in other Asian countries, especially the East Asian Tigers, which were also newly independent. This meaning of the term, popularised by Robert McNamara, was used disparagingly and has connotations that refer to the supposed Hindu outlook of fatalism and contentedness. Economic system in India after Independence India has never been a socialist country in the strict sense of the term. After independence in 1947, India adopted a mixed economy model, with elements of both socialism and capitalism. It was seen as a way to achieve rapid industrialization and economic development, and to reduce the country's dependence on foreign capital and imports. This approach, known as the "dirgitse model," involved state control of key industries, such as banking, insurance, and heavy industry, and the promotion of import substitution and self-reliance. India abandoned its dirgitse model of economic development in the 1990s and adopted a more market-oriented approach, known as neoliberalism. The shift to neoliberalism in India was influenced by broader changes in the global economy, such as the dissolution of the Soviet Union and the emergence of globalisation as well as a condition of the IMF loan during 1991 Balance of Payments crisis, India was required to undertake economic reforms, including liberalization, deregulation, and privatization. Comparison In 1947, the average annual income in India was $439, compared with $619 for China, $770 for South Korea, and $936 for Taiwan. By 1999, the numbers were $1,818; $3,259; $13,317; and $15,720. India's growth rate was low by standards of developing countries. At the same time, Pakistan grew by 5%, Indonesia by 6%, Thailand by 7%, Taiwan by 8% and South Korea by 9%. The comparison with South Korea was stark: In 1947, South Korean per capita income was less than 2 times bigger than India's. By 1960, South Korean per capita income was 4 times larger than India's By 1990, South Korean per capita income was 20 times larger. South Korea received much higher U.S aid and foreign investment when compared to India. South Korea, similar to India was also forced to adopt IMF and World Bank imposed reforms during the 1997 Asian Financial crisis. China kept a significant part of its economy under state control even after reform and opening up despite receiving criticism from liberal institutions. However, despite such policies Chinese economy grew at a much higher pace than India's, overtaking Japan in 2010. Pakistan meanwhile, despite implementing liberal reforms under