If the economy is growing fast, there is call for a distributing income from the rich to the poor to to put in place social safety nets.

When I became finance minister in 1991, I discovered that the wealth tax rates income - there was taxation on wealth. It was so atrocious and so high that actually nobody could accumulate money in an honest way. I removed that tax, and the result was that Indian companies for the first time acquired an incentive to grow big, to grow rich.

India's infrastructure has to be modernized, has to be expanded at a rate which will I think be consistent with the growth requirements.

The premature migration of very large numbers of people from rural areas to urban areas can give rise to a lot of strains to the urban infrastructure, which can also create problems of crime - law-and-order problems.

We got government off the backs of the people of India, particularly off the backs of India's entrepreneurs. We introduced more competition, both internal competition and external competition. We simplified and rationalized the tax system. We made risk-taking much more attractive.

Let me say that I think the economic history of the last 150 years clearly shows that if you want to industrialize a country in a short period, let us say 20 years, and you don't have a well-developed private sector, entrepreneurial class, then central planning is important.

I think the modernization of Chinese economy and Chinese society is a prime concern.