This is an archived blog post from The Acorn.
Nanubhai Desai, over at IEB takes on The Economist on whether the Indian economy is overheating.
I donâ€™t normally consider myself an economic nationalist - but there is something in the Economistâ€™s words which hearkens back to how Wall Street viewed East Asia before the crisis, or how the IMF prodded Argentina in the early part of this decade. Fortunately, unlike those two cases, the Economist (as far as I know) does not have the resources to carry out a run on the countryâ€™s equity market and currency. There is a part of me which canâ€™t resist believing that this is another case of West misunderstanding East - but, until recently, the Economist has not always been prone to such error. It is not often that the magazine issues such a categorical denunciation of a countryâ€™s stated economic aspirations and prospects without so much as acknowledging the (fairly prominent and obvious) long-term trends.
© Copyright 2003-2023. Nitin Pai. All Rights Reserved.