(2) Nehru came up with a mixed economy which he believed would combine the best of both worlds- public sector having the commanding heights of the economy, and private sector it’s own place. Mixed economy was meant to have the best of socialism and capitalism, it however ended up having the worst of both. The freeing of the Indian economy, by the team of P.V.Narasimha Rao and Manmohan Singh, in 1991,made a difference. With the dismantling of the licence permit raj, it offered more freedom to entrepreneurs,and we had the Indian success in IT, Pharma, BPO coming forth, as also Indian companies, buying up other firms abroad. Right now the Indian economy is not wholly capitalist, more of capitalism mixed with populist schemes.