China's Influence Is Bound To Rise.

I Do Believe That India Needs A Lot More Foreign Direct Investment Than We've Got, And We Should Have The Ambition To Move In The Same League Many Other Countries In Our Neighborhood Are Moving. We May Not Be Able To Reach Where The Chinese Are Today, But There Is No Reason Why We Should Not Think Big About The Role Of Foreign Direct Investment, Particularly In The Areas Relating To Infrastructure, Where Our Needs For Investment Are Very Large. We Need New Initiatives, Management Skills, And I Do Believe That Direct Foreign Investment Can Play A Very Important Role.

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.

India Has Remained A Full, Functioning Democracy.

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 Growth Rate Will Be Accelerated, But In The Process, America Would Also Benefit.