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INDIA 1947-1966

The Economy : In the early years of independence, India suffered

food shortage. The state launched a program constructing dams in
order to provide water reservoirs for irrigation projects. In
1953, rationing and price controls were abolished in large parts
of the country.
Rice production in the Republic of India amounted to 32 million
metric tons in 1947; the figure rose to 45.6 million metric tons
in 1966 (IHS pp.191, 196)
B.R. Mitchell has established a table showing the total values of
exports and imports in aggregate current values. Imports exceeded
imports throughout the period from 1947 to 1966; in 1966, in
aggregate current (2003) values, total exports amounted to 11.5
billion Rupees, imports to 20.1 billion Rupees (IHS p.545).
India's political leaders in the years immediately after
independence blamed the British administration for having
prevented Indian development by failing to improve the education
of the masses and by preventing the country to industrialize.
Many institutions of higher learning were established (where
English maintained importance, at least as one of several
languages of instruction); the state pursued a protectionist
economic policy and, in Five Year Plans, attempted to promote
industrialization of the country. The first Five Year Plan was
implemented 1951-1956. In 1958, India adopted the metric system..

INDIA 1966-1984
The Economy: India's rice production increased from 45.6 million
metric tons in 1966 to 87.5 million metric tons in 1984.
B.R. Mitchell has established a table showing the total values of
exports and imports in aggregate current values. Imports exceeded
exports throughout the period from 1966 to 1984 with the
exception of 1972.
India continued to implement Five Year Plans. The state pursued a
protectionist policy. The Oil Crisis of 1973 hit India's economy
hard, as the country depended on oil imports. In 1977, Coca Cola
was banned in India (readmitted in 1993).
INDIA 1984-1991
The Economy: Rice production increased from 87.5 million metric
tons in 1984 to 110.5 million metric tons in 1991 (IHS p.198).
The Sixth Five Year Plan ended in 1985, followed by the Seventh
(1985-1990) and the Eighth (1990-1995).
Rajiv Gandhi pursued the economic opening of India, the
technological modernization of which he strove for. Bangalore
(Karnataka) developed into a computer software development
center. On December 3rd 1984, at a Union Carbide factory in
Bhopal, Madhya Pradesh, India, where pesticides were produced,
toxic gases leaked; the number of immediate fatalities in the
city was estimated at 7,000; the death toll is estimated between
10,000 and 22,000.
INDIA 1991-2004
The Economy : In 1991 India produced 110 million metric tons of
rice; the figure rose to 134 million in 1999. India's policy of
economic liberalization (the cancellation of restrictions against
the conversion of Rupees; the permission of the import of gold)
showed considerable success. Until 1994, the total value of
India's imports exceeded that of the country's exports; since
1992 the export figures sharply increased and by 1996 exports of
1.1 trillion rupees outnumbered imports of 0.84 trillion rupees
(at an aggregate current value of 2003; IHS p.545).
In 1993 India ended her ban on Coca Cola. A showcase of India's
modernizing economy is the computer software business centered on
Bangalore (Karnataka). A success story is India's film industry
centered on Bombay ("Bollywood"). Lately, outsourcing provides
for a considerable number of new jobs in India's economy; India's
large number of well-educated, close-native speakers of English,
working for a much lower pay than U.S. or European high school or
college graduates, attract service sector jobs. India joined the
WTO in 1995.


Economic Policy : Under PM Manmohan Singh (Congress Party), the

Republic of India continues in her commitment to a free market
policy. India experiences high economic growth figures; as many
Indians are fluent in English, the country's economy benefits
from outsourcing. India's economy requires a rising demand of raw
materials, which, in combination with that of China and other
emerging industrial economies, drives up prices for these