Take a gander at this headline from 24/7 Wall Street. www.247wallst.com
He gets it partly right, but doesn’t go far enough. Since its independence, India has been a socialist, or socialist-leaning country. Even when they tried to ditch some of the socialist features of their economy, they could not. They spawned world-spanning companies in areas as far apart as information technology (Wipro, Tata Consulting) and steel (Tata Steel). But they continue to have a largely command-and-control, centrally-planned economy. They have huge numbers of poor peasants, plowing their tiny farm fields behind oxen, and living in city slums picking garbage. The only thing that can save India is adoption of a true market economy. Is that likely? Not at this stage. You have to feel sorry for all their wasted human capital.