ABSTRACT

An impasse-in the sphere of farm as well as industrial output-is seemingly being reached in the Indian economic system. The explicit manifestations of this impasse are increasingly evident. Per capita national income has remained fairly static since the middle 1960s, and the rate of domestic savings has also levelled off.1 Is this Indian experience altogether specific? Or can it be generalised into a broad economic prognosis for nations burdened by class formations analogous to those obtaining in India? The present chapter will attempt to supply at least some clues towards answering these questions.