- Vision: To build India on values of nationalism, secularism, and democracy.
- Aimed for rapid economic development within a democratic political structure.
- Influence of Socialism:
- Sympathized with socialist outlook.
- Sought an alternative to extreme capitalism and socialism.
- Combined best features of socialism without its drawbacks.
- Envisioned a socialist society with a strong public sector.
- Also allowed private property and democracy.
- Influence of Planning:
- Government would plan for the economy.
- Private sector encouraged to be part of the plan effort.
- Reflected in Industrial Policy Resolution of 1948 and Directive Principles.
- Planning Commission was set up in 1950, starting five-year plans.