This article analyzes the relationship between India’s stock exchange and foreign markets, finding a significant link between the NSEI and the FTSE 100, NYA, N225, and KLSE. It questions India’s path to self-sufficiency and highlights the importance of economic interdependence. The article raises concerns about whether India is still a self-sustaining agrarian economy unaffected by others.
The Indian government’s rent-seeking behavior aimed at achieving self-sufficiency has led to corruption and hampered economic growth. The introduction of Globalization, Liberalization, and privatization policies in 1991 brought about significant changes. However, income inequality persists due to liberalization, and labor laws and unions in each state restrict employment opportunities and mobility nationwide, leading to fraud and hampered growth.
The article argues that human development is based on individual’s ideas, which are influenced by their surroundings. Therefore, government intervention should focus on making life comfortable for people based on their knowledge of requirements, and the economy should be assessed based on the rate of requirement fulfillment. The article challenges the assumption of rationalism in economic theory and suggests that policies should be tailored to individual societies.
