Pratap Bhanu Mehta is Contributing Editor at the Indian Express. He has been vice-chancellor of Ashoka University and president, Centre Policy Research, New Delhi, one of India's top think tanks. Before he started engaging with contemporary affairs, he taught political theory at Harvard, and briefly at JNU. He has written extensively on intellectual history, political theory, law, India's social transformation and world affairs. He is the recipient of the Infosys Prize, the Adisheshiah Prize and the Amartya Sen Prize.
Part of the problem with the Indian economy is that no one knows what to believe
On the Indian economy, no one knows what to believe. This makes the uncertainty of our moment more endemic.
Despite the pantomime optimism that government functionaries and the media have to display, it is becoming impossible to disguise the sense of gloom surrounding the Indian economy. All agencies, from the Economist Intelligence Unit to the IMF are downwardly revising growth figures; the RBI’s consumer confidence index is at a new low. There are learned debates about whether this slowdown is structural or cyclical. There are debates over demand side or supply side solutions. There is general global uncertainty: The global economy is slowing, the possibility of geopolitical and trade shocks is still high. But there is one obvious fact we are paying less attention to: The pervasive loss of credibility in the Indian system.
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