economic history- part-2

in this article i will deal with the post-independance economic history of india. it is really hard to be unbiased with nehru. but it will be a truly unbiased version of facts and figures, with a little bit of comments.

after independence the GDP of india was a dismal 3.5% at the time of independance. it was almost more than 30%. people have blamed imperialism for our state of affairs. but the moment after independence also after the death of sardar patel nehru took over the economic plicy of our country.

but before we get into the facts few important things to remember. there were few constraints under which nehru was workin.

  1. after the birth of india it was a chaotic period.
  2. nehru was influenced by fabian socialism a lot.
  3. he was an admirer of soviet style centra economy.
  4. he was more of a vsionary than a pratical results oriented man.
  5. disdain for many things indian mainly hindu religion for example. which was unfortunate as to understand india hindu was a potent teacher.

these are a few. but de credit to nehru that there were a few world class institutes that were born during his tenure. let nybody be there for having started them, but as long as he gave them freedom he can be given the due credit.

his economic thinking or whatever semblnce of it present.

  1. the state should be the enterprenuer.
  2. invest in heavy industry and subsidise small scale industres.
  3. inward lookin economy.
  4. state regulation and intervention in all possible aspects.
  5. the beleif that everyone else will know-toe his line and follow him blindly.

it is more important to understand the circumstances that were prevalent that time and then go about making judgements. more will folow. but it will be mostly based on historical and indian cultural perspective.

to be continued.

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