The Importance of Government Intervention in Times of Economic Crisis

Keynes only said that in times of economic crisis, there is a heavy role for the government to play. He did not say when things are all well, you know, the government should start mining and doing metallurgy or producing power,. That was not what Keynes said. So I think even there, if the people who supported the Bombay plan are trying to justify it, saying that it is drawing upon the intellectual basis of John May and it Keynes, I think that would be a false statement. In fact, in many areas, India would have benefited largely from having a lot more entrepreneurial spirit right from the beginning instead of heavy-handed government approach.