 "To get a 10x gain in FDI, we need to solve the deeper issues. The problems in India are reminiscent of those seen in China, on a smaller scale")
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Illustration: Ajay Mohanty
Xi Jinping came to power in China in 2013, and brought a new emphasis on arbitrary state power and nationalism. This disrupted the “China model” for making progress towards greater prosperity and greater freedom. Many economic indicators show how the China model was derailed from 2017 onwards. Net foreign direct investment (FDI) in China was $291 billion in 2013. In the latest data, for 2023, it was $43 billion. On September 12, Eleanor Olcott and Wang Xueqiao had an article in the Financial Times, in which they described “How China has ‘throttled’ its private sector”. One indicator
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