The first one is that we need a change of policy. We need to change the policies that got us into this current mess. We need policies which will get us out of there. Bt for that, we need to understand why we got into this mess.
In most cases, we need policies which are the opposite of what are being currently followed. The bad policies need to get replaced by good policies. Only good policies will help us grow faster, and the good policies emanate out of the objectives of the government.
The objectives of government in India, for the most part since independence, have been extraction and exploitation. Development and good governance have not been the objectives, as we have seen, except probably for a few of the 60+ years that we have been free.
The government needs to change from being in business to being a referee. We have to change from controls to freedom, from maximum government that we currently have in India to minimum government. The government controls are stifling for entrepreneurs and big businesses. To a large extent, big businesses get by, by paying money or through their influence. For small businesses, it is very hard if you want to do it honestly.
This is the reality of India that we need to understand. This is because there is control that people have, and that control leads to corruption. Corruption is the symptom of the control. The controlled economy has to go.