Zakaria on India's pragmatic private sector

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In Outlook India Fareed Zakaria calls India's private sector "India's true face - open, pragmatic." When asked about the dark side of globalization and how we can soften its impact on develeoping countries, he responds:

The danger in India is that this becomes an excuse for protectionism and political payoffs. Giving rich farmers free electricity is not a shock absorber. It is a bribe for votes. It means the poor get less attention and resources. The great tragedy in India today is that the rhetoric of poverty alleviation is used to justify policies that benefit the rich and well-organized. What the poor need more than anything else is a functioning economy and a government that is not bankrupting itself in buying votes… Indian growth is taking place because of the enormously energetic and inventive private sector. It’s actually incredible to see how competitive it is able to be in an environment that is still quite unhelpful.

Via YaleGlobal.

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