New Capitalist India 2.0
New Capitalist India 2.0 After independence, the bankrupt and shackled GDP of India had the choice to follow Gandhian, Communist or Western Capitalist model of Economics, but we choose to follow Nehruvian Socialist model. The nation needed state support and hence socialistic principles were apt for our underdeveloped economy. Nehru took the much-needed risk to look beyond the primary sector to boost manufacturing, hence accepted Mahalanobis’ formula to lay the foundation of ‘New India’. It was India 1.0 with core socialistic principles through which the state tried it best to give the ‘ big push ’ to our economy. It was on the Rosenstein-Rodan theory of providing an initial thrust to an airplane in order to keep it afloat. Nehru as founding father of Indian Economy lay the foundations of state-owned thermal power plants, steel plants, mega factories, IITs and IIMs. This concept of ‘ only government can do ’ clutches on Indian citizens’ mind a...