Gita Gopinath and Iqbal Dhaliwal write about an economic roadmap for India:  Asked about how he was going to address the sluggish economy, incoming prime minister Narenda Modi simply said, “Our GDP should grow.”

The authors argue these five facts hold the key to India’s economy:

1.  When the capital stock, including the infrastructure, is deficient, invest in it.

2.  Nurture industrial growth, which has languished far behind China’s.

3.  Improve the ease of doing business in India, which is in a precipitous fall on the world scales.

4.  Fiscal disciplne requires that India, as an emerging nation, make a commitment to keeping fiscal deficits in check.

5.  Improve learning and boost preventive health care.

A tall order, but Modi seems committed to helping India take its place in the world markets.