Does India being a democracy justify its slow growth vs China’s?
Not really. Democracy is our biggest strength. People often use democracy as an excuse for non-performance in India. But what often gets confused is that what is a crisis of leadership is passed on as a crisis of democracy. Democracy is a strength, and a system where wealth creation is much easier because innovation and entrepreneurship flourish. Our leaders need to make bold decisions instead of moving incrementally, especially in the areas of social infrastructure: health, education, agriculture, government-regulated finances and legislative reforms so as to drive inclusive growth. Doesn’t the lack of democracy make it easier for Chinese leaders to focus? They don’t worry about satisfying the public. Yes, things get done very quickly but there are no checks and balances. Obviously, there are tensions that people barely see or read about. China’s spectacular growth is economically very inefficient. The resources they use to produce one unit of output is much higher than in India. Chec
