The last two decades have made it amply clear that the issue is not of the choice between the market

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Question

The last two decades have made it amply clear that the issue is not of the choice between the market and the state; this has turned out to be an erroneous debate. Rather, the path ahead lies both in the market and the state. I like to call myself a free market socialist. Though it sounds like a contradiction, virtually every country is veering around to this view, including the U.S.
In our country we still have too much of the state and not enough of market. We are currently over – regulated and under governed. Ultimately, we should be better governed, well regulated with essentially free markets. With a large domestic market, low entry barriers, reasonably supportive financial markets and a huge entrepreneurial pool, especially in the services sector, our markets are well developed and fiercely competitive. The global transformation of competitiveness to knowledge innovation and management quality means that this will persist.
Since at least the 1980s, disruptive changes, facilitated by the rise of venture capital and private equity has become the norm allowing new entities like Microsoft, Google and Amazon to prosper. India’s IT and Telecom sectors also owe their growth to this new paradigm. Alternative energy, genetic engineering (in both the Agriculture and health sectors), nanotechnology, electric
scooters and cars, environmental engineering and infrastructure will be some of the areas fulfilling rapid change and growth over the next two decades.
However, we must celebrate not only start ups but their institutionalization and successful transformation into global companies. Both starters and runners are needed in any economy, and India is no exception. Establishing companies only to hand them over to a foreigner who might be more experienced at running large businesses would be a sorry development. We have to learn to operate global companies successfully and this requires greater managerial depth.
It is important for businesses to put their weight behind the right political forces and seek to influence them in a transparent manner. Business can either try and cut deals with the political system for selfish ends, thus harming the economy and polity, or it can try to improve the system for all businesses. Business has by and large not covered itself with glory and our credibility with the public is low. The resistance by farmers to land acquisition for industrial development underlines this perception.

Questions to be answered:

· Why Economic liberalization required?
· What is the role of IT in the development of India?
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