Central Economic Planning and Indias Economic Performance, 19511965
By G. P. Manish
This article appeared in the Fall 2011 issue of The Independent Review
Many economists have hailed Indias economic performance under the countrys 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.
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|Other Independent Review articles by G. P. Manish|
|Fall 2013||Market Reforms in India and the Quality of Economic Growth|