Economic policies in independent India from "summary" of A Brief History of Modern India by Rajiv Ahir
After gaining independence in 1947, India faced the daunting task of rebuilding its economy and ensuring the prosperity of its people. The Indian leadership recognized the need for a comprehensive economic policy that would address the challenges of poverty, unemployment, and underdevelopment. The government under Prime Minister Jawaharlal Nehru adopted a mixed economy model that combined elements of socialism and capitalism. The economic policies in independent India focused on achieving self-reliance and reducing dependence on foreign imports. The government implemented various measures to promote domestic industries, such as industrial licensing, import substitution, and protectionist trade policies. These policies aimed to boost domestic production, create employment opportunities, and reduce the trade deficit. One of the key strategies of India's economic policies was the Five-Year Plans, inspired by the Soviet model of economic planning. The Plans set targets for industrial growth, agriculture, infrastructure development, and social welfare programs. The government invested heavily in sectors like heavy industries, power generation, and irrigation to stimulate economic growth and improve living s...
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