Following India’s independence, both national and state governments initiated numerous welfare measures to uplift all segments of the population. After Jawaharlal Nehru became the first Prime Minister, the 1948 Industrial Policy was introduced to establish a new industrial framework in India, focusing on social justice and development programs that ensured equal opportunities for everyone.

• The primary objective of this policy was active government involvement in societal improvement, although it also facilitated opportunities for private industry participation. This approach was emblematic of the Nehruvian model of development, where the government held significant stakes.
• The 1990 New Economic Policy marked a pivotal shift in industrial policy from the Nehruvian model to the era of liberalization, introducing substantial changes with increased reliance on government sector establishments.
• The decade from 1980 to 1990 was characterized by Liberalization, Privatization, and Globalization (LPG), which collectively shaped a new economic model. The period from 1947 to 1991 is often referred to as the early Liberalization Age.
  
• Post-1991, known as the After Liberalization Age, continued the trend but shifted further towards a model where a larger share of investment was directed towards the government sector, maintaining a socialist approach.
• Nehru’s policies integrated principles of equality, inspired by Russian models, with investment strategies from other nations, forming a unique blend known as Democratic Socialism or Democratic Socialization.