This Topic Cover the Following Topics.

1. Colonial Economy and Its Impact on India:
   • Economic situation at the time of independence.
   • Structural distortions in agriculture and industry.
   • Drain of wealth and unequal exchange.
   • Neglect of social sectors and infrastructure by colonial rulers.
2. Post-Independence Economic Strategy:
   • The economic inheritance of independent India.
   • State intervention and direct responsibility for development.
   • Emphasis on public sector and development of heavy industries.
   • Discouragement of foreign investment and need for economic planning.
3. Prime Moving Force – Agriculture vs. Industry:
   • Debate over choosing agriculture or industry as the prime mover of the economy.
   • Factors influencing the choice of industry as the prime moving force.
   • Comparison with China’s approach to development.
4. Planned and Mixed Economy:
   • Adoption of a planned economy and mixed economic model.
   • Role of the state in economic planning and regulation.
   • Reasons for choosing a mixed economy instead of a purely market-based or state-controlled economy.
5. Emphasis on the Public Sector:
   • Role of public sector undertakings (PSUs) in economic development.
   • Objectives behind the expansion of PSUs.
   • Challenges faced by PSUs, including over-employment and inefficiency.
   • The shift in focus towards privatization and efficiency improvement.
6. Economic Reforms and Liberalization:
   • The onset of economic reforms in 1991.
   • Changes in policies towards privatization, deregulation, and foreign investment.
   • Impact on the roles of the public and private sectors.
7. Green Revolution and Agricultural Policies:
   • The Green Revolution and its impact on agriculture.
   • The Second Green Revolution and diversification of agricultural exports.
   • National Agricultural Insurance Scheme and other policies for agricultural development.
8. Infrastructure Development and Its Role in Economic Growth:
   • Importance of developing infrastructure such as power, transportation, and communication.
   • Challenges in financing and managing infrastructure projects.
9. Exim Policy and WTO Regime:
   • Export-Import Policy (Exim Policy) 2002-07 and its emphasis on agricultural exports.
   • Changes in economic thinking due to globalization and WTO policies.
10. Bharat Nirman and Rural Development Initiatives:
    • Bharat Nirman program and its focus on rural infrastructure development.
    • Other rural and agricultural development programs and their implications.
11. Nehruvian Economics and Socialism:
    • Influence of Nehruvian socialism on economic planning.
    • Mixed economic policies and their long-term impact.
12. Challenges of Market Failures and Inequality:
    • Issues related to market failure and unequal growth.
    • Policies to address social and economic inequalities.

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