Hayat Ashraf

Since gaining independence in 1947, India has undergone significant economic development. Here is an overview of the key phases and trends in India's economic development since independence: 1. Nehruvian Era (1950s-1960s): Following independence, India adopted a planned economy model with a focus on industrialization and self-sufficiency. The government played a central role in economic planning, emphasizing public sector enterprises and import substitution. Agriculture also received attention through land reforms and rural development programs. 2. Economic Liberalization (1991 onwards): In the early 1990s, India embarked on economic reforms to liberalize its economy and integrate with the global market. These reforms included dismantling trade barriers, reducing industrial licensing, attracting foreign investment, and adopting market-oriented policies. This period witnessed a shift towards a more open and competitive economy. 3. High Economic Growth (2000s onwards): The 2000s witn...