Industrial Policy: The Way Ahead C.P. Chandrasekhar

Despite the rapid expansion of services in the economies of developed and developing countries, it still remains true that a nation's economic strength is in the final analysis based on the strength of its commodity producing sectors. Also, given the more rapid pace of productivity expansion in manufacturing, the creation of a substantial and dynamic manufacturing sector has historically been the centre-piece of development strategies. Seen from that perspective, there is much that is disconcerting about the development process resulting from the adoption of a neo-liberal reform agenda in the 1990s. To start with, despite claims to the contrary by…