The Economic History of Socialist India (1947-1991)

The Economic History of Socialist India (1947-1991)

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Why did young independent India adopt the socialist economic model? How much did socialism help the Indian economy? What led to the opening up of the Indian economy to liberalization, privatization, and globalization?

Learning Objectives

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  1. To know how Indian economy shaped took shape after Independence 

  1. India’s journey from socialism to capitalism 

  1. To know the role of global bodies in shaping Indian economy 

Course Description

In the first five decades after Independence, Indian economy was a socialist one. This was because right after Independence, Indian leaders faced the decision of wanting to make India a capitalist economy (like USA) or a communist one (like USSR). They decided on a middle path of socialism. The private sector remained small as compared to the public sector because of restrictive regulations. From 1951, the Fiver Year Plans focused mostly on education, healthcare, and infrastructure. It was during this period that the hallowed IITs and AIIMS were set up. Slowly, the Indian market was opened to the global economy for machinery and technology not available here. However, there were many challenges. The tough regulations for obtaining licenses to set up sector companies earned the moniker of License Raj in India. Many state-owned enterprises were incompetent and shutting down. Under pressure from entrepreneurs and global bodies like IMF and World Bank, India opened its market to become a capitalist country. 

Instructor


Divya Badri

Partner

Mastering India

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SLX is a learning exchange platform that integrates the best of Swiss classroom based learning with an opportunity to interact with global markets through first hand travel. At SLX, we believe that lifelong learning is paramount. Therefore, we invest in a myriad of online-learning tools, collaborate with accredited lecturers with extensive industry experience, and cultivate an authentic experience into the archetype of conducting business internationally. With expansive networks to India, Brazil, China and South Africa, the world is truly your oyster with SLX.Throughout history, the world has benefitted greatly from ideas developed in different corners of the world that have gradually diffused from one place to another. On many occasions, ideas have taken root in places different from where they were born and have gone on to rewrite world history. In a hyper-connected world, this takes on an entirely new dimension, transforming traditional models of education in its wake. SLX believes in this transformative power of the exchange of people and ideas that drive global innovation. Transforming and accelerating this life long learning journey for learners of all ages is the core mission of SLX.Our vision is to help societies adapt to rapid and complex transformation driven 
by the forces of technology and markets to create a sustainable future for all. Follow us if you want to re-skill and teach/learn through
 our methods which blend in different approaches to learning. With expansive networks to India, Brazil, China and South Africa,
 the world is truly your oyster with SLX

SLX is a learning exchange platform that integrates the best of Swiss classroom based learning with an opportunity to interact with global markets through first hand travel. At SLX, we believe that lifelong learning is paramount. Therefore, we invest in a myriad of online-learning tools, collaborate with accredited lecturers with extensive industry experience, and cultivate an authentic experience into the archetype of conducting business internationally. With expansive networks to India, Brazil, China and South Africa, the world is truly your oyster with SLX.Throughout history, the world has benefitted greatly from ideas developed in different corners of the world that have gradually diffused from one place to another. On many occasions, ideas have taken root in places different from where they were born and have gone on to rewrite world history. In a hyper-connected world, this takes on an entirely new dimension, transforming traditional models of education in its wake. SLX believes in this transformative power of the exchange of people and ideas that drive global innovation. Transforming and accelerating this life long learning journey for learners of all ages is the core mission of SLX.Our vision is to help societies adapt to rapid and complex transformation driven 
by the forces of technology and markets to create a sustainable future for all. Follow us if you want to re-skill and teach/learn through
 our methods which blend in different approaches to learning. With expansive networks to India, Brazil, China and South Africa,
 the world is truly your oyster with SLX

Our vision is to help societies adapt to rapid and complex transformation driven by the forces of technology and markets to create a sustainable future for all. Follow us if you want to re-skill and teach/learn through our methods which blend in different approaches to learning. With expansive networks to India, Brazil, China and South Africa, the world is truly your oyster with SLX