Question

Write a detailed comparative analysis on condition of Indian Economy pre and post-Independence

Answer 1

Answer:

Capitalism: This system emerged in the work of Adam Smith, Wealth of Nations (1776). It became popular among the countries of America and Europe. The system had the private sector deciding the questions like What to produce? How much to produce? What price to sell it at? Adam Smith wanted free competition, non-interference by state to ensure that the markets brought equilibrium.

Answer 2

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The economic development in India followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence.

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