Discuss the genesis of mixed economy framework in india
Answers
Post-independence, India followed a policy of mixed economy which means that both public and private sector exist at the same time.
Initially most of the sensitive or core industries like banking, insurance, heavy industries, power generation etc. were dominated by public sector units.
However in the year 1991 Indian government opened up almost all industries excluding defense production for private businesses.
In today’s context private sector plays a major role in all industries except agriculture and defense.
Mixed economy: An economic system where both private and a state monopoly coexist. All modern economies are mixed. The means of production are shared and is also called as dual economy.
In India, the British government introduced economic systems of free enterprise and capitalistic-type.
Indian economy is a mixed economy because it is neither completely socialist nor capitalist.
So, mixed economy model of economic development was introduced in India by the British during their rule.
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