<P> Indian economic policy after independence was influenced by the colonial experience ( which was seen by Indian leaders as exploitative in nature ) and by those leaders ' exposure to Fabian socialism . Policy tended towards protectionism , with a strong emphasis on import substitution industrialization under state monitoring , state intervention at the micro level in all businesses especially in labour and financial markets , a large public sector , business regulation , and central planning . Five - Year Plans of India resembled central planning in the Soviet Union . Steel , mining , machine tools , water , telecommunications , insurance , and electrical plants , among other industries , were effectively nationalised in the mid-1950s . Elaborate licences , regulations and the accompanying red tape , commonly referred to as Licence Raj , were required to set up business in India between 1947 and 1990 . </P>
<P> Indian economic policy after independence was influenced by the colonial experience ( which was seen by Indian leaders as exploitative in nature ) and by those leaders ' exposure to Fabian socialism . Policy tended towards protectionism , with a strong emphasis on import substitution industrialization under state monitoring , state intervention at the micro level in all businesses especially in labour and financial markets , a large public sector , business regulation , and central planning . Five - Year Plans of India resembled central planning in the Soviet Union . Steel , mining , machine tools , water , telecommunications , insurance , and electrical plants , among other industries , were effectively nationalised in the mid-1950s . Elaborate licences , regulations and the accompanying red tape , commonly referred to as Licence Raj , were required to set up business in India between 1947 and 1990 . </P>
which type of import policy was adopted before economic reforms in india
which type of import policy was adopted before economic reforms in india
import substitution industrialization under state monitoring
import substitution industrialization under state monitoring