There is a popular opinion that, having a democracy for a poor or low income country is a trade-off. We would have to forego faster growth for democracy. But, if you ask me, I wouldn’t trade democracy for any other system in India.
I believe that, prosperity and democracy can never be separated from each other as two different entities. There is no trade-off between democracy and prosperity.
Thanks to our forefathers, we have a great system in place. When we reach middle income- the transition from middle income to rich would be much faster because, we wouldn’t need a political transition then. With our dialogue, debate, intellectual freedom — that step can be much faster.
However, the challenge is to first get to middle income, for which our focus should be on growth. For growth to be on higher side consistently, we need to strengthen our institutions. If we can do that, we will be positioned to ensure growth.
Contrast this with China, at this stage their system is less conducive to make the transition from middle income to rich country. They would need a shift in their political system to ensure that.