Answer :

After WWII, India's government played a crucial role in guiding economic life by nationalizing key industries to achieve self-reliance, and it later opened up the market with economic reforms in the 1990s promoting globalization.

After World War II, India, along with other new nations, faced the challenge of economic development. The Indian government, particularly under Jawaharlal Nehru's leadership, played a pivotal role in shaping the country's economic powerhouse by nationalizing essential services and industries. Nationalization was seen as a means for gaining independent economic self-reliance, especially when key industries and public utilities were foreign-owned. Nehru's government executed the nationalization of the railways, electric utilities, and communication systems. This approach inspired many other African and Asian countries to pursue similar economic strategies. Moreover, despite the crippling effects of colonial rule and World War II, Indian entrepreneurs continued to invest in industrial development, which eventually contributed to the nation's relative prosperity compared to other newly independent states.

In the post-colonial period, India followed a central economic model, exerting strong control over private sector development, foreign trade, and foreign investment. However, starting in the 1990s, India embarked on various economic reforms, relaxing the government's grip on foreign investment and trade, and initiating the privatization of publicly owned businesses. These reforms were part of a larger shift towards globalization, which has notably included the growth of the information services, healthcare, and industrial sectors.

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