A piece on History of Indian economic thought and by a forgotten stalwart – Prof. BR Shenoy.
What is interesting is how these ideas are so relevant today. Prof Shenoy says rise in GDP does not mean economic development:
The Prime Minister initiated the Third Plan debate in the Lok Sabha last month, spoke with pride of the “exciting pilgrimage” of the nation, along the path of statist planning, towards the twin objectives of economic progress and social justice. He cited statistics to show that the achievements of ten years of planning were already remarkable. Indian national income had gone up during the period by 42 per cent. This indicated that the first two Plans had taken the economy out of “its old stagnant ruts”. Though population had gone up by 77 million, per capita national income had risen from Rs. 284 to Rs. 330.
A generation ago, the average…
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Utopia, you are standing in it! 
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