Central Economic Planning and India’s Economic Performance, 1951–1965
By G. P. Manish
This article appeared in the Fall 2011 issue of The Independent Review


Many economists have hailed India’s economic performance under the country’s first three Five-Year Plans, a seeming exception to the rule that central economic planners do more harm than good. However, a close look at the neglected work of father and daughter economists B. R. Shenoy and Sudha Shenoy shows that despite impressive GDP growth, India under central planning suffered from both a stagnation in living standards and a massive malinvestment of resources in heavy industry.

Other Independent Review articles by G. P. Manish
    Fall 2013   Market Reforms in India and the Quality of Economic Growth

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