Jan 20, 2012
Nehru's study in Teen Murti Bhavan.Part3-By Rajat
Nehru presided over the introduction of a modified, Indian version of state planning and control over the economy. Creating the Planning commission of India, Nehru drew up the first Five-Year Plan in 1951, which charted the government's investments in industries and agriculture. Increasing business and income taxes, Nehru envisaged a mixed economy in which the government would manage strategic industries such as mining, electricity and heavy industries, serving public interest and a check to private enterprise. Nehru pursued land redistribution and launched programmes to build irrigation canals, dams and spread the use of fertilizers to increase agricultural production. He also pioneered a series of community development programs aimed at spreading diverse cottage industries and increasing efficiency into rural India. While encouraging the construction of large dams (which Nehru called the "new temples of India"), irrigation works and the generation of hydroelectricity, Nehru also launched India's programme to harness nuclear energy.
For most of Nehru's term as prime minister, India would continue to face serious food shortages despite progress and increases in agricultural production. Nehru's industrial policies, summarised in the Industrial Policy Resolution of 1956, encouraged the growth of diverse manufacturing and heavy industries, yet state planning, controls and regulations began to impair productivity, quality and profitability. Although the Indian economy enjoyed a steady rate of growth at 2.5% per annum (mocked by leftist economist Raj Krishna as a "Hindu rate of growth"), chronic unemployment amidst widespread poverty continued to plague the population.
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