STUDY ON EFFECT OF NEW ECONOMIC POLICIES ON TRADE AND AGRICULTURAL DEVELOPMENT AND MODERNIZATION

Abstract

On 15 August 1947, India became independent when the country went through a food grains and consumer goods shortage. Due to the country’s limited quantity of industrial units, industrial production has remained inadequate and social facilities were also the only nominal. Agriculture was the primary source of the country’s economy. From April 1951, the Government of India gave Shri Ganesh the Five-Year Plans giving priority to economic planning. Through these schemes, the government developed the necessary infrastructure for the industrial establishment, keeping in mind the national interest. Loans and assistance were obtained from international institutions. Thus, public industries were developed in the country with the incoming of foreign capital. Production and distribution of consumer goods were restricted at that time. Economic policy means the policy of any government by which the economic activities of any country are regulated. Labor- market, national possession, and many other areas of government intervention come under the economic policy along with setting the level of taxes, the government’s budget, money supply, interest rate. The objective of this research study is also to study the policy of economic liberalization in agricultural marketing.