New Delhi, May 6 -- Recently, I attended a lecture on 'Long-term missions in a short-term world' by S. Gurumurthy. To me, the biggest example has been China. It has not only had an astounding growth story over nearly fifty years, it has been strategic in its intent and execution.

China's GDP grew 5% in the first quarter, well ahead of estimates. We like to fault China on many fronts, including its deteriorating demographics, excess construction and export dependence. Plus it is growing less than India's 7%-odd per annum.

But the Chinese economy is about five times the size of India's. China's 5% growth rate versus India's 7% means that China adds 25 units to its GDP for the seven units we add. In just 5-6 years, it can add a whole India...