All the distribution and production activities associated with people are the basis of the Indian economy. It also includes economic activities linked to people which determines the standard of living.
On the eve of Independence, the country’s economy was in a miserable condition. The biggest challenge that the country’s leaders and the government faced post-independence was the condition of the Indian economy. Therefore, they came up with a new concept of the Five Year Plans. Subsequently, in the next four decades, a well-organised change in trade, agriculture, and industry was witnessed.
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