Road ahead for the India Economic Policy

Economic policy of any nation is a powerful instrument on the part of policy makers to direct the economy in the desired direction if such a policy is formulated properly and implemented effectively. The Indian Economic Policy is formulated keeping into consideration India's immediate as well as long term economic requirements. The India Economic Policy is adopted so far has given rich dividends.

But the above mentioned policies are not formulated over night. This evolved in a longer period of time after lots of changes in it. An economical policy based on socialism was implemented right after the Independence, keeping in mind the importance of owning the key industries by the government itself. These industries include Defense, Railway, Petroleum, Mining, Telecom, Insurance and Banking etc. The objectives were to have a balanced economy which will favor the poor and is based on the general interest.

Private trading and industrial conglomerates existed under the British and continued after independence. The government viewed the conglomerates with suspicion, believing that they often manipulated markets and prices for their own profit. This was certainly avoided to a good extend by including the licensing controls instituted by the government itself.

India's current economic reforms started in the mid 80's including the slashing of public ownerships, private sector investment in oil, gas exploration etc. This kind of a trend continues in almost all the sectors in India now. It’s definitely not possible to say which way is it going but I’m sure its flying high and flying with a lot of colors.