But, compared to China, where is the commitment to R&D? India's innovation potential is grossly underutilised. The small and medium enterprises in the industrial clusters are yet to be effectively served by the formal R&D institutes.

Indian policymakers will need to recognise that the realisation of the demographic dividend depends on an economy’s capacity to absorb workers into productive employment.

In simple terms, when a government runs a deficit, it borrows from the market in order to fund it. Large borrowing for a considerable period of time pushes up the cost of money (interest rate) and higher interest rate becomes a deterrent for private sector investment.

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