Contemporary economists divide the history of india’s economic growth into two phases – first 45 years after independence and the two decades of free market economy the years preceding the economic liberalisation were mainly marked by instances wherein economic development got stagnated due to a lack of meaningful policies.
Changes in indian economy after independence india's economy has made great strides in the years since independence in 1947 the country was poor and shattered by the violence and economic and physical disruption involved in the partition from pakistan.
After independence, indian economy has also experienced such changes the share of primary sector in gdp at factor cost (at 1999-2000 prices) which was 565 per cent in 1950-51 declined to 346 per cent in 1990 91 and then to 197 per cent in 2007-08. Using the mechanism of a mixed economy where both public and private sectors co-exist india initiated planning for national economic development with the establishment of the planning commission the aim of the first five year plan (1951-56) was to raise domestic savings for growth and to help the economy resurrect itself from colonial rule.
The economic development in india followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors india's per capita income increased at only around 1% annualised rate in the three decades after its independence. The following points highlight the changes that have taken place in the indian economy after 1951 the changes are grouped into: 1 quantitative changes 2.
Economic change in india since independence (1947-1965) mr hasmot ali asstt prof fakiragram college, assam, india abstract the attainment of freedom on august 15, 1947, was itself a landmark achievement in the history of india it witnessed tremendous changes within india and the world in general.