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Jaithirth Rao writes in Indian Express that the “The so-called Bombay school of economics was discarded in favour of the noises emanating from the schools of Delhi and Calcutta. Prof Shenoy was forced out of the Planning Commission for warning about the dangers of the statist planned model”.

Further he add that “the short-lived achievements of the Soviet Union were based not only on the foundation of great human misery (millions died during the forced collectivisation embarked on by Stalin), but was destined to implode as it was characterised by the complete absence of timely information feedback……… If we consider long-term secular trends, the market system comes out ahead in terms of wealth creation and poverty elimination”.