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After gaining independence in 1947, India found itself in a state of poverty and underdevelopment, left by the colonial government. The country embarked on a journey to address the needs of its citizens within a sovereign democratic system. It was evident that political independence needed to be accompanied by economic progress. To achieve this, India […]

2.1  Introduction Inaugurating its independence on the 15th of August, 1947, India confronted a critical task – determining the most appropriate economic system for the nation. The primary objective was to establish a system that would prioritize the well-being of the entire populace rather than benefiting only a select few. In the realm of economics,