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This had been her first economic policy formulation, six months after coming to office. The programme emphasized greater state control of the economy with the understanding that government control assured greater welfare than private control. [4] Related to this point were a set of policies which were meant to regulate the private sector. [4]
The economy of India accelerated and has grown at a rate of around 3–9% since economic liberalisation began in the 1990s with the exception of 2020. [ 5 ] [ 6 ] Recent research has shown that India's growth rate had begun to attain higher growth since Indira Gandhi's time in 1980s due to economic reforms, with average growth rate of 5.8% in ...
The economy of India is a developing mixed economy with a notable public sector in strategic sectors. [5] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 141th by GDP (nominal) and 125th by GDP (PPP) . [ 62 ]
Although ancient India had a significant urban population, much of India's population resided in villages, whose economies were largely isolated and self-sustaining. [citation needed] Agriculture was the predominant occupation and satisfied a village's food requirements while providing raw materials for hand-based industries such as textile, food processing and crafts.
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Bhabatosh Datta (21 February 1911 – 11 January 1997) was a noted Indian economist, academic and writer. He taught at Chittagong College and later became Professor of Economics, Presidency College, Kolkata, where he later became an Emeritus Professor.
Daniel Thorner (1915–1974) was an American-born economist known for his work on agricultural economics and Indian economic history. [1] [2] He is known for the application of historical and contemporary economic analysis on policy and influenced agricultural policy in India in the 1950s through his association with the Planning Commission.
India is very dependent on its monsoon cycle for large crop yields. India's agriculture has an extensive background which goes back to at least 9 thousand years. In India, in the alluvial plains of the Indus River in Pakistan, the old cities of Mohenjo-Daro and Harappa experienced an apparent establishment of an organized farming urban culture.