1. What kind of economic system did India operate under during 1947 to 1990? What kind of system is it moving toward today? What are the impediments to completing this transformation?2. How might widespread public ownership of business and extensive government regulations have impacted (1) the efficiency of state and private businesses, and (2) the rate of new business formation in India during 1947-1990 time frame? How do you think these factors affected the rate of economic growth in India during this time frame?3. How would privatization, deregulation, and the removal of barriers to foreign direct investment affect the efficiency of business, new business formation, and the rate of economic growth in India during the post 1990 time period?