Actually India tried to follow a concept of 'Mixed economy' in the early decades in a situation when no private initiative was forthcoming.All our heavy industries came up during this phase and fulfilled a particular need of that hour to become a happy-hunting-ground for corrupt politicians,dishonest babus and other rent-seeking sections. Professionalism has been completely absent to turn many of them sick.
Nehru started off with some kind of a vision which went for a toss soon enough.The much hyped five year plan materialised only in bits and pieces , so we have a history of economic mismanagement in our country ..of course the situation has only worsened over the years..
Yes, what Nehru had envisioned was something that could have worked, but for lack of honest and efficient leaders with a foresight and intelligence, it all resulted into what we see now. Mere tatters of what should have been an entire picture. The problem was the core-level corruption within the congress party itself!