A nice paper by Prof. Abhay Pethe of Mumbai Univ. It was written in 2009 and a revised version would be great.
This paper is written with a slightly different perspective. Apart from macro issues it talks about Indian federal system as well:
The theme of this essay is ‘the Force or Strength’. Obviously given the size and age of the population, the type of polity, the diversity of her social fabric and the strength of the economy, Indian nation clearly is a potent force in the current global context. However, force by itself is a double edged sword, on one hand, it can become an instrument of transformation, positively influencing lives of millions and on the other hand it can be divisive force that tears the nation apart a la a storm with its destructive power. The challenge hence is to support this force with a sense of purpose and channel it into productive avenues through wise strategy – both in terms of conceptualization and delivery/ implementation. It also crucially requires commitment on the part of all the stake holders.
India thus is at the cross roads, on the one hand her time has surely and truly come on the other the internal tensions can rip apart the socio-economic and political fabric and set her back. Inheriting the age old heritage of culture, it has been built upon by freedom fighters with their enduring values and seeking unity within diversity. India has had the luxury of being blessed with relative macro-stability in terms of crucial macro-economic variables. There has been a remarkable continuity in her policies be they domestic or foreign. It is well to remember that India is essentially an idea and realizing it is a continuous process and we can ill afford to let our guard down – and take things for granted – even momentarily.