Lessons from the Growth Experience till 2014

Transition to an Open Economy (1950-1980)

• Shift from import substitution to liberalization, export incentives, and technology integration.
• Import liberalization, export incentives, and fiscal policies played a role in growth.

Transition in Investment Patterns (1970s-1980s)

• Shift from public sector dominance to the co-existence of public and private investment.
• Private sector became a major engine of growth from the 1990s onwards.

Technology as a Growth Driver (1980s Onward)

• Identification of technology as a key growth driver post-liberalization.
• Slow but steady use of technology to transform the Indian economy.

Economic State in 2014

• Prime Minister Modi assumed office in 2014 with challenges such as lower ....