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Nehruvian model and economic reforms
The Nehruvian model (1950s-1980s) and the 1991 reforms differed dramatically: Role of Government: Nehru emphasized state control. Five-Year Plans directed investments in heavy industries like steel. The 1991 reforms reduced government control, favoring a market-driven approach. Foreign Investment: NRead more
The Nehruvian model (1950s-1980s) and the 1991 reforms differed dramatically:
Role of Government: Nehru emphasized state control. Five-Year Plans directed investments in heavy industries like steel. The 1991 reforms reduced government control, favoring a market-driven approach.
Foreign Investment: Nehru limited foreign investment to protect domestic industries. The reforms actively courted foreign investment for capital and technology.
Trade: Nehru focused on import substitution, making India self-sufficient. The reforms lowered trade barriers, integrating India with the global market.
Focus: Nehru prioritized heavy industry for long-term growth, even if it meant fewer consumer goods. The reforms aimed for faster economic growth by boosting exports and consumer industries.
In short, the Nehruvian model was inward-looking and state-centric, while the 1991 reforms embraced globalization and a market-driven approach.
See lessImpact of Globalization on Indian Society
Impact of globalization on Indian society Indian society has been profoundly impacted by capitalism in a number of ways. In terms of economics, it has resulted in a rise in foreign investment, the growth of sectors like services in IT, and integration into international supply chains, all of which hRead more
Impact of globalization on Indian society
Indian society has been profoundly impacted by capitalism in a number of ways. In terms of economics, it has resulted in a rise in foreign investment, the growth of sectors like services in IT, and integration into international supply chains, all of which have widened income disparity while simultaneously promoting economic growth. Through media, entertainment, and technological advances, globalization has exposed people to a wider range of cultures, lifestyles, and beliefs, impacting social standards and habits. India’s participation in international governance platforms has grown, influencing its foreign policy and diplomatic ties. Globalization has, however, also brought up discussions about social injustice, environmental issues, and cultural erosion, underscoring its intricate and varied effects on Indian society.
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