We cannot, and must not, let our GDP growth rate slip below 8 per cent. We must understand that no amount of improvement in our customer-friendliness and easing of regulations will help, unless we are growing at a rate that makes the world sit up and take notice. Arguably, there are many areas in which our regulatory framework is superior to China's. But it is steroidal growth which keeps the legions of investors coming. For this, the political leadership, from the Prime Minster down, must make it an unequivocal virtue to pursue GDP growth targets.
Arun Natarajan is the Founder of Venture Intelligence India, which tracks venture capital activity in India and Indian-founded companies worldwide. View sample issues of Venture Intelligence India newsletters and reports.