why did
independent india adopted for mixed economy?
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The leaders of independent India had to decide among other things on the type of economic system and among them socialism appealed to Jawahar Lal Nehru the most. But he was not in favour of the kind of socialism practised in the erstwhile Soviet Union where all the means of production in the country were owned and controlled by the government. There was no private property. It was not possible in a democracy like India to change the ownership pattern of land and other properties.
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The leaders of independent India had to decide among other things on the type of economic system and among them socialism appealed to Jawahar Lal Nehru the most. But he was not in favour of the kind of socialism practised in the erstwhile Soviet Union where all the means of production in the country were owned and controlled by the government. There was no private property. It was not possible in a democracy like India to change the ownership pattern of land and other properties. The thinkers of newly independent India sought an alternative to extreme versions of capitalism and socialism. They had sympathy with the socialist outlook and chose a system, which combined the best features of socialism and capitalism. India would be a 'socialist' society with a strong public sector but also with private property and democracy. The government would plan for the economy with the private sector being encouraged to be part of the plan effort.
The industrial policy resolution of 1948 and directive principles of the Indian Constitution reflected this view.
This system on one hand maintains the incentives and initiatives of the people, on the other it keeps the economy free from exploitation. Mixed economy provides the opportunity to fulfil both the objectives of our planning, rapid economic growth and social justice. It is the most suitable in our present day democratic setup in which mixed economy has all the sectors such as private sector, public sector, co-operative sector coexist and work together.
your ans
The leaders of independent India had to decide among other things on the type of economic system and among them socialism appealed to Jawahar Lal Nehru the most. But he was not in favour of the kind of socialism practised in the erstwhile Soviet Union where all the means of production in the country were owned and controlled by the government. There was no private property. It was not possible in a democracy like India to change the ownership pattern of land and other properties. The thinkers of newly independent India sought an alternative to extreme versions of capitalism and socialism. They had sympathy with the socialist outlook and chose a system, which combined the best features of socialism and capitalism. India would be a 'socialist' society with a strong public sector but also with private property and democracy. The government would plan for the economy with the private sector being encouraged to be part of the plan effort.
The industrial policy resolution of 1948 and directive principles of the Indian Constitution reflected this view.
This system on one hand maintains the incentives and initiatives of the people, on the other it keeps the economy free from exploitation. Mixed economy provides the opportunity to fulfil both the objectives of our planning, rapid economic growth and social justice. It is the most suitable in our present day democratic setup in which mixed economy has all the sectors such as private sector, public sector, co-operative sector coexist and work together.
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