A New Economic Manifesto For NaMo’s Bharat |
A New Economic Manifesto For NaMo’s Bharat
Like Alexander, Modi needs to cut through these twin Gordian knots – and shift India from trepidation-filled incrementalism to epoch-making reforms.
Narendra Modi’s government has given India a place at the international high table – economically and strategically. Despite myriad challenges like Covid, wars, and Trump tantrums, with steady reforms and sustained GDP growth, a foundation has been established to catapult India into a developed country. His most successful programs have been – decisive and “big" – JAM DBT, A370, women’s empowerment.
But….there is always a but!
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Global pecking orders are churning. AI/ML disruption remains underestimated. US and China have taken a lead, but new private (though nationally aligned) corporates are pouring billions of dollars into controlling every aspect of our lives. India largely remains an economy based on “doing what we are told, well" – services, contract manufacturing etc. – a role that AI will significantly denude. We need to make investments now to keep up, or risk falling behind for the next 50 years.
Fortunately, in Narendra Modi we have a “fit for purpose" leader with the audacity to take tough decisions others flinch from, and the tenacity to ensure execution. He faces two “internal", obdurate obstacles. First, our governance ecosystem is “incremental" while the country needs vaulting change. The bureaucracy – built and thriving on “continuity", naturally opposes radical reforms. The second is our quasi-obsession with “surviving tough times" – a mindset perhaps resulting from centuries of quasi-proselytizing colonial rule. Instead of mere survival, our ambition should be to create economic strength on a scale that reduces our vulnerability to global crises.
Like Alexander, Modi needs to cut through these twin Gordian knots – and shift India from trepidation-filled incrementalism to epoch-making reforms.
Bharat needs a “Modi Manifesto" reflecting the ambition, the vision and the unprecedented mandate of the PM, and focused on 4 over-arching themes:
– Where can we still become world leaders – Quantum Computing, “first in class" pharma, renewables, space etc.
– Where must we mitigate strategic dependence – rare earth, chip-design and manufacture
– Which sectors does the world want to invest in– hardware, “smart" data centres
– Areas........