May 2024
Intermediate to advanced
688 pages
51h 31m
English
Content preview from Business Environment, 1st Edition by Pearson
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| 270 | Part III: The Economics of Development
A
SUMMARY
Initially, since there were few resources in the private sector, only
the government could make huge investments. Led by Jawaharlal
Nehru and the likes, India adopted a system of mixed economy to
combine the best of capitalism and socialism.
In 1948, the Industrial Policy Revolution spelt out public own-
ership of defence, public utility and other key industries. It also
introduced control over industrial growth through licensing. The
1950s witnessed momentous changes. With a view of achieving
planned economic growth, the Planning Commission was con-
stituted in 1950 and the First ...
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