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The document explores India's economic development from independence in 1947 to the present day, examining phases of economic policies and their impacts on growth, poverty alleviation, and social indicators. It analyzes key periods including pre-independence agrarian economy, post-independence mixed economy model under Nehruvian socialism, green revolution in agriculture, and post-1991 economic liberalization reforms opening India's economy.

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41 views1 page

Op

The document explores India's economic development from independence in 1947 to the present day, examining phases of economic policies and their impacts on growth, poverty alleviation, and social indicators. It analyzes key periods including pre-independence agrarian economy, post-independence mixed economy model under Nehruvian socialism, green revolution in agriculture, and post-1991 economic liberalization reforms opening India's economy.

Uploaded by

kaimjaat15
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© © All Rights Reserved
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Indian economy

# Indian Economic Development: A Comprehensive Analysis

## Abstract

This paper explores the trajectory of India's economic development from


independence in 1947 to the present day. It examines the various phases of economic
policies, key reforms, and their impacts on growth, poverty alleviation, and social
indicators. The study also evaluates the challenges faced by India, including
income inequality, unemployment, and sustainable development. Through a critical
analysis, the paper aims to provide a holistic understanding of India's economic
journey and future prospects.

## Introduction

India's economic development since its independence has been marked by significant
transformations. From a predominantly agrarian economy, India has evolved into one
of the world's fastest-growing major economies. This paper aims to analyze the key
phases of India's economic development, the major policy shifts, and the socio-
economic outcomes of these changes.

## Historical Context

### Pre-Independence Economy

Before independence, India's economy was largely agrarian with a significant


portion under subsistence farming. The colonial period saw the exploitation of
India's resources, leading to deindustrialization and economic stagnation.

### Post-Independence Era (1947-1991)

#### Nehruvian Socialism

Post-independence, under the leadership of Jawaharlal Nehru, India adopted a mixed


economy model with a focus on self-reliance. The Industrial Policy Resolution of
1956 laid the foundation for a state-led industrialization strategy, emphasizing
heavy industries and the public sector.

#### Green Revolution

The 1960s and 1970s witnessed the Green Revolution, which brought significant
changes to agricultural practices. The introduction of high-yield variety seeds,
chemical fertilizers, and irrigation facilities led to increased agricultural
productivity and food security.

### Economic Liberalization (1991-Present)

#### 1991 Reforms

The economic crisis of 1991 prompted a series of liberalization measures under the
leadership of Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan
Singh. Key reforms included deregulation, reduction of import tariffs, and opening
up to foreign investment. These measures aimed at transforming India into a more
market-oriented economy.

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