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Incomplete Capitalism Holds India Back: K.V. Subramanian

K.V. Subramanian, India’s executive director at the International Monetary Fund and former chief economic adviser to the Central government, minces no words while pointing to flaws in the economic policy of pre-Narendra Modi era. However, he is optimistic about India’s growth potential amid the global slowdown and attributes the country’s stability in face of the challenges brought about by Covid-19 to its refusal to imitate others economies. In an interview with Kamalika Ghosh, he recounts the hits and misses of incumbent and earlier governments during India’s economic journey since independence

Photo: Suresh K. Pandey

Why has India, unlike China, failed to grow in double digits over the last 30 years of liberalisation?