We have visions of a $5-trillion economy and there are the annual trysts with the Budget. Nations pass through phases of growth, stagnation and economic regression. Corrections follow to bring in inclusiveness, applying monetary/economic tools to regain trajectory. History bears out that democracies have consistently fuelled national growth. Of the various components of a democracy, civil liberty is the most important to positively affect economic reforms, private investment, the size and capacity of the government, and for the reduction in social conflict. For younger nations there could be more channels by which democracy can increase economic growth. The interaction between democratic institutions and the level and distribution of income is currently defining the action grid of most nations and India is no exception. The ethos of democratic growth is the operating system, the rest are just programmes and hardware.
R Narayanan, Navi Mumbai
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