Abstract
In underdeveloped mixed economies, the choice of big investment projects has a direct bearing on the productivity of capital. The economic rate of return on big projects determines the achievable growth rate in the economy given the flow of investment.
Ravindra Dholakia's argument is that project appraisal of such projects can and should be linked to the economy-wide growth target of the Planning Commission. Such a linkage would facilitate rigorous scrutiny of projects and demand more creative project design for achieving national goals.
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