It is a sustainable economic proposition, because our numbers are so vast, that there are perhaps 10 million Indians who are just as rich as the richest equivalent segment anywhere in the world or in any group of countries. There are about fifty million Indians who really are extraordinarily well off. That’s the population of the UK.

But if you look at the 700 million Indians who are either not in the market or barely in the market, then the impact of the economic reforms process, which is so lauded by the CII, makes virtually no difference to their lives. That is why there is a complete disjunct between what the democratic processes are trying for in the short run and what those who have made an enormous success of our achievements in the last fifteen years deem to be, at least in the short run, their own requirements.

So when you talk of a nine point two per cent growth rate, it becomes a statistical abstraction: 0.2 per cent of our people are growing at 9.92 per cent per annum. But there is a very large number, I don’t know how many, whose growth rate is perhaps down to 0.2 per cent. But certainly, the number of those who are at the lower end of the growth sector is very much larger than those who are at the higher end.

Yet what happens when you have the budget? As an absolute ritual every finance minister (my colleague Chidambaram is no exception) will devote the first four or five pages of his budget speech to the bulk of India and there will then be several pages, including whole of part B, which deals perhaps with one or two per cent of our population. Almost the entire discussion that takes place at CII or CII-like forums, will be about Part B rather than Part A.

... contd.