India is one of the fast growing Economy in the world. Though world faced the bitterness of recession in the past few years, India still maintains its fast developments. To achieve this position India has tried different growth methods.
So far India has tried 3 growth models and they are:
1. Nehru-Mahalanobis Model of Growth
Nehru- Mahalanobis Model of Growth was based on the goodness of both socialist and capitalist models but at the end failed to bring expected economic growth due to corrupted politicians and bureaucrats. This model was most criticized by the name of license raj which prevented the entry of new private industries without having an option to obtain permit from corrupted bureaucrats.
2. Gandhian Model of Growth
It was introduced by Janta Government based on the views of Gandhi. However, succeeding congress government chose not to continue this model of economic growth.
3. Rao-Manmohan Model of Growth
In 1991, India adopted Rao-Manmohan Model of Economic Growth which is based on liberal and free-market principles which founded the fast growth of Indian economy.
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So far India has tried 3 growth models and they are:
- Nehru-Mahalanobis Model of Growth
- Gandhian Model of Growth
- Rao-Manmohan Model of Growth
1. Nehru-Mahalanobis Model of Growth
Nehru- Mahalanobis Model of Growth was based on the goodness of both socialist and capitalist models but at the end failed to bring expected economic growth due to corrupted politicians and bureaucrats. This model was most criticized by the name of license raj which prevented the entry of new private industries without having an option to obtain permit from corrupted bureaucrats.
2. Gandhian Model of Growth
It was introduced by Janta Government based on the views of Gandhi. However, succeeding congress government chose not to continue this model of economic growth.
3. Rao-Manmohan Model of Growth
In 1991, India adopted Rao-Manmohan Model of Economic Growth which is based on liberal and free-market principles which founded the fast growth of Indian economy.
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