After getting independence from the British rule in 1947, India selected the democratic policies to run their government. The government introduced a economic system in the country which was based on mix economy some of the portion was owned by the government and some responsibilities were on the shoulders of private sectors. Private companies were allowed to carry their operation after seeking permission from the government. The government issue the license to the businesses under which they are authorize to do any kind of business in the country with the permission of t he government. But for taking permission the private companies have to face many problems one of them is to wait for months to take permission granted by the government.
Many major industries like Manufacturing of Autos, Steel and engineering is still under the direct control of the government. Many heavy imports duties and customs were levied on the imports of good from other countries so the economy was totally blocked in the hands of the government. The access to the foreign reserves is not available for the private sector and government do not allow to any other country to invest in their home country. So this was the whole scenario of the economy of India after independence.
Many major industries like Manufacturing of Autos, Steel and engineering is still under the direct control of the government. Many heavy imports duties and customs were levied on the imports of good from other countries so the economy was totally blocked in the hands of the government. The access to the foreign reserves is not available for the private sector and government do not allow to any other country to invest in their home country. So this was the whole scenario of the economy of India after independence.