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In the case study provided, it is very evident that India has struggled over the years, to thrive in their economy. This is after the colonization they experienced in 1947, by Great Britain. Indians, therefore, became nationalists and socialists. Nationalism ideology is based on the premise that the individual’s loyalty and devotion to the nation-state surpass other individual or group interests. The other ideology, on socialists, is all about having an economy whose decisions are made based on social systems, which have control of the means of production of goods in a country. India is seen to struggle, while under these two beliefs, that are affecting the decisions to be made.

Background

In the 1980s, before liberalization took place, India was at a very complicated and hard situation in their economy. They lagged behind, in terms of what they would have done and achieved as compared to other countries. They could not import goods from any other country,…