Narendra Modi’s flagship growth scheme is off to a sluggish start
Without improvements, it risks wasting trillions of rupees
In the early 1990s India abandoned the principles of swadeshi, or self-sufficiency, that had guided its policies since independence. Subsidies were scrapped; import levies tumbled. By 2014 the average tariff had fallen to 13%, from 125% in 1991. Over the same period, exports soared.
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This article appeared in the Finance & economics section of the print edition under the headline “Get rich slow”
Finance & economics May 18th 2024
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From the May 18th 2024 edition
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