![]() ![]() Shanmukham Chetty tabled the country’s first Union budget in Parliament on 26 November 1947. The very first budget, and the defence of fiscal federalismĪlawyer, economist and politician who served as independent India’s first finance minister, R.K. The political leadership believed that since planning was not possible in a market economy, the state and public sector would inevitably play a leading role in economic progress. Birla, envisaged a substantial public sector with state interventions and regulations in order to protect indigenous industries. Earlier, the Bombay Plan, proposed by eight influential industrialists including J.R.D Tata and G.D. The Industrial Policy Resolution of 1948 proposed a mixed economy. Prime minister Jawaharlal Nehru’s development model envisaged a dominant role of the state as an all-pervasive entrepreneur and financier of private businesses. India’s economic model: the state’s primacy over individual enterprise
0 Comments
Leave a Reply. |