29 July, 2021

'The Second New Superpower'

Despite glitches, the Indian economy is right on track, feels Klaus Schwab, president, WEF.

'The Second New Superpower'

How have the reforms progressed in India?

Progress is considerable. India's situation has improved tremendously in WEF's surveys and will be reflected in this year's Global Competitive Report.

But the frequent changes in government must have affected economy.

The fundamental direction of reforms has been the same though there have been different interpretations on economic policies. But political instability is always bad and particularly so for a fast-developing country like India. For the next six months, there will be no government and thus not much activity in the economy. Today's world is fast moving; a month is equivalent to 12 months 20 years ago. It's a huge delay when India is set for a take-off and it does not give a very good signal to the world.

And even the coming elections may end up producing only another coalition government...

But India is not alone in this. Various parties around the world have realised that entrepreneurship is at the centre of economic progress...

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