The Indian economy also has much to thank the Constitution for
Live MintAmong key reasons for the Indian Constitution’s durability, we can count the fact that its framers did not try to box future policies into the framework of any social or economic ideology. Speaking in the context of how our ‘mixed economy’ first underwent “socialist reforms" and then “market-based reforms," the apex court observed: “India’s economic trajectory indicates that the Constitution and custodians—the electorate—have routinely rejected one economic dogma as being the exclusive repository of truth." In 1991, it gave us the space for a smooth shift in course, and it was India’s embrace of market forces, marking a break from socialist policies, that enabled the expansion of our economy to a size that lets us aim for rich-world standards of living today. Markets for many durables and consumables have shown signs of premature saturation, with sales driven by upshifts within the category instead of new users, even though low per-capita usage speaks of huge unmet potential.
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