The job market

In a speech in Mumbai earlier this month, Reserve Bank of India Governor D Subbarao made a striking point about the changing world order. There was a time in the eighties and nineties, he said, when parents across the world told their children not to waste food because there are millions who go hungry. Today, he added, with the rise of protectionism in advanced countries, parents there might well be telling their children, “If you don’t get a job, Indians will take away your job.”