Question

how public sector impacted the Indian population​

Answer 1

Explanation:

Prior to Independence, there were few ‘Public Sector’ Enterprises in the country.

These included the Railways, the Posts and Telegraphs, the Port Trusts, the

Ordinance Factories, All India Radio, few enterprises like the Government Salt

Factories, Quinine Factories, etc. which were departmentally managed.

1.1.2 Independent India adopted planned economic development policies in a

democratic, federal polity. The country was facing problems like inequalities in

income and low levels of employment, regional imbalances in economic

development and lack of trained manpower. India at that time was predominantly

an agrarian economy with a weak industrial base, low level of savings, inadequate

investments and infrastructure facilities. In view of this type of socio-economic

set up, our visionary leaders drew up a roadmap for the development of Public

Sector as an instrument for self-reliant economic growth. This guiding factor led

to the passage of Industrial Policy Resolution of 1948 and followed by Industrial

Policy Resolution of 1956. The 1948 Resolution envisaged development of core

sectors through the public enterprises. Public Sector would correct the regional

imbalances and create employment. Industrial Policy Resolution of 1948 laid

emphasis on the expansion of production, both agricultural and industrial; and in

particular on the production of capital equipment and goods satisfying the basic

needs of the people, and of commodities the export of which would increase

earnings of foreign exchange.

In early years of independence, capital was scarce and the base of entrepreneurship

was also not strong enough. Hence, the 1956 Industrial Policy Resolution gave

primacy to the role of the State which was directly responsible for industrial

development. Consequently the planning process (5 year Plans) was initiated

taking into account the needs of the country. The new strategies for the public

sector were later outlined in the policy statements in the years 1973, 1977, 1980

and 1991. The year 1991 can be termed as the watershed year, heralding

liberalisation of the Indian economy.

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Answer 2

Answer:

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