As India grows into a mature market economy, we have to build proportionate legal and institutional structures, as we have done effectively for our equity markets.

Propelled by growth in services and manufacturing sectors, coupled with an appreciating rupee, India's economy has arrived into the elite `trillion dollar economy' club— making it only the 12th nation in the world to reach this milestone!

However, for all the excitement surrounding India’s economic advancement, the growth cannot be called inclusive because it has bypassed large sections of the population and swathes of territory. While growth rates have increased and per capita incomes have gone up, one out of four of the 1.1 billion citizens of India still live on less than one US dollar a day, which is the World Bank’s definition of poverty line for a country like India. This means that we still have about 30 million people living below the poverty line.

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