The US, China and India must pursue policies aimed at the common global good
Live MintIn the evolving landscape of global economics, the world’s three largest economies confront distinct yet interconnected challenges. India’s democracy must evolve to focus on long-term development over short-term political gains. To make consumption a significant driver of growth, China must enhance social safety nets, promote service-sector growth, inject substantial fiscal stimulus, incentivize spending and undertake income redistribution among the middle class. While addressing the challenges posed by China’s unfair trade practices is a valid aim, equating other nations such as India with China overlooks the mutual benefits of cooperation. To maintain its pole position, incoming US president Donald Trump must re-engage the global community by promoting trade liberalization, strengthening alliances and supporting multilateral institutions.