If we consider internal and external factor in the economic history of India. From internal economic factor, India today is a economic power house because of the vision of our leaders. At the time (just after independence) when private sector didn’t had capital it was sensible to have Public companies with technology tie- up with the developed nations of the world. Also it was not by chance that we have today so many world class engineers, it was by design that India invested a huge proportion of education fund to prestigious higher education institutes. From the external factor perspective, huge number of Indian staying abroad and ever increasing headcount every year helped Indian government to mitigate the pressures such as one America imposed of economic sanctions in terms of forex. The ability of an Indians to survive in tough environment and deliver has proved their mettle.
Though India might have to open gates of economic liberalisation under pressure, however, the way process was handled was meticulous. Though we have seen good growth in last decade growth, however today’s leader have to plan for an inclusive growth. The new funds should be directed toward primary education, health care and infrastructure to widen the benefit to all sections of the society. Promoting innovation should be important objective, it should be driven at all levels and government should be a facilitator.
Have added a small quiz on Indian economic history… I hope you will enjoy it…