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 ....
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