India's development transformation: From rationed to aspirational economy

The economy has changed considerably since 1988, especially for the professional classes and the rich

In 1988, India was a small developing economy, which had successfully solved some basic development problems. Famine was a thing of the past. Aid dependency was minimal, growth stable, if low, and democratic institutions intact. A handful of elite institutions and universities provided enough leadership and technical acumen for a small economy. Five IITs, four IIMs a few regional engineering colleges and management institutes, a handful of (largely public) medical colleges and a clutch of universities provided good technical, liberal arts, social science and humanities education. Those who aspired for more went abroad but there was enough left over to