India is a country with extraordinary problems due to the size of its population. At the same time, it has extraordinary potential which may be realized if it can implement some major changes best identified in a paper released by Goldman Sachs in 2008 (PDF). According to the study, there are ten key areas where reform is needed:

1. Improve governance
2. Raise educational achievement
3. Increase quality and quantity of universities
4. Control inflation
5. Introduce a credible fiscal policy
6. Liberalize financial markets
7. Increase trade with neighbors
8. Increase agricultural productivity
9. Improve infrastructure
10. Improve environmental quality

I believe the only controversial item in the list above may be number six, given the disastrous effects that financial market deregulation had in the US in recent years. Nevertheless, the nine other recommendations are still highly relevant and fundamentally sound. Do you agree?