I expect context-free analysis of the Nehru years from ordinary Modi supporters. But to have the former head of the Niti Aayog & a prof. at @Columbia write with 20-20 hindsight about Nehru while keeping mum on his favorite leader's disastrous economy is breathtaking. Still...1/n
To those who care about understanding India’s post-Independence economy, there is much to read. But if you don’t care for research but want a more thoughtful review of what Nehru did and why, I suggest this piece by @CafeEconomics. livemint.com/Opinion/TMk7sv… 2/n
Nehru did not make his choices in a vacuum. The model he adopted was not his alone. As @CafeEconomics notes, Nehru’s views were shaped by the “development economics consensus” of that time. Many top Indian leaders agreed with Nehru on the path he set India on. 3/n
But Nehru’s choices, some incredibly ambitious, were also not simply about what the economists were saying at that time. His views most likely were shaped by India’s circumstances in 1947. You won’t find much mention of these circumstances in the writings of Nehru critics 4/n
In my book #TheGreatDisappointment, I write about the inheritance that each Indian PM received – in terms of India's circumstances. Nehru’s inheritance included the biggest refugee crisis outside WW2, acute food shortages, extreme poverty, illiteracy, weak infra & state cap. 5/n
In contrast, Modi’s inheritance was a rising economic power, massive reductions in poverty, more literate & healthy population, a large private sector & an experienced public sector, OK infrastructure & state capacity. 6/n
Prof. Panagariya played an important role in India’s more recent economic history. But when the torch is passed on to the next PM, can he honestly say that the next PM’s inheritance is better than PM Modi’s? 7/n
Other countries changed course when circumstances changed. India has done that in the past (1980s, 1990s, 2000s). But the question we should ask the good professor is what is stopping the current generation from reinventing the Indian economy? Nehru? 8/n
Prof. Panagariya should perhaps turn his focus on the current leadership. With 2 unprecedented mandates recently, BJP has now ruled India for half of the last 25 years. In big states like MP, Guj, Karnataka, Raj, UP etc., BJP has governed for decades. 9/n
It is easy to blame Nehru because he is a big target. He was a giant, a statesman of statesmen. Yes, he was not flawless but to blame him for India’s current state, 6 decades after his death is disingenuous and cowardly. I hope Prof. Panagariya will introspect. END
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Modi has been anything but a reformer, much to the disappointment of millions of Indians including his supporters. Do read my thread. 1/n 👇#TimeMagazine
Bremmer starts with the headline of India as the fastest growing large economy. What he does not say is that India’s GDP data is under a cloud. Gita Gopinath, Raghuram Rajan & others have raised concerns about it. There is a raging debate about this in India. 2/n #TimeMagazine
Does Bremmer know that the government’s revised GDP data shows that the economy grew fastest when Modi embarked on a mindless recall of currency notes (aka demonetization). Does that sound like credible data in a country where cash transactions dominate? 3/n #TimeMagazine