In Singapore one needs just 3 days to start a business, 26 days for construction permit and 36 days for getting electricity. All other East Asian tigers also have a far superior record than India on these parameters. If we aspire to become a tiger we must become more business friendly, both for domestic and foreign firms, traders and tourists.
We, of course, have an enviable record of a democratic system, a responsive government, an active media and an independent judiciary. However, the risk of dealing with India must come down further. We have to reach where the East Asian tigers reached. It is for this reason that we advocated the adoption of Singapore model in the last RBI Annual Report.