After independence, the country was in ruins with its major infrastructure completely destroyed. With the loss of India, Burma lost relevance and obtained independence from the British. After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation and the state was declared the owner of all land. The government tried to implement an eight-year plan partly financed by injecting money into the economy which caused some inflation. The 1962 coup d'état was followed by an economic scheme called the Burmese Way to Socialism, a plan to nationalise all industries, with the exception of agriculture. While the economy continued to grow at a slower rate, the country eschewed a Western-oriented development model, and by the 1980s, was left behind capitalist powerhouses like Singapore which were integrated into Western economy. Myanmar asked for admittance to a least developed country status in 1987 to receive debt relief.