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India's post-independence economic policy was shaped by its colonial experience. Independent India's first prime minister, Jawaharlal Nehru, expected the country's growth to flourish as a result of a strategy that included the rapid development of heavy industry in both the public and private sectors. The Industrial Policy Resolution of 1948 proposed a mixed economy. But the 1960s was a decade of crisis. Two civil wars and a food crisis loomed. All of this put pressure on domestic and foreign finances, leading to a full-scale balance of payments crisis. It should also be noted that India's economic policy shifted left and right in the 1970s. The shift to the left was marked by the nationalization of banks and insurance companies and included the nationalization of coal and other sectors, as well as increased control over industry. High inflation and slowing growth in the mid-1970s heightened the realization that the License Raj quota only supported a small number of industrialists and needed revision. The late 1970s saw early signs of reform, which accelerated in the 1980s