align="left">We have just completed 55 years as a Republic, and this is a good opportunity to introspect.  With great hope and expectation, the members of the Constituent Assembly adopted the Constitution on November 26, 1949, and the new Republic came into existence on 26 January, 1950.  By any standard it was an extraordinary occasion.

The history of the past century taught us that individual initiative, free enterprise, and fair competition are the best guarantors of wealth-creation. However, markets alone cannot promote growth unless the state creates conditions for stability and harmony, and ensures creation of public goods and the necessary infrastructure.  Infrastructure at least is talked about, but harmony is ignored.

align="left">In many ways the 2004 Lok Sabha election verdict is an expression of discontent by the poor and dispossessed. But the verdicts are not against economic reform; they are for a more inclusive growth process that meets the aspirations and basic needs of the underprivileged.

India has a functioning democracy and several institutions and practices ensure checks and balances and a modicum of governance. And yet, every government feels handicapped in delivering on its promises.

The Prime Minister stated recently that corruption has declined on account of the economic reform process. Is it possible to substantiate this argument? Let us examine.

One of the great challenges facing our republic is the increasing regional disparities. It is well recognized that the South and the West are the engines of growth, along with the region in and around Delhi. The North and the East, with the exception of West Bengal are in dire straits, though considerable potential exists in the fertile Gangetic plains.

Despite fractious politics and short-term populism, Indian growth rate at about 7% per annum, is next only to China’s among major economies.  This reflects the underlying strength of our economy.  However, comparisons with China are inevitable, given our comparable sizes, length of history and civilization, and somewhat parallel developments after the Second World War.

The recent oil price hike and India’s frenetic efforts to leverage its diplomatic strength for oil security raise important questions about our future energy needs. Do we have a viable and coherent energy strategy, or are we merely responding in a knee-jerk manner disregarding our long-term interests? A serious debate is necessary on these vital issues.

>President Abdul Kalam made strong observations about the “dubious and undemocratic” political practices prevalent.  He rightly said, “When politics degrades itself into political adventurism, the nation would be on the calamitous road to inevitable disaster and ruination.  Let us not risk it”.

We have just completed 55 years as a Republic, and this is a good opportunity to introspect.  With great hope and expectation, the members of the Constituent Assembly adopted the Constitution on November 26, 1949, and the new Republic came into existence on 26 January, 1950.  By any standard it was an extraordinary occasion.