Economic liberalization in India.
On August 15, 1947, when India became independent, its economy was mixed. Five years of planning based on the model of Russia was developed to develop India’s economic structure. The government of that time saw the dream of developing an ideal economic system with a mixture of developed American capitalism and Russian socialism. But the loss-making plans were not completed.
Crisis was also present in the 1970s and 1980s before capitalism of Europe and America, due to the economic downturn and unemployment caused by unrest in Europe, their industrial production was reduced due to the end of colonialism. Now more possibilities have been searched for the consumption of their goods, and contacts were started in other countries. Then the organization of the World Trade Organization was formed.
The business of the new patent and tax free system started to grow The multinational company got the full right to do business in any country, and it became necessary to treat similarities like domestic companies.
Economic liberalization is good if it is according to your needs, but if it is in compulsion it is destructive. Nowadays the liberalization is going on. The West’s nation is showing cruelty rather than generosity, if the government has to deal with the economic crisis If the public is collecting money by selling the public industry, then this liberalization is not destruction.
While liberalizing, keep in mind that factories like Union Carbide do not operate in the country and thousands of people died due to poisonous gas. The public sector will not be reformed by giving in private hands only. It should also be kept in mind that corruption should not be increased while registering. The public should also explain why it is being privatized.
India is a welfare state, government needs protection and nutrition in many areas. Indiscriminate liberalization can scatter our economy. It should also be kept in mind that our agriculture, our industry, our service areas can be destroyed and we can become victims of economic slavery.