It has been relatively insulated from global downturns and, being consumption-driven, is seen as more people-friendly - income inequality remains lower than in China. The Indian entrepreneur is at the heart of a success story of highly competitive private companies, a booming stock market and a modern financial sector.
But the state has had to be kicked into implementing economic reforms, while bureaucracy and controls are still seen as prime obstacles to development.
Indian entrepreneurs claim they are hardier because they have had to fight both competitors and state inspectors, and the country's failure to achieve a broad industrial transformation with more manufacturing jobs is due partly to a legacy of bad policy.
The India model,
Foreign Affairs, July/August 2006
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