THE BIG PRIVATISATION PUSH
There are enough examples in recent history to show that when government controlled companies dominate the economy, they are generally the kiss of death.
A hardline communist country like China had to open its economy to private enterprise for it to grow. Since taking that step in 1978, the GDP grew at an average of 10% annually. It lifted more than 800 million people out of poverty.
In 1978, the per capita income of China was $156.4 and India’s $205.6. In 2020, India’s per capita income was $1900 and China’s $10,500
The great architect of China’s reform, Deng Xiaoping, famously said: “It doesn’t matter whether a cat is black or white, as long as it catches the mice.
Aroon Purie
Editor-in-Chief
INDIA TODAY
September 27, 2021
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