This table provides a comparative analysis of India's major economic policy regimes, highlighting their distinct philosophies, key features, and outcomes, crucial for understanding India's economic history.
| Feature | Planned Economy (1950-1991) | LPG Reforms (Post-1991) | Current Regime (Post-2014) |
|---|---|---|---|
| Dominant Philosophy | Socialist, State-led Development | Market-oriented, Liberalization | Market-led with Welfare Focus & Strategic State Intervention |
| Role of State | Primary producer, regulator, planner (Public Sector Dominance) | Facilitator, regulator (Privatization, Deregulation) | Facilitator, strategic investor, welfare provider (Minimum Govt, Maximum Governance) |
| Industrial Policy | Import Substitution, Licence Raj, Heavy Industries | Deregulation, Open to FDI, Competition | Make in India, PLI Schemes, Ease of Doing Business, MSME focus |
| Trade Policy | Protectionist, High Tariffs, Import Controls | Trade Liberalization, Export Promotion | Global Integration, FTA focus, Export Competitiveness |
| Growth Focus | Self-reliance, Equity, Basic Needs | Higher GDP Growth, Efficiency, Global Integration | High Growth, Inclusive Growth, Digital Economy, Infrastructure |
| Key Outcomes/Challenges | Slow growth ('Hindu Rate'), Bureaucracy, Shortages | Rapid growth, Jobless growth, Inequality, Financial Crises | Sustained growth, Formalization push, Digital transformation, Fiscal prudence, Geopolitical challenges |
💡 Highlighted: Row 0 is particularly important for exam preparation
This table provides a comparative analysis of India's major economic policy regimes, highlighting their distinct philosophies, key features, and outcomes, crucial for understanding India's economic history.
| Feature | Planned Economy (1950-1991) | LPG Reforms (Post-1991) | Current Regime (Post-2014) |
|---|---|---|---|
| Dominant Philosophy | Socialist, State-led Development | Market-oriented, Liberalization | Market-led with Welfare Focus & Strategic State Intervention |
| Role of State | Primary producer, regulator, planner (Public Sector Dominance) | Facilitator, regulator (Privatization, Deregulation) | Facilitator, strategic investor, welfare provider (Minimum Govt, Maximum Governance) |
| Industrial Policy | Import Substitution, Licence Raj, Heavy Industries | Deregulation, Open to FDI, Competition | Make in India, PLI Schemes, Ease of Doing Business, MSME focus |
| Trade Policy | Protectionist, High Tariffs, Import Controls | Trade Liberalization, Export Promotion | Global Integration, FTA focus, Export Competitiveness |
| Growth Focus | Self-reliance, Equity, Basic Needs | Higher GDP Growth, Efficiency, Global Integration | High Growth, Inclusive Growth, Digital Economy, Infrastructure |
| Key Outcomes/Challenges | Slow growth ('Hindu Rate'), Bureaucracy, Shortages | Rapid growth, Jobless growth, Inequality, Financial Crises | Sustained growth, Formalization push, Digital transformation, Fiscal prudence, Geopolitical challenges |
💡 Highlighted: Row 0 is particularly important for exam preparation
This mind map illustrates the key components and evolution of India's economic policy regimes, connecting different eras with their defining characteristics and institutional frameworks.
Features: State Dominance, Import Substitution, Licence Raj
Institutions: Planning Commission, Industrial Policy Resolutions
Features: Deregulation, Trade Liberalization, FDI Inflow
Institutions: FEMA, Competition Act, WTO
Features: Make in India, PLI, Ease of Doing Business, Welfare Schemes
Institutions: NITI Aayog, GST Council, IBC
Fiscal Policy (Union Budget, FRBM Act)
Monetary Policy (RBI, Repo Rate, Inflation Targeting)
This mind map illustrates the key components and evolution of India's economic policy regimes, connecting different eras with their defining characteristics and institutional frameworks.
Features: State Dominance, Import Substitution, Licence Raj
Institutions: Planning Commission, Industrial Policy Resolutions
Features: Deregulation, Trade Liberalization, FDI Inflow
Institutions: FEMA, Competition Act, WTO
Features: Make in India, PLI, Ease of Doing Business, Welfare Schemes
Institutions: NITI Aayog, GST Council, IBC
Fiscal Policy (Union Budget, FRBM Act)
Monetary Policy (RBI, Repo Rate, Inflation Targeting)
Planned Economy Regime (1950-1991): Characterized by Five-Year Plans, public sector dominance, import substitution industrialization, licence raj, centralized planning, and a focus on heavy industries.
Liberalization, Privatization, Globalization (LPG) Regime (post-1991): Marked by deregulation, privatization of public sector undertakings, trade liberalization, opening up to foreign investment, and a shift towards market-oriented policies.
