30 years of Socialism (1947-1980) | Economic history of India | License Permit Raj | Modern History
Amit Sengupta
18 min, 52 sec
The video explores the evolution of Indian economy from the period of independence in 1947 to the 1990s. It covers various significant economic events, policies, and reforms that shaped the country's socio-economic landscape over five decades.
Summary
- The video starts by discussing the immediate years after India's independence in 1947, when the country adopted socialist policies to govern its economy.
- It highlights key regulations and government interventions that took place in India after independence, with the help of the Planning Commission that was established in 1950.
- The video emphasizes the nationalization of various sectors such as railways, banks, airlines, etc., and the creation of various public sector undertakings.
- It discusses the implementation of the five-year plans and the shift to a more agriculture-focused approach in the 1960s.
- The video covers the political instability of the 1970s and the economic challenges faced by India, leading to further nationalization of banks and other industries.
- It also discusses the Green Revolution, which transformed India from a food-deficit country to the world's largest milk producer.
- The video concludes with the liberalization reforms of the 1990s, initiated by then Prime Minister P.V. Narasimha Rao and Finance Minister Manmohan Singh, which moved India towards a market-based economy.
Chapter 1
This chapter discusses the socialist approach adopted by India after gaining independence in 1947.
- India adopted a socialist approach to govern its economy after independence.
- The Planning Commission was established in 1950 to plan and monitor five-year plans.
- The Indian economy was planned every five years with certain goals and objectives.
Chapter 2
This chapter discusses the nationalization of various sectors such as railways, banks, and airlines.
- Indian Railways was formed in 1950, absorbing various private railway companies.
- Banks were nationalized in two phases, first in 1969 and then in 1980.
- Air India was taken over by the government in 1953.
Chapter 3
This chapter highlights the shift of economic focus towards agriculture and rural development in the 1960s.
- The focus of the Indian economy shifted towards agriculture in the 1960s.
- The Green Revolution started in India, transforming the country from a food-deficit nation to the world's largest milk producer.
- Food Corporation of India was set up in 1965 to ensure minimum support price to farmers.
Chapter 4
This chapter discusses the economic challenges faced by India in the 1970s, leading to further nationalization of industries.
- India faced a high inflation rate and economic stagnation in the 1970s.
- The country also faced a food crisis, leading to the introduction of ration shops.
- Six more banks were nationalized in 1980, and the New Bank of India was also nationalized.
Chapter 5
This chapter covers the liberalization reforms of the 1990s, which marked the beginning of market-based economic policies in India.
- The 1990s marked the beginning of liberalization in the Indian economy.
- P.V. Narasimha Rao, the then Prime Minister, and Manmohan Singh, the then Finance Minister, initiated these reforms.
- The telecom sector was liberalized, and various international telecom companies entered the market.
Chapter 6
This chapter covers the continued liberalization efforts and the emergence of a market-based economy in India.
- Various sectors of the economy were liberalized, and the control of the government over these sectors was reduced.
- India's telecom sector saw significant improvements due to the liberalization policies.
- The process of liberalization resulted in the overall growth of the Indian economy.