Define Indian licensing policy of 1950-90
Answers
Answer:
Good mornin
Explanation:
This was to ensure that the quantity of goods produced was not more than what the economy required. License to expand production was given only if the government was convinced that the economy required the larger quantity of goods.On 15 August 1947, India woke to a new dawn of freedom: finally we were masters of our own destiny after some two hundred years of British rule; the job of nation building was now in our own hands. The leaders of independent India had to decide, among other things, the type of economic system most suitable for our nation, a system which would promote the welfare of all rather than a few. There are different types of economic systems (see Box 2.1) and among them, socialism appealed to Jawaharlal Nehru the most. However, he was not in favour of the kind of socialism established in the former Soviet Union where all the means of production, i.e., all the factories and farms in the country, were owned by the government. There was no private property. It is not possible in a democracy like India for the government to change the ownership pattern of land and other properties of its citizens in the way that it was done in the former Soviet Union.
Nehru, and many other leaders and thinkers of the newly independent India, sought an alternative to the extreme versions of capitalism and socialism. Basically sympathising with the socialist outlook, they found the answer in an economic system which, in their view, combined the best features of socialism without its drawbacks. In this view, India would be a ‘socialist’ society with a strong public sector but also with private property and democracy; the government would ‘plan’ (see Box 2.2) for the
Answer:
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Indian Economy 1950-1990. What was the objective of Licensing Policy in India? ... This was to ensure that the quantity of goods produced was not more than what the economy required. License to expand production was given only if the government was convinced that the economy required the larger quantity of goods.