To Paraphrase Dickens, we seem to be living in the best of times, and in the worst of times!

On the one hand, there is undiluted exultation among growth enthusiasts.  Low tax rates, 9% growth, high savings, declining deficits – all seem to be promising.  “If only we pursue the reform agenda, particularly in pension, insurance, and labour sectors, things will only get better”, claim market fundamentalists.

There is a famous story, which goes something like this: An international exhibition of crabs was held in Japan. All countries sent their best and the most exotic variety of crabs. The representatives of each country were exhibiting crabs in sealed glass containers. However, in the Indian stall the crabs were on display in open containers, and the worried organizers asked the Indian representative whether the crabs would not climb out of the containers. Pat came the answer from the Indian: “Ha! Nothing to worry; these are Indian crabs.

Noted columnists Thomas Friedman, with tongue firmly in his cheek, queried: “Was your grand-mother playing bridge with the Frenchmen on the internet in 1900?” This simple question encapsulates the world that we are living in. There is growing integration and the interdependence of societies and economies across the world, which we call as globalization. However much some of us may despise it and however much one may argue against it, we cannot wish away the fact that we are living in a globalized world.

Now that Gujarat elections are out of the way, the nation can get back to the business of the more pressing, long-term, important issues of economic growth and alleviation of poverty. For several months now, our whole energy and attention were focused on the tragic event of Gujarat, and more specifically to the political fallout of the vicious battle for power. Happily, the doomsdayers were proved wrong. Gujarat people voted peacefully, and communal violence has not spread to the rest of India.

For over half a century, economic prosperity has been the goal of post-war world. Even by 1939, the United States emerged as an economic giant, and the war only enhanced its economic strength and global power.  Western Europe was devastated by war, but with American support in the form of Marshall plan, there was rapid reconstruction and recovery. Japan too resumed its place among the prosperous nations quickly, thanks to the high levels of human development achieved even by late 19th century.