India (emerging market).

Emerging Markets argon nations whose economies be transitioning or have recently transitioned from heavily state control to economic policies that are more market-oriented. These countries are often very attractive to outside investors. This is the case of India.

India storeyed its freedom from the British Empire. Mahatma Gandhi was the father of independence. His economic ideal was a simple India of self-sufficient villages. Pandhit Nehru, the first prime minister, wanted to alter and combine British parliamentary democracy with Soviet-style central planning. on the whole economists in the world, were advising the Indian government. And the advice was that they must have a state-led posture of industrial growth; the public sector must remove what came to be called the commanding heights of the economy. And thats why steel, ember and machine tools were in the public sector and not in the cloak-and-dagger sector. These particular industries are very important as coal leads to electricity, and steel to transport and machinery. Nehru wanted to apply science and technologies to clear up the great mass poverty that prevailed at the time of independence. He was always recruiting intellectuals in India on his side in the causality of central planning. Nehru asked Mahalanobis (a genius statistician) to think about how to plan an economy.



The smart as a whip Mahalanobis succeeded in expressing the entire Indian economy in a single numerical formula. His model was hailed as one of the pioneering mathematical models for planning a mixed economy. India became the model of economic exploitation for newly independent nations. The apparent success of communist countries standardised the Soviet Union and China seemed to show the way.

Like the Soviet Union, India had employ central planning (is an economy where all economic decisions are made by the government, eg. Cuba, the govt. decides what to produce, how is to be produced...

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