Author
The author is Chair, Institute for Competitiveness, India
The pandemic has propelled a reimagination of the role of the state and the market. The society might come out of this catastrophe with some positive changes, but it may also set some negative practices in motion.
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India needs to explore avenues of high growth and job creation soon. It is time inequality is addressed effectively in Indian policy circles.
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India requires such radical transformations in order to create global champions.
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Enabling labour-intensive growth will help India get its growth story back on track and eliminate poverty at a much faster pace. And the resources mining sector could hold the keys to that.
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The industry holds a lot of promise, given favourable conditions for growth. But just like the rest of the country, poor strategic decisions by the private sector and government are proving fatal for its survival.
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India needs to focus on strengthening its human capital through investments in health and education, just like China attempted in the 1980s.
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The era of western dominance, however, is coming to an end as the share of the Asian economies in the world GDP in terms of purchasing power parity is estimated to exceed 50 per cent by 2020.
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The current global economic order built around the ideas of open markets and free trade – established with the setting up of Bretton Woods in 1945 – has the inherent tendencies towards concentration of wealth among the few.
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The scale of destruction, as well as the fear of social boycott, both will play a role in deciding Pakistan’s action
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The issue of resentment should be solved in new and innovative ways as history, if repeated, will benefit none.
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