World never accepted India as a socialism country, at least the East Block during the Cold War never did.Socialism
After cold war, people rather call north europe socialism or even French leftist government socialism.
World never accepted India as a socialism country, at least the East Block during the Cold War never did.Socialism
You still don't get it. It is not about who is wise or stupid. It is all about "price".Both India and China had their own style of stupid leaders leading their respective countries in the 50s and 60s. Say thanks to Deng Xiaoping vision, else you would have been in a worse shit-hole dug by Mao. Nehru was dumb on economics matters but had atleast some good qualities. I am sorry to say but Mao comes out as a despot and barbarian when compared to him.
Economic Policies of Jawaharlal NehruYou are just reiterating simple stuff which everyone knows.
Explain a single thing, why did it took 20 years after independence to do a "Green revolution" in India?? If in the end we still used American support to do it.
Why did state had a monopoly over creating institutes? Are you even aware that capital is needed to build anything and Nehru shut the country off from all kinds of private capital.
Do not get me started on the geo-political issues? Those issues were themselves a creation of Nehru, not to mention that his foolishness cost us the war with China and loss of PoK. We needed a statesman to lead the country and get the best from the hostile world. Sadly, he failed on most accounts and people like you have taken the history books too seriously to believe that it was the British plunder that cost us 40 years to turn around the economy.
I am sorry but you again reiterated simple stuff everyone knows rather than answering the questions I raised above. On top of that these articles look like they are lifted straight away from a high-school textbook where we shower all possible praise on our first PM.Economic Policies of Jawaharlal Nehru
For more journalistic vision, read here an entire series of eight articles: History of Indian economics more coverage - DNANehruvian Economics - Dead on Arrival
By
Surjit S Bhalla, DNA, (Nov 13, 2005)
There are several noteworthy contributions of Jawaharlal Nehru to India's development –
the fight for independence, the institution of democracy, the prevalence of a free press.
Something that India is not indebted to Nehru is his economic policies and/or the
economic legacy.
India, and the world, have changed considerably since 1947. An assessment of
Nehruvian economics requires us to understand whether it was appropriate in the 1950s
and 1960s. I am afraid the answer is that it was not appropriate then, and is even less
relevant today.
A distinguishing characteristic of India in those formative years was that there was as
much regard for political freedom in India as there was in the western democracies. Our
economic policies, however, were closer to that of the Soviet Union. In other words,
while Nehru had deep respect for political freedom, he believed that economic freedom
was for the birds, or educated democracies like the United States. Let us dwell on this
schizophrenia for a moment. Nehru's belief was that the illiterate masses of India were
quite capable of deciding who among several individuals was capable of ruling the
country, but were quite incapable of deciding for themselves whether they should be
producing matchsticks, or pens, or steel. There was Big Brother for all of this, namely the
government. And the henchmen of Big Brother had to be paid for making the final
decision.
Nehru's economic vision was that of an elite. Like all elites, he and like minded PLUs
(people like us) felt that the Indian economy needed to be guided along with enormous
help from the state. It is quite obvious that the state is needed to provide infrastructure,
and to redistribute income, as well as provide traditional public goods like defence and
police services. But nowhere is it written, besides the Communist manifesto, that the
state should be involved in all economic activities. And nowhere is it written that the state
should not only finance public goods, but should also produce public goods. There is
one set of people who actually believe that the state making all the economic decisions
was the state – Communism. As Nobel prize winner Hayek pointed out as early as 1945,
there was precious little difference between totalitarianism, fascism, communism and
"democratic" socialism.
Nehru and his economic team must have realized that economic planning meant
corruption. If I don't have to get a license to produce matchsticks, or to increase the
production of pens, or to shift production to pencils, or to sell my rice to a particular
buyer i.e. the government, then I don't have to bribe anyone to proceed with my normal
choices, do I? But if it is required that I seek permission, then I have to pay somebody
for that privilege. And so it happened that a society of entrepreneurs became a culture of
the corrupt. For that, we have to thank Nehru's legacy. To be fair, it is unclear whether
Nehru himself was personally corrupt; to be fair, Nehru was too intelligent not to have
known what his policies would generate.
There were – are – consequences of this legacy, besides a culture of corruption. The
growth rate of the economy was much less than what it could have been, and this for
some thirty years after the implementation of the "commanding heights" corrupt
economy. Of course, the situation became worse once Nehru was no longer PM – both
in terms of state control of the economy and in terms of corruption. Perhaps not a
coincidence that the individual who took Nehru's economic policies to their ultimate
conclusion was his daughter, Mrs. Indira Gandhi. Higher corruption and lower growth
rate meant a sharply lower pace in the reduction of absolute poverty. According to
National Sample Survey data, absolute poverty in India in the early fifties was close to
45 % of the population, and it was the same in 1983.
Indian policy makers started to dismantle Nehru's economic legacy in 1991. Today,
fourteen years later, the task is still incomplete. The present government, along with its
left partners, keep reminding us daily that the economic vision of Nehru and Mrs. Gandhi
is still relevant for India today. It is hard to keep some bad ideas out, especially if such
bad ideas create a constituency that benefits from their implementation. Even Nehru felt
that times, and history, moves on.
The troubles India would face as a result of Nehru's policies would appropriately illustrate Mark Twain's statement: "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."
Further to the above talks, we have the latest news regarding Growth Rate of India since 1951, since when India as a nation got an economic shape. it is estimated that Growth Rate of India since 1951 to 2012 is around 5.85%. while Growth Rate of India under Finance Ministry of this b@stard, under guidelines of his Italian Waitress, was hardly around 5.352% for the 12 years of 1991 to 2002......MMS, the 3rd 'wisest' Finance Minister of world, similar to Super Hit SlumDog Millionaire
Sir I would like to share my personal experience during the economic performance of India during 90s till 2003. I was doing my Masters from University of Technology Sydney and as usual, we were always willing to defend our country. one day in the common lounge of UTS, few Asians straight said, "what economic reform India had that hardly around 5% growth it had since 1991? look on China, its well over 10%+ since early 80s, when economic reforms took place in China. China does copy technologies and then they outperformed its Western rivals too, but Indians couldn't copy even Chinese economic reforms....." .....
(I also did a mistake while saying that Chinese companies copy techs while India companies do by themselves, and this was the response )
and have a look on the data's as below, during the time of Indira Gandhi+Rajiv Gandhi of 80s, India had around 5.59% growth rate for the 10 years of 1981 to 1990. and after the "economic reforms" in 1991, the growth rate of India was hardly 5.352% for the 12 years of 1991 to 2002, while we remember that Mr M.Singh was also referred as the 3rd 'wisest' finance minister of the world in early 90s
=> India GDP - real growth rate - Economy
thats why I always doubt all these Western Rewards like Oscars/ Nobel etc, he was a 'super hit' Finance Minister in the same way as how SlumDog Millionaire got so many Oscars
and I do remember the time of late 2004 when I told to at least 20+ Asian friends that Indian growth rate was well above 8.2% this year, the first ever 8.0%+ growth rate of India, I ever read in the Indian newspapers, since I started reading news in my life :thumb:
GDP Annual Growth Rate in India is reported by the Ministry of Statistics and Programme Implementation. Historically, from 1951 until 2012, India GDP Annual Growth Rate averaged 5.85 Percent reaching an all time high of 10.20 Percent in December of 1988 and a record low of -5.20 Percent in December of 1979.
India GDP Annual Growth Rate
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