A peculiarity of the Indian economy must be noted here. By opening itself to global commodity and capital flows, India did manage to increase its exports of a number of service sector products, especially IT-related services. But as far as the industrial sector was concerned “openness” hardly had any net benefits for the Indian economy; on the contrary it might have had a net negative effect. Indeed the rate of industrial growth during the entire neoliberal period was no higher than during the dirigiste period.

Economy Sliding into Stagnation | Peoples Democracy