Drains, Hoards and Foreigners: Does the 19th Century Indian Economy have any Lessons for the 21st Century India?

Lord Meghnad Desai

Working Papers from eSocialSciences

Abstract: With the 19th century drain, no one was certain if the benefit exceeded the cost and since the rulers were foreign the suspicion was that any investment they made was not beneficial. But the lesson for the 21st century is clear. Any drain internal or external should be minimised if not eliminated. A nation where even after nearly six decades of independence a quarter of the population is poor cannot afford to waste resources. The internal drain has to be cut. This means budget deficits and for that purpose subsidies which are all regressive. But its also means eliminating the hoards and harnessing them for development.

Keywords: colonial drain; hoarding; 21st century Indian economy; 19th century India; budget deficits; subsidies; Indian Economy; Economics (search for similar items in EconPapers)
Date: 2007-12
Note: Institutional Papers
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