Economic growth requires protection from expropriation of property by individuals, State | The Indian Express

Economic growth requires protection from expropriation of property by individuals, State | The Indian Express

Written by Mudit Kapoor, Shamika Ravi |Updated: September 27, 2019 11:18:43 am

Mudit Kapoor is associate professor ISI Delhi.

The writer is research director, Brookings India.

Economic growth requires protection from expropriation of property by individuals, State

In a mature democracy, rights of an individual vis-à-vis the state are protected by an independent judiciary. This act of undoing a Supreme Court judgment was an assault on the individual right to private property.

Nationalisation policies have held India back from her true economic potential and robbed hundreds of millions of people of the prosperity they deserved long ago. (Representational/Express Photo by Abhinav Saha)

In light of the economic slowdown, it is important to note that long-term economic growth is a consequence of individual rights to private property, and its protection from expropriation from other individuals as well as the most powerful entity, the state itself.