{"id":216063,"date":"2022-11-26T21:10:47","date_gmt":"2022-11-26T15:40:47","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=216063"},"modified":"2022-11-26T21:10:47","modified_gmt":"2022-11-26T15:40:47","slug":"the-future-of-indian-economy-should-it-play-the-power-game-or-values-game","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/the-future-of-indian-economy-should-it-play-the-power-game-or-values-game\/","title":{"rendered":"The future of Indian economy: Should it play the power game or values game?"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cThe future of Indian economy: Should it play the power game or values game?\u201d <\/strong>published in the Business Standard <\/strong>on 26th November 2022<\/strong>.<\/p>\n

Syllabus: <\/strong>GS3- Indian economy<\/p>\n

Relevance:<\/strong> Economic policy<\/p>\n

News- <\/strong>The article explains the dilemmas faced by Indian policymakers while deciding the right policies for economic growth.<\/p>\n

What are the questions faced by Indian policymakers?<\/strong><\/h5>\n

Effects on India\u2019s attractiveness when the latest draft of\u00a0 \u201cpersonal data protection\u201d<\/strong> Bill gives unchecked\u00a0 powers to the state to frame rules according to its whim?<\/p>\n

Impacts on a country’s reputation as a business destination when domestic courts are used to stymie international arbitration awards<\/strong>?<\/p>\n

growing presence of business oligarchs<\/strong> tied to the establishment ruling out a level playing field<\/strong>.<\/p>\n

Arbitrary action <\/strong>by state, like keeping people in jail for years together without bringing cases against them to court?<\/p>\n

How are these questions being dismissed in today’s world?<\/strong><\/h5>\n

China has achieved decades of rapid growth and development as a one-party state<\/strong>. It is not providing freedom to citizens. Businesses are also not treated equally.<\/p>\n

Middle powers<\/strong> are increasingly disregarding the values of a liberal democracy<\/strong> as being a European construct<\/strong>. They prefer nationalism and cultural-identity politics<\/strong>.<\/p>\n

Globalisation<\/strong> is yielding to inward-looking policies<\/strong> in countries that were advocates of open markets<\/strong>.<\/p>\n

What needs to be done by Indian policymakers?<\/strong><\/h5>\n

India has to settle the question of government-business relationship <\/strong>and state-citizen equation<\/strong>. It must ask why thousands of wealthy Indians are emigrating in ever larger numbers to places that include Singapore and Dubai. What do they find missing in India?<\/p>\n

India must face up to one fact. It is not China. The dynamism and size <\/strong>of China\u2019s domestic market, combined with its unique advantages as a production base, made it impossible for investors to stay away.<\/p>\n

In comparison, India has competitors who present themselves as investment alternatives<\/strong>. India has a long way to go. It needs to play nice more than China did.<\/p>\n

India must decide what kind of country it wants to be. It want to be admired for its soft power <\/strong>and market, or an arbitrary state that can do what it wills with both individuals and businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cThe future of Indian economy: Should it play the power game or values game?\u201d published in the Business Standard on 26th November 2022. Syllabus: GS3- Indian economy Relevance: Economic policy News- The article explains the dilemmas faced by Indian policymakers while deciding the right policies for economic… Continue reading The future of Indian economy: Should it play the power game or values game?<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,216],"class_list":["post-216063","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-3","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704913530},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/216063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=216063"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/216063\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=216063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=216063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=216063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}