1 heavy reliance on public sector rather than private one
2 economic polies before 1991 imposed several restrictions on private sector . The principal idea was not to allow concentration of economic power through private enterprises.
3 while large scale industry was regularised through acts such as MRTP small scale industry was offered protection in various ways.
4 development of heavy industries including electricity power generation, engineering goods industries , iron and steel etc. , were identified as key industries to be developed on priority basis.
5 saving and investment were identified as the key determinants of economic growth. High interest rates were offered to promote saving , while investment was induced through subsidies and capital grants .
6 domestic industry was protected from foreign competetion. High import duties and quantitative restrictions were leived on imports.
7 international trade carried a focus on import substitution. It implied domestic production of goods which were imported from abroad.
8 foreign direct investment was controlled and regulated through Foreign Exchange Regulation Act . Loans from abroad were accorded higher priority than FDI.
9 programmes of growth and development at the state level were tuned to the concept of centralised planning.
