India, July 29 -- As we watch, with justifiable pride, the steady march of India's GDP towards Olympian heights, we must also take note of some issues of concern, lest harsh reality be overtaken by euphoria.

First, a very large proportion of the GDP is contributed by the so-called informal or unorganised sector. Second, India's per-capita GDP is $2,487, against the world average of $13,710, placing it at the 136th position among 188 countries, as listed by a UN survey. The last and most serious issue of concern is growing inequality, with one study claiming the top 1% of India's population has cornered about 40% of its wealth.

Two oft-heard statements, in this context, are: "A rising tide will lift all boats" and "The trickle-down effec...