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Raghuram Rajan: Why India slowed

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For a country as poor as India, growth should be what the US calls a “no-brainer”. It is largely a matter of providing public goods: decent governance, security of life and property, and basic infrastructure such as roads, bridges, ports, and power plants, as well as access to education and basic healthcare. Unlike many equally poor countries, India already has a strong entrepreneurial class, a reasonably large and well-educated middle class, and a number of world-class corporations that can be enlisted in the effort to provide these public goods.


India is a vibrant democracy, and, as the economic system failed the poor and the weak, the political system tried to compensate. Unlike in some other developing economies, where the rights of farmers or tribals have never stood in the way of development, in India politicians and non-governmental organizations took up their cause. Land acquisition became progressively more difficult.” Read More

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