India’s Economic Development Before 1991

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Before 1991, India followed mixed economy approach to economic development. The logic behind this approach was that the industries were critically important for the economy and should be retained by the government. This strategy had some positive aspects. They are:

(a) This strategy has helped India in creating a large scale industrial base and increase in industrial production.

(b) Through this strategy, the proportion of population living below poverty line has declined substantially.

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(c) Before 1991, we were importing food grains but now we have become self-sufficient in this field.

(d) A base for export oriented industries has also been created.

(e) India has mobilised savings and has generated its own resources for development.

(f) The standard of education has improved and the educational institutions have produced scientists and skilled labourers.

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(g) Growth of Industries and technology.

(h) Self-reliance almost in everything.

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