India is best understood as many countries, not one, too complex to be dominated by a single party or leader. The state of Karnataka shows that capitalism and democracy still have a future.
In 30 road trips over 25 years, following elections in India with a band of writers, I’ve seen endless surprises, none more encouraging than the story we found last month in the southern state of Karnataka. It is a new economic miracle, unfolding in a vibrant local democracy that defies widespread worries about one-party rule in India.
With a population of about 70 million, Karnataka is larger than most countries. As the state heads to the polls on May 10, its story matters not just for India but also for the world – economically and politically.
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Financial Times
Ruchir Sharma is a writer and investor, and the author of four books, including most recently "The 10 Rules of Successful Nations". He is chairman of Rockefeller International.
