Although there are superficial attributes in common, such as large populations covering substantial geographical areas, regional diversity, relatively high rates of growth over the recent period and so on, the institutional conditions in the two economies remain very different. India was a traditional “mixed” developing economy with significant private sector participation (including a large private corporate sector) from Independence onwards, and even during the “dirigiste” period, the emphasis was predominantly on the regulation of private capital. Indeed, one of the problems of the so-called “planned economy” in India was the inability of the state to make the private sector behave in ways that fit in with the plan allocations of the state, leading to mismatches between production and private demand as well as periodic macroeconomic imbalances.