Back to the control raj

Some 25 years ago, I had the privilege of being part of a group of persons who had a candid conversation with the late LK Jha, former RBI Governor. Some of us were complaining about the licence-permit raj, the closed economy, lost opportunities and the silly Indian commitment to socialism, which was not helping India’s poor—in fact, prolonging their poverty. In his quiet, understated way, Jha asked us if we really wanted to know how India became the most-controlled and lowest-performing economy in Asia.

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