PRINCETON, New Jersey ¨C In March 1985, the Wall Street Journal showered India¡¯s then new prime minister, Rajiv Gandhi, with its highest praise.
In an editorial titled, ¡°,¡± the newspaper compared the 40-year-old Gandhi to ¡°another famous tax cutter we know,¡± and declared that deregulation and tax cuts had triggered a ¡°minor revolution¡± in India.
Three months later, on the eve of Gandhi¡¯s visit to the United States, Columbia University economist was even more effusive. ¡°Far more than China today, India is an economic miracle waiting to happen,¡± he in the New York Times. ¡°And if the miracle is accomplished, the central figure will be the young prime minister.¡± Bhagwati also praised the reduced tax rates and regulatory easing under Gandhi.
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