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Why did the Indian government opt for a mixed economy after independence?
  • a)
    Capitalism was more profit-centered.
  • b)
    Socialism advocated for equality.
  • c)
    India wanted to emulate the U.S. economic model.
  • d)
    India wanted to adopt a purely communist system.
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Why did the Indian government opt for a mixed economy after independen...
The Indian government chose a mixed economy because socialism advocated for equality, which was seen as necessary for the welfare and sustained growth of the country. It aimed to balance profit-driven capitalism with socialist principles.
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Why did the Indian government opt for a mixed economy after independen...
Introduction: After gaining independence in 1947, the Indian government had to decide on the economic system that would best suit the country's needs. They chose to adopt a mixed economy, which combined elements of both capitalism and socialism. The primary reason for this decision was the advocacy for equality that socialism offered.

Explanation:

Socialism advocated for equality: One of the main reasons why the Indian government opted for a mixed economy was the desire to address the socio-economic inequalities that existed in the country. Socialism, as an economic ideology, emphasizes the collective ownership and control of resources and aims to create a more equitable society. By adopting socialist principles, the Indian government sought to bridge the gap between the rich and the poor and provide equal opportunities for all.

Capitalism was more profit-centered: Capitalism, on the other hand, is a profit-centered economic system that promotes private ownership and competition. While capitalism can drive economic growth and innovation, it also tends to exacerbate income inequalities. Given the vast socio-economic disparities in India at the time of independence, the government recognized that a purely capitalist system would likely widen the gap between the wealthy and the marginalized sections of society.

India wanted to emulate the U.S. economic model: The statement that India wanted to emulate the U.S. economic model is not entirely accurate. While the Indian government did seek inspiration from various economic models, including the U.S., they did not aim to adopt a purely capitalist system. Instead, they aimed to strike a balance between capitalism and socialism, taking into account India's unique socio-economic conditions and aspirations.

India wanted to adopt a purely communist system: The option stating that India wanted to adopt a purely communist system is incorrect. While there were communist influences in India, particularly within certain political factions, the Indian government did not opt for a purely communist system. Instead, they chose a mixed economy that integrated socialist principles while also allowing for private enterprises and competition.

Conclusion: The Indian government's decision to opt for a mixed economy after independence was primarily driven by the desire to achieve greater equality and social justice. By combining elements of both capitalism and socialism, they sought to promote economic growth while also addressing the socio-economic disparities that existed in the country.
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Why did the Indian government opt for a mixed economy after independence?a)Capitalism was more profit-centered.b)Socialism advocated for equality.c)India wanted to emulate the U.S. economic model.d)India wanted to adopt a purely communist system.Correct answer is option 'B'. Can you explain this answer?
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