'Discontents' notwithstanding, India has done well in last quarter century

While India should be concerned about disparities, the fact is that whereas three decades ago about half the people had incomes greater than $2.15 a day, today seven out of eight do, writes T N Ninan

As we approach the end of the new century’s first quarter, what is evident is that the high noon of globalisation has passed. Politics in the US and across Europe has become influenced heavily by anti-immigrant sentiment, mixed with cultural nationalism (the Italian prime minister weighs against “Islamic culture in Europe”, while Donald Trump speaks of immigrants “poisoning” American blood). The economic debate, meanwhile, faults globalisation and “neo-liberalism” for current “discontents” about growing inequality and the lack of good jobs.

This is understandable in the West, which has ceded ground and jobs to challengers, and seeks to claw back both.