Summary
India's growth ceiling is set neither by capital nor by talent — it is set by the depth and credibility of state institutions.
From land records to environmental clearances, the ability of the Indian state to execute is what now bounds the country's ambition.
This commentary draws on five years of administrative data to argue that institutional reform — not deregulation — is the binding constraint on the next phase of growth.
We sketch a roadmap for capacity-building at the district level, sequenced over a single political cycle.