Abdul Shaban
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780199458424
- eISBN:
- 9780199086764
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199458424.003.0008
- Subject:
- Economics and Finance, South and East Asia
After the Independence, the first major task before the Government of India was to rebuild the shattered economy it inherited from the British colonial government. The Indian economy by 1947 had ...
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After the Independence, the first major task before the Government of India was to rebuild the shattered economy it inherited from the British colonial government. The Indian economy by 1947 had almost become dependent to British economic interest and acted as supplier of raw materials, consumer of British manufacturing besides substantial direct transfer of resources by the British Indian rulers. India started building major institutions, like Planning Commission, Finance Commission, region specific programmes to create basic ecosystem and enable state governments to undertake development. India adopted a planned and mixed economic model for development. However, the strategy has substantially changed after liberalization of the economy in 1992 and in 2014 planning commission itself was abolished. In fact, India has adopted varied strategies with time and context to address issues arising out of its physical and social diversity through development institution building; macro to micro and top down to bottom-up approach; government control to liberalization and globalization and promoting agriculture, rural development to stressing on urban and Information technology sector led development. This chapter critically reviews the strategy adopted by India since Independence till 2008–09.Less
After the Independence, the first major task before the Government of India was to rebuild the shattered economy it inherited from the British colonial government. The Indian economy by 1947 had almost become dependent to British economic interest and acted as supplier of raw materials, consumer of British manufacturing besides substantial direct transfer of resources by the British Indian rulers. India started building major institutions, like Planning Commission, Finance Commission, region specific programmes to create basic ecosystem and enable state governments to undertake development. India adopted a planned and mixed economic model for development. However, the strategy has substantially changed after liberalization of the economy in 1992 and in 2014 planning commission itself was abolished. In fact, India has adopted varied strategies with time and context to address issues arising out of its physical and social diversity through development institution building; macro to micro and top down to bottom-up approach; government control to liberalization and globalization and promoting agriculture, rural development to stressing on urban and Information technology sector led development. This chapter critically reviews the strategy adopted by India since Independence till 2008–09.
