While the crises initially occur in one or two specific countries, their adverse effects are felt across the world. While we must be careful, on the whole, in my view, – the death of distance, the services revolution, and the mobility of capital – which characterise globalisation – present unprecedented opportunities for India.
The primary source of comparative advantages today are : skills and ability to adapt and change. And, India has the advantage – of skills, of entrepreneurship and of managerial competence in taking advantage of these changes. If what I have said is correct, then, why are we not jumping with joy and optimism?