how is India, equally populated country to China, is nowhere near the economy level China (EVERYTHING is made in here) has achieved with its manpower.
In: Economics
Nobody is mentioning corruption and crony capitalism in India. It’s become worse no matter the ruling government or their ideology.
India is moving towards an oligarchy, with a handful of big businesses controlling all vertical and horizontal levels of production. (Can check examples of telecom industry in India, and the farmer’s protest for some context.)
And despite the government giving a freehand to a lot of corporates (wrt labour laws), India is not a business friendly economy. The profitability and share of Small, medium and micro enterprises are also shrinking.
When it comes to corruption, it’s nearly impossible to deal with. Why will they build good long-lasting roads if they can mint money off of building it every 3-4 years?
India’s middle class is also shrinking. So a lot of people barely reaching the surface of being middle class are falling back into being poor, or being closer to it.
That affects the disposable income of a large chunk of people.
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