Although India has accomplished much in recent years, this
article blames current leadership for the inability to reach its
true economic potential. President Singh has done very little to promote
domestic growth and has not taken advantage of the growing Indian middle class.
This has led to stagnated growth in one of the most populated countries in the
world. Although the license permit raj has not been used legally in the last 20
years, it continues to play a role in limiting foreign investors and corruptions
have remained prevalent. More reforms and enforcement should take place in
order to create stability and economic growth.
3 comments:
AS there is no perfect economic system, what India is experiencing is natural indeed. Put it differently, it grasped the opportunity to develop its economy during the recent years, whereas, at the same time, it omitted or triggered other problems that potentially could drag its economic growth. Therefore, “introspection” is needed for the current economic system of India. I agree that the leaders of India should make good use of its current economic advantages to further promote its economy and prevent potential problems from inhibiting the economic growth.
This article does a great job of explaining the complexities and challenges that India faces as they try to open up there markets and become a developed country. The fact that many business investors in India look outside there own boarders to invest tells me that the government needs to change the climate of business to give confidence to investors to take risk.
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