Vishnu Kaant Pitty PGP (2013-15), IIM Ahmedabad
'Good governance not stability is the critical factor'
This demand, and the implications that a truly stable government will have for the country, need closer scrutiny. Let's consider the nature of the economic woes that is plaguing the country. Inadequate infrastructure development, low human development indicators, public distribution leakages, faulty policy implementation - these are the glaring economic challenges ahead for any government that comes in power. The root of all these economic woes: corruption.At a policy level, to get rid of populist policies, or leakages at various points in policy implementation, it becomes important for the government to be rid of corruption within itself. This is where the argument in favour of stability is weak, for it is the sense of power fostered by a stable government that invariably engenders corruption.Granted that a stable government will make for a faster policymaking process in the country. However, the solution to India's economic ills doesn't lie in the effi ciency of policymaking, but rather in the nature of policies being expedited - in how good the governance of the nation is. The world is rife with cases of complacent or corrupt (but stable) governments taking economic policies for granted.Take, for example, Robert Mugabe, the longest serving president of Zimbabwe - who was sworn in for his seventh term last year. Under Mugabe's administration, Zimbabwe has suffered from much economic turmoil, including sanctions, extreme poverty, and most glaringly, the infamous hyperinflation of 2008/09.