Hey,now you know that India has some of the finest economists in the world,from top universities. The jargon they use is also very glib and impressive-sounds very complex so it must be 'right' as its India's 'financial elite' who does the talking -ministers,bureaucrats,bankers,stock market analysts,mutual fund heads...
The simple fact of the matter is that India is not serious about following any common sense economic rules and actions:
1.Spend less in dollars than you earn in dollars.
2.Minimize bureaucracy in every form-layers,red tape,number of permissions,speed of approvals,etc.
3.Don't allow ministries to work at cross purposes- in fact,encourage them to work in tandem.
4.Don't allow too many players into the market all at once so they kill each other- eg. telecom,aviation.
5.Don't be so corrupt.
6.Don't be so uncompetitive-high costs allround- petrol,land,power,multiple taxes,lack of clarity or permanence on any policy,....
7.Don't give so many freebees to the 'poor' (to be read as vote banks).
8.Don't be jealous of the rich for no reason.
9.Control your population.
You will find that any country, (including China), that has succeeded has done all of the above to a noticeable degree. That's what is important - to a noticeable degree. And these economic actions have been taken by a wide section of the power elite-not just spoken of by economists
from their ministerial pulpits.
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