Chapter

India: Bad Economic Management from a Democratic Government

William W. Lewis

in The Power of Productivity

Published by University of Chicago Press

Published in print April 2004 | ISBN: 9780226476766
Published online February 2013 | e-ISBN: 9780226477008 | DOI: http://dx.doi.org/10.7208/chicago/9780226477008.003.0008
India: Bad Economic Management from a Democratic Government

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This chapter presents an analysis of the Indian economy. It is vital that in order to understand today's global economic landscape India is examined in detail. One billion people live there. Within this decade India in fact will pass China as the world's most populous country. The majority of people in India live in desperately poor conditions not seen anywhere in advanced economies and rarely in Brazil and Russia. There is only one source of meaningful change in India's economic situation, the modern sector. Its productivity ought to be much closer to 100 percent of U.S. productivity than it is. However, India's government appears to be trying to control the economy. It is not trying to control through central planning by telling everybody what to do. It is trying to control through regulation by telling everybody what they cannot do. This regulation has the result of distorting and diminishing competition.

Keywords: Indian economy; poverty; productivity; macroeconomic policy; modern sector; central planning; competition

Chapter.  11429 words.  Illustrated.

Subjects: Economic Development and Growth

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