How should India respond to future shocks in an off-balance changed world?

The global engines of growth have become the sources of instability and uncertainty. T N Ninan explores what India should do

There was a time when the world’s leading economies were the engines of global growth and, in their different ways, countries to be emulated — the United States, Northern Europe, Japan and China. Over the past 15 years, however, they have become the sources of global instability. The 2008 financial crisis grew out of the excesses of US financial capitalism, and Covid out of laboratory collaboration between American and Chinese researchers. The governments in many of these countries responded to growing economic troubles with massive bail-outs, first of banks and companies and then of consumers, piling up debt and pushing