India was once one of the wealthiest countries on earth. Its textile industry was the envy of the world; it had sophisticated financial markets, many talented entrepreneurs, millions of acres of fertile farmland, and plenty of extravagant wealth. . . . Unfortunately, in rebellion against the traditions of its “capitalist- imperialist” masters … it adopted a homegrown version of Soviet- style central economic planning. Under Prime Minister Nehru … India adopted a series of “Five- Year Plans” modeled after the notoriously failed Soviet Five- Year Plans. … It was no more successful in India than it was in the Soviet Union as India, after independence, became synonymous with “poverty.” In the 1980s, Indian Prime Minister Rajiv Gandhi essentially gave up on socialism and cut taxes and deregulated and privatized industries. The result was that India’s economy finally became revitalized and started to create wider prosperity.