strategics for growing _____ economic
Answers
How rapidly will India progress and how fast will its economy grow? It depends on two conditions. Firstly it depends on the condition of India’s institutions. As explained in the first part of this article, institutions are the airplane in which societies progress and economies travel. Unless the quality of India’s institutions improves, the country cannot progress much faster. Secondly, how far and fast India progresses will depend on the path the airplane takes.
The conditions through which the airplane, that is the country with its institutions, must fly are uncertain. Internal socio-economic turbulences and global economic conditions will buffet the country’s economy. What path should the pilot take to ensure a safe and fast journey for India’s citizens-the passengers aboard? Conventional economic forecasting techniques are inadequate to foresee all the forces shaping the conditions through which the plane must fly. Focused entirely on economic variables, they do not factor in the effects of social, political, and environmental forces. Therefore economic forecasts are so often wrong, including those of India’s economic policy advisers who kept suggesting that the economy was doing much better than what the numbers finally revealed.