My generation of Indians has often been disappointed in our country, and we have sometimes despaired about the direction it was taking, but it’s been impossible for us to stop hoping.
Our own past has trained us to see the silver lining.
Opportunities we couldn’t imagine growing up in the 1970s and ’80s emerged from nowhere and changed our lives, and many of us believe history will keep repeating, with the pain of the pandemic shocking the economy out of its pre-Covid inertia.
So it breaks my heart to have to suggest to today’s rising generation that this crisis is different than others we have weathered, that the walls are closing in again, and the opportunity set for India is shrinking, perhaps for a very long time. The national dream of emulating China’s rapid growth is receding — by some economic yardsticks, we can’t even keep up with Bangladesh.
A disturbing arbitrariness has crept into policymaking, institutions have decayed and the economy’s structural deficiencies have worsened. Animal spirits have been sucked out of all but a handful of firms. Zombie business groups are perched atop the debris of debt-fueled expansion, waiting for politicians to signal what role they still have, if any. The defeatist slogan of self-reliance, which blighted our parents’ generation, is back. Politicians are using religious discord and caste conflicts to drive a wedge in the society.
To make matters worse, India has handled the coronavirus pandemic with the same inept authoritarianism that’s come to define its approach in all spheres, economic, political and social. With more than 9 million infections, India is the second-worst affected country after the United States. The economy slipped into an unprecedented recession last quarter.