3min chapter

Economics Explained cover image

India: The Next Economic Superpower

Economics Explained

CHAPTER

The History of India

India had a lot of the central planning characteristics of a communist nation. It effectively nationalised most of its major industries in the mid-1950s and onwards. Its biggest trading partner at the time was the Soviet Union. But this was all about to change when the Soviet Union collapsed in 1991. The country lost a majority of its trade and a large portion of its industrial support. This culminated in India facing the very real possibility of defaulting on its heavy debt burden itself.

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