MIXED ECONOMY

Private, Public and Joint Sector

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Jawarlal Nehru

Ally of Gandhi. 1st Prime Minister of India, 1947-1964. Advocated Industrialization. Promoted Green Revolution. Mixed Economy. Nonaligned Movement.

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Nonaligned Movement.

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Indias mixed economy

The mix refers to private and public ownership. Foreign aid and foreign investment are crucial. Urban areas have high-tech companies. Three quarters of the population are farmers living in small villages. India's "Green Revolution" allowed farmers to triple their crop by using modern science and technology.

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Importance to public sector post independence

To establish socialistic pattern of society To lay importance on heavy and basic industries like iron and steel To get rid of monopolies and restrictive trade practices

INDUSTRIAL POLICY RESOLUTION 1948

State Monopoly Arms and ammunition Atomic Energy Rail Transport Mixed Sector Coal Iron and Steel Aircraft Manufacturing Ship Building Government controlled Automobiles Heavy Machinery Heavy Chemicals Fertilizers Private Sector All others

Telephone, telegraph and wireless (excluding radio)

Mineral oils

Sugar

Paper Cement

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Industrial Policy Resolutions through the years

Industrial Policy Resolution 1948 1956 1973 1977 1980 1985 - 86 1991 Increase Industrialization State given direct responsibility as capital was less and entrepreneurship was not strong enough Identified high priority and foreign companies Decentralization and cottage industries Technological upgradation Increase in productivity and quality and reduction of cost Disinvestment of inefficient public sector Focus

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