Part 3/10:
During this period, both countries employed similar economic models. China's government focused primarily on heavy industries and the collectivization of agriculture, leading to mixed outcomes in terms of growth and disastrous policies, such as the Great Leap Forward. Conversely, India's socialistic approach, merged with a democratic framework, led to the infamous "License Raj," a regulatory system requiring government licenses for almost all business activities, stifling entrepreneurship and foreign investment.