India is still handicapped by a protectionist outlook for its businesses and industries. To open a business takes years of soliciting permits and approvals.
It will never be much more than a third rate Asia power unless it allows competition and does away with the corruption in nearly every level of government.
True. But I look at whether they are likely to tear down barriers or erect more.
I suspect they are more likely to tear down barriers. Compare that to the Chinese, who, while they’ve had a great run, cannot continue down their current path because their barriers are high, getting higher, and their nationalism and lack of law is going to hurt.
So, I think about likely trajectories. I see more reason for hope of improvement in India than most places on the planet. Everyone else seems to be going to heck in a hand-cart as fast as possible.
That’s backed by the full faith and credit of Uncle Milties unvarnished and unprofessional opinion.
The protectionist policy is not universal industry wide. When it comes to technology, IT,Biotech and backend outsourcing there is actually minimum to zero government interference or regulation. Even retail is being degrelated. Much of the other traditional industry still heavily regulated but there is increasing pressure on the government to liberalize those as well.