The myth of India’s liberalization

The piece below by me was published on June 16, 2005 as an Op-Ed in the Asian Wall Street Journal, titled “India’s Far From Free Markets” (subscription link). It was also posted on India Uncut.

Indian Prime Minister Manmohan Singh is due to visit Washington in a few weeks, and editorialists and commentators have already started writing about the emerging economic power of India. New Delhi’s decision to start liberalizing its economy in 1991 is touted as a seminal event in India’s history, the moment when it threw off the shackles of Fabian socialism and embraced free markets. It is the stuff of myth—and to a large extent, it is exactly that.