Sweet Sixteen

In this 16th anniversary issue of 'Wealth Insight', here are 16 reasons why you should be optimistic about the Indian economy

- PUJA MEHRA

Although I wrote a book not too long ago on how India wasted a whole decade after the shock of the global finance crisis of 2008 without fixing its policy gaps and other problems, as a result of which there has been a failure to have sustained growth, the current discourse on the economy is beginning to seem too pessimistic even to me. Yes, the conditions are not great the slowdown preceding COVID remains intractable; additionally, the impact of the pandemic has complicated matters; the war in Europe hasn't helped; and the cumulative record of successive governments, including the incumbent, for bad economic policy decisions all remain big challenges. Inflation is hurting most of us. Loans are becoming expensive. The jobs situation has not improved. And yet, things are not as bad as most commentators are making them out to be. The overall business mood needn't be as bleak as the noisy public narrative suggests. The India story may still revive, changing for the better, with newer possibilities. Yes, to materialise they'll require sound policymaking or at least reduced policy uncertainty and flip-flops at the minimum. The point, though, is that there are grounds for rejecting over-pessimism and to strive for policy corrections. To make this case and to commemorate the 16th anniversary issue of 'Wealth Insight', I have compiled a list of 16 reasons to shed despair.