Indians especially their elites love yapping about themselves. Yet when it comes to serious conversations about itself such as what are the root cause problems in the country, how can it do better, what options to take etc they aren't there. Instead whenever they hear something bad, they will usually just deflect the problem and say that other guy has this problem, why don't you talk about that (and a lot of times the comparison isn't even a good one)? They will just blame someone else and demand the attention shift to that instead. How can one get so mad when others don't really take it seriously yet it isn't serious about itself?The Indian scholars and businessmen are taking for granted that India will become the 3rd largest economy in the world. Sunil Barthi Mittal is saying that it's "written in the stars". Comments section is interesting.
Sunil Mittal said that China had a "free pass" with the US market in the past. India doesn't have that today, but it has a 1.5 billion strong consumer market. So he is basically saying that India doesn't need the world market to grow into the third largest economy. Who needs the US and Chinese market anyway?
Here's the problem. India joined the WTO in 1995, while China only joined in 2001. So in terms of having a "free pass" with the US market, India had a 6-year headstart over China. So why didn't India ran ahead of China first? Why did US companies predominantly chose to manufacture in Communist China over Democratic India?
The Indian elites have never dared to ask what if India doesn't achieve it's potential. What if India's lack of success vs China is purely self-inflicted? Opportunities were there, and India's opportunities were actually much better than China. But India keeps missing opportunities and then blames others for it. Right now, India is on course to miss yet another opportunity. But this time, Automation and AI would eventually close the best windows of opportunities for India for good. After that, it's the middle income trap.
In 1991, India almost went bankrupt and was forced to open its markets. Indian nationalists claim that China simply opened up earlier than India so its really a time thing even though China was an Iron Curtain with no real private stuff until the later 80s while India had a stock exchange. JM Financial which is one of India's best investment banks started in 1973, became a full stockbroking company in 1986 and listed in 1991 (Shanghai stock exchange only started running in 1990) .One of the reasons India had issues back then was coz of high tariffs. Well now has that tariff issue been solved? Oh wait, India still has that problem! So is it really just a time issue or does India have structural issues that still have failed to be addressed after all this time?