 "Indian economy")
A society’s functional capacity can “hollow out” in many ways. The following examples illustrate how self-imposed policies, regulations or practices subvert our capacity. To avoid this, our governments and polity need to adopt “rules of the game” based on constructive perspectives that maximise benefits. Our present approach is often restrictive and rationing.
A path-breaking article in the Economic and Political Weekly four years ago highlighted the fall of India’s share of manufacturing in total manufactured goods.1 Although manufacturing exports were rising, imports grew faster than exports resulting in a hollowing out, with disproportionate gains to foreign suppliers. Manufacturing contribution to
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