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Venkatesh Athreya
Phases of India’s Economic Growth
Since Independence
PHASE I: 1950-1966
• Rapid growth led by public sector investments and
import substitution.
• Incomplete land reforms
• Stagnant exports and rising imports
• Poor resource mobilization
Small Enterprises 7%
Agriculture 71.8 %
1974-75 to
1976-77 31,818.0 41,331.6 37,526.1 110,675.8
1977-78 to
1979-80 37,138.6 43,882.9 41,648.3 122,669.7
1980-81 to
1982-83 44,608.8 46,233.2 39,958.7 130,800.7
1983-84 to
1985-86 53,242.7 47,868.8 48,349.1 149,460.6
1980-81 1715
1988-89 10515
1989-90 12436
• Debt to private
individuals and banks 2 22
(US$billion)
Source: Economic Survey and Report on Currency and Finance, Various Issues
Some Lessons of the 1980s
• Growth depended on fiscal stimulus, not export
expansion
• Inadequate liberalization
Indian Economy in the 1980s