From Mumbai to Pune...

...through the eyes of Stephen Roach. Stephen Roach of Morgan Stanley's Global Economic Forum thinks that while India has a strong institutional structure in place, it may not be able to reap the benefits if it neglects services sector. Stephen's argument is that lack of infrastructure, relatively low national saving rate (?), and anemic inflows of foreign direct investment mean that a manufacturing led strategy for economic development is unattractive as compared to services based strategy. He is concerned that India may not exploit its strengths in education, entrepreneurial spirit, and IT literacy. Of course, he realizes that creating job opportunities for the bottom of the pyramid is no easy task.