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Awakening the sleeping tiger

India can achieve a level of per capita income by the mid-2020s similar to that of China today but urgent reforms are needed.

The government has pledged to better promote the manufacturing sector by initiating the "Make in India" campaign and improving the country's ranking in the World Bank's Ease of Doing Business survey. These efforts could help to attract foreign direct investment and lift India's manufacturing competitiveness.

INDIA missed the high-speed growth train from 1960 to 1980 that carried Japan and the Asian Tigers to the rich-country club.

Even compared to China and other developing countries in Asia, India's economic performance, until the 2000s, has been a disappointment.

However, growth...

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