The Chinese have certain advantages. The fact that it's a single party government. But I do believe in the long run the fact that India is a functioning democracy committed to the rule of law. Our system is slow to move but I'm confident that once decisions are taken they are going to be far more durable.

India's future lies in being an open society, an open polity, a functioning democracy respecting all fundamental human freedoms, accepting the rule of law and, at the same time, to emerge as a successful, internationally competitive market economy.

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.

Together with international unity and resolve we can meet the challenge of this global scourge and work to bring about an international law of zero tolerance for terrorism.

Globalization offers us enormous opportunities in the race to leapfrog in development processes. It also obliges us to set in motion processes which would minimize its risks.

India is this great experiment of a billion people of such great diverse persuasions working together, seeking their salvation in the framework of a democracy. I believe it will have some lessons for all the multicultural societies.

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.