India’s promise

Jonathan Pow­er inter­views Indi­a’s new­ly appoint­ed PM—and ex-Sec­re­tary Gen­er­al of the “South Commission”:—Manmohan Singh about man­ag­ing expec­ta­tions, oppor­tu­ni­ties and lead­er­ship in the world’s largest democ­ra­cy bq.  India has a lot going for it that Chi­na does not. Apart from its thriv­ing democ­ra­cy and free press, it has world-class com­pa­nies, espe­cial­ly in infor­ma­tion tech­nol­o­gy, biotech­nol­o­gy and phar­ma­ceu­ti­cals. It has the intel­lec­tu­al cap­i­tal of its √©migr√©s return­ing from Sil­i­con Val­ley. Its bank­ing sys­tem has rel­a­tive­ly few under­per­form­ing assets. Its cap­i­tal mar­kets oper­ate with greater effi­cien­cy than Chi­na’s. Above all, it has the rule of law.(“Prospect Magazine”:

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