It is a sign of India’s progress that the political debate on the economy is now centred on jobs, not poverty. That the advance is not rapid enough is evidenced by the continued predominance of welfarism over growth.
And therein lies a paradox of India’s current political economy — the popular aspiration is for better jobs, the political response is redistribution. What better paying jobs require is a double digit growth which can only materialise if a series of difficult reforms are implemented. On the other hand, some redistribution is perfectly feasible at 7-8 per cent ...
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