Good debate on the competing 'ideas of India' , and what the future may bring.
interesting stat @ 28:10 - 10% of the population gets 60% of the national income. As always, all "inequalities" are not the same. Almost all the growth since the 90s, has been by enlarging the size of the pie, not redistribution. Very diff from an agrarian rent seeking economy.
so you should always prefer a choice of an economy where relative inequality may worsen, but on aggregate, everyone grows. Compared to an "equal" economy that is largely stagnant, and artificially equal by taking from those generating to redistribute to others.
from the 90s, IT, pharma, are 2 sectors that have done really well. they are formal economy, and employ a fairly small % of total population, but generate a lot of forex and jobs. Theyve earned their 'inequality' by generating new wealth.
"profit" is not a dirty word, but the greatest motivator for innovation and risk taking. if you want people to do both, you must have a state that rewards them sufficiently for it. by definition, that means mathematically increasing inequality.
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