Democracy is good for everybody.

The Chinese economy is growing at the rate of 9 percent; the Indian economy growing at the rate of 8 percent - enormous I think opportunities for two-way flow of trade, technology and investment.

Democracy is good for world peace.

If the economy is not expanding, the redistribution of income becomes a zero-sum game. And therefore, all the class struggle - and it becomes much more vicious.

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.

Let me say that I think the economic history of the last 150 years clearly shows that if you want to industrialize a country in a short period, let us say 20 years, and you don't have a well-developed private sector, entrepreneurial class, then central planning is important.

I believe whether it is the United States or Europe, they will all end up as multicultural societies.