The "socialist pattern of industrialisation" resulted in India remaining backward compared to countries like China and Singapore, renowned industrialist Rahul Bajaj said here today. "It is because of our mistake in pursuing a misdirected and badly implemented socialist pattern of industrialisation especially between 1970-90," he said. The country wasted resources on the public sector and stymied the private sector, he said. Ineffective and corrupt governance created widespread tax evasion and an anti-people political and administrative structure, Bajaj said. The businessmen should "set high standards of governance we expect from government", Bajaj added.

Source: dna April 07, 2017 16:07 UTC