India doesn't need SEZs: Bhagwati- The Times of India

India doesn't need SEZs: Bhagwati- The Times of India:

Here's a great quote from the Columbia University economist - Jagdish Bhagwati on the potential economic growth of India and China in the near future:

"There are three things around which there needs to be consensus.

Development is a powerful cocktail made of three liqueurs. One is openness. Greater integration with the world can bring you benefits in trade and investment.

Two, economic freedom, which I don't like because it sounds ideological, like judicious use of markets—not a knee-jerk reaction against them but being pragmatic about it. Use markets more freely whatever your objectives.

The third is political democracy, what we call political freedom, which is a great value in itself,'he said.

'India had democracy, not the other two (openness and free markets). Now we have all three. Now we are poised for dramatic growth. China, unfortunately, has the first two but not democracy. And there it's leading to a lot of problems. It can go on to create massive social destruction. We have the ideal brew,'he adds. "

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