And on top of that the Government is limiting fiscal deficit, no public sector to take on the foreign sector slump. Neoliberalism is a disease.
In China meanwhile, when a recession occurs in the west the government increases domestic spending to lessen the impact. India should learn a thing or two from its neighbor.
Yet, even in those trade negotiations, India has been relatively less liberal than in the era predating Modi — angling for more state control over sundry policy issues and seeking to limit the exposure of many of its sectors to foreign competition. If India wants to attract foreign investment, it might have to change tack.
They are complaining that there are too many regulations lmao.
History has shown that export promotion policies in absence of heavy state intervention doesn’t work.
The crazy thing is that most people are not aware of this slump. Local news outlets don’t report on it and the government organises “investor summits” which create the illusion of steady incoming foreign investment.
India should learn a thing or two from its neighbor.
Not gonna happen in my lifetime. Most people I see still have negative racist notions about China like apparently how they make low quality products. They do not know or care that tier 3 cities in China are cleaner and more beautiful than New Delhi and don’t have children begging in the streets. It’s an attitude that sort of reflects the government’s foreign policy where there is zero sense of solidarity despite both countries emerging out of formal colonialism at around the same point in history.
India has too much friction and red tape. Not to mention, instead of punishing corrupt and hanging oligarchs, we garland and praise them. Complying to neoliberal west bullshit is why we are not as booming as China.
