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.

India's political system also would need to be modernized.

Democracy is good for world peace.

Our vision is not just of economic growth, but also of a growth which would improve the life of the common man.

Capitalism historically has been a very dynamic force, and behind that force is technical progress, innovation, new ideas, new products, new technologies, and new methods of managing teams.

I believe that without looking at each other as rivals or as competitors, in a democratic India, operating in the framework of an open economy, an open society has, I think, some significance for developing countries, not only in Asia but outside Asia.

The service of India means the service of those teeming millions steeped in poverty, ignorance and disease. To see that in my lifetime we can soften these harsh edges of extreme poverty and unleash a new economic and social revolution which will bring out the latent creativity and entrepreneurial spirit of our people, I think that's what I feel, I think.