14 May, 2021

A Pair Of Bi-Focals

Markets must flourish, but the masses can't be left behind

A Pair Of Bi-Focals

Nothing captures the irony of India's economic boom better than some elementary statistics. While the annual growth rate of India's economy has been 7 per cent in the last 10 years, agriculture, which still supplies livelihood to more than a majority of Indians, has grown only at 2.2 per cent annually since 1995-96. Moreover, close to 50 per cent of Indian children under three years of age are clinically underweight, a sure sign of malnourishment. Thus far, the Indian media has grossly under-reflected on the dark underbelly of India's massive economic transformation.

India's economic boom is real, and is being widely noticed all over the world as the nation's economic growth rate soars above 9 per cent; as India's corporate houses acquire Western companies worth billions of dollars; as an economy of India's size begins to have an investment-GDP ratio in excess of 30 per cent; as the nationwide sale of cellphones, an unmistakable emblem of 21st-century modernity and comfort, touches over five million per month.

But the overall...

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