Why I’m Losing Hope in India – By Andy Mukherjee
My generation of Indians has often been disappointed in our country, and we have sometimes despaired about the direction it was taking, but it’s been impossible for us to stop hoping…. it breaks my heart to have to suggest to today’s rising generation that this crisis is different than others we have weathered, that the walls are closing in again, and the opportunity set for India is shrinking, perhaps for a very long time….
A disturbing arbitrariness has crept into policymaking, institutions have decayed and the economy’s structural deficiencies have worsened. Animal spirits have been sucked out of all but a handful of firms. Zombie business groups are perched atop the debris of debt-fueled expansion, waiting for politicians to signal what role they still have, if any.
The defeatist slogan of self-reliance, which blighted our parents’ generation, is back. Politicians are using religious discord and caste conflicts to drive a wedge in the society….