Circa 2011, when Max New York Life exited India, I wrote a Blog for one online publication with a title ‘ where India went Wrong’, in which my basic Hypothesis was India alone can’t rely on economic reforms- buzz word of post liberalization-it ought to unleash political , administrative and Judicial reforms to have sustained double digit growth.
Fast forward, the political, judicial and administrative architecture is either stagnant or has worsened and further several factors abetted the economic decline, and I will point out three major aspects. In last several years emphasis has been on ‘Narrative’ rather actual work on policy fronts.
Second aspect has been ‘Institutionaled’ & blatant Crony capitalism, which made private investment shy as Capital understands the dynamics on the ground. Last but not the least, is India’s discourse largely has been that of hoodwinking, trivial discourse and distractions, hence making policy makers “Unaccountable”. P S: Image is cover of Economist in 2010.