New Delhi, April 6 -- Imagine there was no other country but India. The subcontinent was all the landmass that there was on the planet, with oceans all around. And all 1.5 billion people in the world were Indians. The Indian national economy would be the global economy. There would be no such things as international trade, foreign investment and immigration. The Indian economy would be an autarchy. By definition, it would be self-sufficient.

Now think how such an economy could also be prosperous. The immediate order of business-as Bhishma teaches us in the Mahabharata's Shanti Parva-would be to establish the rule of law, protect property rights, govern justly and ensure that people live peaceful lives where they can enjoy the fruits of t...