StingRoy
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Although China opened up their economy way earlier than India, but I believe India has an edge in the long run in the areas of innovation and intellectual capital. Chinese have been long known to have restricted open competition and promote their local companies. Although it maybe beneficial to the local workforce in the short run to gain strong hold, but I feel that a true open economy encourages global competition which in turn fuels innovation.
Another very important fact emerging from the Indian democracy is the number of young people in politics. The current parliament has the lowest average age of politicians. It is this force which will drive a liberalization in Indian political and bureaucratic system in the near future. We are already seeing signs of change in the dynamics (I agree there is a long way to go, but it is a powerful start). Participation of more youths in the governance will bring in the work discipline and ethics which millions of young Indians enjoy in the private workforce. With China's aging population (compared to India) and communism, some of the dynamics which are fundamental to a free and open economy are absent. Competition has always driven Innovation and it is this very fact which I believe will drive the Indian economy beyond the short term gains.
Another very important fact emerging from the Indian democracy is the number of young people in politics. The current parliament has the lowest average age of politicians. It is this force which will drive a liberalization in Indian political and bureaucratic system in the near future. We are already seeing signs of change in the dynamics (I agree there is a long way to go, but it is a powerful start). Participation of more youths in the governance will bring in the work discipline and ethics which millions of young Indians enjoy in the private workforce. With China's aging population (compared to India) and communism, some of the dynamics which are fundamental to a free and open economy are absent. Competition has always driven Innovation and it is this very fact which I believe will drive the Indian economy beyond the short term gains.