Q. 35.0( 3 Votes )
What are the majo
The major economic policies of various governments were different to a great extent. Since independence, our country is working towards growth and development of each section of the society.
• Immediately after independence, India adopted Five Year Plan in 1950. The plan was focused more on the agriculture sector and development of dams and irrigation.
• It stressed the need for increasing food production, development of transport and communications and the provision of social services.
• It also emphasized the need for India to be industrialised as soon as possible.
• The strategy favored by Nehru and finally adopted included three components: land reforms, agricultural cooperatives, and local self-government.
• The Foreign policy of India was neutral. India was a country which supported the Non-Aligned Movement and did not join any of the two blocks after being independent. Thus it maintained peaceful relations with both the superpowers.
But after the end of the first phase, its foreign policies got deviated from the issues of agriculture and industrial development. India focused more on economic liberalization. It included:
• Stress on a more free movement of exports and imports.
• The liberalized trade through the abolition of the licensing system
• Allowance to more and more foreign direct investments.
• Special Economic Zones were also set up to attract foreign countries into Indian territory.
• Making the economy more market and service oriented and expanding the role of private and foreign investments.
Some of the issues were the same as in the first phase, but the focus was more on the economic sector of the country rather than the agricultural one in the second phase. These were the similarities and differences in the economic policies of the two phases.
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