This Article First Appeared In Firstpost On Apr 17, 2022
Traditionally, the global approach to economic development and distribution has confined itself to two models of economic prosperity: Communism-socialism and capitalism. The Western world champions the cause of capitalism, which is based on free individual-led capital growth, unregulated market economy, its ethos of free trade, maximum profit and minimal state interference. In contrast, communism is a state-controlled economy where the state not only regulates the economy but also runs it.
Communism has collapsed and the inherent contradictions of the capitalist world are making it weak, fragile and unsustainable. Beyond this binary, however, there is a way which is the Bharatiya model of economic development, which is a counter-narrative to the unbridled capitalism and static communism. This Bharatiya model is an Indianised way of economic development and prosperity. This model has its roots in Indian culture and it was espoused in a coherent form by the post-Independence Indian thinker, Dattopant Thengadi.