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Duvvuri Subbarao: In development economics parlance, the East Asian economies — Taiwan, Korea, Singapore, Hong Kong — are referred to as the tigers. The next generation of fast growing Asian economies — Thailand, Philippines, Malaysia, Indonesia — are referred to as the cubs. China is called the dragon. All these countries delivered a growth miracle in the last 40 years. The first off the block were the East Asian tigers which moved from poverty to prosperous societies in just one generation even as they defied the Washington consensus and adopted a model of state-led capitalism. China accomplished an astonishing feat in the history of development economics, growing on an average at double-digit pace for about three decades on a trot.

The next growth miracle, hopefully, will be from India. India is referred to as an elephant because it is a strong animal with enormous potential but it moves at a lumbering pace. The hope is that it will start dancing and deliver the next growth miracle.

Duvvuri Subbarao, former governor of the Reserve Bank of India, and a research fellow at the Center for Advanced Study of India (CASI) at the University of Pennsylvania.