India's macro stability high, but private investment lags

India's economy is stable with low inflation and good reserves, but private companies are not investing much.

Former Chief Economic Advisor Arvind Subramanian says this is because doing business in India is still risky.

He mentions that the government sometimes acts unfairly, changes policies too often, and doesn't treat all businesses equally.

This makes it hard for companies to invest and create jobs.

Political economist Devesh Kapur adds that some states, like West Bengal, have political stability but still struggle with business growth.

He compares West Bengal to Tamil Nadu, showing that even opposition-ruled states can have different business environments.

They both agree that these issues need to be fixed to encourage more investment.