India

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The history of India is one of occupation, economic exploitation, poverty and war. Following two hundred years of colonial rule, India emerged as an independent nation in 1947. From 1947 to present day, India experienced internal conflict following the creation of Pakistan following the Indian Independence Act of 1947, which led to sectarian violence. Following independence, India was involved in regional conflicts with China (1962) and two additional wars with Pakistan (1965) and again in (1971) with the creation of Bangladesh. Economic policies following British independence were a mixture of social programs aimed at reducing unemployment and poverty and included state ownership of large businesses such as communications (radio and television), railroads, transportation and postal services. Influenced by the Soviet Union, the state assumed a leading role with an industrial policy focused on an import-substitution policy (Radhakrishna & Panda, 2006). In 1991, facing defaults on the balance of debt payments, India sought assistance from the International Monetary Fund who required a number of reforms leading to the trade liberalization policies eventually adopted. International Monetary Fund requirements included reducing licensing requirements sector subsidies, and allowing for foreign investment (Weinraub, 1991). This paper examines the progression of India’s economy from post-colonial rule in 1947 and after trade liberalization policy changes implemented in 1991. Indian independence was a long struggle after a number of brokered deals had previously failed. Lead by Gandhi and his non-violence approach to change, brokered a deal with the British to leave India in exchange for India’s support for Britain in World ... ... middle of paper ... ...nalytic Growth Narrative. Informally published manuscript, University of California at Berkley , University of California at Berkley , Berkley , CA, USA. Retrieved from http://econ.ucdenver.edu/beckman/Econ6410/rodrik-DeLong-India.pdf (Bhargava, 2008) Bhargava, A. (2008). Functional Literacy in India: A Progress Report. Education Canada, 48(2), 50-52. Gosai, D. (2013, 04 24). History of Economic Growth in India. International Policy Digest, Retrieved from http://www.internationalpolicydigest.org/2013/04/24/history-of-economic-growth-in-india// Alaiya, M. (2014). India: Quantitative Freedom, Democracy, Progress. Unpublished raw data, Colorado State University , Fort Collins, CO , Retrieved from http://www.cs.colostate.edu/~malaiya/india.html\ (2001). 0.1 Selected Indicators 1950-51 to 1999-2000. Retrieved from website: http://indiabudget.nic.in/es2000-01/app0.1.pdf

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