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A Comprehensive Review of Sandeep Garg's Indian Economics Class 12 PDF

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At the time of independence in 1947, India inherited a shattered economy characterized by low productivity and mass poverty. The early decades were defined by a "mixed economy" model, emphasizing state-led industrialization and import substitution. While this period established a strong heavy-industrial base, it also led to the "License Raj," a system of red tape that stifled private innovation and limited global competitiveness. The Turning Point: 1991 Liberalization A Comprehensive Review of Sandeep Garg's Indian Economics