Contemporary India

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The Evolution of Development Strategy Since Independence

Ambuja Kumar Tripathy

I

The economy of contemporary India is a great paradox. It is a strange combination of outstanding achievements as well as grave failures. Since Independence, India has achieved remarkable progress in overcoming its economic backwardness. From being a very poor country in the 1950s and a ‘basket case’ in the mid-1960s, it has emerged as the fourth largest economy in the world (in terms of purchasing power parity). Our economy has become one of the fastest growing economies in the world. Now the country is one of the leading players in the world knowledge economy with vast intellectual capital and booming software and information technology services. These factors ...