Ideology and Economic Policy

Raj Krishna

Indian Economic Review, 1988, vol. 23, issue 1, 1-26

Abstract: Any attempt to understand the rich and complex experience of India's partially planned economic development under a democratic regime must transcend narrowly defined economic and demographic variables. This paper explores the ideological basis of economic policy in India so as to explain India's developmental experiment in its conception, execution and fruition. The present analysis indicates the reduced government monopoly, efficient management of the public sector and a rationalization of the control structure would significantly help industrial growth in India. The enlightened self interest of the rich in the long run lies in the elimination of a mass poverty and consequently a booming market for mass consumption goods.

Date: 1988
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