But ever since I got an invitation to speak at this conference from Shri Harsh Neotia about two months ago, I’ve been trying to think through the subject in a structured manner. My mind would refuse to focus though, and my thoughts would travel repeatedly, often unconsciously, to Mahatma Gandhi, by far the most influential, if also enigmatic, leader India has seen.
Wages and unit labour costs have increased about 10% since 1999 compared to the average of all trading partners and compared to euro area. BIS central bankers’ speeches  1  How did cost competitiveness end up weakening so much? One part is misjudgment and bad luck regarding timing. Just before the global financial crises escalated, a round of union-level wage agreements took place.