ABSTRACT
It is now just over fifty years since India gained its independence from Britain. During this period India has seen many changes both in the economic and social spheres. In many ways, however, one can say that India’s fundamental problems have remained the same. It is still concerned principally with the alleviation of poverty via the promotion of economic growth. If the principal concerns of the Indian State have not changed what has is the context in which they are being addressed. In the early years of independence and until very recently the main thrust of development was the promotion of domestic industries via a closed economy model supported by state planning. This resulted in a panoply of exchange rate restrictions, multiple exchange rates, high tariff barriers and bilateral trade negotiations. Public sector involvement was high in the modem industrial sectors.
