ECONOMIC DEVELOPMENT AND POLITICAL CHANGE IN INDIA SINCE INDEPENDENCE

At the time of independence, India was bequeathed with a shattered economy, widespread illiteracy and shocking poverty. The entire politico economics structure has to be reconstructed for genuine development of the country. Contemporary economists divide this story of India’s politico-economic growth into three phases, the first phase being the 45 years after independence and then the decades from the 1990s is called the second phase when the idea of free market economy was introduced and currently we are in the third generation reforms where existing measures are scaled up and new delivery mechanisms are being created. First Phase After Independence, the policymakers in India launched the project of economic development with heavy involvement of the state and a democratic polity. The economic development in India followed socialist-inspired policies in the early phase of its independent history. This included state-ownership of many sectors. As a result, in the first thr...