Indian Economy - Prisoner of poor implementation, weak domestic demand and a non-thinking voter
The signs have been around since 2010....The actions of this govt., demonetization, inaction on NPAs, agriculture policy or the lack of, hindutva narrative, filibustering as opposed to concrete actions etc., have all acted as a catalyst to push the economy over the edge. Conversations in 2010 with senior people across industries revealed that most planned expansion outside India. Also many were looking to establish beach heads abroad by sending kids out so they became NRIs. This suggested to me, then, that there was a growing lack of confidence in the domestic economy. This was borne out later by a steady demand contraction which led to domestic capacities being under utilised and consequently lack of fresh impetus to investment in manufacturing especially. Services riding on IT suffered when the visa doors started to close. Our over reliance on body shopping and not transitioning to AI/ Machine learning skills caught us flat footed. Now we teeter towards a depression which will be exacerbated by the pervading global unrest and adjustments that Europe and US are making to shore up their domestic economies . When we hire for our homes and our businesses we want the best and the brightest. When it comes to government we behave like ostrich or like lemmings. We do not insist on ability, education, skill of the individual we elect. Mind you these individuals we elect need to steer a complex country in increasingly complex circumstances. Yet we set the bar so low !