Five decades after Independence, the story of India can be told with an unceasing invocation of one word-If-the shorthand for a saga of missed opportunities. It is not that India lacks achievements-a vibrant democracy, a large reservoir of skilled manpower, a self-confident middle class at the cutting edge of new technology and, above all, a huge and growing domestic market. It is just that these achievements are not commensurate with India's acknowledged potential. The country faces an unacceptable performance-potential gap.

India remains a large country with a small economy. It makes up 16 per cent of the world's population but its global GNP share is only 1.5 per cent. Worse, its contribution to world trade is only 0.7 per cent. In the early 1960s, India and South Korea were at the same level of development. Today, South Korea's per capita income is 20 times higher than India's. The Asian Tigers and China have overtaken India in the span of one generation. India remains a somnolent elephant.

Is it destined to remain so? What needs to be done to ensure that India does not miss the bus again? How can India take advantage of the opportunities presented by the recent economic downturn in the West? These were some of the concerns debated at the 2nd India Today Conclave held in Delhi between February 28 and March 2. The theme-India 2003: Global Giant or Pygmy?-permitted speakers and participants to discuss from more than one perspective. This was important because how a country shapes up is ultimately a function of the totality of its environment. The Conclave explored themes such as federalism, judiciary, neighbourhood, the rival perceptions of India and even the arts and entertainment.

The context was timely. In today's world, it is not military might alone that shapes national destiny. The future is determined by economics. But economics in turn is moulded by the political, social and creative environment we create for ourselves. The West, despite having entered a brave new world centred on knowledge, is in the throes of a dramatic downturn, a downturn that has followed the longest boom in recorded history. Fears have been expressed that the developed market economies may be poised for a prolonged spell of stagnation, like what Japan has been experiencing for the past decade.

At the same time there are two giants that, through a combination of size, energy and potential, are bucking the trend. There is China, a country which, despite a political system that is an embarrassment, has staggered the world with a steady growth rate of 10 per cent. And there is India.

Since the 1990s, India has managed to overcome what used to be called the sluggish Hindu rate of growth. It is now growing at a steady 5-6 per cent each year. It has aspirations to becoming a superpower and the imperatives of higher growth are being generally accepted by the political class. Reforms, sometimes halting, occasionally radical and often belated, are being undertaken by political parties across ideological spectrum. Some fundamental issues are being addressed and old mantras discarded. There is a welcome push for upgrading the infrastructure. The realisation has dawned that India cannot remain cocooned in some mythical self-sufficiency, that it is now part of the global economy. These imply that India cannot judge itself only by Indian standards.

Today it is India's moment of opportunity. The challenge is to convert hope into reality.