2007-03-18 10:58:07 · 13 answers · asked by S 1 in Social Science ➔ Economics
I hope this quote helps:
"India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The privatization of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate."
2007-03-18 11:13:28 · answer #1 · answered by Syndus Beoulve 2 · 0⤊ 0⤋
Is India A Command Economy
2017-01-13 06:06:12 · answer #2 · answered by ? 4 · 0⤊ 0⤋
India has adopted the norms of a mixed economy.It means public sector and private sector both exist here but more emphasis is towards public sector.Economic reforms in India from 1991 onwards encouraging privatisation.Infact every economy in the world is somehow a mixed economy.
2007-03-20 00:38:46 · answer #3 · answered by sattu 2 · 0⤊ 0⤋
It was a controlled economy after the nation became independent in 1947. Continued to be so till early ninties when present Prime Minster Shri Manmohan Sing as a Finance minster in the cabinet of late Prime Minister Rao opened up the economy and moved away from the closed and controlled econmy. Though it is still not fully market driven and there are still some control exercised by the govt. But it is a healthy approach to slowly open the doors for total market driven economy. Anything sudden is not good for anything.
2007-03-18 17:50:27 · answer #4 · answered by Shiv Rana 2 · 0⤊ 1⤋
It seems that India follows " government induced confusion creation" economic system currently.
But jokes apart, India has a very large government sector (PSU) in various sectors of economy. The private players have started matching PSU size now. With various fiscal and financial changes the private sector has started going "global" size and operations. Safely, it can be said, that the economic system is mixed with lots of government help.
2007-03-18 22:06:25 · answer #5 · answered by Nitin G 7 · 0⤊ 0⤋
India switched over to market economy in late 1980s at a slow pace. This marked a turning point in Indian Economic history. The credit goes to the late Narasimha Rao and the present PM Dr. Manmohan Singh.
2007-03-18 16:38:10 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Indian economy is a mixed kind of economy. It lies between capitalism & cumminism. Indian economy has socialist syatem. Both the public As well as private sectors are present over here. here is democreatic type of rull not like U.s.a.If we compare indian economy with china then India is miles ahead of China in the development of its knowledge industry. While the Chinese score over the Indians in basic primary education, India is miles ahead in higher education.
India has vibrant IT-, Pharmaceutical- and Engineering-based knowledge industries. Indians understand branding and consumer choice. It has a vibrant music and entertainment industry. Its media and advertising industries are world class. 50% of India's GDP comprises services. China on the other hand commoditizes everything. It does not nurture innovation and is driven by imitation of foreign R&D. China is goods, India is services.
2007-03-22 03:14:29 · answer #7 · answered by RITU 1 · 0⤊ 1⤋
Definitely mixed economy because both government and market sectors share spaces.ONGC and BHEL rub shoulders with Reliance or TATA.The pre-1990 scenario can be characterized as command economy because it was the govt. which controlled the broad dimensions of the economy-not only by reserving production of some goods to itself but also several other market-controlloing measures such as tariff,quota, licensing etc.Today the shift is towards not only lesser and more defined(first clearly delineated by the Eighth Five Year Plan) production role of govt.(in only special areas such as economies of scale,serving the needy etc.) but also the control of the economy going away from govt. as such to independent regulators(such as TRAI).
2007-03-19 00:24:38 · answer #8 · answered by reachtokaushik 1 · 0⤊ 0⤋
India could be described until recently as a traditional "mixed economy" with a large private sector.
2007-03-18 11:48:57 · answer #9 · answered by BSA 3 · 0⤊ 1⤋
India has been following a socialist form of economy upto 1991, and then went on to become a mixed economy. In the last 5yrs or so, it has heavily tilted rowards a capitalist style economy
2007-03-21 06:23:46 · answer #10 · answered by sushobhan 6 · 0⤊ 1⤋