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Visible hand: Public policy and economic growth in the Nehru era

Author

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  • Pulapre Balakrishnan

    (Centre for Development Studies
    Centre for Development Studies)

Abstract
This paper investigates the relationship between the policy regime and growth during 1950-64 termed here `the Nehru era'. While there exist valuable early appraisals of the period, access to new data and fresh information allows for a longer and comparative view of the outcome. We find overwhelming evidence not only of resurgent growth but also of a lasting transformation of a stagnant colonial enclave into an economy with firmer foundations capable of sustained growth. It is useful to recognise the economic policy of this period as distinct, not only from what preceded it but also from what came after, for that facilitates an understanding of the political conditions needed for economic interventions which are growth inducing. The paper also addresses some lingering perceptions of the economic policy of the time, notably its impact on agriculture and the governance of the public enterprises. The shibboleth `Hindu rate of growth', presumably a broad-brush description of movement in this period, manages to obscure the extraordinary economic dynamics of the Nehru era.

Suggested Citation

  • Pulapre Balakrishnan, 2007. "Visible hand: Public policy and economic growth in the Nehru era," Centre for Development Studies, Trivendrum Working Papers 391, Centre for Development Studies, Trivendrum, India.
    • Handle: RePEc:ind:cdswpp:391
    as

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    References listed on IDEAS

    as
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    Cited by:

    1. Ashok Kotwal & Bharat Ramaswami & Wilima Wadhwa, 2011. "Economic Liberalization and Indian Economic Growth: What's the Evidence?," Journal of Economic Literature, American Economic Association, vol. 49(4), pages 1152-1199, December.

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    More about this item

    Keywords

    Economic Policy in India; Nehru era; Drivers of Growth; Mahalanobis Strategy; Public Sector Performance;
    All these keywords.

    JEL classification:

    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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