Along with the US and China, India could be a big enough force in global manufacturing
India has a long way to go to catch up with Thailand let alone the US.
It is a wonder how pervasive and long-lasting the damage can be from a balance-sheet crisis, says Suman Bery.
Make in India has few advantages and some disadvatnages too.
Studies suggest net benefits of hydro-power, nuclear energy or natural gas as sources of electricity are greater than those of wind and solar.
The resilience of many emerging markets, notably China and India, in the aftermath of the Lehman shock further strengthened this sense of manifest destiny.
Planning in India will need to change to take account of a more volatile global economy.
Yesterday's Budget, last week's Economic Survey and the coming Approach Paper to the Twelfth Plan will provide the compass to help India navigate the uncertainties of the post-crisis world.
By way of illustration, there have been increasingly frequent reports in the press of proposals for India to provide special funds to support overseas investments by public sector resource firms so as to ensure security of supply for key minerals and fuels.
The wisdom of capping FII access to local debt, restriction on ECBs, etcetera is now apparent.
Subbarao's annual statement will be of unusual interest this year
The government response was key in overcoming the recent financial crisis, but the time is now ripe for credible fiscal consolidation.
While we are currently poor, the rest of the world is treating us as if we will soon arrive. This raises a challenge for domestic policy.
We need fresh perspectives to assess our financial vulnerability.
Buy on the rumour, sell on the news" seems to me the best explanation of the stock market's swoon during and after the finance minister's Budget speech on Monday.
International economic diplomacy will be a major focus for the new government.
The recession in the advanced countries could continue for a while yet.
Is it possible for the economy to be "overstimulated"? How would we know?
Crises are teachers. There are lessons to be learnt from the current one as well, says Suman Bery.
The right policy response to global price increases is not straightforward. The draft report is wide-ranging in its scope, and it attempts to provide a coherent, integrated view of financial sector reforms that would equip India's financial sector to support growth, widen financial access and maintain stability over the next decades. The report is being released for public discussion at a critical juncture in both the domestic and global economy.
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