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?