Lehman Brothers |
India: Everything to play for October 20072
This study owes to many people.It all started with the head of global research at Lehman Brothers, Ravi Mattu, saying “Ithink that something pretty interesting is going on in India. But why don’t you go thereand look for yourself. Talk to people, make up your own mind, and write what youconclude.” So we did: one could not ask for a fairer mandate, nor a more interesting one.That was getting on for two years ago. In the intervening period, many people havehelped. Senior members of the Government of India, of the Reserve Bank of India, andof the regulatory authorities all made themselves readily available and spoke withimpressive openness. The Confederation of Indian Industry arranged for us to meet ahost of representatives of different industries and other experts, who likewise invariablyspoke with candour.Sir Michael Arthur, the then British High Commissioner and himself no mean scholar of India, together with his staff, generously arranged for us to talk usefully with a wider cross section of Indian society than we could ever have managed by ourselves; and UK Trade and Investment set up instructive meetings for us not only in Delhi and Mumbai but indeed throughout India.We are also indebted to many Indian economists for their frank discussions and debates,including Priya Basu (World Bank), Subir Gokarn (CRISIL), Pulin Nayak (Delhi Schoolof Economics), Ila Patnaik and Ajay Shah (National Institute for Public Finance andPolicy), Ajit Ranade (Aditya Birla Group) and Shubhada Rao (Yes Bank). Dr VikramAkula, CEO of SKS Microfinance, was kind enough to talk us through the world of microfinance. And we are grateful for illuminating discussions with Peter Wonacott(
Asian Wall Street Journal
), and Jo Johnson and Amy Yee (
).The global world being what it is, we also received advice, encouragement, andinformation from outside India’s borders, particularly from The Indian HighCommission in London, and staff at Chatham House and the International Institute for Strategic Studies. And we had two particularly useful discussions with Richard Herd of the Organisation for Economic Cooperation and DevelopmentSanjeev Kaushik and Chimon Fernandes of the Lehman Brothers’ Mumbai officearranged many meetings with interesting organisations, and helped with an array of logistical issues. Julia Giese did a significant amount of the early research work beforeshe left the Lehman Brothers London office to start on her DPhil at Oxford.Authors of particular parts are in general acknowledged in their respective sections: butspecific mention should be made of Camille Chaix for her contribution on climatechange, and Evdokia Karra and Melissa Kidd for their contributions on carbon tradingand the clean development mechanism.Lehman Brothers’ Global Chief Economist, Paul Sheard, encouraged us throughout and,near the end, read the study through in its near entirety. And Valerie Monchi and her team looked after the full range of technical issues, from editing to layout to production.We have sought to document everything that we say in the report, to the greatest extent possible; and we have endeavoured to make judgements explicit, so that the reader candecide. But, as always, there are the inevitable errors. The responsibility here rests withus, and us alone.The cut off date for information in this report is 5 October 2007.