We are a mixed economy. We will remain a mixed economy. The public and private sector will continue to play a very important role. The private sector in our country has very ample scope and I am confident that India's entrepreneurs have the capacity, and the will to rise to the occasion.

The Indian economy grew at 5.5 percent, but if you look at the last 30 years - for example, 1960 to 1985 - the progress made by East Asian countries was phenomenal. In a single generation they had been able to transform the character of their economy. They were able to get rid of chronic poverty.

In a country where employment opportunities are not growing fast enough, the fear of change tends to be very acute.

India's growth rate will be accelerated, but in the process, America would also benefit.

The death of distance. There is hardly any middle class family in India who doesn't have a son, a daughter, a son-in-law, a brother, a brother-in-law in the United States. That is a very powerful new bond.

If you have a rigidly controlled economy, cut off from the rest of the world by infinite protection, nobody has any incentive to increase productivity and to bring new ideas.

Protectionism has to be avoided. Protectionism is not only on goods but also in the area of services. Financial protectionism is also bad and should be avoided.