It's fashionable to say the era of strong emerging-market growth is over. As the U.S. recovers, the global cost of capital will rise, holding back investment; against this background, avoiding the next crisis is the best that most emerging economies can do. If you take this view, Indiamight seem a perfect example, with its widening current account deficit, heavy public borrowing, persistent inflation and weak currency.

I don't think so. As a general matter, emerging-market gloom is overdone. India, in particular, could teach the pessimists a lesson.

Last week, I made a quick visit to see the chief minister of Gujarat, Narendra Modi. He'd asked me to give a presentation on how India could realize its still-enormous potential. I went through points I'd first discussed in a paper I co-wrote with Tushar Poddar in 2008: Ten Things for India to Achieve its 2050 Potential. It's striking to me that, five years later, our recommendations don't need revising. (They do need elaborating, and I'll get into more detail in an updated study and further columns. Modi and I are planning a conference of experts before the end of this year.)

I'll state no opinion on Modi's chances of becoming prime minister after next year's general election -- it has been announced that he'll lead the opposition Bharatiya Janata Party's campaign. He's a controversial figure. Detractors call him a sectarian extremist. I will say this: He's good on economics, and that's one of the things India desperately needs in a leader.

David Fuller's view I could not agree more with Jim O'Neill's concluding sentence in the paragraph immediately above. Veteran subscribers will be familiar with Fullermoney's stock market adage: "Governance is Everything". And when we say this, we are mostly referring to economic governance.

India's next general election will be held approximately a year from now. If Narendra Modi did manage to win with a workable majority for the Bharatiya Janata Party (BJP), I think India's stock market would take off, because most investors agree that economic governance is the major problem.

Jim O'Neill's 10-point programme for the election campaign, and also to be achieved by 2050, is interesting and sensible. It would obviously be good for India and therefore also the global economy. I hope he continues to advise Narendra Modi.

Currently, India's stock market (weekly & daily) is struggling in the global reaction and sentiment would not be helped by a break beneath the April low. A clear upward dynamic and rally back above the mid-June bounce high near 19,400 are required to reaffirm prior support near 18,150.

Here is an informative article on India's next election, published by The Diplomat: India's Election: Beyond Modi vs Gandhi.