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Contemporary India by Praveen Priyadarshi, Neera Chandhoke

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1

Basic Features of the Indian Economy in 1947

Samir Kumar Singh

At the time of Independence, the Indian economy was ridden with many structural constraints. The economic planners were facing a very tough task of putting the economy on the development trajectory. The problem was two-fold. First, they needed to improve the performance of the economy in generating income and fighting poverty despite the existence of various kinds of constraints and, second, these constraints had to be removed. The prime constraint that the economy was facing was acute shortage of physical capital in relation to the availability of employable persons. The industrial sector was too weak to bring about any big turnaround and the agricultural sector already had a huge ...

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