Compare and contrast the economic policy of India, Pakistan and China
Dear student,
The strategies followed by China are:
1) For attaining growth China opted Great Leap Forward program. The aim of GLF was to initiate large scale industrialisation, but this policy failed due to failure of agricultural policy and bad monsoon.Due to some conflicts Russia has withdrew the professionals it sent to China.
2) After its failure. China introduced Great Proletarian Cultural revolution. It aimed to enforce socialism and eradicate capitalism.
3) China has introduced many economic reforms too. Some of these were:
i) Dividing commune land into small plots and that plots were given to households.
ii) private sector firms were allowed to undertake production.
iii) SEZ's were set up to attract investments.
The policies followed by India:
1) After independence, India followed a path of mixed economy, i.e. co-existence of public and private sector.
2) In initial years of development India laid heavy reliance on public sector.
3) Industrial Policy Resolution was passed with aim of increasing industrial base of economy.
4) Efforts were made to increase exports.
5) To increase agricultural production, various reforms were introduced like abolition of intermediaries, introduction of Green Revolution, etc.
6) The New Economic Policy of 1991 was set up to bring Liberalisation , i.e. liberal trade, Globalisation, i.e. access to global market and Privatisation, i.e. enhancing role of private sector.
The policies followed by Pakistan were:
1) Pakistan has also opted for mixed economy pattern.
2) Similar to India, Pakistan has also introduced Green Revolution to enhance agricultural production.
3) It has opted various regulated policy frameworks for import substitution and industrialisation.
Regards
The strategies followed by China are:
1) For attaining growth China opted Great Leap Forward program. The aim of GLF was to initiate large scale industrialisation, but this policy failed due to failure of agricultural policy and bad monsoon.Due to some conflicts Russia has withdrew the professionals it sent to China.
2) After its failure. China introduced Great Proletarian Cultural revolution. It aimed to enforce socialism and eradicate capitalism.
3) China has introduced many economic reforms too. Some of these were:
i) Dividing commune land into small plots and that plots were given to households.
ii) private sector firms were allowed to undertake production.
iii) SEZ's were set up to attract investments.
The policies followed by India:
1) After independence, India followed a path of mixed economy, i.e. co-existence of public and private sector.
2) In initial years of development India laid heavy reliance on public sector.
3) Industrial Policy Resolution was passed with aim of increasing industrial base of economy.
4) Efforts were made to increase exports.
5) To increase agricultural production, various reforms were introduced like abolition of intermediaries, introduction of Green Revolution, etc.
6) The New Economic Policy of 1991 was set up to bring Liberalisation , i.e. liberal trade, Globalisation, i.e. access to global market and Privatisation, i.e. enhancing role of private sector.
The policies followed by Pakistan were:
1) Pakistan has also opted for mixed economy pattern.
2) Similar to India, Pakistan has also introduced Green Revolution to enhance agricultural production.
3) It has opted various regulated policy frameworks for import substitution and industrialisation.
Regards