All good things take time

Implications: 1.Strong military vs economic development. 2.Huge population means economic development takes time to reach all corners. 2.Huge population means economic development takes time to reach all corners.

Analysis:  

Change is happening. India is a country of huge diversity and a federal structure. When comparing with other countries in Asia, it must be acknowledged that India has remained steadfastly committed to democracy since attaining independence. A combination of socialism and a limited market economy had slowed the progress of the country. When the economy opened up in the early 1990s, it unleashed a latent potential and set India on a staggering growth path. India’s economic credentials and fundamentals are very strong. Even before the economic reforms were flagged off, India had a strong industrial base. Current growth is riding on the back of such a foundation. It is not a bubble about to burst. In saying that, consider the following :

1.India had been under the British rule for around 200 years. It takes time to unshackle.

2.India’s population is huge – over a billion compared to such countries as Malaysia, Singapore, Indonesia or Sudan except China. Therefore any economic development takes time to reach all strata of the population.

3.India has remained a democracy . Human freedom was given precedence over economic freedom. Therefore any decision making needs to be consensual and cannot be imposed. And democracy breeds corruption.

4.India has a vast border with neighbouring countries which are not exactly friendly and with whom it had to fight several wars including one directly with China in 1962. Therefore most of the resources have to be diverted to maintaining a huge army.

5.India’s financial institutions and justice system are well developed and more independent and transparent compared to many other nations.

Ruling and administering one billion is different from ruling twenty million. India has been going through a profound revolution since 1947, a revolution caused by universal suffrage: democracy. No country this size had ever done that in history. Give it time. And given the scale of the problems, what an achievement it was to remain an open society. The socialist- type experiment delayed the growth of the country for much of the last fifty years. But it’s over now. Material improvement is taking place driven largely by the vast middle class. People want to move on.

India has pockets of affluence amidst majority of poor and disadvantaged. But such a huge country with contradictory influences takes time to change. The elephant has not only stirred but is walking. However, the benefits of the current economic growth have not reached the poor. At least primary education needs to be made compulsory and health needs addressed. The poor have used the ballot box with telling effect. Inspite of many changes in the Governments the political class has not learnt its lessons. With the economic reforms on course what India now needs is political reforms. The resurgence in the economy has the seeds to convert the country into a economic powerhouse. A super power in its own right.