Current Regime (post-2014): Focus on 'Make in India', 'Digital India', infrastructure development, ease of doing business, fiscal prudence (with flexibility), welfare schemes (e.g., PM-KISAN, Ayushman Bharat), and Production Linked Incentive (PLI) schemes.
Involves key institutions like the Ministry of Finance, Reserve Bank of India (RBI), and NITI Aayog (formerly Planning Commission).
Influenced by global economic trends, domestic political priorities, and social objectives.
Evaluated based on outcomes like economic growth, employment generation, poverty reduction, and income equality.
This table provides a comparative analysis of India's major economic policy regimes, highlighting their distinct philosophies, key features, and outcomes, crucial for understanding India's economic history.
| Feature | Planned Economy (1950-1991) | LPG Reforms (Post-1991) | Current Regime (Post-2014) |
|---|---|---|---|
| Dominant Philosophy | Socialist, State-led Development | Market-oriented, Liberalization | Market-led with Welfare Focus & Strategic State Intervention |
| Role of State | Primary producer, regulator, planner (Public Sector Dominance) | Facilitator, regulator (Privatization, Deregulation) | Facilitator, strategic investor, welfare provider (Minimum Govt, Maximum Governance) |
| Industrial Policy | Import Substitution, Licence Raj, Heavy Industries | Deregulation, Open to FDI, Competition | Make in India, PLI Schemes, Ease of Doing Business, MSME focus |
| Trade Policy | Protectionist, High Tariffs, Import Controls | Trade Liberalization, Export Promotion | Global Integration, FTA focus, Export Competitiveness |
| Growth Focus | Self-reliance, Equity, Basic Needs | Higher GDP Growth, Efficiency, Global Integration | High Growth, Inclusive Growth, Digital Economy, Infrastructure |
| Key Outcomes/Challenges | Slow growth ('Hindu Rate'), Bureaucracy, Shortages | Rapid growth, Jobless growth, Inequality, Financial Crises | Sustained growth, Formalization push, Digital transformation, Fiscal prudence, Geopolitical challenges |
This mind map illustrates the key components and evolution of India's economic policy regimes, connecting different eras with their defining characteristics and institutional frameworks.
Economic Policy Regimes (India)
Planned Economy Regime (1950-1991): Characterized by Five-Year Plans, public sector dominance, import substitution industrialization, licence raj, centralized planning, and a focus on heavy industries.
Liberalization, Privatization, Globalization (LPG) Regime (post-1991): Marked by deregulation, privatization of public sector undertakings, trade liberalization, opening up to foreign investment, and a shift towards market-oriented policies.
Current Regime (post-2014): Focus on 'Make in India', 'Digital India', infrastructure development, ease of doing business, fiscal prudence (with flexibility), welfare schemes (e.g., PM-KISAN, Ayushman Bharat), and Production Linked Incentive (PLI) schemes.
Involves key institutions like the Ministry of Finance, Reserve Bank of India (RBI), and NITI Aayog (formerly Planning Commission).
Influenced by global economic trends, domestic political priorities, and social objectives.
Evaluated based on outcomes like economic growth, employment generation, poverty reduction, and income equality.
This table provides a comparative analysis of India's major economic policy regimes, highlighting their distinct philosophies, key features, and outcomes, crucial for understanding India's economic history.
| Feature | Planned Economy (1950-1991) | LPG Reforms (Post-1991) | Current Regime (Post-2014) |
|---|---|---|---|
| Dominant Philosophy | Socialist, State-led Development | Market-oriented, Liberalization | Market-led with Welfare Focus & Strategic State Intervention |
| Role of State | Primary producer, regulator, planner (Public Sector Dominance) | Facilitator, regulator (Privatization, Deregulation) | Facilitator, strategic investor, welfare provider (Minimum Govt, Maximum Governance) |
| Industrial Policy | Import Substitution, Licence Raj, Heavy Industries | Deregulation, Open to FDI, Competition | Make in India, PLI Schemes, Ease of Doing Business, MSME focus |
| Trade Policy | Protectionist, High Tariffs, Import Controls | Trade Liberalization, Export Promotion | Global Integration, FTA focus, Export Competitiveness |
| Growth Focus | Self-reliance, Equity, Basic Needs | Higher GDP Growth, Efficiency, Global Integration | High Growth, Inclusive Growth, Digital Economy, Infrastructure |
| Key Outcomes/Challenges | Slow growth ('Hindu Rate'), Bureaucracy, Shortages | Rapid growth, Jobless growth, Inequality, Financial Crises | Sustained growth, Formalization push, Digital transformation, Fiscal prudence, Geopolitical challenges |
This mind map illustrates the key components and evolution of India's economic policy regimes, connecting different eras with their defining characteristics and institutional frameworks.
Economic Policy Regimes (India)
