The leaders of Independent India had to decide among other things on the type of economic system and among them, socialism appealed to Jawahar Lai Nehru the most. But he was not in favour of the kind of socialism practiced in the Soviet Union whose all the means of production in the country were aimed and controlled by the Government. There was no private property.
It was not possible in a democracy like India to change the ownership pattern of land and other properties. The thinkers of newly Independent India sought an alternative to extreme versions of capitalism and socialism. They had sympathy with the socialist outlook and chose a system, which combined the best features of socialism and capitalism.
India would be a ‘ Socialism Society with a strong public sector but also with private property and democracy’. The Government would plan for the economy with the private sector being encouraged to be part of the plan effort.
India would be a ‘ Socialism Society with a strong public sector but also with private property and democracy’. The Government would plan for the economy with the private sector being encouraged to be part of the plan effort.
Mixed economy provides opportunities to fulfill the objectives of our planning, rapid economic growth, and social justice. It is most suitable in all present day democratic setup in which mixed economy has all the sectors such as private sector, public sector, co-operative sector co-exist and work together.
