So massive dislocations are inevitable. But equally important is the related lesson: the march of technology will not be slowed down just because we have not been able to handle the dislocations or are paralysed by the fear of them. A country paralysed by fear of such dislocations, unable to decide which of competing courses to adopt, which stops change, will not just fall behind. It will be wiped out. And for a simple reason: its rivals won’t slow down for it to solve its problems.

Third, as change is so rapid, as it is cumulative, falling behind for a while makes catching up very difficult. When affairs are stationary or change is slow, even if we falter for a while, we can catch up soon enough. But when change is rapid, once we falter, the one who has captured the lead is able to go on lengthening the distance. China and India were at par in the mid- and late seventies. China began reforms in 1978. Our political class — weak, imprisoned in slogans of the past — had to wait for a breakdown in 1991 to initiate reforms. That lapse has made all the difference. Today, even in the Indian market, in an industry like electronics, many of our manufacturers are traders in Chinese products.

Nor is one leap enough. One has to keep forging ahead. Again, the contrast is evident; China has sustained its momentum of reforms for 25 years; in India, splintered “coalitions” give everyone enough power to block everything, they leave no one with sufficient power to push anything.

... contd.