ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Keynesian Economics and the Indian Economy

Keynesian Economics and the Indian Economy L K Jha AT a time when there is a growing tendency among economists to have recourse to modish mathematics, it is with real pleasure that one reads A K Dasgupta's piece on 'Keynesian Economics and LDCs' (EPW, September 19) in which the author makes his points in plain, persuasive prose. What prompts this comment is that I thought I should put down some of my own thoughts on the role of demand in a country like India Both Dasgupta and V K R V Rao belong to a generation which had already achieved academic renown when Keynes propounded his General Theory, while I was an impressionable undergraduate in Cambridge listening to lectures in which he propounded his ideas before they came out in print Later, when I got in volved in the shaping and administration of India's economic policies, time and again, I asked myself the question to which Dasgupta has addressed himself: What is the relevance of the Keynesian approach in a country like India? Could the Indian economy be pulled out of its state of chronic

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