The question is this. What specific policy change would meet the following criteria:
- It would immediately start the process of unshackling the Indian economy (or even any backward economy) and put it on a path to reaching its potential
- It would not involve any public expenditure (that is, it would not impose a burden on public finances)
- It would be popular with the public (meaning it would be not opposed by any significant segment of the population) almost immediately
- It would not involve the development of any new technologies
- It would not be adopted by any politician, political party or the government (because it would hurt their narrow, financial interests)
Over the years of studying the matter of how economies develop, specifically the Indian economy (note the title of this blog), I have pondered that question and I believe the answer to be this. It is … wait! I should let you take a crack at it first.
Answer that question in the comments, if you will. You will not win any fabulous prizes if your answer coincides with mine. It would only mean that you have figured out what is holding back a country like India from advacing in the modern world.
In a few days, I will give you my answer to the question.