What Must India Do to Realize Its Economic Potential? Think Big. Act Bold

Chiara Goia for TIME

A shop in Mumbai's Crawford Market is characteristic of the mom-and-pop establishments still dotting India.

Adi Godrej is optimistic about India, and for good reason. The chairman of the Mumbai-based Godrej Group has been a big beneficiary of India's economic miracle. The richer that India's 1.2 billion people become, the more Godrej-made refrigerators, furniture and vegetable oil they can buy. Last year Godrej set a goal of increasing sales 10 times in 10 years; so far this year the conglomerate's revenues have surged 30%. "I most definitely feel that India's long-term growth story is intact," says Godrej.

Not everyone shares his enthusiasm. "I wouldn't be bullish," says Vijay Shekhar Sharma, chairman...

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