Pro-business versus Pro-markets

  • Survey says that India’s aspiration of becoming a $5 trillion economy depends critically on:
    • Promoting ‘pro-business’ policy that unleashes the power of competitive markets to generate wealth.
    • Weaning away from ‘pro-crony’ policy that may favour specific private interests, especially powerful incumbents.
  • Viewed from the lens of the Stock market, creative destruction increased significantly post-liberalisation:
    • Before liberalisation, a Sensex firm expected to stay in it for 60 years, which decreased to only 12 years after liberalisation.
    • Every five years, one-third of Sensex firms are churned out, reflecting the continuous influx of new firms, products and technologies into the economy.
  • Despite impressive progress in enabling competitive markets, pro-crony ....
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