answer the following questions:


a. What kind of economic system did India operate under during 1947–


1990? What kind of system is it moving toward today? What are the


impediments to completing this transformation?


b. How might widespread public ownership of businesses and extensive


government regulations have affected (i) the efficiency of state and


private businesses and (ii) the rate of new business formation in India


during the 1947–1990 time frame? How do you think these factors


affected the rate of economic growth in India during this time frame?