.K. Shanmukham Chetty tabled the country’s first Union budget in Parliament on 26 November 1947. He was also India’s delegate to the World Monetary Conference at Bretton Woods in 1944, a consequential gathering of economists toward
Planning, commissioning, executing the programme to hasten growth
India set up the Planning Commission in 1950 to oversee the entire range of planning, including resource allocation, implementation and appraisal of five-year plans. The five-year plans were centralized economic and social growth programmes modelled after those prevalent in the USSR. India’s first five-year plan, launched in 1951, focused on agriculture and irrigation to boost farm output as India was losing precious foreign reserves on foodgrain imports. It was based on the Harrod-Domar model that sought to boost economic growth through higher savings and investments. The plan was a success, with the economy growing at an annualized 3.6%, beating the target of 2.1%.