After Independence, India embarked on planned development with the objective of achieving a self-reliant socialistic pattern of society. The measures taken towards the same were initiation of a centralized planning machinery for economic planning and public investment decision making expansion of public investment in basic and key industries and intervention in the market through a number of regulatory measures and controls. The policy framework was a mixed economy with the coexistence of public and private sectors with a dominance of public sector in many key areas. The policy of approach was that of excessive intervention in the market mechanism to control and regulate to domestic economy and external sector.