State the main elements and major short-comings
of Nehru-Mahalanobis's strategy of development
The Nehru-Mahalanobis strategy of development, also known as the Mahalanobis Model, was a key economic policy adopted by India in the post-independence period, primarily during the first two decades following 1947. This strategy was formulated by Jawaharlal Nehru, the first Prime Minister of India, and Prasanta Chandra Mahalanobis, an eminent statistician and economist. The main elements of this strategy, along with its major shortcomings, are discussed below.
Main Elements of Nehru-Mahalanobis Strategy:
1. Industrialization through State Intervention:
- The strategy emphasized the need for rapid industrialization, recognizing it as a key driver for economic development. The government played a central role in this process through planning and state intervention.
2. Import Substitution Industrialization (ISI):
- Nehru and Mahalanobis focused on reducing dependence on imports by promoting domestic industries. The idea was to substitute imported goods with domestically produced goods to strengthen the economy.
3. Public Sector Dominance:
- The strategy advocated for a dominant role of the public sector in key industries. Large-scale industries, especially those deemed crucial for economic development, were
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