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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