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Sara Hsu India and geography Independence from Britain in 1947 Nehruvian Socialism 1947 to 1980 • Early growth • Droughts and crisis • Focus on poverty reduction • “License raj” • “Hindu rate of growth” 1980 to 1991 • Improvements in industrial policy • Industrial stagnation in 1988 • Balance of payments crisis 1991 through 2000 • IMF policies • New Economic Policy • Reform of banking system • Building up to Y2K 2000 to present Aftermath of Y2K Firm relocation to India Land reform since Independence Goal: Reduction of poverty Green Revolution Characterization of villages Policy campaigns for reform Fast GDP growth Hyderabad Nehru Ghandi Rao 60 50 40 Agriculture 30 Manufacturing Services, etc. 20 10 0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 India’s reform process really began in 1991 as a result of a balance of payments crisis. Reform opened up trade and made it easier to start a business. Most growth in India is in the skilled services (IT) sector. “India Shining” is the slogan used starting in 2004 to promote India internationally. The government spent over USD $20 million on television and newspaper ads using this slogan. Questions?