The triumph of India's reforms

Arvind Panagariya writes, for the Cato institute:

The response of the economy to the reforms has been an order of magnitude weaker in India than in China... despite considerable growth, the share of industry did not rise in India.

So?

The necessary steps are now common knowledge: bring all tariffs down to 10 percent or less, abolish the smallscale industries reservation, institute an exit policy and bankruptcy laws, and privatize all public-sector undertakings.

Also see Ravikiran Rao on 'Why we reformed what we did'. And the Cato Institute have a new experiment, 'Cato Unbound' - this month about the US Constitution, but an interesting new blogging format.