Economic History Of India
Economic History Of India
Economic History Of India:
It was the first Prime Minister of India, Jawaharlal Nehru, along with noted statistician Prasanta Chandra Mahalanobis, who formulated and supervised economic policy of India after its independence. The concept of Five-Year Plans came into existence, which were influenced by the central planning in the Soviet Union. A number of industries were nationalised during the mid-1950s, which included telecommunication, mining, steel, water, machine tools, electrical plants, insurance and a few more Setting up new businesses required elaborated licenses and regulations. 'Red Tapeism' was also a part of it between 1947 and 1990. The economic policy formulated by Nehru and Mahalanobis was based on direct and indirect state intervention. Though they were quite optimistic about the success of their policy, economist Milton Friedman later criticised their policy, which concentrates on capital and technology-intensive heavy industry as well as subsidising manual, low-skill cottage industry at the same time. According to Friedman, it would waste capital and labour and would slow down the growth of small manufacturers. The economic policies, initiated post independence, were influenced by the colonial experience. Policies included protectionism, import substitution, intervention of the state in labour and financial markets, industrialisation, central planning, large public sector, business regulation. Five-Year Plans were introduced which were similar to the central planning in the Soviet Union. In the mid-1950s, industries such as electrical plants, water, insurance, mining, telecommunications, steel, machine tools were nationalised. Between 1947 and 1990, regulations and licenses were needed to set up businesses in India. This was termed as Licence Raj, and often included red tapism.
Who is the author of "Planned Economy for India" ? | |||
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Students / Parents Reviews [20]
My experience with Abhyas is very good. I have learnt many things here like vedic maths and reasoning also. Teachers here first take our doubts and then there are assignments to verify our weak points.
Shivam Rana
7thUsually we see institutes offering objective based learning which usually causes a lag behind in subjective examinations which is the pattern followed by schools. I think it is really a work of planning to make us students grab the advantages of modes of examination, Objective Subjective and Onli...
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Aman Kumar Shrivastava
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Shreya Shrivastava
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8thAbhyas institute is one of the best coaching institute in the vicinity of Ambala cantt.The institute provides good and quality education to the students.The teachers are well experienced and are very helpful in solving the problems. The major advantages of the institute is extra classes for weak...
Shreya Shrivastava
8thI have spent a wonderful time in Abhyas academy. It has made my reasoning more apt, English more stronger and Maths an interesting subject for me. It has given me a habbit of self studying
Yatharthi Sharma
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Barkha Arora
10thIn terms of methodology I want to say that institute provides expert guidence and results oriented monitering supplements by requsite study material along with regular tests which help the students to improve their education skills.The techniques of providing education helps the students to asses...
Aman Kumar Shrivastava
10thAbhyas institute is one of the best coaching institute in the vicinity of Ambala Cantt area. The teachers of the institute are well experienced and very helpful in solving the problems of the students.The good thing of the institute is that it is providing extra classes for the students who are w...
Aman Kumar Shrivastava
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Ayan Ghosh
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Om Umang
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Aman Kumar Shrivastava
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8thMy experience with Abhyas academy is very nice or it can be said wonderful. I have been studying here from seven class. I have been completing my journey of three years. I am tinking that I should join Abhyas Academy in tenth class as I am seeing much improvement in Maths and English
