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Explain the transition of India's economy from independence in 1947 until 1991.
Explain the transition of India's economy from independence in 1947 until 1991.
Successive governments followed Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat driven enterprises, and economic regulation, characterized as dirigism or the Licence Raj.
What led to the adoption of broad economic liberalization in India in 1991?
What led to the adoption of broad economic liberalization in India in 1991?
The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of broad economic liberalization in India.
How does India's economy rank globally by nominal GDP and purchasing power parity (PPP)?
How does India's economy rank globally by nominal GDP and purchasing power parity (PPP)?
India is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).
What has been the trend in India's annual average GDP growth since the start of the 21st century?
What has been the trend in India's annual average GDP growth since the start of the 21st century?
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What were the characteristics of India's economic policies from independence until 1991?
What were the characteristics of India's economic policies from independence until 1991?
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