Dr Alf has put his finger on India’s problem, which is that decision making is too slow, too inefficient and too devolved.
Raghuram Rajam may be amongst one of the world’s “top 100 thinkers” but India needs to bring its mental processes vis a vis governance and attitudes to woman into the 21st century and this man is unlikely to get the inward investment the country needs with the levels of corruption and inefficiency which exist.
India needs to learn from Singapore which is now selling its brand of governance to other countries.
Letting its brightest students go to America to work helps Silicon Valley, the US economy and Google but it does not help India. These people need to be induced to return or not leave in the first place.
Above all, the operational tempo of decision-making needs to be upped after the “thinking ” is done.
Elegant thought without action is a useful exercise for arcane philosophical discussion in academia but for a country with gross inequality and an inability to feed all its people India needs to look at China if it wants to learn how to get things done.