In a self-perpetuating cycle of gloom, lack of confidence has led to capital flight, sparking a market-induced devaluation of India's currency, the rupee. The collapse of the rupee has in turn sparked a large increase in the country's energy imports, especially oil.
There is something important here that India's leaders -- and all global leaders -- must consider: A nation's soul precedes its human development. Organic human development will not occur in India if the majority of everyday experiences are negative.
The damage done to India by its government and its corrupt politicians should not affect our assessment of the importance of the country. After all, corruption is unfortunately widespread around the world. India much better than its political system.