In this regard it is important to take note of the twin issues highlighted by Mr. C. Rangarajan, Chairman of the Prime Minister's Economic Adisory Council: these are : (a) Land acquisiton and (b) enrivonmental clearance. Many projects under the first generation of reforms are still held up due to these reasons.  Therefore, if the country needs more and more reforms, then these twin issues need to be addressed first before welcoming more reforms.

Based on these views, it can be safely concluded that reforms and more reforms could be the best option for sustaining the economic growth in the country. Mr. Obama also lauded India for successfully lifting millions and millions of people from the poverty line. This was made possible mainly due to the first generation of reforms.

Emerging countries like India can also stand to gain once the current European economic issue takes a turn for the better. A debate should be initiated whether the single currency euro enjoyed by many european countries if limited to a select few countries while returning to the old format of each country having its own currency may help in restoring the european economy towards progress. It is seen in the past that both the US and Europe are liberal spenders once their economy are in good shape which has helped emerging economies like China, Brazil, India to grow faster.