Its economic growth is stalling. So it may be time for India to squeeze more productivity out of its large, poor, sleepy and over-subsidized agricultural sector.
Unlike China, India forgot to urbanize, researchers at Gavekal point out in a note. And the first step of urbanization should have been land reform. Industrial economies often get there by handing farmers control of their land. This encourages agricultural workers to save, invest and eventually become rich enough to send their children to university and perhaps move to the cities themselves.