Economic Insights from Sardar Vallabhbhai Patel

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The Economic Ideas of SardarVallabhbhai Patels
From 1917 through 1950, Sardar Patel dominated
Indian politics. First and foremost, he was a
leader in the fight for independence. He then
served as Deputy Prime Minister when the country
gained independence in 1947, holding the critical
Home, States, and Information and Broadcasting
positions. He was also awarded the Sardar Patel
peace and unity award for his immense
contribution.
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He reformed the Indian bureaucracy after many
officials were transferred to Pakistan, merged
the princely States into the Indian union, and
played a significant role in creating the Indian
Constitution. Following territorial
consolidation, the government, industry, and
labour's immediate objective was to join a
massive recovery and reconstruction
operation. The British had removed what they
needed, leaving just their monuments behind, as
he put it. Many of the British government's
economic control devices, which were used to
orient the Indian economy toward the war effort,
were still operational. As a result, imports
were severely restricted, and the Bank of England
had yet to send foreign money earned from India's
wartime exports to the Reserve Bank of India. As
a result, a sizable pound balance had built up,
but war-torn England could not pay the debts.
Inflation had become uncontrollable. The goal
was to raise the living conditions of the
country's people. The historical context of the
time and his position as a nation-builder and
founder of India's political democracy impacted
Sardar Patel's thinking and approach to the
country's economic issue.
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Self-reliance was one of the significant elements
of his economic ideology. He shared more with
Pandit Nehru than Mahatma Gandhi, who advocated
for local self-sufficiency. The role of a
welfare state was played by him by envisioning
the government, but he understood that other
countries had already done so at a more advanced
stage of development. Socialist platitudes
underwhelmed Patel, and he frequently emphasised
the need for India to produce riches before
arguing what to do with it and how to distribute
it. He was adamant in his rejection of
civilisation, stating unequivocally that industry
should be the sole domain of the business sector.
He was also not a big fan of planning,
particularly in prosperous and industrialised
countries. Patel took a balanced, pragmatic, and
liberal attitude. For him, economics was an
"intensely practical science." Short cuts and
arbitrary measures such as transitory
palliatives, artificial price reductions, or
investment stimulus were unacceptable to him. He
intended India's economy to be built on more
solid grounds of increasing industrial and
agricultural productivity and more wealth.
Therefore the peace and unity award was
inaugurated in his name only.
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