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Economic progress was slow but steady from "summary" of India After Gandhi: The History of the World's Largest Democracy by Ramachandra Guha
The economic progress of India in the decades following independence was marked by a slow and steady trajectory. The initial years were characterized by a focus on agricultural development, with the government implementing various policies aimed at increasing productivity in this sector. Land reforms were introduced to redistribute land to the landless, and initiatives like the Green Revolution helped boost agricultural output. However, industrial growth was relatively sluggish during this period. The government adopted a mixed economy model, with a combination of state-led planning and private enterprise. While this approach did lead to some industrialization, progress was hampered by bureaucratic inefficiency, red tape, and a lack of investment in infrastructure. Despite these challenges, there were some notable achievements in certain sectors. For instance, the establishment of the Indian Institutes of Technology (IITs) in the 1950s laid the foundation for the country's technological advancement in the decades to come. Additionally, the expansion of the public sector saw the creation of companies like the Steel Authority of India Limited (SAIL) and the Oil and Natural Gas Corporation (ONGC). The liberalization of the economy in the 1990s ushered in a new era of economic growth and development. The government introduced reforms aimed at opening up the market, attracting foreign investment, and fostering competition. This led to a surge in GDP growth, as well as improvements in sectors like telecommunications, information technology, and finance.- While the pace of economic progress in India may have been slow at times, the country's consistent efforts to promote growth and development have ultimately paid off. Today, India is one of the fastest-growing major economies in the world, with a burgeoning middle class and a thriving private sector. The journey from independence to economic powerhouse has been a long and arduous one, but the nation's perseverance and resilience have helped shape its path to prosperity.
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