User:SameerSap99/Economic development in India

History
Prior to India's Indepence, from the period of 1900 to 1947, per capita income in India had either declined or stagnated. Post Independence, Jawaharal Nehru enacted an economic policy based on import substitution industrialization. The Nehru-Mahalanobis approach emphasized the development of basic and heavy industries as a means for accelerating economic growth. Critics disagreed with this approach, stating that World Bank's claim of Indian export prospects being low were falsified and due to India's inward looking strategy, the growth opportunity of the world economy was missed. Nonetheless, over 1950-1965, India's acceleration of per capita income growth had increased an average of 1.7%, a value not exceeded since.

Prior to the economic crisis of 1991, India's economic growth of output per worker was largely average. Post economic revolution pushed India to be one of the fastest-growing economies in the world. Arguments claiming that Nehruvian economic policies contributed to the stifling of the growth of private businesses are supported by researchers such as ...