If we get more capital and use it productively, our growth rate will improve. This will generate more employment, more demand, and hence more capital inflow, leading to a virtuous cycle.

And what are the negatives?

One is the monsoon, which is delayed and is lower than normal. The global economy is another. But these speed breakers can cause some degree of turbulence, not change the course of action. Besides, we are running a fiscal deficit of 12 per cent (including all budget items). We need to bring it within manageable limits.

Another game changer is QIP money. A lot of Indian promoters would like to raise money. But quality of paper and its pricing are issues. If we spend capital on non-quality projects, it scares investors. It's time to bring quality money into quality projects. •