India was a colony of Great Britain until 1947 when the subcontinent was partitioned into two politically separate and independent countries: India and Pakistan. The partition resulted in a major political and economic upheaval in the subcontinent. In 1950, a planning commission was set up to determine priorities and co‐ordinate Indian economic development. The system has been called a “mixed economy” as opposed to either a centrally planned economy or an essentially free marketdriven system. Over the years, the principal objectives of planned development have been to build up within a democratic context: (1) a rapidly expanding and technologically progressive economy, and (2) a social order based on justice and offering equal opportunity to every person. Several of the achievements and the problems faced in the course of the development effort are discussed.
CitationDownload as .RIS
MCB UP Ltd
Copyright © 1989, MCB UP Limited