Of course, the Prime Minister readily admitted that much more needed to be done to raise the standards of living of the poor, and one cant disagree with that. But the way forward is more reform, not less. As long as we agree that reform is working, we will remain on the right track. The UPA is quite apparently determined to push a redistributionist agenda even in its second term. But for that kind of spending to be sustainable, we need high growth that will boost government revenues. Only deeper economic reform can ensure high growth, once the fiscal and monetary stimulus are withdrawn. Also, economic reform policies have directly benefited the poor even without government redistribution. One need not look any further than the revolution in telecomalmost half of all Indians own mobile phones. Conversely, the lack of reform in certain sectors is the root cause of poverty not falling fast enough. The Prime Minister mentioned agriculture in his speech at the Indian Economic Associationthis is one sector that needs sweeping reform if it is to become more productive. Of course, inclusive growth needs public investment in education, health and infrastructure. But inclusive growth also needs financial sector reform, which will make cheaper finance available to potential small entrepreneurs and to consumers. Only a combination of more market-based reforms and well targeted government spending will bring poverty down faster.