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By Arvind Subramanian and Josh FelmanPROVIDENCE — Over the past decade-and-a-half, financial, health and geopolitical shocks have pummeled world trade. The 2008 global financial crisis devastated the banks that financed much of the world’s commerce, and then triggered a secular decline in economic growth. In 2020, the COVID-19 pandemic closed factories and upended global
Global experiences show free-and-fair competition and level-playing field are critical for innovation, efficiency and expansion of the economic pie.
India’s middle-class consumer market is not big enough to support Narendra Modi’s protectionist drift.
(Bloomberg Opinion) -- Shortly before the 2014 election that made him prime minister, Narendra Modi came up with the idea that India’s young population, constitutional checks on arbitrary political power and large domestic market would bring prosperity over a decade.
India’s democratic institutions, such as the judiciary and a free press, have frayed under Modi. With just over 40% of the labor force engaged in the economy — among the worst rates of worker participation anywhere in the world — the youth-bulge narrative has also lost its sheen. What remains of the 2014 mantra is demand. But how big an advantage is the domestic Indian