While there is no doubt about the great potential of these two economies in the rest of this century, severe structural and institutional problems will hobble them for years to come. At this point, the hype about the Indian economy seems patently premature, and the risks on the horizon for the Chinese polity – and hence for economic stability – highly underestimated.It is a timely reminder that one should not get carried away by the hoopla and actually get the work done.
Time to quote Robert Frost. Two Poems come to mind -
From the The Road not Taken -
I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference.
And from the Stopping by Woods on a Snowy Evening -
The woods are lovely, dark and deep.
But I have promises to keep,
And miles to go before I sleep,
And miles to go before I sleep.
Myopic view of india, economics