A few weeks ago the newspapers reported that the number of Indian billionaires had exceeded the number of billionaires in Japan, and there was a considerable amount of self-congratulation on this. I understand from P. Sainath that we rank eighth in the world in the number of our millionaires. And we stand 126th on the Human Development Index. I am glad to report that last year we were 127th.

At this very fast rate of growth that we are now showing, we moved up from 127th to 126th position. This is the paradigm of our development process. In a democracy, every five years the masses determine who will rule this country. And they showed dramatically in the last elections that they knew how to keep their counsel and show who they wanted. We, my party and I, were the beneficiaries and we formed the government. Every five years, it is the masses who determine who will form the government. And in between those five years the classes determine what that government will do.

In determining what that government will do, the CII has played an extremely important role. I am not surprised, as that is its job. It represents industry, and therefore it argues for the interests of the industry. Industry has been enormously benefited by the processes of economic reform that we have seen in this country over the last 15 years or so. But the benefits of these reforms have gone so disproportionately to those who are the most passionate advocates of reforms that every five years we are given a slap in the face for having done what the CII regards as self-evidently the right thing for this country.

... contd.