India’s economic trajectory stands apart from most other nations due to its federal structure and long-standing democratic tradition, Sharma said.
"In some ways, you cannot compare India to any other country in the world," he said, emphasizing that while democracy has provided stability, it has also posed certain challenges to economic growth.
Challenging the Western-Centric Trade Order
The global trade and investment frameworks were constructed to benefit legacy economies by securing market access in developing nations, while simultaneously restricting reciprocal access for those same nations in Western markets.
“When growth economies wanted market access in these legacy economies... all kinds of barriers had been set up,” Sharma pointed out.
The intent, he argued, was to ensure that emerging markets remained consumers — not producers.