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India’s approach to economic development after independence was based on a mixed economic system that attempted to combine the principles of a centrally planned economy with those of a market economy. The objective was to achieve rapid economic growth, social justice, self-reliance, and balanced development. This approach reflected a compromise between state control and private enterprise, where both the public and private sectors were assigned important roles. At the time of independence, India faced several economic challenges such as poverty, unemployment, low industrial development, inadequate infrastructure, and dependence on foreign countries. The leaders of independent India believed that a purely market-based economy would not be sufficient to address these problems because private enterprises were limited in capacity and were mainly driven by profit motives. Therefore, the government adopted economic planning to guide national development and ensure that resources were utilized according to __________ _______ ____ ______ _______ ______.
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