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.

China's influence is bound to rise.

In a country where employment opportunities are not growing fast enough, the fear of change tends to be very acute.

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.

If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.

Protectionism has to be avoided. Protectionism is not only on goods but also in the area of services. Financial protectionism is also bad and should be avoided.

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.