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Read the following hypothetical text and answer the question that follow:The performance of the Indian economy during the period of first seven five-year plans (1950-1990) was satisfactory if not very impressive. On the eve of independence, India was an industrially backward country, but during this period of first seven plans our industries became far more diversified, with the stress being laid on the public investments in the industrial sector. The policy of import substitution led to protection of the domestic industries against the foreign producersbut we failed to promote a strong export surplus. Although public sector expanded to a large extent but it could not bring desired level of improvement in the secondary sector. Excessive government regulations prevented the natural trajectory of growth of entrepreneurship as there was no competition, no innovation and no modernization on the front of the industrial sector. Many Public Sector Undertakings (PSUs) incurred huge losses due to operational inefficiencies, red-tapism, poor technology and other similar reasons. These PSUs continued to function because it was difficult to close a government undertaking even it is a drain on country’s limited resources. On the Agricultural front, due to the measures taken under the Green Revolution, India more or less became self-sufficient in the production of food grains. So, the needs for reform of economic policy was widely felt in the context of changing global economic scenario to achieve desired growth in the country.Q. Inward looking trade strategy aimed at _________ .

Direction: Read the report given below and answer the questions that follow:While many like to focus on the similarities between India and China, what’s more important are the differences. Most central to this article is that the two nations rely on entirely different systems of political economy. India is the world’s largest parliamentary democracy, while China is a one-party dictatorship. India’s reforms have scaled back state-run industries, while China’s reforms have created a pseudo-free-market command economy. India has courted the capitalist West while China has tried to counter it. Looking at how China and India have been simultaneously so successful yet maintained their differences can shed light on the “why.”We’ll start with China. Once the Communist Party seized control in 1949 and declared the nation a People’s Republic, China embarked on a campaign of state-led industrialization that failed miserably. Mao Zedong’s most ambitious project was the “Great Leap Forward,” which attempted to develop China even faster than Stalin developed the USSR. The state collectivized agriculture and forced peasants to begin making steel in backyard furnaces. Lasting from 1958 to 1960, the Great Leap Forward led to the deaths of 45 million Chinese, mostly as a result of famine and disease. The “Cultural Revolution” from 1966 to 1976 resulted in huge political purges and a mass exodus of people from cities to the countryside. While countries like Japan, South Korea, Singapore, and Taiwan all began to approach Western living standards from the 1950’s to the 1970’s, China’s GDP per capita in 1978 was a meager $307 (measured in 2010 dollars). However, 1978 was also the year that Deng Xiaoping took control of the Communist Party and began creating modern China.India and China: Two Very Different Paths to Development – Berkeley Economic Review – 30th April, 2018The difference between India and China’s politics is

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difference between that time of industrialization to now Related: Impact on Industrial Sector?
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difference between that time of industrialization to now Related: Impact on Industrial Sector? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about difference between that time of industrialization to now Related: Impact on Industrial Sector? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for difference between that time of industrialization to now Related: Impact on Industrial Sector?.
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