Discuss some of the sources of thinking that went in to formulating a strategy for development imediately after indipendance
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An independent India was bequeathed a shattered economy, widespread illiteracy and shocking poverty.
Contemporary economists divide the history of India’s economic growth into two phases – first 45 years after independence and the two decades of free market economy. The years preceding the economic liberalisation were mainly marked by instances wherein economic development got stagnated due to a lack of meaningful policies.
The economic reforms came to India’s rescue with the launching of a policy of liberalisation and privatisation. A flexible industrial licensing policy and a relaxed FDI policy started getting positive responses from international investors. Among the major factors that drove India’s economic growth following the economic reforms of 1991 were increased FDI, adoption of information technology and an increased domestic consumption.
Contemporary economists divide the history of India’s economic growth into two phases – first 45 years after independence and the two decades of free market economy. The years preceding the economic liberalisation were mainly marked by instances wherein economic development got stagnated due to a lack of meaningful policies.
The economic reforms came to India’s rescue with the launching of a policy of liberalisation and privatisation. A flexible industrial licensing policy and a relaxed FDI policy started getting positive responses from international investors. Among the major factors that drove India’s economic growth following the economic reforms of 1991 were increased FDI, adoption of information technology and an increased domestic consumption.
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