Economic reforms postindependence significant from "summary" of Indian Economy: Performance and Policies by Uma Kapila
The economic reforms initiated in India after gaining independence from British colonial rule in 1947 were of significant importance. These reforms were aimed at transforming the agrarian economy into an industrialized one, promoting economic growth, reducing poverty, and achieving social justice. The government adopted a mixed economy model, combining elements of both capitalism and socialism, to achieve these objectives. The first phase of economic reforms in post-independence India focused on land reforms, industrial policy, and fiscal policy. Land reforms were aimed at abolishing intermediaries, redistributing land to the landless poor, and improving agricultural productivity. Industrial policy focused on promoting the development of key industries through state intervention, protection, and regulation. Fiscal policy aimed at mobilizing resources for development through taxation, public borrowing, and deficit f...
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