Question

"Direct and active participation of state was considered essential in Industrial development process in period 1950-1990."

Justify the given statement with valid explanation.

Answer 1

1. For a number of reasons, direct governmental action was considered necessary between 1950 and 1990.
2. First of all, private business owners frequently lacked the funding necessary for extensive industrial projects.
3. Furthermore, a socialistic structure and low market demand made creating jobs more important than producing money, which made government intervention necessary.
4. Additionally, state action was essential for improving infrastructure, uplifting underdeveloped areas, and avoiding the concentration of economic power.
5. Furthermore, it was believed that encouraging import substitution through state-led programs was essential to reaching economic self-sufficiency and lowering reliance on imported commodities.