economics_for_manager, Role in market equilibrium.

May 20th, 2015
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In 1947 when India get freedom, the main problem before the government was to develop economic conditions of country and how to increase economic Growth Economic condition of India in that time were net good, we did net have proper resources for the development of underdeveloped sector.

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In 1947 when India get freedom, the main problembefore the government was to develop economicconditions of country and how to increase economicGrowth Economic condition of India in that time werenet good, we did net have proper resources for thedevelopment of underdeveloped sector. Thus ourgovernment adopted the path of economic planning,that is on the basis of priorities the different Five yearplans were developed. Under the dogma of thesocialistic pattern of society, India had practiced anumber of restrictions ever since the introduction ofthe first industrial policy resolution of 1948. Hence itwas necessary on the part of Government withdrawthese restrictions to provide conditions of undeterredeconomic activities, when we decided to globalize oureconomy. Under the process of liberalisation, Indiahas moved in that direction by withdrawing some ofthe impeding restrictions, and introducing certainconditions to ease the cord of restrictions, so thatbusiness firms and individuals from other countriesmay be induced to operate their business in India,while Indians can operate abroad.Need for LibralisationAs a result of therestrictions in the past, Indias performance in theglobal market has been very dismal, we have neverreached even the 1 percent mark in the global market.Despite the existing tremendous potentiality, vastnatural resources, and extensive trained manpower,our contribution in the world trade in1992 has been0.53 percent, m

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