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

If certain facilities, local facilities have to be arranged, the local authorities have to come. And that makes the Indian system slow moving, Indian administrative system slow moving.

As the largest and most developed democracies of Asia (India and Japan), we have a mutual stake in each other's progress and prosperity.

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.

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.

What we need is a dialogue amongst civilizations.

In a world in which technology is changing at such a fast pace, where demand conditions change very fast, we need to look at a more innovative mechanism to cut down on this rigmarole of many tiers of decision-making processes.