Cover Story

The myth of growth

Print edition : August 05, 2016

At an outsourcing centre in Bengaluru, working across time zones. Photo: Vivekh Prakash/Reuters

July 24, 1991: Finance Minister Manmohan Singh on his way to Parliament House to present the Budget. Photo: The Hindu Archives

The neoliberal gallery: Former Prime Minister P.V. Narasimha Rao. Photo: The Hindu Archives

Former Finance Minister P. Chidambaram. Photo: V. Ganesan

Former Deputy Chairman of the Planning Commission Montek Singh Ahluwalia. Photo: Pankaj Nangia

Former Prime Minister Atal Bihari Vajpayee. Photo: The Hindu Archives

Prime Minister Narendra Modi. Photo: Alex Brandon/AP

Finance Minister Arun Jaitley. Photo: PTI

Economic growth in the last 25 years after liberalisation has been riding on a credit bubble. It has not made the manufacturing or exports sector robust, unlike in other high-growth economies. Nor has it delivered any benefits to those steeped in poverty and deprivation.
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