India's Economic Transformation from 1947 to Present
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1. Read and understand fully the article entitled "India's Transformation".
2. In answering the questions, bear in mind that India have been a British colony until the mid 1940s.
3. Consider also the vast market in India owning to its gargantuan population.
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Solution Summary
This solution looks at India's economic growth from the 1940s to present. A timeline of its transformation to become one of the thriving economy with specialization in pharmaceutical and software industries were presented here.
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1. What kind of economic system did India operate under during 1947 to 1990? What kind of system is it moving toward today? What are the impediments to completing this transformation?
On economic system
- India adopted a Democratic system of government
India now has a parliamentary form of government
- Economic reform program
o Dismantled industrial licensing system
o Open the business to the private sector
o Encouraged foreign investments
o Allowed imports of raw materials
o Reduced tariff from 400% to 65%.
- Results were impressive
Impediments
- Attempts to further reduce import tariffs have been stalled by political opposition
- Politicians fear that if import barriers come down, a flood of inexpensive Chinese products will enter India and compete with local industries
- Resistance to reforming India's anti-business laws
2. How might public ownership of businesses and extensive government regulations have impacted the a) the efficiency of state and private business and b) the rate of new business formation in India during the 1947-1990 tine frame? How do you think these factors affected the rate of economic growth in India during this timeframe?
These are the economic policies in India from 1947-1990:
- Mixed economy
- State-owned enterprises
- Centralized planning
- ...
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