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Public space is a problem + Dynamic democracy + Free, lively media and press - Poor governance - High populist subsidies, which results in a high fiscal deficit Public space is a problem + Dynamic democracy + Free, lively media and press - Poor governance - High subsidies High fiscal deficit - No money for infrastructure Public space is a problem + Dynamic democracy + Free, lively media and press - Poor governance - High subsidies High fiscal deficit - Creaky infrastructure - Inefficient government companies Earlier we had world class institutions, but they are now failing Bureaucracy Judiciary Police Contrast between public and private space raises the question : Is India rising despite the state ? Economy grows at night when government is asleep What explains India’s economic success? Even slow reforms add up - state getting out of the way - every government has reformed since 1991 Key Reforms Opened economy to trade and investment Dismantled controls Lowered tariffs Dropped tax rates Broke public sector monopolies What explains India’s economic success? Even slow reforms add up-state getting out of the way 2) Young minds are liberated Mental Revolution - ‘I want to be Bilgay’ - Raju’s secret of success - Banianisation of society - 100 cable channels for $3 - Hinglish What explains India’s economic success? Even slow reforms add up-state getting out of the way Young minds are liberated 3) India has found its competitive advantage in the knowledge economy Looking Forward 7% - 8% economic growth Democracy will not permit more than 8% 1.5% Population growth INDIA’S FUTURE 29 January 2007 R B Roy Choudhury Memorial lecture Mumbai Even though the world has just discovered it, the India growth story is not new. It