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Wednesday, Oct 27, 2021
Outlook.com

The Market Is A Donkey

The uncertainty of certainty is India's hallmark. It should apply to growth too.

The Market Is A Donkey
Madhu Kapparath
The Market Is A Donkey
outlookindia.com
-0001-11-30T00:00:00+05:53
When I wrote a book called No Full Stops in India nearly 17 years ago, my friend Karan Thapar accused me on television of wanting to drag India back into some mythical Golden Age which had never existed. I asked Karan, "Do you want an India true to itself or an imitation America?" Much has changed over those years. India then was on the verge of bankruptcy, the first faltering steps towards unravelling the red tape strangling the economy had not taken the country very far forward. The Hindu rate of growth had been overtaken, but no one was talking about India being one of the economic superpowers of the 21st century. Within the country, optimism was in short supply. Now India has been recognised for what it is, a country with the material and human resources to become one of the biggest players in the global market. It is argued that this change has come about because India has followed the example of the economically successful, Western countries and that it must follow them without questioning. But I still believe in what I wrote in No Full Stops-- "The Western world and the Indian elite who imitate it ignore the genius of the Indian mind. They want to write a full stop in the land where there are no full stops." I have now written a book called India's Unending Journey because I believe the remarkable growth of India's economy makes it even more important not to write a full stop and become an imitation America. (see review)

India traditionally does not write full stops because it understands the uncertainty of certainty, it prefers the middle road, and believes in the perpetual search for balance. So, the answer to any question can never be final, no theory should be closed to questioning, and no policy should be...

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