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.

G. P. Manish is a Ph.D. student in the economics department at Suffolk University.
AsiaEconomic FreedomEconomic History and DevelopmentEconomic PolicyEconomyInternational Economics and Development
Other Independent Review articles by G. P. Manish
Fall 2013 Market Reforms in India and the Quality of Economic Growth