IT'S NOT A movie set. Mumbai today really is a place where you can see Rolls-Royces bumping along pot-holed streets past naked children, in the shadow of billionaires' personal skyscrapers. India's capitalism is raw and sometimes ugly, but its private-sector firms are dynamic and mostly optimistic. If the country maintains its current rate of growth it is expected to become the world's third-largest economy some time after 2030, and hundreds of millions of people will lift themselves out of poverty. But it is not a second China. Thanks to an exhausted and cranky state, for which there is no prospect of dramatic reform, much of the job of development will fall upon the private sector. India's companies are refreshingly red-blooded, but more than other firms in the world they carry a giant responsibility.
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