Discuss some of the sources of thinking that went in to formulating a strategy for development immediately after independence?discuss in 250 words
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The basic strategy of development adopted in India was the following:
Ever since Independence, a rapid rise in national income and in the standard of living has been the stated goal of development. Even for removal of poverty it was felt that the economy has to display high rates of growth. Redistribution of existing wealth was not thought entirely feasible; it was also thought that there would not be much to redistribute. So faith was placed on the growth process. Growth, though necessary, was by no means sufficient to transform the economy and also to uphold the ideals of the Constitution. Thus, social justice became an added and enduring objective. Along with this, because India had just emerged from colonial rule, there was a mistrust of the international economy, and faith was placed on ‘self-reliance’. By the Second Five Year Plan, self-reliance took the form of ‘import-substitution’. Later, in the Fourth Five Year Plan, self-reliance came to be seen as less and less reliance on foreign investment. Thus, growth with social justice and self-reliance defined the mentioned sense, remained the central and enduring objectives of development for a long time.
Ever since Independence, a rapid rise in national income and in the standard of living has been the stated goal of development. Even for removal of poverty it was felt that the economy has to display high rates of growth. Redistribution of existing wealth was not thought entirely feasible; it was also thought that there would not be much to redistribute. So faith was placed on the growth process. Growth, though necessary, was by no means sufficient to transform the economy and also to uphold the ideals of the Constitution. Thus, social justice became an added and enduring objective. Along with this, because India had just emerged from colonial rule, there was a mistrust of the international economy, and faith was placed on ‘self-reliance’. By the Second Five Year Plan, self-reliance took the form of ‘import-substitution’. Later, in the Fourth Five Year Plan, self-reliance came to be seen as less and less reliance on foreign investment. Thus, growth with social justice and self-reliance defined the mentioned sense, remained the central and enduring objectives of development for a long time.
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