THE ECONOMIC CONDITION OF INDIA FOR THE PERIOD FROM INDEPENDENCE TO PRE-LIBERALISATION (1947–1991):

AN EMPIRICAL STUDY

Abstract

The fundamental aim of India's developmental strategy has been to establish a socialistic framework of society through economic progress characterized by self-reliance, social equity, and poverty alleviation. Objective: The study aims to explore the economic condition of India for the period from independence to pre-liberalisation. Methodology: This study is descriptive by nature and has employed both qualitative and quantitative methods based on Secondary data. Results and Discussions: Despite establishing the foundational framework for industrial and agricultural advancement, the economic landscape of India before 1991 was marked by stagnation, inefficiency, and recurring crises. This study provides a comprehensive analysis of India's economic context prior to liberalisation, supported by in-text citations. Following the attainment of independence from colonial domination in 1947, India embarked on a journey of economic reconstruction. The nation adopted a framework of centralized economic planning. The Five-Year Plans were devised as a mechanism for developmental progress.  Findings: Liberalization of the Economy The 1980s saw several attempts, including Rajiv Gandhi's Economic Reforms (1985–1989), which opened up the telecom and electronics industries, loosened industrial licensing, promoted the private sector, and advanced technology and computerization. (BoP). Conclusion: By 1991, India was in the throes of a serious economic crisis. When this crisis forced India to enact Liberalization, Privatization, and Globalization (LPG) reforms in 1991, the socialist economic era came to an end.