Question

industrial development in India after independence

Answer 1

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While some have a high opinion of India’s growth story since its independence, some others think the country’s performance in the six decades has been abysmal. It’s arguably true that the Five-Year Plans did target specific sectors in order to quicken the pace of development, yet the outcome hasn’t been on expected lines. And, the country is taking its own sweet time to catch up with the developed world. All efforts are frustrated by lopsided strategies and inept implementation of policies.

The Two Phases of Economy

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.

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