What explains India’s peculiar stability?

An economist with super-hero vision might stand in New Delhi, gaze in every direction and see turmoil. In Nepal, India’s neighbour to the north-east, “Gen Z” protests erupted earlier this year over inequality, as the scions of political dynasties flaunt their luxury holidays and designer clothes on Instagram while ordinary Nepalis struggle with unemployment. Further east, Bangladesh’s students led a revolution last year to overthrow Sheikh Hasina, who had been prime minister since 2009. Among their grievances was a quota system that reserved state jobs for descendants of war veterans. To India’s south, Sri Lankans stormed the presidential palace in 2022, forcing Gotabaya Rajapaksa, the president, to flee. Mr Rajapaksa had presided over an economic crisis that left the country bankrupt, with fuel and medicine running out. To the west, Pakistan faces protests by supporters of an imprisoned former prime minister and yet another IMF rescue.