To be sure, India has achieved enviable success in business services, like the glistening call centers in Bangalore and elsewhere. But in the global jousting for manufacturing jobs, India does not get its share.

The weak economy, widening income inequality, gridlock in Congress and a presidential election: Those were perhaps the dominant economic and political themes of 2012.

India's rigid social structure limits intergenerational economic mobility and fosters acceptance of vast wealth disparities.

Steven Rattner Quotes