The Ledger, every show

“While sitting in San Francisco you know, you might have felt like, oh my God, this is a sweatshop for that person. It was upward social mobility. And as much as they may not be happy with that existence, it meant that their life was improving.”

“Often, you know, when we discuss India and China, people say India has too much democracy and too much politics, and China functions better because China does not have politics, right? It's a single party state, central control. That's not true. It is a single…”

“Although Tesla has a massive factory in Shanghai, but the approach is that we will support our companies, and that's why BYD today is much, much bigger than Tesla.”

“Likewise, the companies that came in with joint ventures sooner or later, their joint venture partners Got the skills, understood the technology, understood the processes, and broke away, and then were preferred by local governments for their subsidies and the…”

“Instead what we seem to be learning from China is industrial policy is good. And I don't think that is necessarily what India should be learning. You know, yes, in some cases we need to have industrial policy, but not across the board. We don't have the money …”

“Instead you use state capital on what you see as strategically important domains, semiconductors, strategically important. You need certain kinds of dependencies to go. There may be others. There may be critical minerals where you support. You don't need to do…”

“China grew at its best when it allowed people to experiment. So there was no one China model. There were multiple China models. Every province, every city could experiment under the broad goal that we need to expand GDP growth. And the best outcomes were then …”

“China still remains a thriving economy. It's a much larger economy, about five and a half times India's size. It's efficiency and state capacity I think is much better than India's and its ability to deliver on outcomes is much better than India's.”

“So what you have seen over the last three years, and there are wonderful charts to show that, that every year, Property sector investment falls by about nine, 10%. Access to capital for developers falls by about 13 to 15%. Whereas the manufacturing sector inve…”

“There is no reason why, again, Shanghai can have an NYU campus and we can't seem to get foreign education into India. We completely, we constantly complain about the fact that India suffers from brain drain. You know, the best and the brightest tend to go out.…”

“Chinese connectivity to ports is brilliant. And that's why even if capital is wanting to come to India, they will look at those factors and say, look, it's good. It's cost. And I can't do this therefore. So I'd rather bear the political cost of being in China …”

“The bargain that it had made with the people was that we will give you prosperity. You give us political control, and you will not challenge our political control. In 1989, if you recall, there were the Tiananmen Square riots that took place. After that, this …”

“So your current exports that you're looking at, whether it is lithium ion batteries, whether it is EVs all of that is a product of this, that you have shifted that flow of capital to these domains.”

“India has a larger population than China and India is likely to remain a larger population than China for the foreseeable future, because China's population decline is now well and truly set in.”

“Around 2001, China joined the WTO. Which I think gave it this rocket fuel to sort of launch into this next century. And that I think was a big change, right? You had access to Western markets, you had access to Western capital far deeply than what you had in t…”