1. Indian Economy on the Eve of Independence

On the eve of Independence, the Indian economy was largely characterized by a stagnant agricultural sector, a nascent industrial base, and dependence on British colonial policies. It suffered from deindustrialization, low productivity, widespread poverty, and a skewed trade pattern that favored Britain. Understanding this pre-independence economic landscape is crucial for appreciating the challenges faced by India after 1947.

2. Indian Economy 1950-1990 (Planning Period)

From 1950 to 1990, India pursued a strategy of planned economic development, with state intervention playing a significant role. The emphasis was on import substitution industrialization, building heavy industries, and achieving self-sufficiency. This planning period saw the establishment of public sector undertakings and state control over key sectors, aiming for equitable growth, though it also faced challenges of inefficiency and slow progress in some areas.

3. Economic Reforms since 1991 (LPG)

Facing a severe economic crisis in 1991, India embarked on major economic reforms, often referred to as Liberalization, Privatization, and Globalization (LPG). These reforms aimed to liberalize the economy by reducing government controls, encouraging private sector participation, opening up to foreign investment, and integrating with the global economy. These policies have significantly transformed India's economic landscape.

4. Concept of Development

The concept of development has evolved over time. Initially focused solely on economic growth (measured by GDP), it now encompasses broader aspects like human well-being, poverty reduction, education, health, and environmental sustainability. Development indicators aim to measure the overall improvement in people's quality of life and their capabilities, reflecting a more holistic understanding of progress.

5. Globalisation (Indian Context)

Globalization, the increasing interconnectedness of economies worldwide, has had a profound impact on India, particularly after the 1991 reforms. It has led to increased foreign investment, trade liberalization, and greater access to technology and global markets. While fostering economic growth and competitiveness, globalization also presents challenges related to inequality, cultural impact, and competition for domestic industries.