The Indian economy grew at 5.5 percent, but if you look at the last 30 years - for example, 1960 to 1985 - the progress made by East Asian countries was phenomenal. In a single generation they had been able to transform the character of their economy. They were able to get rid of chronic poverty.

India is a functioning democracy despite its extreme poverty, India has stayed the course.

If you have a rigidly controlled economy, cut off from the rest of the world by infinite protection, nobody has any incentive to increase productivity and to bring new ideas.

India happens to be a rich country inhabited by very poor people.

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.

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.

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.