We are a coalition government, and that limits our options in some ways. Privatization happens to be one such area.

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.

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.

I think the proof of the pudding is in the eating.

70 percent of India's imports of oil and oil products are imported from abroad. There is uncertainty about supply. There is uncertainty about prices. And that hurts India's development.

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.

China is not I think a country which does not regulate, but there is a difference between the Chinese system and the Indian system.