In defiance of the stereotypes trotted out by yesterday's pundits, modern India's rise is both unusual and unexpected. It is unusual because some of the sharpest economic improvements are being observed in those sections of Indian society which were thought to be the most disadvantaged: women, oppressed castes and rural India. It is unexpected because of the widespread view. Until a couple of years ago, India's democratic construct was inferior to China's single-party state. In Behold the Leviathan: The Unusual Rise of Modern India, Saurabh Mukherjea and Nandita Rajhansa provide a gripping picture of how 1.5 billion Indians are combining to spectacular effect to create a range of social and economic outcomes which have no precedent in any emerging economy.
India’s middle class – 40 million income-tax filers earning between `5,00,000 and `1,00,00,000 annually – has reached a critical inflection point. The consumption-driven growth model that powered India’s post-1991 economic rise is collapsing under the weight of three simultaneous shocks: technological disruption eliminating white-collar employment faster than new jobs emerge, wage stagnation eroding purchasing power as inflation for several essential products and services ramps at double digits, and explosive household debt levels now exceeding those of the US and China.
In defiance of the stereotypes trotted out by yesterday's pundits, modern India's rise is both unusual and unexpected. It is unusual because some of the sharpest economic improvements are being observed in those sections of Indian society which were thought to be the most disadvantaged: women, oppressed castes and rural India. It is unexpected because of the widespread view. Until a couple of years ago, India's democratic construct was inferior to China's single-party state. In Behold the Leviathan: The Unusual Rise of Modern India, Saurabh Mukherjea and Nandita Rajhansa provide a gripping picture of how 1.5 billion Indians are combining to spectacular effect to create a range of social and economic outcomes which have no precedent in any emerging economy.
India’s middle class – 40 million income-tax filers earning between `5,00,000 and `1,00,00,000 annually – has reached a critical inflection point. The consumption-driven growth model that powered India’s post-1991 economic rise is collapsing under the weight of three simultaneous shocks: technological disruption eliminating white-collar employment faster than new jobs emerge, wage stagnation eroding purchasing power as inflation for several essential products and services ramps at double digits, and explosive household debt levels now exceeding those of the US and China.