The Indian economy could experience another disappointing decade if the government clings to its current policies, Foreign Affairs magazine has said.
In an article published recently on its website, the journal attributed India’s lost decade to the global financial crisis of 2008 and years of poor economic management.
“For the Indian economy to achieve its potential, the government will need a sweeping new approach to policy — a reboot of the country’s software,” the article said.
The policy package includes a change to its industrial policy, the national champions strategy, which stifles innovation and growth, “and above all, the policymaking process,” it said.
The article warned that without such overhaul, the current government’s aspirations to global leadership may prove elusive.