There are multiple environments, multiple economic, social and political contexts in which policies are made and implemented, even within a single country. No single solution can be expected to work in all of them. Bottom-up thinking, which draws on local knowledge and understanding to design appropriate solutions is necessary.
At the same time, a top-down element, which articulates common goals and policy principles, increases efficiency in resource mobilization and allocation and facilitates learning across jurisdictions, also plays a critical part. An optimal mix of the two needs to be found. Let me end by once again thanking the MCCI for inviting me to speak on this special occasion.