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India's economic structure has undergone significant changes since its independence in 1947. The transition from a colonial economy to an independent, planned economy marked the beginning of profound transformations across various sectors. In the post-independence period, the focus shifted from agricultural dependence to industrialization, followed by a gradual shift towards services and technology-driven growth. The evolution of India's economy can be understood in several stages, each marked by different policy approaches and external factors that influenced economic development. ### The Immediate Post-Independence Phase (1947-1950s) At the time of independence, India inherited a largely agrarian economy, characterized by low productivity, subsistence farming, and underdeveloped industrial infrastructure. The country’s major economic challenges included poverty, a large informal sector, a weak industrial base, and widespread illiteracy. The first few years after independence were focused on rebuilding the economy and framing policies that would ensure long-term growth. The first Indian government, under the leadership of Jawaharlal Nehru, adopted a mixed economy model, which combined elements of socialism and capitalism. The government believed that the state had a crucial role to play in economic development, and thus, state-led industrialization was emphasized. The First Five-Year Plan (1951-1956) focused on agricultural growth, infrastructure development, and the establishment of basic industries. Major investments were made in sectors like power, irrigation, and transport. Nehru’s vision of industrialization led to the establishment of several public sector enterprises, which became the backbone of India’s industrial development. ### The Industrialization Phase (1960s-1980s) The 1960s and 1970s saw the consolidation of the industrial base in India. During this phase, the focus was on self-reliance, import substitution, and import restrictions, in a bid to reduce dependence on foreign countries for industrial goods. This period was marked by the growth of heavy industries such as steel, machinery, ___ __________ _________ ______ _____ ___ ____ ___ ___ _____ _______ _________.
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