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Make a precis of the following passage in about one-third of its length and suggest a suitable title (Use precis-sheet given at the end of the answer book) :
When the Prime Minister Manmohan Singh met the President George Bush over breakfast, he wasted no time over India’s possible admission into an enlarged UN Security Council. During that meeting and at the New York Stock Exchange (NYSE), where he talked to a guest list whose collective worth was $1 trillion, India’s economist prime minister focused on growth, investment and trade. Finally, Indian diplomacy has come of age. Instead of platitudes about ‘reforming’ the UN, our place in the comity of nations and the brotherhood of man, Singh has focused, laser-like, on what the country really needs — about $150 billion in US investment through the next four years or so. In return, he has promised prospective investors a stable polity, a low-cost, hassle-free business environment, continued reforms and the alluring prospect of sharing the dividends of high growth. Foreign policy wonks might be dismayed by Singh’s apparent lack of enthusiasm in lobbying for a permanent seat in the UNSC, but that is easily explained: The Prime Minister believes, correctly, that Indians should first prosper and strut later.
Even today, the average Indian makes about $550 per year, compared to $1,100 for the average Chinese, a South Korean’s $12,640 and the staggering $37,500 that an American earns. How long will it take to catch up ? Back of the envelope calculations show that even if the country grows a stunning 10% every year for the next 25 years, the average Indian will be worth 10 times what she is today — nowhere close to American incomes, but about as prosperous as today’s Czech, a little better off than Mexicans, Brazilians and the Polish. However, the good news is that at that level of income per head, the size of India’s economy will be enormous: Its share of global income could be as high as 7%, more than what Germany weighs in at today. Singh has chosen his priorities well. He has made out a powerful case for economic diplomacy to replace fuddy-duddy lobbying for seats that carry prestige, but little else. Back home, the Prime Minister will have to act on his promises. The first thing he’ll need to do will be to write a hassle-free policy to govern overseas investment. What’s the point of inviting investors home if you’re going to strangle them with red tape?
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