Chapter

A Moribund Economy Quickened, 1950–64*

Pulapre Balakrishnan

in Economic Growth in India

Published in print August 2010 | ISBN: 9780198065470
Published online October 2012 | e-ISBN: 9780199080090 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198065470.003.0002
A Moribund Economy Quickened, 1950–64*

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This chapter examines the economic growth in India for the period 1950–64. It concludes that the public policy pursued in the Nehru era contributed to economic recovery after half a century of stagnation under British Raj. This period of unprecedented growth is explained by drawing a parallel between the Nehru-Mahalanobis Strategy and the Big Push of development economics. In the evaluation of the Nehru-Mahalanobis Strategy, it is argued that critics may have overstated the closure to imports as a source of weakness and understated the long-term debilitating consequences of the failure to have built human capital, in the first instance via the rapid spreading of primary education. This is what distinguishes the Indian economic strategy over the long term from that pursued in East Asia.

Keywords: India; economic growth; economic recovery; Nehru; economic policy

Chapter.  26755 words. 

Subjects: Economic Development and Growth

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