This is an archived blog post from The Acorn.
Newsweek has ranked India the best country in the world for foreign investment.
In a leading article in the same issue, economist Jeffrey Sachs lists the three ingredients that characterise the ‘best’ countries (which are all Nordic ones).
First, it prioritized education,—study and science. Second, it decided that it would leave no countryman behind. Social insurance—pensions, public health care, public education—became a basic shared commitment in each of these countries. And third, the region built a vigorous private sector. Ericsson and Nokia are not government creations.[Newsweek]
Since the era of Nehru, India has focussed its energies on promoting education and welfare, while suppressing the private sector. With what little economic reform Manmohan Singh has squeezed through, India is already among the top destinations for foreign investment. Imagine the result if he pulled out all the stops.
The loony Left that plagues Indian politics, unfortunately, has never really believed what is written in American magazines.
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