- USSR adopts a socialist market economy model like that of China and Vietnam.
- India begins market reforms in the 1980s with a slew of administrative, tax and regulatory reforms in the 70s and 90s.
- The USSR later transforms into a federal democratic republic with a centrist economic model, retaining some of the public sector companies rather than taking a direct plunge, this happens gradually over 20 years.
- Lal Bahadur Shastri succeeds Pt. Nehru as the PM. He remains the PM for 15 years from 1964 to 1979. He dies in 1983. He initiates a number of administrative and tax reforms, partially destroying and loosening the grip of the licence Raj on the Indian economy. Central planning is relaxed with companies being allowed free production of goods and services (The govt. decided the number of units of goods produced during the licence Raj). Indira Gandhi never comes to the centre of Indian politics and this largely prevents the INC from becoming a party of the Nehru-Gandhi dynasty.
- The Bay of Bengal Crisis:
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