Three things India can do to grow

India has to be more serious about its green transition, push harder in manufacturing certain kinds of products, and educate its population more widely and effectively

- NIRVIKAR SINGH

THE CURRENT US administration has been remarkable in its rejection of the post-World War II global order, from last year’s tariff wars (still continuing) to the more real war on Iran. This latter war is having much more serious consequences than the tariff turmoil, disrupting energy supplies, destroying infrastructure, and consuming substantial quantities of real resources (as any war does).

The main economic beneficiaries of these wars have been those within and those close to the current US administration. Most of the rest of the world has been trying to manage responses to minimise the economic costs being imposed by US policies. One reason that the US has not seen more political fallout or resistance is that the AI boom, truly extraordinary in its magnitude, has kept things afloat, from spending on data centres to elevating the valuations of a small number of AI companies. Much of this positive impact is within the US, along with a few companies in other countries, such as Samsung in the Republic of Korea and TSMC in Taiwan.