India is currently in the midst of two large but different endeavours.
The first is to complete the unfinished agenda of the previous decade, providing the country with the modern infrastructure, rural amenities, social services, and connectivity that any developed economy needs. And the second, the most ambitious of the two, is to create jobs, wealth, and value to accommodate a young and aspiring population, eradicate poverty, and boost GDP growth.
But these two projects are being undertaken at a time when global headwinds are deeply unfavourable. Today there are five hurdles that stand between India and its ambition to join the club of developed economies.
The first is the advent of this new age where the open, free, and democratic global trading system has become a pale shadow of its previous self. The multilateral trading system — and the preference for this kind of model — has waned considerably. It is being replaced by free trade arrangements between smaller groups of countries and regions, where a handful of stakeholders are able to decide the terms of trade.
This is coupled with a stagnation in global financial flows, because of weak growth, and the growing disquiet over globalisation, curiously enough, in the developed world. From the EU to the UK to the US, politicians are using globalisation as a convenient culprit for all that ails domestic economies and societies.