Page 8 - Nuvama | IC Report 2023

Success unfolds when preparation meets providence. In Shakespeare’s thirst for cheap energy has left countries at the mercy of hostile
Hamlet, the protagonist observes, “There is a divinity that shapes our nations. Those overly reliant on the US security guarantees are
ends…”, and later instructs his friend Horatio that “the readiness is finding themselves vulnerable, lacking even in self defence.
all”. Thirty years ago, Communism fell and a new world order took The USD-centric global monetary system too is showing chinks.
shape. At the same time, Japanese economic miracle unravelled At this dusk of hyper-globalisation, the ‘Owl of Minerva’ may be
and, subsequently, the Asian Tigers too ran out of steam. The world flying. A rethink is taking root, and history’s inexorable dialectic may
was looking for a country to fill the void, and China was ready for the be advancing to an antithesis. If economic efficiency, cheap energy
moment. Deng Xiaoping’s reforms had cured the country of Mao’s and just-in-time manufacturing were the tenets of the fading epoch,
revolutionary zeal and unshackled it from the ideological web. The then diversification, dependability, friend-shoring, green energy
rest, as they say, is history. and national self-sufficiency in defence are the slogans of the
emerging new world order. The global churn shall throw up immense
Today, a new world order is afoot. De-globalisation – a retreat from
radical internationalism – is underway. The pandemic and the opportunities. Times are providential again, but is India prepared?
Ukraine war have exposed the soft underbelly of hyper-globalisation. India stands young in this age of ageing. Demography per se does
The single-minded pursuit of economic efficiency has rendered not portend a great destiny, but a rapidly expanding labour force
critical supply-chains undependable, if not fragile. The unending combined with low indebtedness among households and a healthy

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