After the independence in 1947 Indian economy was inspired by the Soviet Union Model of Economic Development, with a large Public Sector, High Import Duties Combined with Interventionists Policies.
India adopted free market principles and liberalized its economy to international trade under Man Mohan Singh who then was the Finance Minister under the leadership of P V Narasimha Rao,the 9th Prime Minister of India(1991-96) who eliminated the License Raj( a pre- and post-British Era mechanism of strict government control on setting up new industry)
India adopted free market principles and liberalized its economy to international trade under Man Mohan Singh who then was the Finance Minister under the leadership of P V Narasimha Rao,the 9th Prime Minister of India(1991-96) who eliminated the License Raj( a pre- and post-British Era mechanism of strict government control on setting up new industry)
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