“Auto means self. Archy means rule. Autarchy is self-rule. It means that each person rules himself, and no other…. As I will use the word, autarchy will signify total self-rule. It will presume a system or social arrangement in which each person assumes full responsibility for himself, proceeds to control himself, exercises control over himself, exercises authority over himself, supports himself, takes initiative, joins with others or not as he pleases, and does not in any way seek to impose his will by force upon any other person whatever.”
The economic growth of any economy depends on how much is invested in creating productive assets in it. Factories, buildings, ports, the transportation network, natural resource extraction, manpower training, the use of modern methods of manufacturing, energy production and distribution networks — all require investment. Part of the investment arises from domestic savings, part from foreign borrowings, and part from foreign direct investment (FDI.) Let’s look at how India does in FDI compared to other countries.
Here I will not address what kind of changes need to happen for India to attract, say, 10 times as much FDI as it currently does. That’s feasible but not with the current policies and leadership. Anyway, here are the facts.