Development vs Growth
In my discussions with the various market participants in last one year, I have realized that "drivers" and "domestic workers" are perhaps the most influential reference points in their analysis and forecasts of the economy. I have heard many of them proudly alluding to stories how the life in villages has improved in recent years. All the villages have connected to highways through all weather roads. Everyone is getting free money to build pucca houses. Houses in remote villages have got electricity and LPG connections. Children are going to English medium schools. Everyone has a smart phone and internet access. All have a basic bank account. Farmers are selling their crops through nationwide electronic trading platforms. Millions have people got their Ayushman (Health Insurance) cards and can avail free medical treatment in empanelled hospitals, etc. Many popular analysts, investment advisors and fund managers, have famously narrated on social med...