In brief, it is the combination of federalism, democracy and the mixed economy that produced a pan-Indian vibrant middleclass of professionals and entrepreneurs. Thus was built an inclusive democracy that virtually celebrates plurality and yet promotes a selfrespecting nation proud of its unity in diversity. We believe that economic development needs to be viewed in this broader context.
2/5  BIS central bankers' speeches  How can we advance this? Through continued development of the capital market, particularly by increasing the level of sophistication of the market, which will enable the informed application of financial instruments that must be developed to advance the credit market.