StudJ ihr pa.ssage beloo aitd aisswci• the questions f ollowing the passage.

Your answer should be based

on the passage as u ell as ;'our uiaderstaitding of the problem.
Hama’* t J. ›i)t ›u iC 1 i .insilic n I rc›iaa 1947 to 1997 is the study in the ephemeral nature of all ideologies. The
jj qf , , , q {) c *1 .a2_i i< uli lii e. Today, it is not considered a plan document at all, but a mere imple-
'i › ' ›i la,3tvN'ci xs'as challced out by the All India Congress Committee in 1936. It was
- ' . -iy!-.a»ixcd tlac gi owth of ihc capital-intensive industry. India set out to make
o• hoc ivatcl3ss'ord. The i cdliction of inequalities in lncome and wealth was the
: r!:ic›ia '.t’as to be the aim. The goal of economic policy svas declared to be a restraint
’ * ... J-l v aa i o k»cp in cl7eck domestic inflationary pressures and to release resources re-

L r.i ›..- ' .• E- . ’ . . c‹vriiatrics, which used state intei ventiun to build str ong private sectur industries,
I n oi zi› t r .fi c , ‹opt .c! for state control over key industries. Such control ve as tightened under Indira
<nt*J, '. !+ o,o SiOc:i.. ^»aribi Hatao was utilized to secure nationalizution of banks and impose price
*'.' '• re›. r‹c B.ians 'aii tr nclc ancl also lecl to tlae squeezing out of fo i”r ign investments. The “quota
f›° r' n!1 ! 'u'- ee- r'a)“ xax‹ i 1› ‹ waiting ci1’ India’s influence abroad. Massit’e fureign aid through PL-480
°i!C‘d 1* ci c’°tc prosperity. It was the green revolution of the 1970s that led to Ldia becoming self-
'-*‹ ir. t'›'v'3rraiias tol 1he first tiivle despite the steep increase in popriliitio n.
TLI* ' - •’ ' -!' ! ›'- › * : i ‹§ xf›*'«diitj' lac«›i1) ‹›/ lift fl•ijiv Gandhi yeai s (lO b*$ -S9) i csulted in wiping
of
foreign
“^**’" ” ' ' ” " ' * ’›* › ! i '›’°. ‘‹ ( ’i ‹ ?i“:\cli«llly cons riia» i’ lsin viiici vd thv econom ic field in
the
1980s. Public sector units, hailed as “Temples cif Mcidcrn India” by Nehru, were seen to be eating vital
resoui ces. Irnpcn t substit uticin policies i 'ere seen to be preventing global competition and India was not
able to exploit its in her ent advantage of cheap labour force and competent body of engineers who chose
to migi ate abi cad because of protectionist polio res. The change came about in the xvake of foreign
Cxchatfl C isib ml 199 I . The Nc•iv Economic Policy (NEP) ensured delicencing of industries, a radical
lot ’ei ing Of customs tariff and cii’i1ized tax rates. Such vital sectors of industry - power, steel, oil refining,
air transport, telccommuriication, ports and mining were opened up to the private sector. Foreign in- p‹-
rm it t< d, on ccci tain conditions ei en up to 100a participation. The state changed its role

The old national consensus cHa socialism has › iclclea place in fax our of liber alisation. The strate of
India’s industrializations did not change much more fi’orn ind‹epeiidcnce to 1990. It is onl› since 1991
that t hought is being bestois'c•d for a host of economic reforms. In the second generation reforms, fur-
ther autonc›inv is beuig given to industries bv establishing regulator authorities, commissions and other
boards. The IT boom has changed the social, economic and cultural dx•namics of the costs’ atfaster
lanes. Envu onnaental clearances became mandatorv and entrepreneurs are now required to go for green
ten lviolo •. Life st vle of society is also changing. Thei‘e is bin i wish for white goods. Consumers are
rigor ing from traditional foods tO fast I oc›ds, traditional t ailc›i macho clothing to read› made garments,
t i aditiolial shops to Malls and Plaza. Young pcnc1‘ation is also luoving from traditional eciuc ation to
r• c›fessicinal education. Number of Indian coin h i i i s in the list of Fortune - 500 companies of the i orld
is pl’cn ing. Murc ‹ind more Indian companies ai c bccc›niing multinational companies. Mergers and ac-
quisit ions by domestic companies in foreign countries are becoming the game of the day. Culture of
public enterprise management is also changing. Now they are being categorized as Maharatna, Navratna
anti Minimal na public enterprises to make them more competitive, accountable, viable and efficient.
Nchi u spoke cix Indict’s tFi'St \\f th destiny. He also noted on the last day of his life. “I have miles to go
fact ore 1 sleep”. India’s i efoi iii agenda has just begun. We have a long way to go.
t3uestions:
(‹i) COrrnnent upon the transition perspective of business environment of the cc› matt ’.
[/i) Wh:it :ii’e i he i easons fCH people talking against "quota permit-licence raj”?
(c) Has gi ecu i‘ex Oluticin solved India’s pi oblem of poverty?
(‹6 What kirld ‹›1 Eqap is ic›i eign investment expected to fulhl?
(‹') Dt› cm sat isfiecl i 'ith tin pi‘esent brisine.•s environment of the country?