I have a report (pdf here) with V Ananthanageswaran that explores the constraints that face India's economic growth and suggests a set of policy prescriptions and process principles going forward.
The short story is that India faces acute capital deficiencies on multiple fronts as well as much under-appreciated adverse global structural headwinds which pose serious constraints to the achievement of sustainable high growth rates. High growth can be achieved only as episodes of over-heating followed by years of pain and lower growth from cleaning up the excesses. In the circumstances, the most prudent strategy may be to target a long period of moderate growth by focusing on steady economy-wide physical, human, and institutional capital accumulation and opportunistically riding on emergent global tailwinds.
Please read the whole report. Comments would be much appreciated.