India has immense natural resources but still it is considered to be a poor nation. What are the reasons for the same
Answers
Answer: when there is a similar political apparatus in place, similar liberal ideologies and beliefs at work and, most significantly, an identical rich resource of talented and hardworking people. Why is it that the per capita GDP of India is $500, whereas it is close to $40,000 per American? Why is an American 80 times more productive? An educated Indian is very competitive in the US as evidenced by the fact that the average GDP per Indian-American is close to $60,000. In fact, what is it about this country that makes Indians perform better than at home and, indeed, better than his American counterpart in many cases?
I hear that India is poor because of its colonial legacy. But the fact of the matter is that Indians are relatively worse off compared to Americans after 53 years of independence. India was similarly situated as the Asian tigers or China not that long ago. They have all pulled ahead and left India behind in the last 40 years.
Let's focus on India and the United States for the sake of argument. It is my contention that India is poor by choice and that it works very hard to stay poor. Conversely, the US is rich because it works very hard to not only maintain its wealth, but to get richer by the day. India is poor because it is fixated on poverty. Immense national resources are used to subsidize the poor and provide jobs for them. As a matter of fact jobs are sacrosanct in India, which goes to great lengths to preserve unproductive jobs. Contrast that with the United States where emphasis is put on productivity and productivity gains. In essence the relentless pursuit of productivity gains is at the heart of US prosperity and the mindless emphasis on preserving jobs is at the heart of Indian poverty.
Put even more simply, the US pursues the politics of wealth creation and India pursues the politics of wealth redistribution. In the absence of national wealth, India redistributes poverty and stays poor while the US gets richer and richer.
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