Scholarship

Raul Prebisch ; Source: https://commons.wikimedia.org/wiki/File:Raul_Prebisch_(1954).tif

In 1964, Raúl Prebisch becomes secretary-general of UNCTAD and promotes import substitution as a growth strategy.

W. W. Rostow ; Source: Wikipedia

Walt Whitman Rostow formulates his stages-of-growth theory, which will influence the field of development economics.

Hollis Chenery ; Source: History of Economic Thought

In 1975, Hollis Chenery develops the patterns-of-development approach, which identifies common patterns and structural changes in developing economies as they grow.

P.N. Dhar ; https://www.indiatvnews.com/news/india/indira-gandhi-s-advisor-p-n-dhar-dead-17072.html

In 1991, four prominent economists issue a joint statement in support of devaluation.

Industrialization ; Source: https://www.insightsonindia.com/2014/12/09/india-industrial-policy-liberalization-impact/

In 1990, Rakesh Mohan and Vandana Aggarwal write a research paper that will become the groundwork for the New Industrial Policy of 1991.

Montek Singh Ahluwalia with former president Pratibha Patil, receiving the Padma Vibhushan award in 2011 ; Source: Wikimedia Commons

In 1990, Montek Singh Ahluwalia authors the “M Document,” a precursor to the 1991 reforms.

V. P. Singh ; Source: PTI

In 1985, Finance Minister V. P. Singh presents a milestone budget, paving the way for a more liberal, market-oriented economy.

Prime minister Indira Gandhi ; Source: Getty images

1982 came to be dubbed the Year of Productivity by then prime minister Indira Gandhi.

Deepak Lal ; Source: Shutterstock

In 1980, Deepak Lal’s Prices for Planning: Towards the Reform of Indian Planning advocates market-based price signals to better allocate resources.