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The Role of Government in the Economy
Many early post independence leaders, such as Nehru, were influenced by socialist ideas and advocated government intervention to guide the economy, including state ownership of key industries. The objective was to achieve high and balanced economic development in the general interest while particular programs and measures helped the poor. India's leaders also believed that industrialization was the key to economic development. This belief was all the more convincing in India because of the country's large size, substantial natural resources, and desire to develop its own defense industries.
The Industrial Policy Resolution of 1948 gave government a monopoly in armaments, atomic energy, and railroads, and exclusive rights to develop minerals, the iron and steel industries, aircraft manufacturing, shipbuilding, and manufacturing of telephone and telegraph equipment. Private companies operating in those fields were guaranteed at least ten years......

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Approximate Word Count: 4602
Approximate Pages: 19 (250 words per double-spaced page)

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